Schlagwort: crypto news

• Yandex bans ads for crypto exchanges, smart contracts, mining, and ICOs in Russia.
• Ads for mining equipment, educational content, and legal advice are however exempted.
• Yandex will allow crypto ads outside Russia with strict compliance to local regulations.

In a significant shift reflecting stringent regulatory measures in Russia, Yandex, the country’s largest search engine, has updated its advertisement policy to prohibit ads related to cryptocurrency.

The new policy, which takes effect immediately, aligns Yandex’s operations with recent legislative changes enacted by President Vladimir Putin.

Crypto exchanges, mining operations, and ICO ads banned

Under the updated policy, Yandex has imposed a broad ban on advertisements for crypto exchanges, blockchain services, smart contracts, mining operations, and ICOs. This also extends to any promotional content related to earnings from these activities and services that check crypto wallets and transactions for money laundering.

The decision underscores Yandex’s commitment to adhering to Russia’s strict regulations governing cryptocurrency advertising.

However, the new rules do allow for certain exceptions. Advertisements for physical equipment used in crypto mining and storage, educational content, training materials, and events related to cryptocurrency, mining, and ICOs are still permitted. Additionally, Yandex will allow ads for legal consultations concerning crypto matters.

This nuanced approach ensures that while the platform curtails promotional activities related to cryptocurrency investments, it continues to support educational and legal aspects associated with the sector.

For regions outside of Russia, Yandex maintains a more lenient stance on crypto advertising, though ads must comply with local regulations and Yandex’s policies, including prohibitions on guaranteeing earnings and claiming risk-free transactions.

This international flexibility contrasts with the stricter domestic regulations, highlighting the varying global landscape for crypto-related advertising.

The post Russia’s largest search engine Yandex bans crypto ads appeared first on CoinJournal.

• Dubai Court validates salary payments in cryptocurrency, shifting from prior stance.
• The employee’s contract in the case in question included both fiat and EcoWatt tokens as payment.
• The ruling sets a precedent for digital currency adoption in UAE’s financial transactions.

In a landmark ruling, the Dubai Court of First Instance has affirmed the validity of salary payments in cryptocurrency under employment contracts.

This ruling marks a significant shift from the court’s previous stance, highlighting a growing acceptance of digital currencies in the UAE’s legal and economic frameworks.

Employee sought payment in EcoWatt tokens

The case in question, identified as case number 1739 of 2024, involved an employee who had filed a lawsuit claiming that their employer had failed to pay both their regular wages and additional benefits that included cryptocurrencies.

The employment contract in dispute specified a monthly salary in fiat currency along with 5,250 EcoWatt tokens. The contention arose from the employer’s inability to pay the crypto portion of the salary for six months.

In 2023, the court had initially acknowledged the inclusion of EcoWatt tokens in the contract but did not enforce payment in cryptocurrency due to the lack of a clear method for valuing the tokens in fiat terms. This decision reflected a more traditional viewpoint, emphasizing the need for concrete evidence when dealing with unconventional payment forms.

However, today’s ruling represents a progressive shift. The court has now ordered the payment of the salary in EcoWatt tokens as per the employment contract, without requiring conversion to fiat currency.

Irina Heaver, a partner at UAE law firm NeosLegal, praised the decision as a step forward in integrating digital currencies into legal frameworks. Heaver noted that the court’s reliance on the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021 in both judgments shows a consistent application of legal principles in wage determination.

Heaver emphasized that the ruling sets a positive precedent for the adoption of digital currencies in financial transactions. She stated, “This decision reflects a broader acceptance of cryptocurrency in employment contracts and highlights the court’s recognition of the evolving nature of financial transactions within the Web3 economy.”

This court ruling not only supports employees’ rights to their agreed-upon wages but also signals a significant move towards establishing the UAE as a leader in the digital economy.

The post Dubai Court of First Instance affirms crypto as a validity salary payment method appeared first on CoinJournal.

• Coinbase expands services to Hawaii after regulatory changes ease restrictions.
• Hawaii residents can now buy, sell, and stake crypto with up to 12% APY on Coinbase.
• Coinbase still faces legal pushback from the SEC over the disclosure of regulatory documents.

Coinbase has announced the expansion of its services to Hawaii, granting residents access to a broad range of digital asset management options.

This comes on the heels of significant regulatory changes by Hawaii’s Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI), which have opened new avenues for cryptocurrency businesses in the state.

Hawaii’s stringent regulations

For years, Hawaii’s stringent regulations have made it difficult for crypto exchanges to operate within its borders.

A particularly challenging requirement was the mandate for exchanges to maintain cash reserves equal to the value of digital assets held by customers, effectively deterring many businesses from entering the Hawaiian market.

However, recent adjustments, as part of the Hawaii Digital Currency Innovation Lab pilot program, have relaxed these restrictions, allowing companies like Coinbase to establish a foothold in the state.

Hawaiian residents can now use Coinbase

With this regulatory easing, Hawaiian residents can now use Coinbase’s platform and mobile app to engage in the buying, selling, and management of cryptocurrencies.

In addition to these services, users can participate in crypto staking, earning up to 12% annual percentage yield (APY) on select digital assets.

This marks a significant shift for Hawaii, where the interest in cryptocurrencies has been growing, yet opportunities were previously limited due to the state’s tough regulations.

For Coinbase, its entry into Hawaii not only expands its user base but also highlights the state’s commitment to fostering innovation in the digital currency space even as the exchange battles with the US SEC concerning the disclosure of documents related to the application of securities laws to digital assets.

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• Venezuelan government blocks Binance, X, Reddit, and Signal amid election unrest.
• CANTV, Venezuela’s state ISP, enforces the blockade as part of a crypto crackdown.
• President Maduro accuses Elon Musk of inciting protests and violating laws.

In a significant move amidst ongoing political unrest, the Venezuelan government has imposed a blockade on several major online platforms, including cryptocurrency exchange Binance and social media network X (formerly Twitter).

The disruption, reported on August 12, 2024, is attributed to the state-owned internet service provider CANTV, which has been enforcing the restrictions as part of a broader crackdown on digital services.

Binance’s DNS block

Local anti-censorship organization VE sin Filtro disclosed on August 9 that Binance’s website and mobile application had been rendered inaccessible in Venezuela due to a DNS block. This move is believed to be related to the government’s intensified scrutiny of cryptocurrency trading within the country.

🚨 Bloqueado Binance en CANTV 🚨

Esta noche detectamos un bloqueo DNS al exchange de criptomonedas @Binance, el cual afecta el normal funcionamiento de su web y su aplicación móvil.

El bloqueo fue detectado por primera vez a las 8:15 PM de hoy #9Ago pic.twitter.com/aivmVT2VNi

— VE sin Filtro (@vesinfiltro) August 10, 2024

Binance has acknowledged the blockade and assured its Venezuelan clients that their funds remain secure under the company’s robust security protocols. The exchange is actively engaging with local authorities to resolve the issue, though a timeline for restoring access remains uncertain.

Reddit, Signal, and X also blocked

In addition to Binance, CANTV has also blocked access to other major platforms such as Reddit, Signal, and X.

The blockage of X is particularly notable due to recent tensions between Venezuelan President Nicolás Maduro and X owner Elon Musk.

Maduro has accused Musk of using X to incite protests related to the disputed presidential election results, labelling the actions as part of a US-backed attempt to destabilize Venezuela.

Maduro’s recent remarks have intensified the situation, with the President condemning Musk and accusing him of violating Venezuelan laws.

The ongoing digital restrictions underscore the escalating conflict between the Venezuelan government and various international entities amidst the current political crisis.

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