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Source: Сointеlеgrаph

As much as we wish this past week were about something else, it was all about FTX. The Bahamas Supreme Court has approved two interim liquidators from PricewaterhouseCoopers to oversee the assets of the crypto exchange headquartered in the country. A few days later, the Bahamas Securities Commission ordered the transfer of FTX Digital Markets digital assets to a digital wallet owned by the commission to protect “customer and creditor interests.”

The Turkish Financial Crimes Investigation Agency has become the latest body to join the investigation into the collapse of FTX. The regulator also noted that it monitors the activities of FTX in accordance with the country’s anti-money laundering (AML) laws. Meanwhile, authorities in the United States and the Bahamas are reportedly discussing the possibility of extraditing Sam Bankman-Freed, the company’s former CEO, back to the United States for questioning.

In light of a possible extradition, the refusal of the Paul Weiss law firm to represent the interests of the entrepreneur does not look optimistic. The reason for the withdrawal is a series of cryptic SBF tweets that, according to his former lawyer, Martin Flumenbaum, were “incessant and disruptive” and negatively impacted FTX’s reorganization efforts.

It would certainly be interesting to hear Bankman-Fried in Congress, and the invitation is already there — the U.S. House of Representatives Financial Services Committee scheduled a December hearing examining the collapse of the FTX cryptocurrency exchange and “the broader implications for the digital asset ecosystem.” “. The Committee is looking forward to hearing from individuals and companies participating in events that may include not only SBF but also Binance CEO Changpeng Zhao.

New York Fed launches CBDC pilot program with major banks

The New York Federal Reserve Bank Innovation Center is launching a 12-week central bank digital currency (CBDC) pilot project. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, US Bank and Wells Fargo will participate in the pilot by issuing tokens and transacting through simulated central bank reserves. The proof-of-concept project will test the “technical feasibility, legal viability, and business applicability” of the distributed ledger technology, as well as model tokens and examine the regulatory framework.

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Russian bill may legalize cryptocurrency mining

A new bill submitted to the State Duma of the Russian Federation, the lower house of parliament, legalizes the mining of cryptocurrencies and the sale of mined cryptocurrencies. Anatoly Aksakov, chairman of the Duma committee on financial markets, told the local press that he expects the bill to pass all three parliamentary readings in December and enter into force on February 1. According to other sources, the bill will come into force on January 1. a platform for the sale of cryptocurrency will be created if the law is passed, and Russian miners will be able to use foreign platforms. In the latter case, Russian currency controls and rules will not apply to transactions, but they will need to be reported to the Russian tax office.

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South Korea investigates crypto exchanges for listing native tokens

Korea’s financial authority, the Korea Financial Intelligence Unit (KoFIU), has launched an investigation into cryptocurrency exchanges for listing their own self-issued tokens. While Korean crypto exchanges are prohibited from issuing native tokens, the KoFIU investigation aims to ensure regulatory compliance for investor safety. Flata Exchange is one of the prime suspects and is under investigation for listing its native FLAT token back in January 2020, according to local Yonhap media. Major exchanges such as Upbit and Bithumb have been scrutinized by authorities and investigations will focus more on smaller exchanges.

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Source: Сointеlеgrаph

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