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Russian Crypto Policy Undermines Anti-Sanctions Efforts, Says Lawmaker 📣
➡️ A leading lawmaker has sounded the alarm, claiming that insufficient regulation in the Russian crypto space is dealing a blow to Moscow's fight against Western economic sanctions.
🗣 Andrei Lugovoy, the First Deputy Chairman of the State Duma’s Committee on Security and Anti-Corruption, didn't mince words, describing Russian crypto policy as ranging from "bad to disgusting."
🔍 Speaking at a forum focused on digital assets, Lugovoy's critique of the government's inaction on regulation was one of the most "striking" assessments made by speakers.
💼 The lawmaker expressed concern that without clear rules, the lack of oversight in Russia's cryptocurrency sector is inadvertently aiding the West's sanctions strategy. He warned that this undermines the very anti-sanctions policies put forth by Moscow.
🤝 Lugovoy also took aim at the government working groups responsible for shaping crypto regulations, suggesting that their efforts have fallen short thus far.
Monei Takes Off with EURM Stablecoin Pilot in Spain! 🚀
✔️ Fintech frontrunner Monei is making waves in Spain's financial landscape as it joins forces with major institutions to test the waters of digital currency.
📢 In a groundbreaking move, the company has garnered the support of the Bank of Spain's Financial Sandbox, signaling a green light for its EURM stablecoin trials.
👀 With a keen eye on regulatory compliance, these initial tests are being conducted with utmost care, ensuring a smooth transition towards a more digitized payment ecosystem.
🌐 Participants in this limited trial phase can now deposit up to 10 Euros via Bizum, enjoying the freedom to send and receive assets backed by the Euro within the platform's secure network.
💼 But it doesn't stop there! Monei's feature-rich platform offers lightning-fast transactions in mere milliseconds, empowering users with seamless financial interactions.
💰 Moreover, this innovative fintech solution allows for flexible payment structures, enabling monthly disbursements to be conveniently split into smaller fragments and salary payments tailored to individual preferences.
BitPanda Bids Farewell to Dutch Users: EU Regulations Take Their Toll 🔔
👋 In a surprising turn of events, the Netherlands is bidding adieu to BitPanda. The crypto exchange, known for its user-friendly interface and wide range of digital assets, has decided to cease operations in the country.
⚡️ BitPanda's recent email to its Dutch users speaks volumes about their commitment to compliance. With the ever-evolving regulatory landscape, the company has made the tough call to part ways with its Dutch clientele.
⏰ If you're a BitPanda user in the Netherlands, mark your calendars! You have until January 31st to make those last-minute trades. And don't forget, February 26th is the final day to bid farewell to your beloved assets on the platform.
❓ While this news might leave some scratching their heads, BitPanda hasn't provided any further insights into their decision. It seems that the winds of change blowing through the crypto world have reached even this popular exchange.
🌍 This isn't the first time we've seen such an exit in the Netherlands. The introduction of MiCA by the EU back in June 2023 has caused quite a stir, leading other major players like Binance to close shop as well. It's clear that these new regulations are reshaping the crypto landscape across Europe.
Algorand Foundation CEO's Account Hacked: Offensive Posts and Satire Shake Community ♾
➡️ In a shocking turn of events, Algorand Foundation CEO Staci Warden's X account has fallen victim to a cyber attack. The hacker didn't hold back, posting offensive content that left the Algorand community reeling.
📌 The compromised account stooped to a new low, using a racial slur to demean the community and urging them to ditch ALGO for Ether (ETH). But this wasn't all; the hacker had a flair for satire too!
⚠️ With a touch of sarcasm, the attacker spun a fictional tale of an agreement with Tron's Justin Sun, claiming it gave Sun "total control" over Algorand. They even joked about pegging Algorand to "VERY REAL USD" – talk about digital commerce dreams!
⚠️ The Algorand Foundation is on high alert, warning everyone not to fall for any tricks from Staci Warden's compromised X account. But as the hacker continued their antics, reactions within the community varied from amusement to criticism.
🚨 Perp DEX $FXDX is about to rip 70% 🚨
📈 $FXDX made a nice round bottom as most other DeFi microcaps got decimated. This should tell you what’s coming - as soon as $BTC stabilizes, $FXDX will rip up.
🔥 Expect it to flip those 3 resistance levels one by one & go above $0.032 - that’s a 71% profit. 💵💵
🚀 Decentralized perpetual futures will be one of the hottest narratives in the 2024-2025 bull run.
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EU Tightens Crypto Regulations with Provisional AML Agreement ‼️
✅ The European Union has provisionally agreed on new anti-money laundering (AML) regulations specifically targeting the crypto sector.
📌 According to a press release published by the European Council, the provisional agreement reached by Council and the Parliament focuses on enhancing measures to safeguard both EU citizens and its financial system from money laundering and terrorist financing activities.
➡️ The new AML regulations extend to “most of the crypto sector,” requiring all crypto asset service providers (CASPs) to conduct due diligence on their customers. This includes verifying facts and information about their customers and reporting any suspicious activity.
💬 “According to the agreement, CASPs will need to apply customer due diligence measures when carrying out transactions amounting to €1000 or more,” said the Council. “It adds measures to mitigate risks in relation to transactions with self-hosted wallets.”
📌 The agreed measures include enhanced due diligence requirements specifically for crypto-asset service providers involved in cross-border correspondent relationships. This is a targeted effort to strengthen oversight and increase the security of international crypto transactions.
💬 “Credit and financial institutions will undertake enhanced due diligence measures when business relationships with very wealthy (high net-worth) individuals involve the handling of a large amount of assets,” said the Council.
