tl;dr
• Gulf countries are safe havens for Russian oligarchs evading sanctions• US Justice Department creates "Kleptocapture" task force to crypto to evading sanctions• The makers of Bored Ape Yacht Club purchased the IP for CryptoPunks & Meebits• India's 35 & under make bulk of crypto growth & also inclu...
• Gulf countries are safe havens for Russian oligarchs evading sanctions
• US Justice Department creates "Kleptocapture" task force to crypto to evading sanctions
• The makers of Bored Ape Yacht Club purchased the IP for CryptoPunks & Meebits
• India's 35 & under make bulk of crypto growth & also included crypto brain drain
• U.K. Bitcoin ATMs operating illegal and ordered immediate shutdown
• Block announced features (and lack thereof) for upcoming hardware wallet w/ fingerprint tech & no screen
• Court says it won't toss SEC vs XRP motions
Yeah, I took yesterday off. I was flying back home and thought I would be able to bang it out, but then decided to just relax a little. Well, I did that, but was still doing my research on things. Here is what's on my mind now:
1. Gulf countries are safe havens for Russian crypto, allowing Russians to use crypto in RE transactions and liquidate crypto to the tune of billions. They are buying properties in Dubai or converting it to cash. We are literally getting a real-time lesson in how to legally evade sanctions. In other words, launder money in the open. The problem is exactly that. Just like the block chain, it is out in the open. I am sure as this continues to play out more will come to light.
2. The US Justice Department announced a task force to go after exchanges helping Russian oligarch's move money. Dubbed the "Kleptocapture" task force, it's comprised of professionals in export control enforcement, anti-money laundering, asset forfeiture, tax enforcement & overseas evidence gathering. Overseen by the lead US corruption prosecutor from the Southern District of New York.
3. Bored Ape Yacht Club (Yuga Labs) purchased the IP of CryptoPunks and Meebits, by Larva Labs. Larva kept a few NFTs of each for itself as a part of it Autoglyphs collection. As a part of the deal, Larva Labs has will grant commercial rights to CryptoPunks & Meebits to match what is already done Yuga Labs.
4. CNN Business released a report showing there are over 20M crypto users in India and growing, especially with people under 35 years old. Finding the stock market to be boring, for many, their 1st foray into investing was crypto. A crypto trader told CNN that digital currencies are becoming ubiquitous among college student and comes up in conversation in just about every tea shop.
5. Polygon CEO and Co-founder, Sandeep Nailwal, says the Indian cryptocurrency market is full of chaos. It is making the market very volatile, causing talent to leave for countries with more favorable regulatory frameworks. Ponder that growing crypto trading population. They are the ones seeking favorable environments. As November 2021, India was thinking about making crypto illegal, causing brain drain and it's in full effect.
6. The Financial Conduct Authority (FCA)in the UK said all crypto ATMs in the country are illegal and has ordered there immediate shutdown. None of the operators are in compliance of anti-money laundering regulations and they criticized their lack of know your customer (KYC) requirements for small transactions.
7. Block is on a trip with their announced features (and lack thereof) for their upcoming hardware crypto wallet. They lost a lot of people when they said they are going to have a fingerprint scanner. Then lost some more then they said they are not going to have a screen. I know I will stick with one I have now. Fingerprint scanners can be cheated by using 3D printing. Stop there!
8. With all of the wins XRP has gotten in court, the court still threw out their motion to drop the SEC lawsuits. This means this is not going to be a short process, but a protracted one. There is definitely something there, but the SEC is doing a really sucky job bringing it.