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Tag: Cryptocurrency regulation (news)

LG Electronics Incorporates Digital Assets and Blockchain in Business

LG Electronics Incorporates Digital Assets and Blockchain in Business

On March 24, 2022, the tech powerhouse giant, LG Electronics shared an announcement at the Annual General Meeting.  LG Enters The Crypto Space As part of its expansion plan, the South Korean conglomerate intends to incorporate three areas in its business sectors. These include cryptocurrency (digital assets), blockchain, and medical devices.  During the corporation’s meeting, key shareholders approved of the new business goals. These goals entail the sale of cryptocurrencies and the development of blockchain-based software.  Inspired by Samsung Following the electronics multinational corporation Samsung’s venture into the NFT space, LG Electronics also expressed its piquing interest in the virtual world.  Last month, LG Electronics partnered with GroundX, a blockchain platform. The move was initiated with the objective of offering users an immersive NFT experience on their smart televisions.  With the latest announcement, LG can install NFT platforms that enable the trade of NFT artworks (collectibles) on LG’s smart television. Additionally, the company introduces another application as well. Drops Gallery, a digital art application allows people with smart TVs to enjoy rare digital artworks and cloud game services.  Ever-Evolving South Korean Crypto Market Leading multinational tech giants of South Korea including LG, Samsung, and the SK Group are reportedly expanding enormously in the crypto and blockchain markets. Samsung and LG have built their presence in digitized markets with the introduction of crypto, NFT, and blockchain features on their products.  The South Korean President Yoon Suk-yeol guarantees deregulation of crypto, reduction of tax, and a push towards the NFT sector. Thereby, under the rule of the crypto-friendly South Korean President, it is guaranteed that crypto adoption will surely flourish in the East Asian country.

The post LG Electronics Incorporates Digital Assets and Blockchain in Business appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MAS Wants Its People to Understand The Risks Associated With Crypto

MAS Crypto Risks

After the Monetary Authority of Singapore (MAS) outlawed cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore’s top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday. Singapore’s ban follows similar advertising limits enacted in Spain and the United Kingdom. This came as a shock to the people, as the country is known as one of the most active nations when it comes to cryptocurrencies. Singapore was named the world’s most crypto-friendly economy by fintech firm Coincub in December, citing the city’s “good legislative environment and high rate of cryptocurrency acceptance.” However, the legislative climate in the city-state now appears to be less favorable. Authorities Justify it by Saying People Should Consider the Risks First The Singapore Monetary Authority announced new instructions on the “supply of digital payment token [DPT] services to the public” last Monday, stating that crypto operators “shall not promote their DPT services to the general public.” ATMs, which let people convert cash into Bitcoin, Ether, and other digital currencies, were singled out by the MAS. The central bank warned that the simplicity of cash-to-crypto machines could drive people to acquire Bitcoin and other virtual currencies “on the spur of the moment, without thinking about the risks.” “The public should not be encouraged to engage in the trading of digital payment tokens,” MAS stated, adding that it has consistently cautioned the public that the trading of digital payment tokens is highly dangerous and not suited for the general public.

The post MAS Wants Its People to Understand The Risks Associated With Crypto appeared first on Cryptoknowmics-Crypto News and Media Platform.

Pakistan’s FIA Asks Telecom Authority to Block Over 1600 Crypto Sites

Pakistan Blocks 1600 crypto sites

Samaa TV reported last Tuesday, citing FIA Director Babur Bakht Qureshi, that Pakistan’s Federal Investigation Agency (FIA) has written to the Pakistan Telecommunication Authority (PTA) seeking a prohibition on the access to more than 1,600 cryptocurrency trading websites. Last week, the director announced his plan to seek the Telecommunications Authority over the shutdown of various crypto websites. Cryptocurrency, he believes, is being used for money laundering. Qureshi said “a list of those involved in the Bitcoin trade is being compiled,” according to the website. When Bitcoin is banned in Pakistan, he says, “These guys would be jailed.” Furthermore, Qureshi stated that those who promote cryptocurrency in Pakistan will be prosecuted. The director was cited as adding, “These persons are on the radar of the agency, and action will be done against them soon.” Pakistan Still Comprehending What To Do with Crypto Pakistan’s government is debating whether or not to ban or regulate Bitcoin. Shibli Faraz, Pakistan’s minister of science and technology, said last Monday during the country’s inaugural blockchain summit, which his ministry co-hosted, that the government plans to “regularize” cryptocurrencies in Pakistan. He went on to say that the finance ministry, the State Bank of Pakistan, and the Pakistan Securities and Exchange Commission are all working on a strategy right now. The State Bank of Pakistan (SBP), on the other hand, has already decided to outrightly ban cryptocurrencies. The central bank presented a report to the Sindh High Court last week suggesting that cryptocurrency be banned entirely.

The post Pakistan’s FIA Asks Telecom Authority to Block Over 1600 Crypto Sites appeared first on Cryptoknowmics-Crypto News and Media Platform.

UK Regulators Announce Better Regulation For Crypto Ads

The British finance ministry, in coordination with the Financial Conduct Authority (FCA), is set to introduce clear regulations for crypto ads. UK to protect investors from “misleading statements” It is estimated that about 2.3 million people in Britain now have exposure to at least one crypto asset. However, the finance ministry notes that there is […]

The post UK Regulators Announce Better Regulation For Crypto Ads appeared first on CryptoCoin.News.

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