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Japan to Propose Restricting Stablecoin Issuers to Banks and Wire Transfer Companies

Japan to Propose Restricting Stablecoin Issuers to Banks and Wire Transfer Companies

Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.

Japan to Tighten Stablecoin Regulation

Japan’s Financial Services Agency (FSA) is planning to tighten the regulation of stablecoins by imposing strict rules on their issuers, Nikkei reported Monday, stating:

The Financial Services Agency seeks to propose legislation in 2022 to restrict issuance of stablecoins to banks and wire transfer companies.

The FSA will also tighten regulations related to the prevention of money laundering, the publication added, noting that crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.

In addition, stablecoin issuers will be required to comply with Japan’s law on preventing transfers of criminal proceeds. This includes verifying user identities and reporting suspicious transactions.

The total market capitalization of all stablecoins at the time of writing is nearly $160 billion. Tether (USDT), the biggest stablecoin in circulation, currently has a market cap of $76.58 billion based on data from Bitcoin.com Markets.

While Japan currently does not have a law regulating stablecoins, the FSA has established a panel to study how to best ensure consumer protection and address money laundering concerns in this area. In September, Yuri Okina, a member of the panel, said: “It’s important that stable coin is backed by secure, liquid assets. But it’s questionable whether setting blanket rules as strong as those currently applied to banks is the right approach.”

Japan is not the only country planning to impose strict rules on stablecoin issuers. In July, Treasury Secretary Janet Yellen asked regulators overseeing crypto assets in the U.S. to “act quickly” to regulate stablecoins. The President’s Working Group on Financial Markets (PWG) subsequently recommended imposing bank-like regulation on stablecoin issuers.

However, not everyone agrees with this regulatory approach. In November, Federal Reserve Board Governor Christopher Waller argued against the PWG’s recommendation. He explained that he is fine with letting banks issue stablecoins but disagrees that only banks should be allowed to issue them.

What do you think about Japan planning to allow only banks and wire transfer companies to issue stablecoins? Let us know in the comments section below.



from Bitcoin News

Crypto Exchange Binance Is Making ‘Substantial Changes’ to Become ‘Fully Licensed and Fully Compliant’ in UK

Crypto Exchange Binance Is Making 'Substantial Changes' to Become 'Fully Licensed and Fully Compliant' in UK

Cryptocurrency exchange Binance has unveiled its plan to become a “fully licensed and fully compliant” exchange in order to serve users in the U.K. The crypto exchange is reportedly “making a number of very substantial changes” in the way it operates in order to comply with the country’s regulator, the Financial Conduct Authority (FCA).

Binance Plans to Launch a Fully Licensed Crypto Exchange in the UK

Binance is working to become a fully licensed and fully compliant cryptocurrency exchange in order to launch in the U.K. where it recently ran into trouble with the Financial Conduct Authority (FCA).

The exchange’s CEO, Changpeng Zhao (CZ), said in an interview with The Telegraph that Binance will reapply for a license with the FCA. He believes that his exchange’s relationship with the British regulator has improved. He told the news outlet:

We’re fully re-engaged there … We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.

The U.K. Financial Conduct Authority issued a consumer warning on Binance in June stating that no entity “in the Binance Group holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K.” In August, the FCA said that Binance was no longer in violation of its rules but noted that the company has not applied for a license to operate a crypto exchange.

“We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner,” Zhao emphasized, adding that Binance hopes to become a registered crypto asset firm in six to 18 months.

Following the warning by the FCA, several major banks in the U.K. began restricting payments to Binance, including Barclays, HSBC, Natwest, and Santander.

Besides the FCA, a number of other regulators have issued warnings of various kinds about Binance, including regulators in the U.S., South Africa, Singapore, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania. In August, Binance said it was making regulatory compliance its top priority.

Zhao further shared with the publication that when regulators asked Binance “a very simple question: ‘Where’s your headquarters?’ and our response was that we have no headquarters, that we’re a decentralized organization, they didn’t know how to work with us.” The CEO concluded:

We understand that now. So now we’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.

What do you think about Binance launching in the U.K. after regulatory trouble with the FCA? Let us know in the comments section below.



from Bitcoin News

Bitcoin.com’s Crypto Casino Conducts Christmas Raffle with Cash Prizes Worth $10,000

Bitcoin.com is set to put players in the mood to celebrate Christmas with one of the biggest giveaways of the year!

