Korean Government to Adopt Cryptocurrency Tracking System Within 5 Months

The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country’s Ministry of Justice reportedly announced. The tracking system will be used to monitor and analyze crypto transactions, particularly to uncover the sources of illegal funds.

South Korea to Start Tracking Crypto Transactions in 1H

South Korea’s Ministry of Justice (MOJ) reportedly announced that it will adopt a cryptocurrency tracking system within the first half of this year.

In its 2023 task report, the Justice Ministry explained that the tracking system will be used to monitor and analyze cryptocurrency transactions, particularly to uncover the sources of illegal funds. The ministry was quoted by local media as saying:

We will overhaul the forensic infrastructure in response to the modernization of crime.

The Korean government has been talking about adopting a system to track down illegal crypto transactions for many months. In October last year, the country’s Supreme Prosecutors’ Office said it was in the process of purchasing a cryptocurrency tracking system via the Public Procurement Service.

The Ministry of Justice noted that it will develop its own crypto tracking and analysis system in the latter half of the year.

The MOJ announcement followed a statement by Financial Supervisory Service (FSS) Governor Lee Bok-hyun, who said earlier this month that the regulator is planning to develop crypto monitoring tools to regularly inspect the risks associated with crypto assets. In addition, South Korea’s National Police Agency formed an agreement with the country’s five major cryptocurrency exchanges last October to collect data for crypto-related crime investigations.

In the U.S., the Department of Justice (DOJ) established the nationwide “Digital Asset Coordinator Network” of over 150 federal prosecutors in September last year to “combat the ever-evolving criminal uses of digital asset technology,” the DOJ noted at the time.

Blockchain data analytics firm Chainalysis estimated earlier this month that global crypto illicit transaction volume hit an all-time high of $20.1 billion, up from $14 billion in illicit activity in the previous year.

What do you think about the South Korean government adopting a cryptocurrency tracking system? Let us know in the comments section below.

from Bitcoin News

Arbitrum-Based Vest Exchange Emerges, Aims to Democratize Perpetual Futures

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created the project said the platform aims to focus on democratizing perpetual futures. The team behind Vest further detailed that the new Arbitrum dex is backed by firms such as Jane Street, QCP Capital, and Big Brain Holdings.

Vest Aims to Revolutionize Defi Perpetuals With Cutting-Edge Risk-Engine and Backing From Prominent Investment Firms

The creators of a new dex platform built on the Arbitrum layer two blockchain announced on Jan. 28, 2023, that the project has emerged from stealth mode. The project, called Vest Exchange, closed a seed round with investments from firms including Jane Street, QCP Capital, Big Brain Holdings, Pear VC, Cogitent, Moonshot Research, Fugazi Labs, Ascendex, Builder Capital, Infinity Ventures Crypto, and Robert Chen (Ottersec). Vest Exchange also provided a summary of the project in a blog post published on the same day.

Vest believes the decentralized finance ecosystem depends on decentralized exchange platforms for its strength. However, the team at Vest believes that current prominent exchanges have limitations, including “high barriers for market listing, lack of risk management, and unclear risk and return for liquidity providers.”

Vest explained that the dex solves these three issues by leveraging a special risk-engine. Further, research and modern techniques are utilized to “unlock new illiquid markets faster than any other centralized or decentralized exchange.” Vest’s blog post adds:

We hope that Vest will elevate the standard of perpetual futures trading by democratizing access to unique trading opportunities in all markets.

Arbitrum is a layer two project and the fourth-largest blockchain in decentralized finance, with $1.25 billion in total value locked. The largest protocol on the Arbitrum network, in terms of total value locked, is GMX, a decentralized derivatives exchange that connects to the Avalanche blockchain network. The blog post for Vest’s launch notes that a Discord and Testnet will be launched soon. Vest has also established a research forum, research.vest.xyz, for general research into decentralized finance.

What are your thoughts on Vest Exchange’s mission to democratize perpetual futures trading and shake up the decentralized finance landscape? Let us know in the comments below.

from Bitcoin News

Bitget Announces Winners of Hero Trader Awards 2022

PRESS RELEASE. VICTORIA, Seychelles — Bitget, a leading cryptocurrency derivatives exchange, has announced the winners and conclusion of its Hero Trader Awards 2022 competition. The event was organized to select the best 15 copy traders with high moral standards and professional qualities through community voting.

The Hero Trader Awards 2022 commemorated the advancement of copy trading based on transaction data from Bitget’s One-Click Copy Trade in 2022, which was used to select 75 Star Traders who participated in the contest.

Bitget is a pioneer in crypto copy trading thanks to the way it works to improve products through innovation. One-Click Copy Trade is Bitget’s flagship offering of crypto copy trade, and as of Jan 19th, 2023, the product has amassed more than 80,000 traders and over 380,000 followers, along with 42,000,000 profitable copy trades since its launch. Recently, Bitget has become the first cryptocurrency exchange to launch copy trading in the spot market.

The event parsed winners into five categories – Grand Champion Award, Robin Hood Award, Mansa Award, Hermes Award, and Genghis Award, as users voted for their favorite candidates based on a range of trading variables, helping Bitget select the 15 finalists among the best copy traders. The prize pools range from 8,000 to 3,000 USDT. Other prizes include poker themed NFTs, copy trading follower count increases, and various exclusives.

Bitget will also give additional benefits to Hero Trader Award candidates, including invitations to a series of AMAs and seminars on Twitter, as well as eligibility to join the Bitget Hero Traders Foundation with the opportunity to participate in follow-up activities and training for the foundation.

