By Shikha Singh
FTX Says Backpack Acquisition of EU Arm Has Not Been Approved By Court.
Bankrupt crypto exchange FTX said the acquisition of its European arm FTX EU by crypto exchange Backpack has not been approved by the bankruptcy court, nor has Backpack been authorized to make distributions to FTX creditors.
Backpack announced that it had acquired FTX EU on Jan. 7, saying that it would take responsibility for creditor repayments to EU customers as part of the court-approved bankruptcy process.
Oklahoma Senator Introduces Bitcoin Freedom Act For BTC Payments.
A Republican state senator in Oklahoma, Dusty Deevers, filed legislation allowing employees and residents in the state to opt to receive salaries in Bitcoin and enable vendors to accept BTC payments.
According to the filing, one of the purposes of the act is to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents,” and another is to “authorize Bitcoin as an acceptable medium for transactions, salaries, and investments.”
The Bitcoin Freedom Act will be eligible for consideration in the 60th legislative session beginning on Feb. 3.
Hong Kong Launches Initiative To Help Banks With DLT Adoption.
The Hong Kong Monetary Authority (HKMA) has launched an initiative to assist banks in adopting distributed ledger technology.
On Jan. 8, the Hong Kong central bank announced the launch of its “Supervisory Incubator for Distributed Ledger Technology,” which aims to help banks safely implement distributed ledger technology into their operations and maximize the benefits.
The program comprises two primary components: individual bank support, which grants access to a dedicated team from the central bank for feedback on live trials. These will test the bank’s risk management systems before fully launching DLT-based services, and the initial focus will be on tokenized deposits.
IMF Urges Kenya To Align Crypto Laws With Global Standards.
The International Monetary Fund (IMF) advised Kenya to create a clear, predictable regulatory environment for the cryptocurrency market to protect consumers and address risks related to anti-money laundering (AML) and Combating the Financing of Terrorism (CFT).
On Jan. 8, the IMF released a technical assistance report on Kenya’s crypto regulations, following a request from the Capital Markets Authority (CMA) of Kenya.
The IMF noted that Kenya relies on outdated regulations for traditional markets that have “limited and no legally binding” leverage over crypto markets. As a result, the East African nation has seen an uptick in crypto-related scams and other criminal activity.
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