💰$10,000 in Cash Prizes Up For Grabs🎁

Christmas festivities start early this year at our very own crypto casino, Bitcoin.com Games, as we’ve launched a brand new raffle that culminates into a draw announced on Christmas day. Lucky players at the end of the draw will take home cash prizes worth $10,000 that are likely to set them up nicely for the year-end celebrations.

Anyone can win! That’s the allure that is attracting plenty of players to this one-of-a-kind promotion. Upping the ante of the holiday spirit is the fact that you can play any game available on the casino to claim your tickets to the raffle. Any player can be the happy receiver of the luck of the draw with 10 positions being rewarded at the end of the raffle. Even if you have just 1 ticket, it is possible for you to land the top prize of $3,000 all by yourself simply by having lady luck on your side!

Anyone can win the top prize of $3,000 even with just 1 ticket to the raffle.

The build-up to Christmas beginning on the 1st of December ensures all players have a sufficient amount of time to gather as many tickets as they can to maximize the possibility of being drawn a winner. Because, of course, the more tickets you have, the greater your chances of winning.

Bitcoin.com Games is the most trustworthy crypto casino where you can enjoy high-quality games from all the top providers in the world. Combined with the smooth user experience and top-notch customer service that ensures premium gameplay round the clock, the crypto casino has become the go-to gaming portal for many players since its launch in 2016. The premium gaming platform also allows users to play all the popular casino games without worrying about in-depth KYC or upper limits on deposits or withdrawals.

The Xmas Raffle🎄 promotion is ongoing at Bitcoin.com Games, offering you to play many exciting games while standing a chance to win from $10,000!

Check out this brand new promotion from Bitcoin.com Games or play one of the exclusive games like Bitcoin Blackjack on the casino’s website.

What do you think about Bitcoin.com Games Xmas Raffle with prizes worth $10K? Let us know what you think about this subject in the comments section below.



from Bitcoin News

FMFW․Io Has Listed Crypto Perx (CPRX)

PRESS RELEASE. Crypto Perx will be listed, starting today, November 22nd on FMFW.io cryptocurrency exchange. It is a new utility token (ERC20) based on the Ethereum Blockchain.

CRPX was developed by the Crypto Banking Alliance (CBA), also known as Auriga Alliance AG, and the first project having it on board was ABRA Perx by ABRA – a world-class platform for managing cryptocurrency. The CBA will provide 3 billion Crypto Perx coins, and 1 of them will be part of Abra’s new project. From now on, FMFW.io is introducing this digital currency to traders.

Promotion and education of the safe and ethical implementation of cryptocurrency technology for the smooth functioning of the decentralized financial system is the primary goal of the Crypto Banking Alliance. Due to the belief that digitized banks are the future, they aim to promote cryptocurrencies and the possibility of security provided by the blockchain system as an essential banking point.

FMFW.io Statement

“The availability and understandability are one of our missions, just like our partners. Therefore, we are delighted to have Crypto Perx listed as it is another great utility coin based on strong blockchain technology and its distribution on a proprietary algorithm,” says Danish Chaudhry, CEO of FMFW.io.

ABRA Statement

“We are delighted to see that the Crypto Perx token is now listed and available for trading on FMFW.io. Our goal in working with the Crypto Banking Alliance is to enable a token economy that is more available, easier to understand and transparent. The Crypto Perx program is an independent program that Abra has proudly adopted and is its first partner. CPRX tokens and Abra users that earnt them via the ongoing Abra Perx promotion now have broader reach thanks to FMFW.io” says Bill Barhydt, CEO & Founder of Abra.

About Abra

Abra is on a mission to create an open and straightforward platform to enable millions of crypto holders to maximize the potential of their crypto assets. We operate an easy-to-use app that allows users to access interest-earning, buying, selling, and trading in cryptocurrencies in one single place. Our vision is an open, global financial system that is easily accessible to everyone.

About FMFW.io

The mission of FMFW.io is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support, and dozens of trading pairs complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



from Bitcoin News

Οι φάλαινες Ethereum συσσωρεύουν Shiba Inu και δύο Metaverse tokens καθώς η αγορά σταθεροποιείται.

