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Coinscreed
Coinscreed
Licensing, Regulation, and Compliance of Reputed Online Casinos
4 days ago
加密鱼右右
加密鱼右右
followers

As the market value of Bitcoin continues to rise, the Chinese government has begun to reexamine and adjust its attitude towards cryptocurrencies. Recent rumors that Bitcoin trading is expected to resume in China have attracted widespread attention. This article will explore the possibility of Bitcoin resuming trading in China from different angles, as well as the impact on the market and investors. Government policy adjustments: Return to the Bitcoin market With the rapid development of blockchain technology, the Chinese government has gradually become aware of the potential impact of cryptocurrencies on the economy and financial system. Rumor has it that Chinese regulators are considering reopening Bitcoin trading to establish a more standardized market environment based on supervision. This policy adjustment means that Bitcoin is expected to regain its legal trading status in China, providing investors with more choices and opportunities. Market reaction and investment expectations: encouraging signs Once Bitcoin trading resumes in China, the market will usher in a new wave of prosperity. Investors are looking forward to this and believe that this move will bring new support and momentum to the price of Bitcoin. In addition, as China is an important player in the global market, the recovery of Bitcoin in China will also have a positive impact on the global market and drive the development of the entire cryptocurrency market. Investment risks and compliance challenges: need to be approached with caution Although Bitcoin trading may resume in China, investors still need to be wary of market risks and compliance challenges. As regulators tighten supervision of cryptocurrency transactions, investors need to comply with relevant regulations and strengthen risk management. Chasing profits

3 days ago
慢雾 SlowMist
慢雾 SlowMist
followers

With the start of the new year, the new version and upgrade of Slow Mist AML (https://aml.slowmist.com) is online. In the tide of the digital economy, money laundering crimes have become increasingly obscure, and have shown a trend of cross-regional, cross-industry, specialization and gang development. The ingenuity and concealment of criminal methods have posed severe challenges to anti-money laundering work. Due to the "information island" phenomenon, each institution can only rely on its own simple data for analysis, and it is difficult to accurately identify cross-institutional money laundering gangs. This undoubtedly brings greater difficulties to the tracking of digital assets. Based on this, SlowMist has fully upgraded and launched SlowMist AML (https://aml.slowmist.com), which is committed to better detecting the behavior of cybercriminals and further ensuring the security of user digital assets. While SlowMist AML ensures the security of digital assets, it also provides professional services in multiple fields: 1. Web3 industry: Promote industry compliance, help build trust, and protect companies from financial crimes; 2. Financial institutions: Help traditional financial institutions improve their anti-money laundering capabilities in the direction of cryptocurrency; 3. Regulatory units: Assist in formulating industry standards, establishing safe markets and maintaining financial stability; 4. Compliance department: Help discover and analyze financial risks on the chain and prevent cryptocurrency-related crimes. SlowMist has been deeply involved in the field of cryptocurrency anti-money laundering for many years, and has formed a complete and efficient solution covering the three aspects of compliance, investigation and audit, actively helping to build a healthy ecological environment for cryptocurrency

5 days ago
Crypto
BNB
Zcash(ZEC)