Gracy Chen, Managing Director of Bitget, remarks “Bitget has always been investing in developing the best community with effective trading information for our users. Events like the Hero Trader Awards 2022 are important opportunities for community users to engage in rewarding activities and explore many new possibilities that copy trading and derivatives trading market offers. Our team would like to thank all the participants of the Futures Hero Trading Award Event, for every participant is essential for the development of our trading ecosystem.”

More details about the winners and prizes of the Hero Trader Award event can be found on the official website.

About Bitget

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world. The exchange is committed to providing a secure, one-stop trading solution to users and aims to increase crypto adoption through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the Italian leading football team Juventus, and official eSports event’s organizer PGL.

 

 

---

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

Kazakhstan Parliament Adopts Law Regulating Crypto Mining and Exchange

Lawmakers in Nur-Sultan have approved the final version of the law “On Digital Assets in the Republic of Kazakhstan.” The new legislation, including several other bills, regulates the circulation of cryptocurrencies in the country and introduces a licensing regime for crypto miners and exchanges.

Senate Votes on Crypto Law, Sends It to President of Kazakhstan

Kazakhstan’s Senate has adopted a bill designed to regulate cryptocurrencies and related activities in the Central Asian nation. Along with additional legal documents, the new law “On Digital Assets in the Republic of Kazakhstan” creates conditions for establishing a crypto ecosystem in the country, local media reported.

Members of the upper house of parliament considered the comprehensive package earlier in January and decided to propose certain amendments to the Mazhilis, which had already approved its version of the legislation. However, President Kassym-Jomart Tokayev dissolved the lower house on Jan. 19 and called early elections.

Until a new Mazhilis is elected, the Senate has all legislative powers, Senator Bekbolat Orynbekov explained, quoted by the Zakon.kz news portal. The digital assets law and the related acts constitute a single set of laws that will allow Kazakhstan’s head of state to fulfill his regulatory duties regarding the mining of digital currencies and their circulation.

Tokayev is yet to sign the law and the other necessary changes introduced by the senators, including amendments to Kazakhstan’s laws on taxes and other payments to the budget, judicial administration, and administrative offenses.

A key goal for the government is to regulate the activities of companies minting digital currencies in the country. Kazakhstan became a crypto mining hotspot following China’s crackdown on the industry. The influx of miners has been blamed for its growing electricity deficit.

The newly adopted legislation creates a legal framework for the sector and legalizes the market for digital assets by implementing licensing for both miners and crypto exchanges. The authorities also hope it will attract more foreign investments and increase state budget revenues.

The new rules come after on Jan. 1 registered crypto miners started paying a higher surcharge for the electricity they use under a law signed by President Tokayev in July 2022. Alongside its regulatory efforts, Kazakhstan has been going after underground mining farms and illegal trading platforms.

Do you think Kazakhstan will be an attractive destination for crypto businesses after the new legislation enters into force? Share your expectations in the comments section below.

from Bitcoin News

US Senator’s Resolution Encourages Capitol Gift Shops to Accept Cryptocurrency

A U.S. lawmaker has introduced a resolution that encourages Capitol gift shops to accept cryptocurrency payments. He stressed that lawmakers “should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.”

US Senator Advocates Crypto Payments

U.S. Senator Ted Cruz (R-TX) announced Thursday that he has reintroduced the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions (ACCEPT) Resolution. Cruz first introduced this resolution in November 2021. The senator from Texas said:

Cryptocurrency is generating new jobs, encouraging entrepreneurs to invent new values and creating new hedges against inflation, and presenting new opportunities. It is also increasingly being used as a secure form of payment for goods and services.

“This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill,” he added.

Senator Cruz’ explained that his bill “would require the Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives to encourage Capitol gift shops to accept cryptocurrency as a form of payment.” They would also be required “to enter into contracts with vendors who accept cryptocurrency as payment for food service and in vending machines within the Capitol complex.”

Cruz further said:

An added advantage of using cryptocurrency as a form of payment in the Capitol is that it would provide foreign tourists who visit our nation’s capital each year with a safe and secure payment option without the need to pay unnecessary and often costly currency exchange fees.

The lawmaker has long been a pro-bitcoin senator. In May last year, he said he is “incredibly bullish” on bitcoin. “I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging,” he noted at the time.

Senator Cruz also introduced a bill in April last year to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency (CBDC) “which could be used as a financial surveillance tool by the federal government, similar to what is currently happening in China,” Cruz noted.

What do you think about Senator Ted Cruz pushing for gift shops on Capitol Hill to accept payments in cryptocurrency? Let us know in the comments section below.

from Bitcoin News

US Senator Focused on Crypto Money Laundering Crackdown — Urges Congress, Regulators to Take Action

U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the lawmaker stressed.

Senator Urges Congress to Crack Down on Crypto Money Laundering

U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation.

The senator confirmed that she will reintroduce her bill titled “Digital Asset Anti-Money Laundering Act of 2022.” Originally introduced in December last year, this bill is “the most direct attack” on the personal freedom and privacy of crypto users, according to experts in the field.

Warren explained that money laundering is “not nearly as visible to the public” as fraud. “It occurs in the darkest shadows of the crypto world, but its impact on our national security and law enforcement is immense. … The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the senator described, elaborating:

This is not about inventing any new form of anti-money laundering rules. This is about applying exactly the same set of rules that apply across every other financial industry.

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has also said that crypto should be treated the same as other capital markets.