H πρόσφατη αναφορά της WhaleStats αποκαλύπτει την επενδυτική συμπεριφορά των 1.000 πλουσιότερων διευθύνσεων Ethereum. Τα δεδομένα δείχνουν να συσσωρεύουν Shiba Inu και δύο από τα πιο ‘καυτά’ metaverse tokens.

H ιστοσελίδα παρακολούθησης φαλαινών δείχνει ότι τις τελευταίες 30 ημέρες, οι επενδυτές με ‘βαθιές τσέπες’ αγόρασαν κατά μέσο όρο 8.420.000 $ Ethereum (ETH), 2.890.000 $ stablecoin Tether (USDT) και 2,46 εκ. FTX Token.

Ακολουθεί το stablecoin USD Coin (USDC) με μέσο ποσό αγοράς 1,94 εκατομμυρίων $, ακολουθούμενο από το Shiba Inu και την ελεγχόμενη από τους παίκτες της πλα,τφόρμα παιχνιδιών Gala με μέσες αγορές αξίας 1,03 εκ. και 464,228$, αντίστοιχα.

Στο νούμερο επτά είναι το stablecoin Binance USD (BUSD), ενώ η Metaverse πλατφόρμα Decentraland (ΜΑΝΑ) έρχεται όγδοη με μέση αξία αγοράς τα $ 158.455.

Το Wrapped Bitcoin (WBTC), το οποίο αντιπροσωπεύει το Bitcoin στο δίκτυο Ethereum και υποστηρίζεται 1:1 με BTC, καταλαμβάνει την ένατη θέση και το SRM ολοκληρώνει τη λίστα των κορυφαίων 10.

Πηγή: WhaleStats

Κοιτάζοντας το κρυπτοθησαυροφυλάκιο των μεγαλύτερων φαλαινών Ethereum, το ίδιο το ETH βρίσκεται στην κορυφή με αξία άνω των 166,56 εκατομμυρίων δολαρίων κατά μέσο όρο ενώ το Shiba Inu έρχεται στη δεύτερη θέση με μέση συμμετοχή αξίας 1,69 εκατομμυρίων δολαρίων.

 

Το άρθρο Οι φάλαινες Ethereum συσσωρεύουν Shiba Inu και δύο Metaverse tokens καθώς η αγορά σταθεροποιείται. εμφανίστηκε πρώτα στο Cryptobase GR.



from Cryptobase GR https://ift.tt/3rEF6uT

from Crypto Greece

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

During the last seven days, virtual lands sold in the metaverse have outpaced a great number of non-fungible token (NFT) sales. Moreover, metaverse native crypto tokens like axie infinity, sandbox and decentraland and play-to-earn digital assets in general have jumped significantly in value this year.

Metaverse Properties Outpace NFT Collections — Play-to-Earn Tokens Rise

Following the meme-crypto hype, the decentralized finance (defi) trend, and the non-fungible token (NFT) craze, the metaverse has become a big deal. Essentially, a metaverse is a different version of the internet that supports virtual environments, items, collectibles, weapons, and sometimes play-to-earn features. Virtual worlds like Second Life, Minecraft, and Roblox can be considered iterations of the metaverse but in recent times, blockchain technology has entered the realm.

For instance, out of the $2.3 trillion crypto economy, $25 billion of it belongs to play-to-earn (P2E) digital assets. Axie infinity (AXS) is the largest P2E token in terms of market capitalization with a valuation of around $6.5 billion.

While AXS has lost 25% during the last week, AXS is up 20,824% year-to-date (YTD). The second largest P2E token is sandbox (SAND) with a $4.6 billion market valuation. SAND lost 32% this past week but has gained 11,597% YTD.

The third-largest market valuation in terms of P2E assets is decentraland (MANA) with a market cap of around $4.4 billion. MANA has lost 32% this week as well but has gained 3,693% YTD in USD value. Other top P2E tokens in terms of market cap size include gala (GALA), wax (WAXP), illuvium (ILV), and mobox (MBOX).

Staking Land in the Metaverse Can be Expensive — The Sandbox Captures $70M in Weekly Sales

In addition to metaverse and P2E tokens gathering massive value during the last year, in recent times land in the metaverse has been a hot commodity. Metrics from nonfungible.com indicate that the NFT market history for the last seven days shows The Sandbox has been the top contender. Sales stemming from The Sandbox metaverse saw more than $70 million in sales during the last seven days.