$21.59

-0.89%

Market Cap
352.55m
 

-0.89%

Volume (24h)
42.78m
 

9.78%

Released on 29 Oct 2016
ZyCrypto
ZyCrypto
followers

Charles Hoskinson, the founder of Cardano, has issued a stark warning about the dangers of centralization in the cryptocurrency industry. Speaking during a live broadcast titled “Legacy is Eating Crypto” on Monday, Hoskinson cautioned that the growing influence of a small number of powerful actors could undermine the core principles of cryptocurrency, such as decentralization, privacy, and equality. Notably, the pundit highlighted the rapid growth of stablecoins, such as Tether (USDT) and USD Coin (USDC), which now account for approximately 70% of all on-chain transaction volume. According to Hoskinson, these stablecoins, backed by traditional assets, are subject to the regulations of their jurisdictions and central issuers, creating potential vulnerabilities and centralization risks. “USDT and USDC…are asset backed which means that there’s a central issuer. There is a company who is regulated in a jurisdiction subject to that jurisdiction’s rules and regulations, and whatever that jurisdiction wants to put upon that company, permissive or otherwise, they are subject to it cannot get out of it,” said Hoskinson. In contrast, Hoskinson advocated for algorithmic stablecoins, which are not backed by traditional assets and operate decentralised. Notably, algorithmic stablecoins, such as DAI, maintain their value through algorithms and smart contracts without relying on a central issuer or traditional assets. However, the crypto market has been cautious since the TerraUSD (UST) de-pegging incident in May 2022, which raised concerns about their safety and caused a ripple effect on the broader crypto market. Despite the risks, algorithmic stablecoins offer advantages such as decentralization, autonomy, and potentially higher yields. Developers have thus been improving their design and functionality, positioning them as a potentially significant force in the cryptocurrency market. Hoskinson also criticized the increasing power of a small number of Legacy actors, including centralized exchanges, regulated institutions, and ETF holders like BlackRock, who control a significant portion of the value flow in the cryptocurrency market. He argued that these entities have the power to decide the future of cryptocurrency projects, as they can influence listings, liquidity, and regulatory compliance. “As more of these Legacy actors come in, they’ll acquire more and more of the supply. They already have a fifth of what Satoshi has,” Hoskinson added. “10 Legacy regulated institutions control the vast majority of your value flow and also get to decide the future of all of these projects.” That said, Hoskinson emphasized the importance of preserving the core values of cryptocurrency, including freedom of association, commerce, and expression, and the need to resist the encroachment of legacy actors in the industry. He further urged the community to remain vigilant and to consider the long-term consequences of centralization and the potential erosion of the core values of the cryptocurrency movement. Notably, Hoskinson has consistently advocated for decentralization, even as Cardano continues to receive improvements aimed at promoting security, scalability, and sustainability while empowering users and developers with greater control and autonomy.

3 days ago
CoinEdition
CoinEdition
followers

David Schwartz clarifies why Ripple used trading bots for its XRP sales. He claimed it avoids direct involvement in the market, reducing compliance risk. The response has failed to appease the XRP Army as the debate persists. In a recent exchange on X, David Schwartz, Ripple’s Chief Technology Officer, explained the rationale behind the company’s utilization of trading bots from GSR for its XRP sales program. This revelation emerges amid heightened scrutiny sparked by documents from the Ripple vs. SEC lawsuit, which shed light on Ripple’s programmatic sales practices. In particular, the spotlight fell on an email exchange between market maker GSR and Ripple’s team. It revealed a decision to halt XRP sales through GSR’s trading bots to “let XRP breathe.”  Members of the XRP community highlighted that shortly after halting the bot sales, XRP surged significantly to its all-time high. This has fueled speculation that the preceding sales had suppressed the asset’s price. Amid the uproar from community members, Ripple’s CTO actively engaged, seeking to offer clarifications where feasible. One of the aspects he attempted to clarify concerned Ripple’s choice to employ GSR for the programmatic sales. Schwartz noted that he lacked privileged insight into the GSR email discourse. Despite this limitation, he speculated that Ripple’s choice to delegate sales to external entities was a strategic move to mitigate insider trading and price manipulation accusations.  By entrusting entities like GSR with sales, Schwartz believes Ripple aimed to ensure compliance and avoid direct involvement in the market, thereby reducing the risk of regulatory repercussions. I have no particular inside knowledge about that GSR email, but I'll tell you what I make of it and the other information surrounding it. I think Ripple employed companies to sell XRP for it rather than selling it themselves to provide a "Chinese wall" to protect against… — David "JoelKatz" Schwartz (@JoelKatz) February 20, 2024 Moreover, Schwartz underscored that the absence of specific allegations of price manipulation in the SEC charges against Ripple further corroborated the legitimacy of their sales practices.  Also, he emphasized the meticulous scrutiny by government agencies in cases of regulatory violations, indicating that any indications of malpractice would have likely been included in the charges brought against Ripple. However, the response from the Ripple CTO has failed to appease members of the XRP community. The debate persists, with further scrutiny of Ripple’s broader endeavors to bolster XRP’s price. The post Ripple CTO Defends GSR Trading Bots as Ripple’s XRP Sales Come Under Fire appeared first on Coin Edition.

