To prevent tax fraud and illegal business practices, Kazakhstan is enacting new cryptocurrency legislation. The first law mandates that issuers of secured digital assets obtain government approval and are subject to oversight. The second regulation mandates that cryptocurrency miners sell at least 75% of their earnings through authorized cryptocurrency exchanges and targets unsecured digital assets. All Kazakh permits for cryptocurrency mining are only valid for three years, and they vary depending on whether the miner controls the mining infrastructure. Kazakhstan launched the CBDC project’s pilot phase and delivered a report on the state of the Central Asian DeFi and digital assets markets. Binance has been given a perpetual license to run a platform for digital assets and offer custody services. News Sorce

Binance, a cryptocurrency exchange, announced a major upgrade to its proof-of-reserves verification system on February 10, which will now include zk-SNARKs, a zero-knowledge verification method. Binance CEO Changpeng Zhao stated that the upgrade, first proposed by Ethereum co-founder VitalikButerin, will provide “more privacy and security.” Binance’s open-source PoR system will give all users the confidence they require to feel SAFU. Binance was among the first exchanges to adopt the system following the collapse of FTX in 2022, initially using traditional cryptography. Despite this, some retail crypto traders had a chance to gain 350.68% on BONK in four days. News Sorce

The New York Department of Financial Services is reportedly investigating Paxos Trust Company, the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) (NYDFS). The exact reason for the investigation is unknown, but the department is attempting to protect consumers from the risks associated with investing in the cryptocurrency market. Paxos recently denied rumors that the Office of the Comptroller of the Currency (OCC) in the United States may order the company to withdraw its application for a full banking charter, despite receiving preliminary approval in April 2021. In 2015, the NYDFS granted Paxos a “BitLicense,” which allows companies to conduct digital currency-related activities in the state of New York. News Sorce

Ethereum co-founder and ConsenSys founder Joseph Lubin is confident that Ether (ETH) will not be classified as a security in the United States following Ethereum’s transition to a proof-of-stake (PoS) consensus model. He believes it would have the same impact as making Uber illegal, and he has been privy to discussions with the Securities and Exchange Commission and the Commodity Futures Trading Commission. Brian Armstrong responded to rumors that the SEC was considering banning retail consumers from staking crypto, noting that it would be a “terrible path for the U.S.” if a staking ban was passed. Lubin believes that ETH is sufficiently decentralized, with no centralized group of promoters or builders attempting to increase the value of Ether and enrich themselves. News Sorce