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New Lawsuit By Craig Wright Launched Towards Roger Ver

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New lawsuit was launched today by the self-proclaimed Satoshi Nakamoto-Craig Wright towards Roger Ver after he called him a fraud. As we can read in today’s altcoin news, the legal campaign continues with heavy turbulence in the UK court dealings.

The goal of the lawsuit is to still prove that he has a stellar reputation. Craig Wright launched the new lawsuit after Ver called him a fraud repeatedly after he was slapped with a 100,000-pound suit. Britain’s high court ruled today that the case against Ver cannot take place there because the court is not satisfied that is the appropriate venue:

 “The threshold is clear: the Court must be satisfied that England and Wales is clearly the most appropriate jurisdiction in which to bring a libel claim where there has been multi-jurisdiction publication. It is no longer sufficient to demonstrate that England and Wales is an appropriate jurisdiction. A claimant could fail to surmount the evidential hurdle in s.9(2) even if the Court is unable to identify, from the other candidate jurisdictions, an alternative that is the most appropriate.”

The judge Matthew Nicklin pointed out that the English law does not provide clear directions on how to determine the ‘’appropriateness’’ of his venue for the libel suit. Nicklin also concluded that the most important factor in a liber or defamation suit and where it is taking place should be the location of the accused persons or publications. Ver does not reside in England and also YouTube has a headquarter in the United States. It doesn’t matter where the defamation took place, the judge still has to assess whether there was major damage done to Wright’s reputation in his jurisdiction. Nicklin stated that it is impossible to lay down hard rules but assured that the matter of jurisdiction will be different in every case.

Since Wright failed to supply the court with decent evidence of damage done in England and Whales, Nicklin decided not to let the case go forward:

 “In consequence, the Court has no jurisdiction to hear and determine the action. The action will be struck out. ”

As noted in the latest cryptocurrency news, Wright’s other cases are also deteriorating. One lawsuit against him brought by the estate of Dave Kleiman ended up in frustration of the Florida judge since Wright failed to comply with the rules of the court

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Regulation

South Korean Bank To Launch Crypto Services After Regulations Approval

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The South Korean Bank KB Kookmin announced to be launching crypto services after the green light from the South Korean government for regulating crypto. Following the approval of the regulatory framework for cryptocurrency, the bank applied for registration and listed more than 20 crypto services on its app as we are reading more about it in the cryptocurrency regulation news. The South Korean Bank which is one of the largest in the country, filed a registration application to trademark KBDAC after the cryptocurrency regulation news of the approval of the government. The local news outlet digital today reported back on Friday that the bank listed more than 20 crypto services on the application and added that the trademark registration could take up to six months and two years. The bank’s filing with the Korean Intellectual property office dates all the way to the 31st of January and details a number of crypto services, financial reporting, asset management, advisory and over the counter brokerage. KB Kookmin Bank explained that the KBDAC is related to the Bank’s collaboration with the blockchain company Atomrigs Lab INC as per the announcement back in June. However, the officials did not reveal the service launch date and the bank started exploring multiple use cases of blockchain technology as per the cryptocurrency regulation news. KB Kookmin  Bank decided to go over the passing of a revision to the Act on Reporting and Using Specified Financial Transaction Information. The bill was introduced in November last year and passed the National Assembly on March 5 when the South Korean Government approved the revision on March 17. With the new law, the South Korean Crypto exchanges will have to use the real-name system by partnering with a financial institution that can provide this service. The banks will have to conduct customer due diligence on the crypto businesses that they deal with and this way they will ensure proper reporting to the Financial Intelligence Unit of South Korea: “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU. This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.”
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Singapore Relieves Regulatory Pressure On Crypto Firms