3 days ago
Cryptopolitan
Cryptopolitan
followers

Amidst ongoing scrutiny stemming from the Ripple vs. SEC lawsuit, Ripple’s Chief Technology Officer, David Schwartz, recently addressed concerns regarding the company’s utilization of trading bots from GSR for its XRP sales program.  The revelation follows the emergence of documents from the lawsuit shedding light on Ripple’s programmatic sales practices, particularly an email exchange between market maker GSR and Ripple’s team. The rationale behind the utilization of trading Bots In response to heightened scrutiny, David Schwartz provided insight into Ripple’s decision to employ trading bots from GSR for its XRP sales program. Schwartz clarified that while he lacked privileged insight into the specific email discourse with GSR, Ripple’s choice to delegate sales to external entities was strategic. He speculated that this move aimed to mitigate accusations of insider trading and price manipulation. Schwartz emphasized that by entrusting entities like GSR with sales, Ripple sought to ensure compliance and avoid direct involvement in the market, thereby reducing the risk of regulatory repercussions.  He pointed out the absence of specific allegations of price manipulation in the SEC charges against Ripple, suggesting legitimacy in their sales practices. The response fails to appease the XRP community Despite Schwartz’s efforts to offer clarifications, members of the XRP community remain unconvinced. The debate persists, with continued scrutiny of Ripple’s broader endeavors to bolster XRP’s price. The community’s skepticism highlights the need for transparency and accountability in Ripple’s sales practices. Notably, shortly after halting XRP sales through GSR’s trading bots, XRP surged significantly to its all-time high. This has fueled speculation among community members that the preceding sales had suppressed the asset’s price. The speculation underscores the delicate balance between market dynamics and the influence of external factors on XRP’s valuation.

3 days ago
Van00sa
Van00sa
followers

Introduction: In the world of cryptocurrency, few things are as enticing as the prospect of acquiring free tokens through airdrops. These distributions, often used as a marketing tool, present an opportunity for users to grow their crypto holdings without financial investment. In this article, we'll dive into the concept of farming airdrops, providing beginners with a comprehensive guide on how to navigate this exciting aspect of the crypto world. Understanding Farming Airdrops: Farming airdrops involve the strategic acquisition of free tokens distributed by crypto projects. These distributions serve various purposes, including marketing initiatives to promote new projects or reward loyal users within the crypto community. Step-by-Step Guide for Beginners: 1. Set Up Your Wallet: - Begin by selecting a reliable cryptocurrency wallet that supports the tokens you intend to farm. Whether using a browser extension wallet like MetaMask or a hardware wallet, ensure it's securely set up and exclusively dedicated to airdrops. 2. Follow Social Media Channels: - Stay up to date with upcoming airdrops by following the official social media accounts of crypto projects. Platforms like Twitter and Telegram often serve as primary channels for airdrop announcements. Join community groups and subscribe to newsletters to stay informed. 3. Participate in Airdrop Campaigns: - Engage in airdrop campaigns by completing tasks set by the crypto project. Tasks may include following social media accounts, sharing posts, joining Telegram groups, or referring friends. Active participation increases your chances of receiving airdropped tokens. 4. Monitor Your Wallet: - Regularly check your wallet address on a blockchain explorer to verify the crediting of airdropped tokens. This step ensures you don't miss out on distributions and allows you to track your airdrop earnings effectively. 5. Participate in Token Swaps: - Some airdropped tokens may not have immediate utility or value. Utilize decentralized exchanges (DEX) to swap these tokens for more established cryptocurrencies, maximizing their potential. 6. Explore Yield Farming Opportunities: - Consider participating in yield farming to optimize your gains. Yield farming entails providing liquidity to decentralized finance (DeFi) platforms in exchange for rewards. Conduct thorough research and select projects aligned with your investment goals and risk tolerance. 7. Stay Informed About Token Airdrop Policies: - Each project may have distinct policies regarding airdrops, including eligibility criteria and distribution timelines. Stay informed about these policies to ensure compliance and maximize your chances of receiving airdropped tokens. 8. Secure Your Assets: - As you accumulate airdropped tokens and engage in DeFi activities, prioritize asset security. Use a physical hardware wallet such as Trezor or Ledger for long-term storage, implement two-factor authentication (not SMS authentication due to risk of sim swapping), and remain vigilant against phishing attempts. Conclusion: Farming crypto airdrops is a rewarding strategy to expand your crypto portfolio without financial investment. Remember to prioritize security, conduct thorough research, and remain vigilant to maximize rewards and minimize risks. Sign Up Now to farm airdrops! #airdrop #crypto #portalcoin #Portal #TrendingTopic - Vanessa Sierra