Senator Warren Wants Congress to Empower Regulators to Be Effective ‘Cop on the Beat’

“There are two very different kinds of crypto problems,” Warren continued, noting that “one is consumer fraud.” The senator stressed: “That’s what we’ve seen when FTX and other exchanges collapsed. It’s part of the pump and dump and rug pulls, and all the other ways that customers get cheated.” Emphasizing that both Congress and regulators need to take action, she detailed:

There are a lot of regulatory tools out there already to deal with that. We need regulators to use those tools, and Congress needs to make sure that those regulators have the resources they need to be an effective cop on the beat.

SEC Chair Gensler has often said that the securities regulator “will serve as the cop of the beat” and bring enforcement actions against uncompliant crypto firms. Senator Warren has been pushing for the SEC to impose tougher rules on the crypto sector and use its full authority to regulate crypto trading.

Warren has long been a crypto skeptic. She has warned about “a run on crypto” that may need a federal bailout and has repeatedly raised concerns about the environmental impact of bitcoin mining. She wants Congress and the Treasury to urgently adopt a policy to mitigate crypto risks. Following the collapse of crypto exchange FTX, she also urged Fidelity Investments to stop offering bitcoin as an option in 401(k) retirement accounts.

What do you think about the statements made by Senator Elizabeth Warren? Let us know in the comments section below.

from Bitcoin News

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’

A new organization has been established in Turkey with the aim to monitor and help develop the country’s crypto sector, local media reported. Its first task will be to address recent problems with some cryptocurrency exchanges and boost confidence in the industry as a whole.

New Entity to Deal With Issues in the Crypto Space in Turkey, Hopes to Increase Transparency

People trading cryptocurrencies in Turkey have been estimated at over 8 million as of 2022, according to Emrah Inanc, head of the Crypto Industry Development, Monitoring and Reporting Association. The country is in the world’s top five in terms of crypto investments, he highlighted.

Speaking to the Anadolu Agency, the top executive of the newly-founded organization also emphasized that transparency is crucial for the development of the crypto sector. That’s why it will first focus efforts on solving problems with crypto exchanges and improve confidence in the industry.

Inanc pointed out that a number of exchanges from the Far East have been trying to attract Turkish customers. On this backdrop, he noted that the lack of rules and regulatory authority has led to “inconvenient results,” and acknowledged some of the challenges in relations with the public sector:

We are faced with allegations that some exchanges have blocked customer accounts illegally for financing terrorism and money laundering.

Emrah Inanc also indicated that the association is ready to periodically and transparently share information about the shortcomings it’s identifying with all relevant institutions. He also warned traders about dealings with offshore exchange platforms.

“In order to prevent these illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges … that cause unlawful transactions, cause victimization, and threaten our citizens and the country’s economy,” Inanc elaborated. He also urged both individuals and organizations to send requests, suggestions, and complaints to the group by filling out a form posted on its website.

With the popularity of cryptocurrencies growing amid high inflation, Turkey has become an attractive market for crypto exchanges in the past few years. Turkish traders were also affected by a few failures in the sector, including that of FTX which filed for bankruptcy in mid-November. Turkey’s financial watchdog launched a probe into the collapse of the major exchange as it had a Turkish platform.

Several domestic exchanges have also shut down, such as Thodex, whose founders and top executives were accused of committing fraud and money laundering as part of a suspected exit scam. Vebitcoin was investigated when it ceased activities after the country’s central bank banned crypto payments, and Coinzo closed down as well.

Do you think the new crypto association will help the development of the crypto industry in Turkey? Tell us in the comments section below.

from Bitcoin News

Elon Musk Reaffirms Offer to Eat Happy Meal on TV if McDonald’s Accepts Dogecoin

Tesla and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on TV if the fast food chain accepts the meme cryptocurrency dogecoin (DOGE). Musk originally made the offer a year ago but McDonald’s responded with a counteroffer at the time.

Elon Musk, McDonald’s, and Dogecoin Payments

Tesla, Spacex, and Twitter CEO Elon Musk has reaffirmed his commitment to eat a McDonald’s Happy Meal on Television if the fast food giant starts accepting payments in dogecoin (DOGE).

It has been a year since the billionaire tweeted his offer on Jan. 25, 2022. However, McDonald’s did not accept his offer at the time. “Only if Tesla accepts grimacecoin,” the Twitter account for the fast food corporation replied to him. Grimace is a fluffy, purple character who tags along with Ronald McDonald in McDonaldland commercials.

The subject came up again this week when Twitter user Dogedesigner asked Musk on Thursday whether his offer is still open. The Tesla boss replied with the 100 emoji, indicating that he still stands by his offer.

Following the interaction between the McDonald’s Twitter account and Musk in January last year, grimacecoin (GRIMACE), a crypto token that has nothing to do with either McDonald’s or Musk, was launched. At the time of writing, each grimacecoin is trading at $0.5879.

Musk, who is known in the meme crypto community as the Dogefather, has long been a supporter of dogecoin. His electric car company, Tesla, currently accepts DOGE for some merchandise, and Musk has said that Spacex will follow suit. Moreover, his Boring Company accepts DOGE payments for some rides.

The billionaire previously revealed that he personally owns bitcoin, ether, and dogecoin. He said in June last year that he will keep buying and supporting DOGE. In July, he confirmed that Tesla has not sold any DOGE, and in November, he said: “Dogecoin to the Moon.”

What do you think about Elon Musk offering to eat a McDonald’s Happy Meal on TV if the fast food chain accepts dogecoin? Let us know in the comments section below.

from Bitcoin News

Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that we are in a global recession. Warning of soaring bankruptcies, unemployment, and homelessness, he noted that there is good news for investors looking for “bargains.”

