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Ireland Prepares New Cryptocurrency Laws Ahead of EU Anti-Money Laundering Rules
The Irish Minister of Finance plans to act quickly before the European Union implements strict anti-money laundering regulations.
Swift Legislative Action Ahead of EU Rules
Ireland is preparing to introduce "urgent" legislation concerning cryptocurrencies ahead of the new European Union standards focused on combating money laundering and terrorist financing. Irish Minister of Finance Jack Chambers informed the government that prompt action is required to update existing cryptocurrency regulations before the new EU laws take effect on December 30. The Irish Examiner reported this on October 16.
No specific details about the new legislation or its potential implementation date have been shared yet.
Strengthening Powers and Stricter Requirements for Exchanges
The new "EU Anti-Money Laundering and Terrorist Financing Law" will enhance the powers of financial intelligence units, allowing them to suspend suspicious transactions. It will also impose stricter reporting requirements on crypto exchanges, which must comply with more rigorous rules. The legislation introduces a €10,000 limit on cash payments and tighter monitoring of large transactions, including those of high value.
This legislative framework covers several areas that pose risks, such as crypto-assets and crowdfunding, and complements other regulations, such as the Markets in Crypto-Assets Regulation (MiCA).
MiCA and Ireland’s Role in Innovation
In September, Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated that Ireland aims to play a key role in fostering safe innovations through MiCA. She emphasized that proper crypto regulations are crucial if Europe is to become a global leader in the adaptation and adoption of new technologies.
While MiCA regulations have been in effect since June 2023, Irish authorities are now focused on aligning with anti-money laundering rules and ensuring that the country’s financial system does not become a target for illegal activities.
Role of the Central Bank and Approval of Crypto Service Providers
According to the Central Bank of Ireland, it is essential for Ireland, as a small and open economy with a thriving financial sector, to actively participate in preventing its financial system from being used for money laundering and terrorist financing.
As of July, the Central Bank of Ireland had approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, MoonPay, and Coinbase, which agreed to remove non-compliant stablecoins from its European platform in line with new regulations.
#cryptoregulation , #Ireland , #worldnews , #Bitcoin❗ , #CryptoLaw
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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Swift Legislative Action Ahead of EU Rules
Ireland is preparing to introduce "urgent" legislation concerning cryptocurrencies ahead of the new European Union standards focused on combating money laundering and terrorist financing. Irish Minister of Finance Jack Chambers informed the government that prompt action is required to update existing cryptocurrency regulations before the new EU laws take effect on December 30. The Irish Examiner reported this on October 16.
No specific details about the new legislation or its potential implementation date have been shared yet.
Strengthening Powers and Stricter Requirements for Exchanges
The new "EU Anti-Money Laundering and Terrorist Financing Law" will enhance the powers of financial intelligence units, allowing them to suspend suspicious transactions. It will also impose stricter reporting requirements on crypto exchanges, which must comply with more rigorous rules. The legislation introduces a €10,000 limit on cash payments and tighter monitoring of large transactions, including those of high value.
This legislative framework covers several areas that pose risks, such as crypto-assets and crowdfunding, and complements other regulations, such as the Markets in Crypto-Assets Regulation (MiCA).
MiCA and Ireland’s Role in Innovation
In September, Derville Rowland, Deputy Governor of the Central Bank of Ireland, stated that Ireland aims to play a key role in fostering safe innovations through MiCA. She emphasized that proper crypto regulations are crucial if Europe is to become a global leader in the adaptation and adoption of new technologies.
While MiCA regulations have been in effect since June 2023, Irish authorities are now focused on aligning with anti-money laundering rules and ensuring that the country’s financial system does not become a target for illegal activities.
Role of the Central Bank and Approval of Crypto Service Providers
According to the Central Bank of Ireland, it is essential for Ireland, as a small and open economy with a thriving financial sector, to actively participate in preventing its financial system from being used for money laundering and terrorist financing.
As of July, the Central Bank of Ireland had approved 15 virtual asset service providers, including Gemini, Ripple, Paysafe, MoonPay, and Coinbase, which agreed to remove non-compliant stablecoins from its European platform in line with new regulations.
#cryptoregulation , #Ireland , #worldnews , #Bitcoin❗ , #CryptoLaw
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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Israeli WhatsApp Spying
Israeli WhatsApp Spying
— Israeli intelligence agencies have reportedly gained control of Hamas leader Ismail Haniyeh's phone using sophisticated spyware, which was sent via WhatsApp, allowing him to pinpoint his location.
— Israeli intelligence agencies have reportedly gained control of Hamas leader Ismail Haniyeh's phone using sophisticated spyware, which was sent via WhatsApp, allowing him to pinpoint his location.