Virtual Metaverse Plots Outpace Top NFT Collection Sales, Play-to-Earn Tokens Surged in Value This Year

That’s about $10 million more than the sales produced by the Bored Ape Yacht Club (BAYC) NFT collection which saw $59 million. Moreover, The Sandbox sales are much larger than the Cryptopunks NFT collection sales which captured $17 million last week. The virtual reality platform powered by the Ethereum blockchain, Decentraland has seen the sixth largest number of weekly sales with $6.6 million last week.

The biggest sales on Decentraland were land plots and estates worth between $289K to $758K. While The Sandbox outpaced Decentraland sales, land plots sold for much lower values as land exchanged hands this past week for $44K to $68K per plot. However, virtual land adjacent to Snoop Dogg’s Sandbox estate recently sold for $450K in ethereum. The average USD price for The Sandbox metaverse products during the last week was $15K across more than 4,400 sales.

What do you think about the metaverse and P2E tokens gaining a lot of value this year? What do you think about all the metaverse land sales? Let us know what you think about this subject in the comments section below.



from Bitcoin News

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

The Kleiman v. Wright trial has come to a conclusion and Craig Wright and his defense team has won on all claims except one count of conversion. According to a court reporter, Craig Wright, the man who claims to be Satoshi Nakamoto, said he was “incredibly relieved.”

Craig Wright’s Defense Wins on All Claims Except Conversion — Wright Says ‘I’m Not Going Anywhere, I’m Here for the Long Term’

After the jury was deadlocked in the Kleiman v. Wright case for days last week, the jurors came to a decision on Monday, December 6, 2021. Craig Wright and his defense team from Rivero Mestre LLP have managed to beat all the charges except one count of conversion.

The jurors ruled that while Wright was cleared of most charges, he must pay $100 million to W&K Info Defense and no punitive damages. Carolina Bolado, the Law360 reporter at the trial, explained that Judge Beth Bloom commended the attorneys who provided “superb representation” to their clients. Bolado also detailed that Wright said he was “incredibly relieved.”

The plaintiffs, the Kleiman estate, accused Wright of manipulating his former business partner Dave Kleiman’s bitcoin inheritance and IP. The lawsuit’s preliminaries and discovery period dragged on for years, with all kinds of mystery in between.

Bitcoinsv (BSV) supporters celebrated Wright’s victory on social media platforms and forums. However, other crypto advocates criticized the publication Coingeek for reporting on the verdict in a bias manner. Coingeek author Jordan Atkins claims in his headline that “Bitcoin creator Craig Wright 100% Satoshi Nakamoto, says Kleiman v. Wright jury.”

“Thank you everyone for all your support over all of the years,” Wright said in a video response following the verdict. “This has been a remarkable good outcome and I feel completely vindicated. “Next, there are still more fights. Were going to make everything change… cryptocurrency to digital cash the way its meant to be. My original invention is coming back. I’m not going anywhere, I’m here for the long term and I’m here for the fight.”

Bitcoin Advocates Snark at Wright’s So-Called Win

A few other bitcoin advocates had different opinions of the outcome. Alistair Milne said: “Craig Wright found guilty of stealing his dead partner’s assets, fined $100mil.” The attorney Stephen Palley tweeted: “LOL. The people who think that getting hit with a $100 million jury verdict for conversion (stealing) is a win.”

“Craig Wright is a charlatan pretending to be Satoshi without proof and is getting sued by some other guy or something like that I don’t remember,” the co-founder of Dogecoin, Billy Markus tweeted. “Anyway the whole thing is dumb and my tweet was just making fun of morons who blame devs and founders for the current trading price.”

The attorney representing the Kleiman side seemed pleased with the verdict when he tweeted “100,000,000” with a smiley face emoji. “Craig Wright is now officially the most bankrupted Faketoshi ever,” the Twitter account Arthur van Pelt said. Is that a section in the Guinness Book of Records yet?” he further asked.

The lawsuit could see some type of appeal process stem from both sides of the case in regard to the jurors’ recent decision. The hoopla on social media is no different than any other day, as Wright’s supporters wholeheartedly believe the decision was a big win, Wright’s detractors think the case proved he did something wrong. Either way, the verdict will likely not change any minds with strong biases for or against Wright, and whether or not his Satoshi tales are true or false.

What do you think about the verdict in the Kleiman v. Wright trial? Let us know what you think about this subject in the comments section below.



from Bitcoin News