British Virgin Islands Financial News

Consumer protection agency Consumers’ Research targeted Tether in a June 18 ad campaign that dubs the yet-to-be-audited blockchain platform “the next FTX.”

online gaming sector topped the apex goods and services tax (GST) intelligence and investigation agency’s evasion list with detection to the tune of about Rs 1.10 lakh crore, involving show cause notices to 34 taxpayers, action against 118 domestic entities and 658 offshore entities. In its annual report released Saturday, the Directorate General of GST Intelligence (DGGI) identified online gaming as one of the challenging sectors with offshore entities based in tax havens. “Bringing the gaming entities under tax net continues to be an uphill task,” the report said. Use of the dark web and virtual private networks (VPNs) based platforms for such have been cited as key challenges.

Cryptocurrency exchange Bybit has registered as a virtual asset service provider (VASP) and card operator with the Financial Information Unit (FIU) in Argentina.

Quantitative fund Kbit believes that greater returns lie within the digital asset space itself as hedge funds turn to traditional strategies like the basis trade to capitalize on the recent surge of crypto ETFs.

CBI conducted searches at 14 locations on Friday after registering an FIR into the alleged Rs 5717-crore bank fraud by Chhattisgarh-based SKS Power Generation Ltd, officials said. In its FIR, registered on the orders of Allahabad High Court, the CBI has alleged that company promoted by SKS Ispat and Power Ltd. (SKSIPL) had availed Rs 6,170 crore loan from State Bank of India (SBI), L&T Infrastructure Finance Limited, PTC India Finance Limited, and State Bank of Bikaner and Jaipur which resulted in the default of Rs 5717 crore, they said. The CBI has booked Anil Mahabir Gupta, Director of SKS Power Generation (Chhattisgarh) Ltd, Anish Anil Gupta, Director of SKS Ispat and Power Limited, Mumbai and 26 others including two officers of State Bank of India, they said.

Stablecoin issuer Tether Holdings Ltd. has acquired a $100 million stake in Bitdeer Technologies Group, the US-listed Bitcoin miner owned by Chinese billionaire Jihan Wu, with an option to purchase an additional $50 million in shares within a year. The two firms entered into a subscription agreement for a private placement of 18.6 million Class A ordinary shares, Bitdeer said in a statement on Friday, which generated $100 million in gross proceeds. There was also a warrant to purchase up to five million in additional shares at $10 per share. The private placement closed on Thursday. Cantor Fitzgerald & Co. acted as the placement agent.

President Joe Biden has issued an order blocking MineOne, a majority Chinese-backed crypto mining firm from owning land near a strategic nuclear missile base in Wyoming due to security concerns.

Crypto principal trading firm Arbelos Markets announced on Wednesday the successful raise of $28 million in an investment round that was significantly oversubscribed.

Agora, co-founded by Jan Van Eck’s son Nick Van Eck, has successfully raised $12 million in a seed funding round led by Dragonfly to launch a new stablecoin.

The British Virgin Islands (BVI) is aiming to become a major hub for digital asset activities. To achieve this, the territory is working to execute rules and systems that would enable participation in the expanding digital asset market.

Investment management firm BlackRock is launching a new fund in collaboration with Securitize, as per a recent SEC filing.

Foreign Exchange Management Act (FEMA), news agency PTI reported on Sunday citing sources. The report said the promoters of Mumbai-based real estate company have been asked to depose at the ED office in Mumbai but they may choose to submit their primary responses through an authorised representative.

Balance, a digital asset custodian based in Canada, has revealed that it has once again achieved $2 billion in assets under custody (AUC) amid the recent recovery in crypto markets. 

Henley Passport Index, released on Tuesday, India's passport has ascended to the 80th position worldwide. This elevated ranking now affords Indian citizens the privilege of unhindered exploration across 62 countries, alleviating the burden of intricate visa application procedures. The assessment of this ranking aligns with visa regulations effective as of January 11, as sourced from data provided by the International Air Transport Association (IATA). A cornerstone in displaying, organizing, and ranking global passports, the Henley Passport Index, reveals six countries — France, Germany, Italy, Japan, Singapore, and Spain — jointly holding the prestigious title of the world's most potent visa. Citizens from these nations enjoy the unprecedented freedom to traverse over 194 countries without dealing with pesky visa requirements. On the flip side, Afghanistan sits at the bottom rung of the list, granting its passport holders access to a mere 28 countries without a visa. Syria closely follows with visa-free entry to 29 destinations, trailed by Iraq with 31, and Pakistan with 34. Indian passport bearers can now revel in the liberty of visiting 62 countries, including Oman and Qatar, without the encumbrance of a visa. These destinations extend either visa-free entry or the convenience of visa-on-arrival for Indian travelers, as elucidated by the Henley Passport Index 2024. Here is the full list of destinations Indians can visit without getting a visa before travel:

In the year 2022, Three Arrows Capital (3AC), which had previously been a well-known brand in the bitcoin hedge fund industry, was confronted with a catastrophic failure. This decrease was not simply a single occurrence; rather, it was a trigger in a chain of domino events that occurred, which caused the cryptocurrency market to be shaken. The court in the British Virgin Islands has taken quick action by freezing assets associated to the fund's founders, Su Zhu and Kyle Davies, as well as Davies' wife, Kelly Chen, with a potential value of up to $1.14 billion.

This is your weekly digest of top crypto news from Cryptonews.com, followed by a collection of 20 hand-picked crypto jokes.

A British Virgin Islands court has issued an order freezing approximately $1.14 billion in assets belonging to the co-founders of Three Arrows Capital (3AC).

Global Guardian CEO Col. Dale Buckner comments on threats facing the U.S. in China and the Middle East.

When she applied for a job at a creative agency that worked with the snack maker Mondelez, Kyra James wanted to throw in something sweet. A big fan of the company’s Sour Patch Kids, James mocked up a screenshot of a video call with some of the tart, sugar-encrusted gummies. The colorful waifs waved back at her.

Nearly a year after the dramatic collapse of FTX, several former executives of the defunct cryptocurrency exchange have banded together to launch a new venture in the digital currency space. This new endeavor, named Backpack Exchange, is set to reshape the crypto landscape with a focus on enhanced security and regulatory compliance.

Tether’s bank partner Britannia Financial is reportedly facing a lawsuit over claims it failed to pay the full price of revenue-generating assets allegedly related to a large deposit from Tether.