3 days ago
Cointelegraph
Cointelegraph
followers

Converting cryptocurrency to fiat has never been easy, so the recent collaboration announced between Web3 infrastructure firm Transak and credit card giant Visa is probably welcome news — particularly for users of crypto wallets like MetaMask, Ledger and Trust Wallet. As Cointelegraph reported in late January, “MetaMask users can now sell crypto directly to a Visa card.” Some 40 kinds of crypto can now be converted into local fiat currency at 130 million of Visa’s merchant locations across 145 countries. The numbers alone are daunting, but this may also be an inflection point. “Visa and Mastercard’s reengagement with the crypto sector marks a pivotal turn in the industry’s trajectory,” Antoni Trenchev, co-founder and managing partner at Nexo, told Cointelegraph recently. “It’s big news for people already using crypto to pay for things — now they have more options and, arguably, better options with how to make these types of payments,” Joanna Wasick, partner at law firm BakerHostetler, told Cointelegraph. That said, it wasn’t that long ago that Visa appeared to be stepping back from crypto. Almost exactly a year ago, Reuters declared that “Visa and Mastercard are slamming the brakes on plans to forge new partnerships with crypto firms” — though Visa later took issue with Reuters’ assertion. “This strategic recalibration is not surprising, even with Visa’s distancing itself from crypto a year ago,” said Trenchev last week. “With market uptake, especially with climbing Bitcoin prices, an approved Bitcoin ETF [exchange-traded fund] and an upcoming ‘halving,’ we’re witnessing the nascent stages of a bull market in crypto,” continued Trenchev. Visa and Mastercard don’t want to miss out, arguably. As dramatic and sudden as the announcement may have seemed, it is actually part of a larger process that has been going on for some time. “Visa’s decision to enable real-time card withdrawals is the latest step in the monetization of cryptocurrencies,” William Luther, associate professor in the Department of Economics at Florida Atlantic University, told Cointelegraph. A loss for centralized exchanges? Still, in a dynamic economy — where “creative destruction” is the norm — there are often losers and winners. What does this mean for centralized crypto exchanges like Coinbase and Binance? If Visa can convert a holder’s crypto directly into fiat, why does that individual even need a cryptocurrency exchange? “More users are choosing to directly engage with Web3 through decentralized applications rather than centralized exchanges,” or CEXs, Sami Start, co-founder and CEO of Transak, told Cointelegraph. Asked about the volume of recent crypto withdrawals to Visa cards, Start declined to provide segmented data, but he did say that the firm’s off-ramp transactions — including Mastercard and Visa transactions — “have experienced a growth of approximately 24.27% from December 2023 to January 2024.” Recent: CBDCs: User privacy problem or currency of the future? The threat to centralized crypto exchanges could be exaggerated, however. “The notion that this advancement might disadvantage CEXs and platforms is oversimplified,” said Trenchev. Visa and Mastercard’s involvement in decentralized finance (DeFi) is likely to promote broader cryptocurrency adoption — “which benefits the whole industry.” CEXs still have a play to role. They are “vital in scaling,” continued Trenchev, whose firm was a pioneer in offering a crypto-backed Mastercard in parts of Europe several years back. They provide a degree of reliability, accessibility and security that many DeFi platforms still don’t offer. He added: “The appeal of self-custody in DeFi is clear, but it comes with risks, such as lack of insurance.” Both DeFi and CEXs contribute to the growth of the blockchain ecosystem, Trenchev maintained, and “their successes are mutually beneficial.” Importance of network effects Clearly, there is much more discussion now about crypto as a medium of exchange, which was not the case in the depths of the crypto winter. The biggest hurdle that “would-be” monies face coming out of the starting gate is what economists call “network effects,” explained Luther. They’re not likely to be useful unless your trading partners are willing to use them, and at the outset, few parties are willing to do so, he said, adding: “Intermediaries like Visa have the potential to eliminate the network effect problem. By converting your preferred cryptocurrency on the fly to your trading partner’s preferred money, [they can make a new] medium-of-exchange much more useful.” Visa isn’t the first to take this step. Xapo began offering a Bitcoin (BTC) debit card in 2014. “But Visa supports more