Welcome to Barmy’s Daily Crypto News – August 13th, 2022
1. UAE: Real Estate Transactions Using Virtual Currency Must Be Reported
Real estate brokers, agents, and law firms now are required by the United Arab Emirates (UAE) to notify any real estate transactions involving virtual currency to the Financial Intelligence Unit. The same rules apply to buying or selling real estate where “the money employed in the transaction are sourced from a virtual asset.” The UAE is demonstrating its “sustainable and evolving attitude to the worldwide battle against money laundering and terrorism funding” by introducing these new reporting standards.
The new reporting system now “requires real estate agents, brokers, and legal firms to gather and record the identification documents of the parties to the applicable transaction, among other necessary documents related to the transaction,” according to the WAM report. The article further stated that “both individuals and business entities that are participants to the above real estate transactions” will be subject to the rules.
Another illustration of how the UAE is collaborating with the private sector and other government agencies to strengthen the national framework for combating money laundering and countering the financing of terrorism is the introduction of reporting requirements for specific real estate transactions.
2. Bitcoin Price Increases Continuously For 3 Weeks
When economic indicators have improved, the largest cryptocurrency by market capitalization has reacted favorably.
After declining earlier in the day by $24,000, the price of Bitcoin (BTC) recovered it. According to market capitalization, the biggest cryptocurrency recently traded in a range barely above this limit. Over the past week, Bitcoin increased 3%, maintaining recent strength.
For the second time this week, Ether’s (ETH) price surpassed $1,900 thanks to a 0.6% price increase. Investors are anticipating the Ethereum Merge, which will change the protocol from proof-of-work to the quicker, more energy-efficient proof-of-stake model, and the price of ETH has risen by 9% over the last week.
BTC and ETH have experienced 50% and 48% declines this year, respectively, and have a strong correlation with one another.
According to this RSI, BTC was at its highest level of oversoldness in almost seven years. This pattern was viewed as an opportunity by investors who utilized the chart to build entry and exit positions to add BTC, causing its price to rise this summer.
3. Dutch Authorities Arrest Suspected Tornado Cash Developer
Authorities from the Netherlands detained a developer, 29, on Friday in Amsterdam on suspicion of participating in money laundering using the Tornado Cash cryptocurrency mixing business. The man is suspected of using Tornado Cash to facilitate illicit financial transfers and money laundering, according to the authority.
Based on Ethereum, Tornado Cash is a tool allowing users to obfuscate their crypto transactions to protect their anonymity by scrambling information trails on the blockchain.
The FACT claims that Tornado Cash has been used to hide significant illegal cash flows, including scams and hacks involving cryptocurrency.
Any interaction with Tornado Cash’s smart contract addresses by a U.S. individual or organization is now forbidden as a result of the sanctions. Willful disobedience is punishable by fines of $50,000 to $10,000,000 and jail terms of 10 to 30 years. However, many in the cryptocurrency industry have shared their displeasure about the police detaining developers and other Tornado Cash development team members.
4. Creators Of Cryptocurrency Content Are Banned By Mailchimp
The email marketing service Mailchimp appears to have stopped providing its services to writers of cryptocurrency material. Platforms that host cryptocurrency news, information, or similar services started to experience login problems, and this week, reports of service outages started to appear.
Due to “higher-than-average abuse reports,” according to Mailchimp, “cryptocurrencies, virtual currencies, and any digital assets associated to an Initial Coin Offering” are prohibited. The site policy states that it was revised in May of the previous year.
Despite the fact that Mailchimp has already taken action against content related to cryptocurrencies, instances of service interruptions or bans are resurfacing this week. This kind of behavior may be traced back to 2018, when Facebook also outlawed all cryptocurrency-related advertisements on its platform owing to regulatory violations.
5. Indian Authorities Have Frozen Further Cryptocurrency Funds Due To Charges Of Money Laundering
The financial accounts of Bengaluru-based Yellow Tune Technologies, a provider of financial services, have been blocked, according to a Friday announcement from India’s Directorate of Enforcement (ED). Flipvolt, the Indian division of Singapore’s Vauld, held some of the accounts. The action is related to an ongoing investigation into money laundering by instant loan companies with ties to China.
After determining that Yellow Tune was a shell company formed by two Chinese nationals using aliases, the financial watchdog declared it was freezing the company’s bank balances, payment gateway balances, and balances in the Flipvolt cryptocurrency exchange for a total of 3.7 billion rupees, or $46.4 million.
The ED frozen funds in Flipvolt’s accounts equal to the amounts it transferred from Yellow Tune’s wallets to overseas wallets, citing India’s Prevention of Money Laundering Act of 2002, “until entire fund trail is supplied by the crypto-exchange.” These monies were described as “nothing but the proceeds of crime resulting from predatory lending practices” by the ED.
This week, it was revealed that the ED had frozen accounts containing $8.1 million of the cash belonging to the cryptocurrency exchange WazirX and was looking into at least nine additional exchanges linked to Chinese-backed rapid loan businesses. The ED stated in its most recent statement that the case is still under investigation.
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