WORLDCOIN SOON BACK TO BUSINESS IN KENYA AS CO-FOUNDER EYES NEXT GROUTH PHASE.
CATEGORIES Biometrics News | Civil / National ID | ID for All#worldnews
Hello Binance Square! Worldcoin soon back to business in Kenya as co-founder eyes next growth phase
Worldcoin, the multinational cryptocurrency and digital ID firm, is set to resume its operations in Kenya next year following reported successful negotiations with the East African country’s government.
Per a report by Citizen Digital, the firm, whose activities were banned in the country in August over data privacy concerns, has now agreed to meet certain regulatory requirements.
Worldcoin’s activities were halted when Kenyan authorities noticed growing interest in the project which verifies a user’s humanness and uniqueness using their iris biometrics. All those who registered on the platform were issued a digital ID called World ID.
Officials feared about the safety of the biometric data that was collected from hundreds of thousands of Kenyan citizens in exchange for a crypto token after each verification process. About 635,000 Kenyans were said to have downloaded the app as of September.
Interior Cabinet Secretary Kithure Kindiki was among Kenyan authorities who expressed strong reservations against the World ID project, which has also faced criticism elsewhere around the world over data privacy questions, such as in Argentina. Kenyan lawmakers also criticized it saying it was a threat to the country’s statehood.
Now, the company, co-founded by OpenAI’s Sam Altman and Tools for Humanity’s Alex Blania, is said to be ready to get back to full business in Kenya in the first few months of 2024, according to an unnamed source cited by Citizen Digital.
#worldrise
#worldcoinnews
CATEGORIES Biometrics News | Civil / National ID | ID for All#worldnews
Hello Binance Square! Worldcoin soon back to business in Kenya as co-founder eyes next growth phase
Worldcoin, the multinational cryptocurrency and digital ID firm, is set to resume its operations in Kenya next year following reported successful negotiations with the East African country’s government.
Per a report by Citizen Digital, the firm, whose activities were banned in the country in August over data privacy concerns, has now agreed to meet certain regulatory requirements.
Worldcoin’s activities were halted when Kenyan authorities noticed growing interest in the project which verifies a user’s humanness and uniqueness using their iris biometrics. All those who registered on the platform were issued a digital ID called World ID.
Officials feared about the safety of the biometric data that was collected from hundreds of thousands of Kenyan citizens in exchange for a crypto token after each verification process. About 635,000 Kenyans were said to have downloaded the app as of September.
Interior Cabinet Secretary Kithure Kindiki was among Kenyan authorities who expressed strong reservations against the World ID project, which has also faced criticism elsewhere around the world over data privacy questions, such as in Argentina. Kenyan lawmakers also criticized it saying it was a threat to the country’s statehood.
Now, the company, co-founded by OpenAI’s Sam Altman and Tools for Humanity’s Alex Blania, is said to be ready to get back to full business in Kenya in the first few months of 2024, according to an unnamed source cited by Citizen Digital.
#worldrise
#worldcoinnews
Nigeria Stops Using US Dollar and Will Now Sell Oil in Naira
Nigeria Changes Currency for Oil Trade
Nigeria, Africa's largest oil producer, is ending the sale of oil in US dollars and switching to trading in its domestic currency – the naira. This significant decision was made by the Federal Executive Council (FEC) to strengthen the Nigerian economy.
According to Mohammed Manga, spokesperson for the Ministry of Finance, this shift is expected to improve the country's economic growth and stability. Nigeria, which holds approximately 37 billion barrels of oil reserves (3.1% of the world’s reserves), is facing an ideal opportunity to make this change due to geopolitical tensions such as those in the Middle East and the war in Ukraine.
Rising Oil Prices Due to Middle East Tensions
The conflict between Iran and Israel has driven oil prices up. Nigeria’s Bonny Light crude oil has increased in price from $73 to $78 per barrel. The global benchmark Brent crude oil has risen by over 10%, now trading at $79 per barrel.
Nigeria’s 2024 budget is based on a reference price of $78 per barrel. If the country meets its daily production targets, this development could help reduce Nigeria's budget deficit.
Potential Stabilization of Nigeria's Economy
Economist Dr. Abdulsalam Muhammad Kani stated that if oil prices remain high and production stays consistent, Nigeria could stabilize its economy. According to him, this could provide relief for Nigeria’s debt service and the financing of public projects. Additionally, a higher inflow of US dollars into the economy could strengthen the naira and lower import costs, which would positively impact the prices of goods.