Robert Kiyosaki’s Latest Warnings

The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the U.S. economy and global recession. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Saturday: “Q: What is worse than a great depression? A: a global recession.” He added:

Unfortunately, we are in global recession. Hang on. Rough landing for world. Bad news. Bankruptcy, unemployment, homelessness soar. Retirements toast.

However, the famed author pointed out there is good news for investors, elaborating: “Bargains [are] everywhere. Gold, silver, bitcoin priceless.”

In July last year, Kiyosaki cautioned that inflation may lead to greater depression, noting that real estate is crashing and layoffs are starting. He also warned about hyperinflation and depression in April, predicting that the U.S. dollar is about to implode. In May, he reiterated: “Bad news. Depression coming.”

The Rich Dad Poor Dad author is not the only one concerned about a global recession. In September last year, the World Bank said the risk of a global recession in 2023 is rising as central banks worldwide simultaneously hike interest rates in response to inflation. In addition, the International Monetary Fund (IMF) has warned of a tough year ahead for the world economy.

Kiyosaki has regularly warned about the state of the U.S. economy while recommending investors buy gold, silver, and bitcoin. He often said that he does not trust the Biden Administration, the Treasury, the Federal Reserve, and Wall Street. He stressed that the Fed and the Treasury are destroying the U.S. dollar.

He tweeted on Jan. 14 that bitcoin, gold, silver, and oil are moving up in price, noting: “Good news for those that know inflation is permanent … now systemic … not transitory. Bad news for the uninformed, poor, middle class … anyone who believes Biden cares about them and their families.”

The famous author said in December that bitcoin investors will get richer when the Federal Reserve pivots and prints trillions of dollars. He explained in November that he is a bitcoin investor, not a trader, so he gets excited when the price of BTC plunges. In September, he urged investors to get into crypto now before the biggest economic crash in the world happens.

What do you think about the latest warnings by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

from Bitcoin News

Sao Paolo Introduces Blockchain in Data Access Law

The Brazilian city of Sao Paolo has introduced the concept of blockchain in its municipal data access and transparency law. The concept of blockchain is defined as a technology that can be of use in this field, but the city has not defined the structures or the implementation for its use in the future.

Sao Paolo Law Introduces Concept of Blockchain

Little by little, more use cases of blockchain, part of the technology behind cryptocurrency, are being embraced by institutions all over the world. The city of Sao Paolo has included the concept of blockchain in its recently passed municipal data and transparency law as a tech that can be used to help the state complete its tasks.

In the legislation, blockchain is defined as an immutable ledger that can record transactions and track assets using a computer network. While the tech is cited as a useful tool, the law fails to define in which ways it can be harnessed to make data access and transparency-related tasks more efficient.

This has led some experts to believe that the inclusion of this definition in the law is just accidental, as the document fails to indicate any implementation methods. On this, Marcelo Castro, a lawyer for Machado Meyer, told O’Globo:

Institutions are recognizing blockchain as beneficial in the economy, however, there is no specific command saying how the technology will be used within a schedule, and this brings an enormous risk of going astray in a dead letter of law.

Incoming Innovation

However, legislators behind the document defended the approach they took to include new technologies in the law. Maria De Carli, the author of the regulation, defended the generic way in which the law mentions blockchain. De Carli told local sources that the law should not give strict use cases for the tech, as these must be discussed with the municipal executive branch.

De Carli mentioned several uses for blockchain tech in the scope of the law, such as aiding in the detection of cases of corruption and ensuring compliance for public servers, as the technology allows for a public view of each transaction.

At a national level, other initiatives of this kind are also in motion. In May, the Brazilian Development Bank launched the Brazilian Blockchain network, a blockchain project that aims to serve as a base for other public institutions to build their decentralized apps to increase the transparency of public function.

What do you think about the inclusion of blockchain in the data access law of Sao Paolo? Tell us in the comments section below.

from Bitcoin News

SEC Commissioner Calls for ‘Consistent Legal Framework’ for All Asset Classes, Including Crypto

A commissioner with the U.S. Securities and Exchange Commission (SEC) has called for “a coherent and consistent legal framework that works across all asset classes,” including crypto assets. She warned that the SEC’s current enforcement-centric approach would take 400 years to go through all the crypto tokens that are allegedly securities.

SEC’s Commissioner on Crypto Regulation

A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about crypto regulation in her speech at the “Digital Assets at Duke” conference on Jan. 20.

Noting that the securities regulator has “pursued registration violations in a seemingly random fashion, often years after the original offering,” the commissioner stressed:

We must develop a coherent and consistent legal framework that works across all asset classes. Our imprecise application of the law has created arbitrary and destructive results for crypto projects and purchasers.

“When we insist on applying the securities laws in this manner, secondary purchasers of the token often are left holding a bag of tokens that they cannot trade or use because the SEC requires special handling consistent with the securities laws,” Peirce warned. “Many of these requirements are enforced under a strict liability standard, so clarity is essential.”

The commissioner continued, “Why not set forth a coherent legal framework in a rule?” elaborating:

After all, if we continued with our regulation-by-enforcement approach at our current pace, we would approach 400 years before we got through the tokens that are allegedly securities.

“By contrast, an SEC rule would have universal—albeit not retroactive—coverage as soon as it took effect,” she noted.

Commissioner Peirce further explained: “A rational framework should facilitate the compliance of good faith crypto actors with our securities laws, which would free the SEC to focus more of its resources on the bad faith actors.”