cryptocurrencies and boasts a very big network. That’s a big deal,” added Luther. Trenchev seconded this notion that traditional financial firms, including the credit card giants, have been building salients into the crypto world for some time. In 2021, Mastercard purchased CipherTrace — a leading cryptocurrency intelligence company — to enhance its crypto capabilities, while in June 2023, Mastercard announced its Multi-Token Network, an initiative “designed to make transactions within the digital asset and blockchain ecosystems secure, scalable and interoperable,” according to the firm’s executive vice president Raj Dhamodharan. We’re introducing Mastercard Multi-Token Network to make transactions within this ecosystem secure, scalable and interoperable as part of our commitment to support the wider #digital asset industry. https://t.co/Vb1JtnSTjx#blockchain pic.twitter.com/MwkkxbyAuk — Mastercard News (@MastercardNews) June 29, 2023 Visa began supporting the Circle’s USD Coin (USDC) in certain Visa cards in 2020 and followed up in September 2023 by supporting USDC payments settled on the Solana blockchain. Building new connections is what such firms are designed to do. “The core strategy of the payment rails like Visa and Mastercard is to be the network of networks, penetrating any and all venues where exchange takes place,” Lex Sokolin, managing partner at venture capital firm Generative Ventures, told Cointelegraph. “Integrating into the networks of Web3 is the most natural thing for these companies,” said Sokolin, “even less ‘risky’ than it is for asset managers to sell crypto as an investment product.” The question is no longer whether crypto will be a part of mainstream payments and financial services, but rather, how big a part crypto will play, Wasick observed, adding: “So while crypto might still be a relatively small part of payments and financial services — as compared to cash, say — crypto’s dent is getting deeper.” Betraying core principles? Much work still awaits. Some worry about security or loss of privacy. Others fear a growing trend toward financial centralization, which crypto was designed to counter. There are also compliance and tax questions. “I think the primary reason why crypto holders — at least American holders — balk at using crypto for payments is the same as it has been for years: United States tax law,” said Wasick. People don’t want to have to think about tax ramifications every time they purchase a cup of coffee. “But doing it directly with a payment platform like Visa is arguably easier than prior payment methods.” Some crypto purists may view the entry of credit card giants into the space as a further betrayal of the original promise of Bitcoin and other cryptocurrencies for decentralized money beyond the control of any single party, company or government. Luther gave voice to something along these lines. While welcoming the support of Visa and Mastercard, “I also think it is important to recognize the shortcomings.” Yes, they will make it easier to use cryptocurrencies to buy things, “but they do so at the expense of some of crypto’s promise.” More specifically: “They tend to reduce — and, in some cases, completely eliminate — the financial privacy and censorship-resistant features of cryptocurrencies.” Those features are important, Luther added, and he hopes that future developments “will make it easier to use cryptocurrencies in routine transactions while preserving a high degree of anonymity.” Instilling confidence? Finally, what does all this mean in terms of adoption? Crypto adoption is still relatively low — at least as a percentage of the world’s population. And those who own it are often “just holding cryptocurrencies in hopes of price appreciation,” Luther added. But there is another way of looking at things. In this view, crypto is already a part of mainstream payments and financial services. “Some institutional investors hold cryptocurrencies. We have access to crypto futures and ETFs,” said Luther, and a soaring number of payment apps are making sending and receiving cryptocurrencies easier than ever. Related: Is a US stablecoin bill just around the corner? Visa’s new collaboration is also significant because of the impact that it could potentially have on people who, until now, have been hesitant to embrace cryptocurrencies — i.e., not just current wallet holders. The giant credit card companies could give crypto fence-sitters the confidence to act. If so, a sort of virtuous cycle could emerge because as “people become more comfortable with payment solutions, those solutions become more ubiquitous,” said Wasick. “There’s still a long way to go,” Luther summarized. “But cryptocurrencies have come a long way already.”

