ED Freezes Cryptocurrencies Worth Rs 47.64 Lakh Under Money Laundering Act, Spain Telecom Giant Ties Up With Crypto Exchange

The Enforcement Directorate has frozen cryptocurrency Tether, an Ethereum token tethered to the US dollar, totalling Rs. 47.64 lakh, under the Prevention of Money Laundering Act, 2002.

According to a statement from the Enforcement Directorate (ED), this followed an investigation of a person by the name of Aamir Khan and others about a mobile gaming application, E-nuggets.

Based on a complaint by Federal Bank in a Kolkata court, the Park Street police station in Kolkata filed an FIR under several sections of the Indian Penal Code (IPC) against Khan and a few others last year, on February 15, 2021. This FIR served as the basis for the ED’s money laundering probe.

Khan released the mobile gaming programme E-Nuggets, which was created with the intention of scamming the public. Further, the withdrawal from the aforementioned app was abruptly stopped on the pretext of one or more explanations after receiving a sizable donation from the public, according to the statement.

Spain Telecom Company Ties with Bit2Me

Spain’s largest telecom company, Telefónica, has made a key investment round in Bit2Me, the country’s largest crypto exchange.

According to some local media reports, the investment was for $29 million. That said, Bit2Me has not made any official statement on the amount of investment made.

The exchange told Decrypt via email: “At Bit2Me, we are always aiming to bring cryptocurrencies closer to everyone, and through the Telefónica integration, we have the opportunity to reach many more people. I think it’s quite a natural union, taking into account that Telefónica is one of the largest telecommunication companies in the world, and Bit2Me is the most complete crypto platform with headquarters in Europe.”

Uzbekistan Launches Monthly Fees For Crypto Companies

Uzbekistan has now mandated that authorised cryptocurrency enterprises in the nation pay monthly fees, the majority of which will go to the state budget.

According to a government document released on Wednesday, the new rules set out by the National Agency of Perspective Projects, the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan are already in force.

That said, as to how much a firm will have to pay each month will depend on the type of service they provide as well as a base figure set for crypto companies at the time the monthly payment is to be made, the document further states.