However, she cautioned:

Crypto regulation is not easy to do well. If crypto institutions are treated like regular depository institutions, requiring heavy layers of capital and lots of legal staffing, crypto innovation is likely to dwindle.

This was not the first time Commissioner Peirce has raised concerns about the way the SEC has been regulating the crypto sector. She has repeatedly criticized the securities watchdog for taking an enforcement-centric approach to regulating the crypto space. She also believes that the regulator should have already approved a spot bitcoin exchange-traded fund (ETF). In May last year, she warned that the SEC has dropped the ball on crypto oversight, stating: “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure.”

Commissioner Peirce is not the only one who is concerned about the SEC’s enforcement-centric approach. U.S. Congressman Tom Emmer (R-MN), for example, has repeatedly criticized SEC Chairman Gary Gensler. “Under Chair Gensler, the SEC has become a power-hungry regulator,” the lawmaker said in July last year.

Do you agree with SEC Commissioner Hester Peirce? Let us know in the comments section below.

from Bitcoin News

Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year

Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the global investment bank’s list as the asset with the highest risk-adjusted return — above gold, real estate, the S&P 500, and the Nasdaq 100.

Bitcoin Outshines Other Investments on Goldman’s Chart

Global investment bank Goldman Sachs has reportedly ranked bitcoin the best-performing asset year-to-date (YTD). The Twitter account Documenting Bitcoin tweeted earlier this week:

Bitcoin is the best performing asset in the world this year, according to latest data by Goldman Sachs.

The tweet includes a market performance chart by Goldman Sachs showing the top 25 markets’ total returns as well as their year-to-date risk-adjusted returns.

Bitcoin tops the total return list at 27%, followed by MSCI Emerging Markets Index at 8%. BTC also tops Goldman Sachs’ risk-adjusted return list, with a Sharpe Ratio of 3.1. The price of bitcoin has risen since the firm published its chart. At the time of writing, BTC is trading at $23,130, up more than 39% so far this year.

Gold, which many people have compared bitcoin to as a store of value and a hedge against inflation, ranked several places below BTC on both the total and the risk-adjusted return lists. The metal has a total return of 6% year-to-date and a Sharpe Ratio of 2, according to Goldman’s chart. A higher Sharpe Ratio indicates that the investment has yielded higher returns for a given level of risk.

However, Goldman Sachs said in December last year that gold is a better “portfolio diversifier” than BTC since it is likely to be less influenced by tighter financial conditions. Furthermore, the bank’s analysts believe that gold has developed non-speculative use cases while bitcoin is still looking for one.

Goldman Sachs has been in the crypto space for several years. The firm formally established a cryptocurrency trading desk in May 2021. In January last year, the investment bank predicted that BTC could reach $100,000 as the crypto continues to take gold’s market share. Last year, Goldman Sachs executed its first OTC crypto transaction, offered its first bitcoin-backed loan, and launched a data service to help investors analyze crypto markets.

Do you think bitcoin will continue to be the best-performing asset this year? Let us know in the comments section below.

from Bitcoin News

Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange

PRESS RELEASE. LBank Exchange, a global digital asset trading platform, has listed Global Digital Cluster Coin (GDCC) on January 27, 2023. For all users of LBank Exchange, the GDCC/USDT trading pair is now officially available for trading.

With its new-age protocol and peer-to-peer network, Global Digital Cluster Coin (GDCC) restructures the concept of money and assets with cutting-edge technologies that have the potential to transform various industries and allow people to adapt crypto assets. Its native token GDCC will be listed on LBank Exchange at 8:00 UTC on January 27, 2023, to further expand its global reach and help it achieve its vision.

Introducing Global Digital Cluster Coin

Global Digital Cluster Coin (GDCC) is a new-age protocol that caters to web3.0 services and community-driven technology, allowing users to build their dApps and serving as a hub for digital assets, international payments, and applications. Because the protocol is open to all, anyone in the world with an internet connection can access the system at any time.

As a peer-to-peer network that allows users to conduct transactions directly with the person in question, GDCC eliminates the need for intermediaries. Because no entity or institution controls it, no one can impose restrictions on the process of receiving payments or using on-chain services.

On Global Digital Cluster Coin, blockchain developers can create a wide range of applications, including decentralized applications and wallets. Utility applications have unlimited privileges because the network allows them to deploy and execute smart contracts.

Global Digital Cluster Coin will also launch its own decentralized exchange, to provide direct custody of funds to users. Hopium, GDCC’s decentralized exchange, will provide a seamless and hassle-free crypto trading experience to its community as a protocol developed by the community for the community. Because of the non-custodial nature, users will be fully responsible for all of their funds/transactions, and the platform will not interfere at any cost.

The platform uses the Automated Market Maker model, which is made up of self-executed protocols capable of managing the liquidity pool on its own. These pools will be supported by liquidity providers, who will provide the tokens used to create the pairs. These liquidity providers will be compensated with “liquidity tokens” based on their contribution to the liquidity pool. These liquidity tokens can also be redeemed for the underlying shares.

The GDCC’s Muzella platform, as a creator-centric marketplace, provides wonderful opportunities for creators by acknowledging their masterpieces. Users will be able to mint NFTs, and the marketplace gives users immutable ownership rights to the NFTs they hold. The platform also enables users to trade NFTs instantly, ensuring a high level of liquidity for holders. The marketplace will have an exclusive collection of rare and branded NFTs that will add unique value to the portfolio of the holder. In addition, users can connect to different blockchain networks with the help of cross-chain functionality.

