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Daily Crypto News | July 5th, 2022

1. British Army’s Social Media Hacked To Promote Crypto Scams

On Sunday, the British Army announced that its official Twitter and YouTube accounts had been taken over.

Before Twitter took them down, a series of posts advocating non-fungible token (NFT) frauds were retweeted by the army’s verified Twitter account, which has about 363K followers. The account name, profile photo, and banner image were altered during the intrusion to match NFT collections.

The army’s 177K-subscriber Youtube account was renamed “Ark Invest” in the meantime, and four live videos promoting bitcoin and ether giveaway scams were uploaded to the account. Scammers said you would receive twice as much money back for every bitcoin or ether you provided them. Elon Musk, Jack Dorsey, a former Twitter CEO, and Cathie Wood, the CEO of Ark Invest, were all featured in the videos.

2. Chinese Alibaba, Tencent Require ID For NFT Purchases

A “self-disciplined development proposal” for the “digital collectible industry” was released last week by Tencent, Ant Group, Baidu, JD.com, and several other major Chinese tech companies, according to a South China Morning Post report. The proposal would implement real-name authentication for users who issue, buy, and sell non-fungible tokens (NFTs).

The China Cultural Industry Association reported that the agreement’s signatories also reaffirmed the existing regulation banning the use of cryptocurrencies, emphasizing that platforms that offer digital collectibles—the term used in mainland China to describe NFTs—can “only support legal tender as the denomination and settlement currency.”

3. The European Central Bank To Harmonize Crypto Regulations

The Financial Times reported on Sunday that as officials get ready to put the Markets in Crypto-Assets, or MiCA, framework into place, the ECB was worried about potential regulatory overlap between various central banks in the EU and cryptocurrency companies. On June 30, the European Parliament, European Commission, and European Council came to an agreement to regulate cryptocurrency issuers and service providers under a single regulatory framework.

A supervisory board meeting in July will reportedly be attended by regulators from 19 EU member states to review MiCA and its potential implementation. When the law is put into effect, asset service providers will have to abide by particular rules designed to protect investors and inform clients about the potential risks of investing in a volatile cryptocurrency market. The proposed legal framework would also be subject to an 18-month review period, during which EU officials will evaluate it to see if it covers further cryptocurrency-related goods like nonfungible tokens, or NFTs.

4. The Monetary Authority of Singapore Further Restricts Crypto Activities

Tharman Shanmugaratnam, a senior minister in Singapore and the head of the MAS, reportedly stated that the financial watchdog may explore “putting limits on retail participation” for cryptocurrency investors as well as implementing regulations on the use of leverage for cryptocurrency transactions. In addition, Shanmugaratnam urged financial regulators worldwide to clarify their regulations “given the borderless nature of cryptocurrency markets.”

The MAS banned cryptocurrency service providers from marketing or advertising in public places in January, and it was behind laws to shut down crypto ATMs in Singapore. These actions appear to demonstrate “cryptocurrency trading being portrayed in a manner that trivialises its risks.” The Payment Services Act of the nation, according to the MAS, gives the regulator the authority to place further limitations on cryptocurrency service providers “to ensure better consumer protection, and to maintain financial stability and safeguard the efficacy of monetary policy.”

5. Puerto Rico Suspends Peter Schiff’s Euro Pacific Bank

The banking watchdog of Puerto Rico has suspended Peter Schiff’s Euro Pacific Bank. Schiff asserts there is “no evidence of crimes,” warning that “accounts are frozen and customers may lose money.”

The Office of the Commissioner of Financial Institutions of Puerto Rico, better known as Oficina del Comisionado de Instituciones Financieras, has suspended operations at Euro Pacific Bank, owned by infamous bitcoin critic and gold bug Peter Schiff (OCIF).

Schiff tweeted on Sunday that there is no proof of criminal activity at the bank: “Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues … As a result accounts are frozen and customers may lose money.”

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