The five most exciting events for cryptocurrency investors.
Here are the five most important news of the week that has just ended.
- Ripple wins its case against the SEC.
- Google Play allows payments with cryptocurrencies through its platform.
- Celsius ex-CEO arrested and charged with cryptocurrency financial crimes.
- South Korea will require companies to disclose their cryptocurrency investments.
- The Central Bank of Brazil may confiscate assets and freeze accounts in Real Digital (CBDC).
Ripple Wins Its Case Against the SEC
Ripple Labs has won the long legal battle against US regulators, after the judge in charge of the case ruled in favor of the Blockchain solutions company.
The United States Securities and Exchange Commission (SEC) had filed a lawsuit alleging that Ripple Labs raised more than $1 billion through an unregistered securities offering by selling its native cryptocurrency, XRP.
The judge ruled that XRP is not necessarily a security, although the institutional sale did violate securities laws.
Google Play Allows Payments with Cryptocurrencies through its Platform
Google Play allows developers to embed cryptocurrency and token transactions into their apps and games. The policy update includes rewarding users with non-fungible tokens (NFTs) and other Blockchain-based assets, with the goal of fostering innovation and offering cryptocurrency experiences to users.
Google highlights its responsibility to protect users and maintain transparency in all transactions, and developers will need to clearly disclose tokenized digital assets that are sold or earned through apps.
Former Celsius CEO Arrested and Charged for Cryptocurrency Financial Crimes
Celsius founder and former CEO Alexander Mashinsky has been arrested and charged with deception, market manipulation, and cryptocurrency-related fraud.
Mashinsky currently faces several decades in prison and must appear before a federal judge in Manhattan. The authorities have focused on their management during the crisis, including the manipulation of the CEL cryptocurrency price, as well as the use of client funds to finance the company’s operation.
South Korea Will Require Companies to Disclose Their Cryptocurrency Investments
The South Korean Financial Services Commission has announced new regulations that will require companies that issue or hold cryptocurrencies to provide detailed disclosures about their holdings in their financial statements.
The regulations will enter into force in January 2024 and seek to strengthen accounting transparency. Companies will be required to disclose information about the quantity and characteristics of their crypto tokens, their business models, and their internal accounting policies related to the sale and associated profits.
Companies that hold cryptocurrencies for investment purposes will be required to disclose information about the token rank, book value, and market value of their holdings.
Central Bank of Brazil May Confiscate Assets and Freeze Accounts in Real Digital (CBDC)
The Central Bank of Brazil confirmed that it will continue to freeze accounts and confiscate assets in the final version of Real Digital (CBDC) to adjust the platform to Brazilian legislation and justice.
The inclusion of these features has generated debate about the balance between financial security and privacy in a CBDC. In this regard, Pedro Magalhães’ discovery of the CBDC trial code details has raised concerns that a CBDC could allow excessive control by financial institutions, and thus violate the users’ privacy.
By Audy Castaneda