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The COVID-19 pandemic took a toll on the financial markets in many countries. The term "regulation crypto exchange" is being searched on Google by many users and the crypto news today show that Singapore relieves the regulatory burdens on crypto firms and many notable names. Companies which will be benefiting from this exemption include the names of Alibaba.com, Alipay, Bitgo, Paxos, Paypal, Binance, Coinbase and Ripple. As you can see, not all of these are crypto firms which is proof that Singapore is easing the burden for many companies during these difficult times. It all started when the Singapore regulator issued guidance and conditional registration relief for certain cryptocurrency exchanges. The regulation crypto exchange update showed an exhaustive list issued by the Monetary Authority of Singapore (MAS), which allowed 415 applicants to conduct their payment or crypto-related operations without holding a license until July 28, 2020. Among the firms granted an exemption from registration under the Singapore Payment Services Act were Alibaba, Alipay, BitGo, Paxos, PayPal, Binance, Coinbase and Ripple.
“Please note that these entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services," the MAS said in the announcement.
As Singapore relieves pressure off some crypto firms, we can see that the watchdog also said that entities that have been providing payment services before the PS Act but did not notify MAS about their activities will not benefit from the recent exemption. If you are wondering why the regulation news show this update in Singapore, it is all part of a regulatory framework for crypto-related activities which was already seen in Europe. The law imposes crypto businesses to first register and apply for a license to operate in the jurisdiction. This will apparently force many operators to fully disclose their traders' identities and report suspicious activity. With the country thrashing its crypto regulation into shape, some providers had no choice but to cease operations while the consequences upon their related partners will be wide-reaching. This PSA law is very similar to the Fifth European Anti-Money Laundering Directive (AMLD5) in Europe, which went into effect in January 2020 as a legislation that represents Europe's first attempt to regulate cryptocurrency activities.
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Court Decided: Telegram Will Be Unable To Distribute GRAM Tokens

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The New York Federal court decided in the case against Telegram, by issuing a preliminary injunction that prevents Telegram from distributing the Gram tokens to the ICO participants as we are reading in the ICO cryptocurrency news. Telegram was entangled in the expensive court battle with the United States Securities And Exchange Commission after the $1.7 billion grams initial coin offering (ICO crypto). The Court decided to put an end to the case by preventing Telegram to distribute the tokens to its ICO participants. The Crypto ICO about the gram tokens happened in 2018 right after the SEC made it clear that any ICOs will have to get registered with the SEC. The goal of the Grams ICO was to create a crypto and blockchain ecosystem that will be centered on Telegram, one of the most popular messaging apps in the world. The New York Federal Judge decided that the SEC will win in proving that the Grams ICO was an illegal and unregistered sale of securities. The decision had to be brought to prevent Telegram from giving tokens to initial buyers. This would lead to Grams tokens being traded on crypto exchange and will further violate the securities laws. The court case is not over but Telegram will likely lose. The standard protocol in these ICO cryptocurrency cases is that the ICO issues has to return all of the investors’ funds and register as security. This idea could turn out to be quite hard for Telegram if they don’t have all of the $1.7 billion anymore. It could even take months before the court case ends officially. As per the previous ICO cryptocurrency news, by focusing on investment firms and certify financial specialists, the Telegram ICO was not too not quite the same as conventional VC subsidizing. Rather than getting organization stock, speculators had the Gram token. With this token, clients could make the most of Telegram’s own free installment framework. It was supposed to be sued to sidestep settlement charges, moving assets secretly, or issue micropayments. The majority of the aggregate token supply and related rebates were saved for private adjusts, the pre-ICO, and the inevitable “open” ICO. Expecting the overall population accesses this Gram token, it stays to be checked whether any rewards will stay at that point.
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Worldwide Crypto Regulation Advance Despite Global Crisis

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The worldwide crypto regulation efforts are advancing despite the coronavirus outbreak and the global crisis. In our regulation crypto news, we read what exactly is happening with the crypto sector. The South Korean government approved the revision of the Act on the Reporting and Using Specified Financial Transaction Information during the cabinet meeting on March 17 according to the Financial Services Commission announcement. The bill was passed on March 5 as per the regulation crypto news. The FSC explained that all of the crypto businesses will now have to report all of the transactions to the South Korea Financial Intelligence Unit and they will also be subject to the basic AML requirements including transaction reporting and suspicious activity reporting. They will have to follow further obligations such as keeping the details of the separate transaction for the users and they will also have to own separate transaction details for the users ensuring a real-name account that is used for crypto trading. The crypto businesses will also have to obtain approval from the Korea Internet and Security Agency. The FSA explained:
 “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU. This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.’’
The worldwide crypto regulation includes India’s plan on regulating crypto that will supposedly happen after April’s Supreme Court hearing. The Indian government revealed to be working on a regulatory framework for cryptocurrency while the crypto exchanges will come under the regulatory basked of the Securities and Exchange Board of India. The government is waiting for the cryptocurrency case on April 27 before it makes the final decision on crypto regulation. The Minister of State for Finance and Corporate Affairs said that the Ministry has already inspected some Bitcoin businesses through the Register of Companies. Venezuela also shut down its banking system and now the refugees are looking for help in cryptocurrencies. Nicolas Maduro shut down the banking system of the country and ordered his entire country to get into quarantine as per the regulation crypto news. The regulator Sudeban sent a circular to all of the institutions in the country stating:
‘’All activities involving direct attention to customers, users and the general public through agencies, branches, offices and administrative headquarters throughout the country will be indefinitely suspended.’’
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