Last but not least, as a compatible network, GDCC enables users to create tokens. To create their own token, issuers must provide a token name, total token supply, the exchange rate to GDCC, market cap, circulation duration, description, website, frozen token quantity, and so on. The GDCC-20 standard is the technical standard for smart contracts that generate tokens that are compatible with the GDCC virtual machine. This standard is compatible with the GDCC-20 token standard used by GDCC.

 

About GDCC Token

Global Digital Cluster Coin (GDCC) is a blockchain-powered platform with its own cryptocurrency, GDCC. This distributed ledger technology makes the platform secure, transparent, and immutable, allowing GDCC to accumulate value.

GDCC has a maximum supply of 7 million (i.e. 7,000,000), total supply of 1.9 million (i.e. 1,900,000) tokens. 50 % of GDCC Miner fee is distributed to Locked staking holders and 50% will be for the development of the ecosystem Pool. From Ecosystem Development Pool up to 10 % will be burnt when the total supply reaches 1.2 million (I.e. 1,200,000) GDCC. It will be the First Blockchain to be managed by the public with no individual entity, company or group holding any coins. This will undoubtedly make GDCC Deflationary.

GDCC token has been listed on LBank Exchange at 8:00 UTC on January 27, 2023, investors who are interested in the Global Digital Cluster Coin investment can easily buy and sell GDCC token on LBank Exchange now. The listing of GDCC token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

Learn More about GDCC Token:

Official Website: https://www.gdccoin.io/

Explorer: https://www.gdccscan.io

Telegram: https://t.me/GDCC_official

Twitter: https://twitter.com/cluster_coin

 

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.

Start Trading Now: lbank.com

Community & Social Media:

l Telegram

l Twitter

l Facebook

l LinkedIn

l Instagram

l YouTube

 

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

[email protected]

[email protected]

 

---

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

California DMV Is Putting Its Titles on the Blockchain

The Department of Motor Vehicles (DMV) in California is running a project to digitize all of its titles and put them on a blockchain. The project, which will use the Tezos blockchain and has the assistance of Oxhead Alpha, a crypto dev company, aims to allow users to transfer titles as NFTs in the future.

Innovation Comes to the DMV in California

The Department of Motor Vehicles (DMV) in California is working to bring innovation to its tasks by decentralizing its functions. The institution is currently in the process of moving all of its registered titles to the blockchain, according to Ajay Gupta, the chief digital officer of the DMV in the state.

The project, which started back in 2020 and stopped progress due to the pandemic, will produce a “shadow ledger” of all of the vehicle titles in the state, to modernize its registry and operations. The new system will be established on top of the Tezos blockchain and will be built in partnership with Oxhead Alpha, a cryptocurrency development company.

The system will be managed by the DMV in a privately managed instance of the Tezos blockchain, which is already running with nodes validating operations, Fortune Crypto reports.

Title Transfers on the Blockchain

The DMV of California hopes to finalize the setup of the system in the next three months and start building apps that offer various functionalities for customers.

One of the touted benefits of having a digitized, persistent registry is that vehicles sold as lemons, meaning they were sold with significant defects, will remain registered as such, protecting future buyers. This was not possible with the current system, which allows cars registered in other states to be sold without this designation.

Another application of this system would be to link it with similar systems from other states to build a global registry of cars in the country, but this would depend on how interested other areas might be in implementing a blockchain system.

One of the most significant applications projected is to allow customers to transfer titles as non-fungible tokens (NFTs) using a consumer app managed by the DMV, given that the users comply with all of the requirements to do so. This kind of functionality is on the horizon, per Gupta’s statements. However, he did not give a time frame for the launch of this feature.

What do you think about the implementation of blockchain tech by the DMV of California? Tell us in the comments section below.

from Bitcoin News

Fortune Unicorn Club (FUC), the First DIY-Mint Method NFT Project, Has Won 2 Million in Funding in the ForChain Labs’ Seed Round

PRESS RELEASE. ForChain Labs was founded in April 2022 as a web 3 startup company. Meanwhile, the NFT project, Fortune Unicorn Club, was being developed. ForChain Labs has raised 2 million funds in its seed round and will use the funds to develop and operate Fortune Unicorn Club (FUC), the first NFT project to utilize DIY-minting.

As reported, ForChain Labs currently manages investments in four major segments: industrial, technology, finance, and web 2, with 198 portfolio companies and $9.3 billion in assets. As a result, the venture capital sector is actively exploring opportunities in the Web 3 market, and ForChain Labs has become one of the VC’s first companies to be backed by a Web 3 company. Due to confidentiality agreements, we cannot disclose more information about the venture capital firm at this time.

Fortune Unicorn Club (FUC) allows people to select traits during their mint. It offers 500+ high-quality 3D traits for people to assemble their FUC avatar, so the minter is the one to decide what the metadata is and the one to decide what each unique FUC avatar looks like. Thus, the NFT collection is generated by pure human aesthetics rather than generated by a cold random program or AI. ForChain Labs hopes people can put their personalities and stories into each FUC avatar using the DIY-mint method. In addition, it lets each FUC avatar carry an additional sentiment value, making the FUC collection more meaningful.

Furthermore, FUC has built its Create-to-Earn system. Minter (who decides what the unique FUC avatar looks like) will become Avatar Creator and receive 3% royalties on the avatar they created for life. Minters can claim their royalties anytime in FUC Holder Portal. The team aims to lower the threshold of co-creation and encourage people to co-create an NFT collection through this approach.

