Bitcoin 

India Police Can’t Move Seized Crypto Due to India’s Anti-Crypto Law

The police of Pune, a city in the western Indian state of Maharashtra, have sought a court’s directive to transfer 85 million Rupees seized from a Bitcoin (BTC) ponzi scheme last year. $1.2 million frozen  In an Oct. 3 article by the Times of India, Pune cyber police explained that the value of 244 cryptocurrency units (worth $1.2 million) was blocked in the bank account of company Discidium Internet, which was hired by the police to convert the seized crypto units into rupees. The cyber police’s senior inspector Jairam Paygude…

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Bitcoin 

Could Crypto Be Compliant With Sharia Law? Experts Answer

The rise in popularity of Bitcoin (BTC) and other cryptocurrencies has led to the discussion among Islamic scholars about digital currency’s compliance with Islamic canonical law.  Islamic law — known as Sharia — is based on the teachings of the Quran and includes regulations concerning financial activities, asserting them to be either “haram” (illegal) or “halal” (legal). The haram vs. halal crypto debate has been ongoing since Bitcoin’s initial surge in popularity. Google searches for the phrase “Bitcoin halal” peaked in December 2017, when the leading cryptocurrency’s price hit record…

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Blockchain 

Amanie Advisors Support Ether’s Compliance With Islamic Finance Law

Islamic finance and Sharia advisory firm Amanie Advisors have established Ether’s (ETH) compliance with Islamic religious law. Ether receives Sharia endorsement In a blog post published on their website, Amanie Advisors announced that the firm has collaborated with the Ethereum Foundation to establish the platform’s compliance with Sharia religious law. As a result of the collaboration, the company released a paper with the main purpose of illustrating Ethereum’s compliance with Islamic morals, which concedes a Sharia endorsement of the project and the coin. In the white paper, the advisory firm…

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Ethereum 

Republic of Abkhazia Develops Law Draft on Crypto Mining

The Ministry of Economy of the Republic of Abkhazia has developed a law draft on the settlement of cryptocurrency mining activities in the country, local news outlet Sputnik Abkhazia reported on June 24. The press service of the Ministry told Sputnik that the drafted bill was approved and sent to the Cabinet of Ministers of the republic. The proposed regulation defines legal, economic, organizational, and technical rules for the implementation of mining cryptocurrency activities in the republic.  To conduct crypto mining operations, one will have to register as a legal…

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Bitcoin 

Spanish Law Enforcement Arrests 35 Suspects for Bank Fraud, BTC Money Laundering

Spanish law enforcement arrested 35 people for allegedly counterfeiting banking cards and laundering the proceeds through bitcoin (BTC), local media La Verdad reports on June 14. Per the report, the organization obtained over €600,000 ($674,000) and laundered over €1 million ($1.2 million) using bitcoin. Furthermore, the Command of Alicante reportedly solved a total of 1,020 connected cybercrimes during the operation. The alleged actions of the suspects — who are from Equatorial Guinea, Spain, Nigeria, Cameroon and Morocco — had a total of 219 victims in Spain, with 20 more in…

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Bitcoin 

Europol Reveals Gamified Coin Tracing Training for Law Enforcement at Crypto Conference

Europol — the law enforcement agency of the European Union — is hosting its sixth cryptocurrency conference, with over 300 crypto experts from law enforcement and the private sector reportedly in attendance. The news was revealed in a Europol press release published on June 14. The conference — organized by Europol’s European Cybercrime Centre (EC3) and hosted June 12-14 at the Europol headquarters in the Hague, Netherlands — is allegedly the largest law enforcement crypto event in Europe. Per the press release, the conference focused on opportunities to strengthen cooperation…

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Bitcoin 

DOrg LLC Purports to be First Legally Valid DAO Under US Law

Decentralized Autonomous Organization (DAO) developer cooperative dOrg has created a limited liability company (LLC) to grant its native DAO legal status, according to a report by independent law firm Gravel & Shea on June 11. As its name implies, a DAO is a firm with no centralization or hierarchy, and is instead governed by open source digital rules on a blockchain — a smart contract — and operated publicly by users via a consensus voting mechanism. According to Gravel & Shea, the native DAO of dOrg, underpinned by the DAOstack…

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Bitcoin 

Egypt Lays Out Path for a Crypto Future With Draft Law

In the end of May 2019, the Central Bank of Egypt (CBE) announced that it is working on a draft law for crypto-related activities. When introduced, it will oblige financial institutions in the country to obtain licenses in advance for creating, advertising or operating platforms that issue or facilitate trading of cryptocurrencies. Licenses will be issued by the CBE’s board of directors. This marked the first step the Egyptian government made toward the legalization of activities related to cryptocurrencies. Is Egypt defining its stance on crypto? The state’s attitude toward the…

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Bitcoin 

Japan Hopes to Set Global Crypto Law Benchmark With Latest Regulatory Update

On May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020. Most Japanese crypto exchanges have welcomed the changes, since they expect more institutional investors to join the crypto industry. However, others voiced their concerns that the changes may bring some uncertainty to custodians and wallet service providers. The two documents outline several specific changes, which can be discussed separately. The Payment Services Act (PSA) Virtual currency to crypto assets…

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Bitcoin 

Supreme Arbitration Court Judge Urges for Inclusion of Crypto in Civil Law

A judge at Russia’s Supreme Arbitration Court has argued that the term digital assets should be included in the Russian Civil Law, local state-backed media agency Federal Press reports on June 4. Lyudmila Novoselova, chairman at the Court for Intellectual Rights of Russian Federation and a judge at the Supreme Arbitration Court, has introduced the institution’s plans for the development of legislation for digital rights. The official delivered her testimony at the first retreat of the presidential council in Ekaterinburg devoted to civil law. Novoselova expressed confidence that the Russian…

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