3 days ago
The Cryptonomist
The Cryptonomist
followers

In a saga that has captured the attention of the global financial community, Do Kwon, co-founder of the Terra-Luna crypto ecosystem, finds himself at the center of a legal storm as he faces extradition to the United States.  According to local media reports, the High Court of Podgorica, in Montenegro, has decided to extradite Kwon to the United States, rejecting the extradition request from South Korea.  The decision comes following accusations of fraud and financial misconduct related to losses suffered by US investors linked to an algorithmic stablecoin. The co-founder of the Terra-Luna crypto system is in a real legal storm  At the end of last year, a court in Podgorica had initially approved Kwon’s extradition. His journey through the legal system began when he was arrested in Montenegro in March 2023 for attempting to use a counterfeit passport to leave the country.  Initially, Kwon had agreed to be extradited to South Korea. However, subsequent developments have led to a change in his legal trajectory. In June, a court in Montenegro sentenced Kwon to four months in prison after finding him guilty of document forgery in relation to the use of a counterfeit passport.  Despite the appeal to the court’s decision, Kwon’s efforts were unsuccessful and he was ultimately sentenced to serve a prison term. The extradition decision marks a significant development in Kwon’s legal issues.  With civil charges from the Securities and Exchange Commission (SEC), Kwon and Terraform Labs are accused of raising billions from investors through the offering and sale of a interconnected series of cryptocurrency securities, many of which allegedly were conducted in unregistered transactions. The imminent extradition comes after the delays of the jury trial for fraud charges, originally scheduled for January 29 but then postponed to the end of March.  The legal representative of Do Kwon cited difficulties in facilitating his client’s release from Montenegro as the reason for the postponement of the trial. The charges against Kwon and Terraform Labs highlight the complexities and challenges surrounding the regulation of cryptocurrency markets and digital assets. As the popularity and adoption of cryptocurrencies continue to grow, regulatory authorities around the world are grappling with how to effectively supervise these rapidly evolving financial instruments. According to Kwon, the extradition to the United States represents a crucial moment in his legal battle, with potential far-reaching implications both for himself and for the cryptocurrency sector in general. The outcome of the trial and any subsequent legal proceedings could shape the regulatory landscape surrounding digital assets and influence investors’ confidence in the sector. The intensification of controls in the crypto world In recent years, governments and regulatory bodies have increased scrutiny on cryptocurrency projects and their founders, especially regarding issues such as fraud, market manipulation, and compliance with securities laws.  The case of Do Kwon highlights the importance of supervision and enforcement of regulations to safeguard investors and maintain the integrity of financial markets. According to Terraform Labs, the legal proceedings involving its co-founder have undoubtedly cast a shadow on the company’s operations and reputation.  Terraform Labs, one of the leading players in the cryptocurrency sector, has been at the forefront of innovation in blockchain technology and decentralized finance. However, the accusations against Kwon and the company have raised doubts about compliance practices and risk management procedures. The outcome of Kwon’s extradition and the subsequent trial will be closely followed by industry operators, legal experts, and regulatory authorities.  Beyond the immediate implications for Terraform Labs and its co-founder, the case could set legal precedents and influence regulatory approaches to cryptocurrencies in the years to come. As the cryptocurrency market continues to evolve and mature, stakeholders must work collaboratively to address regulatory challenges and promote responsible innovation.  Reaching a balance between promoting innovation and protecting investors will be crucial in shaping the future of digital finance and ensuring its long-term sustainability. Conclusions In the case of Do Kwon, the journey from Montenegro to the United States marks a crucial chapter in a legal saga that has captured the attention of the global financial community.  With the eyes of the world focused on him, Kwon’s extradition and trial represent much more than the fate of a single individual: they symbolize the broader challenges and opportunities that the thriving cryptocurrency sector must face in an increasingly interconnected and regulated world. In conclusion, the extradition to the United States of Do Kwon, co-founder of Terraform Labs, represents a significant step in a legal saga that has reverberated throughout the global cryptocurrency community.  Between allegations of fraud and misconduct, Kwon’s journey from Montenegro to the United States highlights the complexities and challenges inherent in regulating the rapidly evolving landscape of digital assets. While governments and regulatory bodies are grappling with the regulation of cryptocurrencies, Kwon’s case serves as a reminder of the importance of strong surveillance and enforcement mechanisms to protect investors and maintain market integrity.  The outcome of Kwon’s trial and any subsequent legal proceedings will have far-reaching implications, shaping not only the future of Terraform Labs but also influencing regulatory approaches to cryptocurrencies worldwide. In the future, stakeholders will need to collaborate to find a balance between promoting innovation and safeguarding against fraudulent activities in the cryptocurrency space.  Facing regulatory challenges and promoting responsible innovation, the sector can continue to thrive and evolve in a way that is beneficial both for investors and for the broader financial ecosystem.

