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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
MOROCCO TO ADOPT A LEGAL FRAMEWORK FOR CRYPTO ASSETS
Morocco aims to regulate the use of crypto assets without hindering innovation in the crypto ecosystem.
Legal Framework for Crypto Nears Adoption in Morocco
A legislative framework governing crypto assets in Morocco is almost ready for adoption, according to Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM). This framework seeks to promote financial innovation while regulating the usage of crypto assets.
The central bank governor shared the key update at the BAM council’s final meeting for 2024 with the crypto regulation aligning with G20 recommendations and addressing the risks linked with crypto assets.
According to the governor, the World Bank and the International Monetary Fund (IMF) provided technical assistance in the development of the framework with a clear aim to balance crypto innovation and a well-regulated financial environment.
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem. We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties.” Jouahri said.
Morocco hopes to establish itself as one of the first developing nations to provide complete and clear legislation for crypto assets by putting this legal framework into effect.
This program equips the nation to handle the financial and economic difficulties posed by the digitalization of monetary systems. The adoption of the legislative text involves a period of public consultation, followed by parliamentary and cabinet approval.
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In 2023, Morocco ranked 13th out of 20 nations with the biggest bitcoin usage, according to a survey by Insider Monkey while a Chainalysis global crypto adoption report in the same year ranked the North African nation 20th in crypto adoption.
@ Newshounds News™
Source: Bitcoin News
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NIGERIAN SEC TIGHTENS CRYPTO MARKETING RULES
The SEC’s new rules on digital asset promotions aim to “curb the menace” of social media influencers promoting unregulated crypto products.
The Nigerian Securities and Exchange Commission (SEC) has updated its crypto rules, adding requirements on crypto-related marketing promotions from virtual asset service providers (VASPs) and social media influencers.
In its revised Digital Asset Rules, the SEC said that VASPs engaging third-party service providers to promote their crypto products must “obtain prior approval from the Commission.” The rules also require VASPs to ensure that the third-party provider complies with marketing rules set by the SEC.
The rules apply to any VASP offering services to the country’s residents and are scheduled to come into effect on June 30, 2025.
New rules to “curb the menace” of Finfluencers
The SEC’s revisions also address the role of social media influencers, or “Finfluencers,” in promoting cryptocurrency products and services.
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Crypto influencers must obtain a “no-objection authorization” from the SEC before publishing their digital asset ads. In addition, they must verify whether the company they are promoting is licensed by the SEC.
Finfluencers must also disclose if they received payment to promote the crypto products or services that they are promoting. Failure to comply can result in penalties, such as a minimum fine of 10 million Nigerian naira (about $6,400) or up to three years in jail.
The SEC also noted that they would monitor crypto ads actively to ensure they adhere to the rules. Violations would result in enforcement actions, including sanctions and financial penalties.
The SEC wrote that the new rules aim to “curb the menace and address the growing popularity of financial influencers.” The SEC said it wants to prevent sharing unauthorized financial investment products on social media or any other marketing mediums.
Nigeria plans to start enforcement actions on unregulated VASPs
At present, only two exchanges are regulated in Nigeria. On Aug. 29, the SEC issued its first provisional operating license to the African crypto exchange Quidax Technologies. It has also approved Busha Digital to operate in the country. The licenses allow the trading platforms to operate as registered exchanges in Nigeria.
On Sept. 9, the SEC said it plans to start enforcement actions against businesses involved in unregulated crypto transactions. Emomotimi Agama, the director-general of Nigeria’s SEC, said that the agency will take action against entities offering crypto services to Nigerians without the proper permits.
@ Newshounds News™
Source: CoinTelegraph
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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US COURT SCHEDULES KEY DATES FOR RIPPLE CASE
▪️ The US Court of Appeals sets critical dates for the Ripple lawsuit.
▪️ Bradley Sostack must submit key documents by specified deadlines.
▪️ Ripple remains hopeful amidst ongoing legal challenges with the SEC.
The United States Court of Appeals has announced important dates related to a new lawsuit filed by Bradley Sostack against Ripple $2. The court will outline filing deadlines and the dates for presenting major arguments during the appeals process.
Ripple Case Dates
The appellate court received the appeal notification concerning the Ripple case and assigned a case number. The court requested that any motions filed in this process be submitted individually.
Plaintiff Bradley Sostack must submit the Mediation Questionnaire by December 23. The court also expects to receive the Appeals Transcript Order and the Appeals Transcript by December 31 and January 30, respectively.
The plaintiff will initiate the appeals process by submitting the opening brief on March 6 against Ripple and CEO Brad Garlinghouse. Ripple Labs, XRP II, and Garlinghouse are required to respond to the plaintiff’s main assertion by April 7, 2025.
“If there are reported hearings, parties should identify transcripts and make assignments mutually if necessary” – Court
Previous Court Rulings
Ripple, having benefited from prior dividend court rulings, has been appealed by Bradley Sostack. Judge Phyllis Hamilton approved the request to modify the decision and hearing request in the XRP case.
The lawsuit between Ripple and the SEC continues in the Second Circuit Court of Appeals. Ripple executives and the crypto community remain hopeful about the dismissal or withdrawal of the case. SEC Chairman Gary Gensler’s resignation on January 20 has fostered optimism regarding the case’s future.
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As developments unfold in the Ripple case, stakeholders are preparing for the ongoing process. Keeping track of the dates set by the court will be crucial for the case’s progression.
@ Newshounds News™
Source: Coin-Turk
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METALLICUS ACQUIRES FINTECH OPERATOR CONNECTED TO 70 CREDIT UNIONS
The acquisition brings Metal blockchain solutions to Bonifii’s portfolio of credit unions.
Digital banking and blockchain platform Metallicus recently announced the acquisition of fintech service company Bonifii, a credit union service operator (CUSO) connected to 70 credit unions.
The partnership will purportedly establish a separate CUSO for credit union partners that establish and deploy on The Digital Banking Network (TDBN), a multilayer blockchain network servicing the fintech and financial services industry.
According to a blog post from Bonifii, the organization is currently the only CUSO directly connected to a blockchain core developer.
Marshall Hayner, founder and CEO of Metallicus and board member of the Dogecoin Foundation, told Cointelegraph that the acquisition brought the company’s total credit union partners to more than 80, with more than 16 of those already leveraging Metal blockchain technology. He explained:
“Our plan is to continue onboarding more financial institutions and credit unions onto The Digital Banking Network, providing them with bespoke solutions that allow them to move onchain, enhance their operational requirements, reduce costs and enhance services for credit union members globally.”
Digital banking and FedNow
Metallicus has been among the more active blockchain firms in the digital banking space. Its early involvement in the US Federal Reserve’s FedNow digital payments system has positioned it as a core blockchain with inroads to US government programs.
FedNow is a digital payments infrastructure that allows qualified banking institutions to provide government-backed instant payment solutions to their customers. As Cointelegraph reported in May 2023, Metal Blockchain was one of the first chains accepted for integration with the program.
The recent acquisition of Bonifii could allow Metallicus to expand its footprint into the credit union space. Hayner told Cointelegraph that Bonifii president John Ainsworth will transition to the Metallicus team, where he will lead Metal Blockchain’s expansion into the credit union sector as General Manager.
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A cursory review of the company’s finances indicates that, prior to the acquisition, Bonifii had raised roughly $20 million over several early investment and seed rounds. While details on Metallicus’ financials do not appear to be publicly available, CoinMarketCap reports a market capitalization of $13.65 million for the Metal Blockchain.
@ Newshounds News™
Source: CoinTelegraph
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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