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Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and remind them only to utilize platforms granted Securities and Futures Commission licenses. 

Meanwhile, Thailand’s Revenue Department plans to impose personal income tax on foreign revenues, including those from crypto trading, of any person residing in Thailand for more than 180 days. Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed. The new rule closes this loophole and obligates an individual to declare any income earned overseas, even if it wasn’t used in the local economy.

In Brazil, lawmakers are also pushing to acknowledge crypto as a part of personal financial assets — but for another reason. Lawmakers in the National Congress of Brazil aim to include digital assets in an amendment to a bill that aims to protect the private savings of individuals up to an amount equal to 40 minimum wages from potential seizure on behalf of creditors. In a note to the congressional Committee on the Constitution, Justice and Citizenship, Deputy Felipe Francischini said, “Nowadays, people’s investment behavior changed, with the traditional savings account losing ground to other forms of financial investment.”

The House of Lords approves the bill to seize stolen crypto in the U.K.

A bill aiming to expand the ability of authorities in the United Kindom to target illicit cryptocurrency usage has been pushed to the final stages for approval by the House of Lords. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, will return to the lower chamber of the British parliament, the House of Commons, which will either decide to accept the proposed amendments or recommend further changes to the bill.

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Sam Bankman-Fried’s parents officially enter the FTX court saga

Debtors of the bankrupt cryptocurrency exchange FTX have launched legal action against the parents of exchange founder Sam Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the exchange’s business. The counsel for FTX debtors and debtors-in-possession, represented by the law firm Sullivan & Cromwell, filed a lawsuit against SBF’s parents, Joseph Bankman and Barbara Fried. 

The plaintiffs argued that Bankman and Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of the debtors in the FTX bankruptcy estate. The debtors alleged that SBF’s parents were “very much involved” in the FTX business from inception to collapse, contrary to what SBF has claimed.

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The House Committee approves the U.S. Anti-CBDC bill 

The CBDC Anti-Surveillance State Act, aimed at preventing “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC), has taken one step further on its procedural journey after it passed the House Financial Services Committee. That means the bill will next face a congressional vote.

The bill contains provisions preventing the United States Federal Reserve from issuing a CBDC to individuals and barring the Fed from utilizing any CBDC to implement monetary policy. In his recent interview with Cointelegraph, Representative Tom Emmer called digital assets a “sleeper issue” in U.S. politics, both at the state and federal levels.

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Russia seizes $10M in Bitcoin from ex-official in bribery case

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Russia seizes M in Bitcoin from ex-official in bribery case

The Bitcoin seized from former ICRF employee Marat Tambiev will be turned into Russian state revenue.

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Philippine banks collaborate to launch PHPX stablecoin on Hedera

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Philippine banks collaborate to launch PHPX stablecoin on Hedera

Philippine banks are collaborating to launch the PHPX stablecoin for real-time remittances, leveraging Hedera’s DLT network and cross-border payment solutions.

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Harriet Harman calls for ‘mini inquiry’ into race issues raised by grooming gangs scandal

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Harriet Harman calls for 'mini inquiry' into race issues raised by grooming gangs scandal

Harriet Harman has suggested a “mini inquiry” into issues raised by the grooming gangs scandal and called on Sir Keir Starmer and Kemi Badenoch to discuss “terms of reference”.

The Labour peer told Sky’s political editor Beth Rigby on the Electoral Dysfunction podcast that there should “openness” to a future probe as long it does not repeat the previous investigations.

In particular, she said people need to be “trained and confident” that they can take on matters “which are in particular communities” without being accused of being racist.

“I think that whether it’s a task force, whether it’s more action plans, whether it’s a a mini inquiry on this, this is something that we need to develop resilience in,” Ms Harman said.

The grooming gangs scandal is back in the spotlight after Elon Musk hit out at the Labour government for rejecting a new national inquiry into child sexual exploitation in Oldham, saying this should be done at a local level instead.

The Tories also previously said an Oldham inquiry should be done locally and in 2015 commissioned a seven-year national inquiry into child sex abuse, led by Professor Alexis Jay, which looked at grooming gangs.

However, they didn’t implement any of its recommendations while in office – and Sir Keir has vowed to do so instead of launching a fresh investigation into the subject.

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Ms Harman said she agreed with ministers that there is “no point” in a rerun of the £200m Jay Review, which came on top of a number of locally-led inquiries.

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Grooming gangs are ‘in every single part of our country’, Jess Phillips says

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Grooming gangs: What happened?

However, she said there’s “always got to be an openness to further analysis, further consideration of what proposals would move things forward”.

She called on the Conservative Party to start “sensibly discussing with the government what should be the parameters of a future inquiry”, as they “can’t really be arguing they want an absolute repeat of the seven years and £200 million of the Jay inquiry”.

She said the Tories should set out their “terms of reference”, so “the government and everybody can discuss whether or not they’ve already got that sorted”.

Girls as young as 11 were groomed and raped across a number of towns in England – including Oldham, Rochdale, Rotherham and Telford – over a decade ago in a national scandal that was exposed in 2013.

In many cases the victims were white and the perpetrators of south Asian descent – with the local inquiry into Telford finding that exploitation was ignored because of unease about race.

The Jay review did not assess whether ethnicity was a factor in grooming gangs due to poor data, and recommended the compilation of a national core data base on child sex abuse which records the ethnicity of the victim and alleged perpetrator.

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PM: People ‘spreading lies’ are ‘not interested in victims’

Ms Harman’s comments come after the Labour Metro Mayor of Greater Manchester, Andy Burnham, said he believed there was a case for a new “limited national inquiry”.

He told the BBC that a defeated Tory vote on the matter was “opportunism”, but a new probe could “compel people to give evidence who then may have charges to answer and be held to account”.

Jess Phillips, the safeguarding minister who has born the brunt of Mr Musk’s attacks, has told Sky News “nothing is off the table” when it comes to a new inquiry – but she will “listen to victims” and not the world’s richest man.

Sir Keir has said he spoke to victims this week and they do not want another inquiry as it would delay the implementations of the Jay review – though his spokesman later indicated one could take place if those affected call for it.

Tory leader Ms Badenoch has argued that the public will start to “worry about a cover-up” if the prime minister resists calls for a national inquiry, and said no one has yet “joined up the dots” on grooming.

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