3 days ago
深潮 TechFlow
深潮 TechFlow
followers

Written by: Liu Honglin Hong Kong’s virtual currency regulation focuses on both sides On February 2, 2024, Hong Kong Secretary for Financial Services and the Treasury, Hui Ching-yu, said that the government believes that it is necessary to bring virtual currency over-the-counter exchanges (OTC) into supervision, and will launch a consultation on the proposed regulatory framework in the short term, and hopes that the public and actively express opinions with stakeholders. We are not sure how short this will be in the short term, but one thing is certain: virtual currency OTC will usher in an era of compliance in Hong Kong. As an established international financial center, Hong Kong has always been relatively open and tolerant towards the new thing of virtual currency. Hong Kong does not regard virtual currencies as legal tender or financial instruments. Instead, it defines them as a "virtual asset" and adopts corresponding regulatory measures based on the activities and risk levels involved. At present, Hong Kong's supervision of virtual currencies mainly focuses on two aspects: one is the supervision of virtual asset trading platforms (VASP), and the other is the supervision of over-the-counter (OTC) merchants. According to the "Licensing System for the Provision of Virtual Asset Trading Services under the Securities and Futures Ordinance" issued by the Hong Kong Securities and Futures Commission (SFC) in June 2023, all platforms that provide virtual asset trading services in Hong Kong need to apply to the SFC licensing, and comply with relevant laws, regulations and regulatory requirements. Currently, there are two licensed virtual asset trading platforms (HashKey and OSL) in Hong Kong that have upgraded their licenses and can provide Bitcoin (BTC) to retail investors.