Metaverse and AR are also parts of FUC’s roadmap. However, the team claims it will never build its metaverse but will keep adapting for more popular metaverses. The team believes there are more proper ways to bring holders value than creating a metaverse. Instead, they will bring holders eternal value by building its compatibility and adapting FUC avatars into increasingly popular metaverses. Soon, holders can get into metaverses with the FUC avatar they created.

More Info:

https://fortuneunicorn.club/

https://twitter.com/FortuneUnicornC

https://discord.gg/joinfuc

 

 

---

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

Coinbase Fined €3.3 Million in Netherlands, Exchange Considers Appeal

The Dutch central bank has imposed a fine on crypto exchange Coinbase for providing services in the past without the necessary registration. The trading platform, which has until March to object to the measure, is currently considering an appeal against the move.

Dutch Monetary Authority Fines Coinbase for Operating Without Registration

De Nederlandsche Bank (DNB) has imposed an administrative fine of €3,325,000 (over $3.6 million) on Coinbase Europe Limited, on Jan. 18, 2023. An announcement explained the penalty with the exchange offering crypto services in the Netherlands in a past period without registering with the central bank.

That, according to the regulator, constitutes non-compliance with Dutch rules as companies that want to provide crypto-related services are required to register with the DNB under the country’s Anti-Money Laundering and Anti-Terrorist Financing Act.

The monetary authority further detailed that the base amount for this category of fines is €2 million while pointing out that the fine in case with Coinbase has been increased “due to the severity and degree of culpability of the non-compliance.”

“In increasing the fine, DNB took into account the fact that Coinbase is one of the largest crypto service providers globally. Moreover, Coinbase has a significant number of customers in the Netherlands that make use of its crypto services,” the bank said and noted the exchange hasn’t paid any supervisory fees.

The Dutch central bank also highlighted that Coinbase operated without registration for a prolonged period of time, between mid-November, 2020 and late August, 2022, emphasizing it considers that a severe non-compliance.

However, the DNB also reduced the fine by 5% as it said Coinbase had always intended to obtain registration in the Netherlands, which it did on Sept. 22, last year. The registration requirement for crypto service providers was introduced in May, 2020.

The lack of registration meant that the global exchange was unable to report unusual transactions to the Dutch Financial Intelligence Unit during the said period and these transfers may have gone unnoticed by the investigative authorities, the bank insisted.

Coinbase will be able to object to the fine until March 2, 2023. The exchange was quoted by Reuters as stating it disagreed with the decision of the DNB, which it said “includes no criticism of our actual services.” The crypto company is now considering an appeal.

In July 2022, De Nederlandsche Bank imposed an identical measure against Binance. The world’s largest crypto exchange was also fined the same amount in euros for offering crypto services in the Netherlands without the required registration.

Do you think the Dutch central bank will fine other crypto service providers? Tell us in the comments section below.

from Bitcoin News

Financial Advisors See Strong Interest in Crypto — 90% Receive Inquiries About Crypto Investing, Survey Shows

A new survey shows that interest in cryptocurrency remains strong among financial advisors’ clients. “Despite market performance, the most common question was: ‘Should I consider an investment in crypto?'” the survey results reveal.

Financial Advisors Bullish About Crypto Long Term

Crypto asset manager Bitwise Asset Management published a report titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” on Tuesday. This is Bitwise’s fifth annual study conducted in collaboration with Vettafi, an exchange-traded fund (ETF) platform.

The survey was conducted between Nov. 25, 2022, and Jan. 6, 2023, with the participation of 491 financial advisors, including independent registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives from across the U.S. According to the survey findings:

Despite the sharp market correction of 2022, financial advisors remain highly engaged in crypto markets, with 15% allocating in client accounts and 90% receiving inbound questions from clients about the space.

“The survey is a reminder that crypto is one of the best business development opportunities in the financial advisor market,” said Bitwise’s chief investment officer, Matt Hougan.

The majority of respondents are bullish about bitcoin in the long term but bearish this year, with 63% expecting BTC to fall in 2023 while 60% believe it will be higher in five years. “While advisors’ interest in bitcoin (41%) was roughly twice that of ethereum (20%), their bullishness toward the two largest crypto assets was almost evenly split,” Bitwise described, adding that 53% favored BTC while 47% preferred ETH.

Reiterating that client interest in crypto “remains strong” as 90% of financial advisors “received a question about crypto from clients last year,” the report details:

Despite market performance, the most common question was: ‘Should I consider an investment in crypto?’

“Despite market volatility, 78% of advisors who currently have an allocation in client accounts plan to either maintain or increase that exposure in 2023,” the survey additionally found. Among respondents, 59% said “some” or “all” of their clients were investing in crypto on their own.

Moreover, “crypto equity ETFs” were financial advisors’ top crypto investment choice for 2023. The U.S. Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs but has yet to approve a spot bitcoin ETF.

Vettafi’s head of research, Todd Rosenbluth, commented:

Advisors and their end clients continue to want to learn more about crypto investments despite the volatility incurred in 2022. For those with a long-term focus, interest remains high.

What do you think about this survey? Let us know in the comments section below.

from Bitcoin News

Arizona Senator Launches Bill to Make Bitcoin Legal Tender

A senator in the U.S. state of Arizona has introduced a set of cryptocurrency bills, one of which seeks to make bitcoin legal tender. “Centralized digital money controlled by the central bankers is slavery. Decentralized bitcoin is freedom,” the lawmaker said.

Arizona Lawmaker Wants to Make Bitcoin Legal Tender

Arizona State Senator Wendy Rogers has introduced several crypto-related bills, including one to make bitcoin legal tender in her state.