Corruption and Oil Theft Remain a Challenge
Despite rising oil prices, Nigeria continues to face problems with oil theft and corruption, which undermine the potential benefits. Energy expert Eng. Sani Yabagi highlights that the profits from oil often end up in the hands of thieves, resulting in significant losses for Nigeria.
According to a report from the Nigerian National Petroleum Corporation (NNPC), 188 cases of oil theft were reported in the Niger Delta between August 24th and 30th, which drastically reduces the amount of oil Nigeria can sell, even as prices rise.
Challenges in Refining Oil
Nigeria has only recently begun refining oil domestically with the opening of the Dangote refinery, which is a private operation. However, its impact on national revenues has been minimal so far. While Nigeria is now selling oil to local refineries in naira, Yabagi warns that without further actions, this alone will not solve deeper issues.
Outlook for the Future
As the Middle East crisis continues, global energy prices are expected to rise. While this could bring short-term gains for Nigeria, without proper management, the country may not benefit as much as it could from this increase.
#NigeriaNews , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Nigeria, Africa's largest oil producer, is ending the sale of oil in US dollars and switching to trading in its domestic currency – the naira. This significant decision was made by the Federal Executive Council (FEC) to strengthen the Nigerian economy.
According to Mohammed Manga, spokesperson for the Ministry of Finance, this shift is expected to improve the country's economic growth and stability. Nigeria, which holds approximately 37 billion barrels of oil reserves (3.1% of the world’s reserves), is facing an ideal opportunity to make this change due to geopolitical tensions such as those in the Middle East and the war in Ukraine.
Rising Oil Prices Due to Middle East Tensions
The conflict between Iran and Israel has driven oil prices up. Nigeria’s Bonny Light crude oil has increased in price from $73 to $78 per barrel. The global benchmark Brent crude oil has risen by over 10%, now trading at $79 per barrel.
Nigeria’s 2024 budget is based on a reference price of $78 per barrel. If the country meets its daily production targets, this development could help reduce Nigeria's budget deficit.
Potential Stabilization of Nigeria's Economy
Economist Dr. Abdulsalam Muhammad Kani stated that if oil prices remain high and production stays consistent, Nigeria could stabilize its economy. According to him, this could provide relief for Nigeria’s debt service and the financing of public projects. Additionally, a higher inflow of US dollars into the economy could strengthen the naira and lower import costs, which would positively impact the prices of goods.
Corruption and Oil Theft Remain a Challenge
Despite rising oil prices, Nigeria continues to face problems with oil theft and corruption, which undermine the potential benefits. Energy expert Eng. Sani Yabagi highlights that the profits from oil often end up in the hands of thieves, resulting in significant losses for Nigeria.
According to a report from the Nigerian National Petroleum Corporation (NNPC), 188 cases of oil theft were reported in the Niger Delta between August 24th and 30th, which drastically reduces the amount of oil Nigeria can sell, even as prices rise.
Challenges in Refining Oil
Nigeria has only recently begun refining oil domestically with the opening of the Dangote refinery, which is a private operation. However, its impact on national revenues has been minimal so far. While Nigeria is now selling oil to local refineries in naira, Yabagi warns that without further actions, this alone will not solve deeper issues.
Outlook for the Future
As the Middle East crisis continues, global energy prices are expected to rise. While this could bring short-term gains for Nigeria, without proper management, the country may not benefit as much as it could from this increase.
#NigeriaNews , #worldnews
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Asia Takes the Lead for Crypto Developers, USA Falls Behind
Asia's Rise as a Leader in Cryptocurrency
The geographic distribution of cryptocurrency developers often indicates which regions are poised to lead future blockchain innovations. A recent report showed that Asia has surpassed North America, emerging as a leader in cryptocurrency and blockchain development.
Asia’s share of the crypto developer base grew to 32% in 2024, a significant increase from 13% in 2015. This growth positions Asia as a key region for developer talent in this rapidly evolving industry.
Decline of Developers in North America
Meanwhile, the share of North American developers has effectively halved over the same period, dropping from 44% in 2015 to 24% in 2024. Maria Shen, General Partner at Electric Capital, commented on October 30:
“Asia is now number 1 for crypto developers. The U.S. is losing market share. Crypto affects every state in the U.S. — it should be neutral.”
This growth in Asia’s developer base is a positive indicator of mass blockchain adoption, as it suggests an increasing number of consumer applications built on this technology.
The U.S. Still Leads in the Number of Crypto Developers
Despite 81% of blockchain developers now residing outside the United States, the U.S. still holds the highest number of developers globally. Approximately 18.8% of all crypto developers are based in the U.S., followed by India at 11.8%, with the UK holding the third position at 4.2%.