6 days ago
CryptoNewsLand
CryptoNewsLand
followers

Former Ripple director predicts a genuine XRP ETF in 2024 or 2025, alongside a Ripple IPO outside the US in 2025. Ripple CEO Brad Garlinghouse acknowledges the possibility of an XRP ETF, without specifying a timeline or potential issuer. Ripple temporarily postpones its IPO plans, prioritizing compliance and regulatory engagement. The XRP community is abuzz with anticipation as former Ripple director Sean McBride recently shared his optimistic outlook, forecasting the launch of a genuine XRP exchange-traded fund (ETF) in either 2024 or 2025, in addition to hinting at a Ripple initial public offering (IPO) outside the United States in 2025.  This coincides with the rising enthusiasm surrounding cryptocurrency ETFs, especially following the recent green light given to spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse contributes to the discussion by recognizing the possibility of an XRP ETF, although he abstains from delineating the exact timing or potential issuer. The excitement could bolster investor confidence, driving up demand and pushing XRP’s price higher, possibly drawing speculative traders. Given these forecasts, monitoring XRP’s current market performance becomes crucial. Despite recent fluctuations, including a decrease in value over the last 24 hours, XRP continues to maintain a significant market capitalization. While indicators suggest a bullish trend with the upward slope of the 50-day moving average, caution is advised due to the downward trajectory of the 200-day moving average since mid-February 2024, signaling a potentially weak market trend. Meanwhile, Ripple’s stance amidst legal battles with the SEC remains proactive. Ripple’s commitment to compliance and regulatory engagement is evident, as the company prioritizes these aspects over immediate IPO plans. Garlinghouse expresses satisfaction with recent legal victories and remains optimistic about potential resolutions, either through the SEC acknowledging its defeats or legislative intervention by Congress. Read also: Crypto Experts Expect Biggest IPO Ever if Ripple IPO Comes Through Ripple’s Potential 2024 IPO and Its Impact on Crypto Market Ripple NYC Party Sparks Buzz: IPO, SEC Settlement, and More on the Horizon? How the Much-Talked Ripple IPO Might Unleash XRP’s 20X Explosion Ripple’s Advantage in the IPO Race: Leveraging Nearly 50 Billion XRP for Market Supremacy The post XRP Community Buzz with Predictions of XRP ETF and Ripple IPO appeared first on Crypto News Land.

4 days ago
Cointelegraph
Cointelegraph
followers

Stablecoin issuer Tether didn’t provide a definitive answer on whether or not it would cease support for the Tron network after its rival Circle ceased minting its stablecoin on the blockchain on Tuesday. “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens,” Tether said in a statement to Cointelegraph when asked for comment about Circle and whether Tether was considering a similar move. “Tether retains the ability to freeze transactions on each directly supported transport layer to accomplish its compliance duties. Nevertheless Tether actively monitors the safety of each one of the supported transport layers to ensure the highest standards to our community,” the firm said. Tether (USDT) is the largest stablecoin with a market capitalization of $97.7 billion, and Circle’s USD Coin (USDC) trails at $28 billion, according to CoinGecko data. The Tron network is home to over 51.8 billion USDT — over half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated Feb. 21. An additional nearly $76.2 million is set aside to provide near-term liquidity for the token on the Tron network. A screenshot of Tether’s USDT transparency report cropped to show only USDT’s top three blockchains and its total assets. Source: Tether Tether's comments came in response to an announcement from Circle on Feb. 20, with the firm revealing it was immediately ending the minting of USDC on Tron and would gradually phase out support for the network, saying the decision aligns with “efforts to ensure that USDC remains trusted, transparent and safe.” Last month, a United Nations report said “USDT on the Tron blockchain has become a preferred choice” for cyber fraud and money launders in Southeast Asia due to the “ease, anonymity, and low fees of its transactions.” Tether rebuffed the report, saying the UN ignored USDT’s traceability and the firm’s record of law enforcement collaboration. It highlighted that it froze over $300 million worth of USDT used in crime “within the last few months,” including $225 million worth frozen in November 2023 as part of a United States probe into a Southeast Asian human trafficking syndicate. Related: Y Combinator calls on startups to build stablecoin, metaverse, AI solutions Ethics watchdog group Campaign for Accountability wrote to the United States Congress in November alleging Tron “has been named in multiple international law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities.” The U.S. Securities and Exchange Commission sued the Tron Foundation and founder Justin Sun in March 2023, alleging they offered unregistered securities and conducted manipulative trading, which Sun denies. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

4 days ago
Crypto
ETH,BNB,BNB
Dusk(DUSK)

$0.31

11.04%

Market Cap
129.32m
 

11.04%

Volume (24h)
19.27m
 

-24.08%

Released on 11 Jul 2019

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