“Launched my crypto bills today,” Rogers tweeted Tuesday. The bills are co-sponsored by her state senate Republican colleagues Jeff Weninger and J.D. Mesnard.

One of the bills proposes making bitcoin legal tender. The legislation defines the cryptocurrency as “the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the bitcoin blockchain and new units of currency are generated by the computational solution of mathematical problems and that operates independently of a central bank.”

Another bill proposes allowing state agencies to enter “into an agreement with a cryptocurrency issuer to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, and special assessments to pay any amount due to that agency or this state.”

Rogers introduced a similar bill to make bitcoin legal tender in Arizona last year but it was quickly shot down. She tweeted last April:

Centralized digital money controlled by the central bankers is slavery. Decentralized bitcoin is freedom.

In September 2021, El Salvador became the first country to adopt bitcoin as legal tender alongside the U.S. dollar. Since then, the country, led by the pro-bitcoin president Nayib Bukele, has purchased thousands of BTC for its treasury. Last November, Bukele announced that El Salvador is buying bitcoin every day.

Do you think bitcoin will become legal tender in the U.S.? Let us know in the comments section below.

from Bitcoin News

Russia Mulls Gold-backed Stablecoin, Lawmaker Confirms After Iran Visit

Russia may issue a stablecoin backed by gold to use in international settlements, a high-ranking member of the Russian parliament has admitted. The matter has been discussed during a recent visit to Iran where officials have also signaled interest in such an initiative.

Iran and Russia Talk Stablecoin Payments for Bilateral Trade Settlements

The Russian Federation is considering the creation of a stablecoin backed by gold that can be employed for cross-border settlements, including with Iran, the chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told the Parlamentskaya Gazeta newspaper.

“We discussed the issuance of stablecoins, digital financial assets (DFAs) backed by certain valuables. For example, I spoke about gold, gold bars, refineries can provide them, or centers where gold is stored, and DFAs are issued against these reserves,” the lawmaker explained after a visit by a Russian delegation to the Islamic Republic.

Such a stablecoin can then be used as a means of payment, in mutual settlements between Russia and Iran for example, Aksakov elaborated, also quoted by the Interfax news agency. He added that the proposal has been received with interest from the Iranian side.

The high-ranking member of the State Duma further noted that Iran has a large debt for goods supplied by Russia. At the same time, the Iranian currency, the rial, fluctuates significantly and has two exchange rates to the U.S. dollar — the official, approved by the Central Bank of Iran, and the market rate — which is inconvenient in terms of calculations for Russian exports.

News that Tehran and Moscow are discussing the possible launch of a digital currency backed by gold came out earlier in January when the head of the Russian crypto industry association told the business daily Vedomosti that Iran’s central bank is mulling over developing one with Russian participation. The token would be used to facilitate trade in the Persian region, the executive revealed.

Gold-Backed Russian Digital Currency First Proposed in 2019

The idea to issue a Russian gold-backed stablecoin was initially circulated in May 2019, during a meeting at the State Duma joined by the governor of the Bank of Russia, Elvira Nabiullina. At the time, the member of the house Vladimir Gutenev suggested that the central bank should initiate talks on the matter with the other BRICS countries and insisted:

Gold is the least vulnerable asset. We could probably find understanding in China, India, and Brazil.

“But these are rather not cryptocurrencies, maybe so-called stablecoins,” remarked Anatoly Aksakov, while Nabiullina indicated that the monetary authority is open to a stablecoin backed by a real asset. A proposal for a ‘golden ruble’ stablecoin was also featured in a report by the VEB.RF Institute for Research and Expertise released in the summer of 2022.

Pressed by Western sanctions, Russia and Iran have been also exploring options to use decentralized cryptocurrencies to circumvent restrictions in foreign trade. In August, last year, Iran placed its first official import order using crypto while Russia is taking steps to legalize cross-border crypto payments. A digital ruble and a crypto rial that are not backed by gold are also under development.

Do you think Russia will issue a stablecoin backed by gold in the near future? Share your expectations in the comments section below.

from Bitcoin News

PAYB․IO Makes Shopping Easier for Cryptocurrency Holders and Significantly Saves Their Time

PRESS RELEASE. (London, United Kingdom) – The operator of cryptocurrency purchases on the e-commerce market, PAYB.IO improves and expands its international operations.

Their innovative solution allows cryptocurrency holders from around the world to use a multi shopping cart to place orders in multiple online stores simultaneously, saving time and streamlining the shopping process.

With PAYB.IO and its new multi-basket, users in one transaction can place an order in up to 10 different stores in various countries and pay for them all with just one cryptocurrency transaction. This eliminates the need for multiple logins and payment transactions in different FIAT currencies. Such a unique solution, pioneered by PAYB.IO, makes shopping substantially easier and saves users’ time.

Save with PAYB.IO

The company is open to cooperation with projects that have their own token, enabling clients or team members to pay with them in online stores. Furthermore, PAYB.IO establishes partnerships to offer additional discounts for cryptocurrency holders. For more information on these deals, follow PAYB.IO on social media.

About PAYB.IO

PAYB.IO is a European company that supports purchases in online stores that do not accept cryptocurrency payments. The platform also offers a growing list of supported cryptocurrencies and constantly expands to include more tokens.

In addition to its secure and licensed payment system, PAYB.IO has gained the trust of its users by handling both large and small purchases.

For more information on PAYB.IO and its services, visit their website and watch their explanatory video.

Social Media & Contact:

Website | Twitter | Telegram | YouTube | Facebook | [email protected]

 

---

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