However, since 2015, the U.S. has seen a decline of over 51% in its share of developers, despite the continued growth of the industry. In the U.S., 22.3% of developers are based in California, and 13.7% in New York, with 64% located outside these two states.
Research on Crypto Data on GitHub
Researchers analyzed over 200 million cryptocurrency-related records on GitHub across 350,000 repositories. Geographic data was drawn from more than 110,000 developer wallets, where developers self-reported their locations.
Growing Institutional Interest in Cryptocurrency in Asia
Institutional interest in cryptocurrency is rising in Asia. In South Korea, the number of crypto investors increased by over 21% in the second half of 2024. This growth pushed the cumulative operational profits of the top 21 local centralized exchanges (CEX) above $4.2 billion, representing a year-over-year increase of 106%.
#Cryptocurrencies , #worldnews , #CryptoNews🚀🔥 , #cryptoWorld , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
The geographic distribution of cryptocurrency developers often indicates which regions are poised to lead future blockchain innovations. A recent report showed that Asia has surpassed North America, emerging as a leader in cryptocurrency and blockchain development.
Asia’s share of the crypto developer base grew to 32% in 2024, a significant increase from 13% in 2015. This growth positions Asia as a key region for developer talent in this rapidly evolving industry.
Decline of Developers in North America
Meanwhile, the share of North American developers has effectively halved over the same period, dropping from 44% in 2015 to 24% in 2024. Maria Shen, General Partner at Electric Capital, commented on October 30:
“Asia is now number 1 for crypto developers. The U.S. is losing market share. Crypto affects every state in the U.S. — it should be neutral.”
This growth in Asia’s developer base is a positive indicator of mass blockchain adoption, as it suggests an increasing number of consumer applications built on this technology.
The U.S. Still Leads in the Number of Crypto Developers
Despite 81% of blockchain developers now residing outside the United States, the U.S. still holds the highest number of developers globally. Approximately 18.8% of all crypto developers are based in the U.S., followed by India at 11.8%, with the UK holding the third position at 4.2%.
However, since 2015, the U.S. has seen a decline of over 51% in its share of developers, despite the continued growth of the industry. In the U.S., 22.3% of developers are based in California, and 13.7% in New York, with 64% located outside these two states.
Research on Crypto Data on GitHub
Researchers analyzed over 200 million cryptocurrency-related records on GitHub across 350,000 repositories. Geographic data was drawn from more than 110,000 developer wallets, where developers self-reported their locations.
Growing Institutional Interest in Cryptocurrency in Asia
Institutional interest in cryptocurrency is rising in Asia. In South Korea, the number of crypto investors increased by over 21% in the second half of 2024. This growth pushed the cumulative operational profits of the top 21 local centralized exchanges (CEX) above $4.2 billion, representing a year-over-year increase of 106%.
#Cryptocurrencies , #worldnews , #CryptoNews🚀🔥 , #cryptoWorld , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
WORLD COIN VALUE PREDICTIONS
#worldnews #WorldcoinRise
welcome to our weekly wrldnews. It has come to pass that our predictions are adding up as y'all have seen how bullish world coin has been to this time that's in the past 24hours.
As we promised, we're going to release our world coin prediction in this article today. Our world coin forecast at the end of 2023 will be not less than 5$. This makes it unique as it's barely 5 months since it was launched and this tell's you how bullish this crypto currency is if compared to others including Bitcoin.
To crypto investors that's world coin Family we're urging you today to consider long term investments in world coin, make sure you store as much world coin as possible to be in the list of our next Wrld Millionaires and Billionaires when it hits our projected value.
make sure you follow up with us as we continue in this world coin Family journey. We'll have our 2024 world coin value predictions in our next article so make sure you've follow us to get it.
#WorldcoinRise
#worldnews #WorldcoinRise
welcome to our weekly wrldnews. It has come to pass that our predictions are adding up as y'all have seen how bullish world coin has been to this time that's in the past 24hours.
As we promised, we're going to release our world coin prediction in this article today. Our world coin forecast at the end of 2023 will be not less than 5$. This makes it unique as it's barely 5 months since it was launched and this tell's you how bullish this crypto currency is if compared to others including Bitcoin.
To crypto investors that's world coin Family we're urging you today to consider long term investments in world coin, make sure you store as much world coin as possible to be in the list of our next Wrld Millionaires and Billionaires when it hits our projected value.
make sure you follow up with us as we continue in this world coin Family journey. We'll have our 2024 world coin value predictions in our next article so make sure you've follow us to get it.
#WorldcoinRise