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Domestic Exchanges Account for 99.7% of Brazilian Cross-border Crypto Trades 📣
➡️ Exchanges that buy coins overseas to sell on the domestic market account for most of Brazil’s cross-border crypto trade, a Central Bank report has found.
👌 The findings were published in an official post from the bank’s data analysis team. The authors reported that trading platforms dominate the nation’s coin-buying activities.
🟢 And the authors noted that from 2020 to 2022, “the share of international transactions carried out by Brazilian residents (individuals) in the [crypto trade space was only 0.3%.” As such, they added:
💬 “The share of domestic financial and non-financial companies therefore represented 99.7% [of cross-border crypto trading volume].”
⚠️ The authors also noted that the cross-border “flow” of cryptoassets has “grown significantly in recent years” in Brazil. They wrote:
💬 “Transactions between Brazilian residents and non-residents – almost exclusively imports – went from an insignificant level in 2017 to $7 billion in 2022.”
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Ethereum Foundation Announces Devcon 7 Conference in Bangkok, Thailand, November 12-15, 2024 📣
🟥 The Ethereum Foundation has announced that Devcon 7, the Ethereum developer conference, will be hosted in Bangkok, Thailand, from November 12 to 15, 2024. The decision reflects an expansion of the event’s vision, with a focus on embracing the entire Southeast Asia region as the stage for the community gathering.
➡️ The Ethereum Foundation expressed its excitement about the potential and rapid growth of the Ethereum community in Southeast Asia. The decision to schedule Devcon 7 for 2024 allows for a more significant impact on regional Ethereum communities. The Foundation aims to engage more deeply with local communities, providing support and empowerment in a meaningful way.
♾ According to the announcement, Devcon 7 will be a more inclusive and regionally focused event, and to reflect this vision, it will be called “Devcon Southeast Asia” rather than being named after the host city. The event is expected to resonate across Southeast Asia, showcasing the vibrant Ethereum community in the region.
➡️ The choice of Bangkok, Thailand, as the host city aligns with the region’s significant potential and rapid growth in cryptocurrency adoption. The Ethereum community in countries like Vietnam, the Philippines, Indonesia, and Thailand ranks highly in the Global Crypto Adoption Index, underscoring the pivotal role of Southeast Asia in the global Ethereum landscape.
⚡️ The decision to focus on Southeast Asia is driven not only by the region’s significant potential and rapid cryptocurrency adoption but also by its diverse cultures, rich histories, and vibrant communities.
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People’s Bank of China Stresses on Global Regulation for Crypto and DeFi Markets ⏺
🔴 China’s central bank has called on global financial authorities to regulate the digital asset and decentralized finance (DeFi) markets in its recent financial stability report.
📣 The People’s Bank of China released a report on Dec 22 highlighting a regulatory pathway for local and international financial watchdogs to roll out new rules, and policies in a bid to protect investors and all stakeholders in the market.
➡️ According to the report, virtual assets account for 1% of the world’s entire financial market with a limited relationship with traditional finance, analysts wrote while seeking a global approach to stability.
👉 However, several commentators have opined that traditional finance will get more exposed to digital assets in the coming years as more products become mainstream in finance. A notable example is the tokenization of real-world assets currently spearheaded by large financial institutions deploying blockchains as technical solutions.
➡️ Also, the inflow of institutional investors in the market through wealth managers and digital asset funds is a major sign of a strong future partnership between both players.
Hong Kong Authorities Block Two Crypto Websites Suspected of Fraud 🔔
♾ The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning regarding two crypto firms suspected of engaging in fraud. The watchdog has cautioned the public to be wary of “LonShiX” and “Bitbank (Global) Financial Holding Group,” both allegedly engaging in activities related to virtual assets.
🟢 Earlier this month, Hong Kong SFC had crakced down on two crypto websites suspected of engaging in fraudulent activities.
➡️ LonShiX, operating under false pretenses, claimed a Hong Kong address on its website, misleading potential investors. The entity enticed individuals to open investment accounts by falsely presenting itself as a recognized investment professional endorsed by banks across various social media platforms and instant messaging services.
📣 Similarly, the SFC expressed concern about Bitbank (Global) Financial Holding Group, highlighting its name’s striking similarity to a legitimate Japanese cryptocurrency exchange. Despite this resemblance, the two entities are unrelated. The SFC suspects Bitbank (Global) Financial Holding Group of disseminating false and misleading information online, including claims of possessing an SFC license and purportedly applying for a virtual asset service provider license.
SEC Denies Coinbase Push for Crypto Regulation, Cites Own Priorities 📧
✅ The Securities and Exchange Commission (SEC) rejected a petition by cryptocurrency exchange Coinbase on Friday requesting the creation of tailored regulations for digital assets.
🟢 In a two-page response, the SEC said that after careful consideration, the requested rulemaking was currently unwarranted and the petition by Coinbase was denied. SEC Chair Gary Gensler noted in a statement that the securities regulator already has sufficient authority under current statutes to govern crypto asset securities and police wrongdoing in the nascent industry.
➡️ This denial is a setback for Coinbase, which had formally petitioned the SEC in 2022 to develop specialized crypto regulations, distinct from conventional securities regulations. The exchange argued that shoehorning digital assets into traditional securities law would stifle innovation in the crypto sector. Coinbase then took the SEC to court to compel a response to its rulemaking petition.
🔔 The SEC disagreed with the notion that established securities laws are unworkable for crypto asset securities, however. The regulator said it has already been proposing rules to directly regulate crypto market participants, and its enforcement arm has addressed violations effectively thus far.
Blockstream Completes $5M Series 1 Raise, Set for Acquisition of New ASIC Miners 📌
➡️ Leading Bitcoin timechain technology firm Blockstream has announced the successful completion of its Series 1 Blockstream ASIC (BASIC) Note raise, securing an impressive $5.07 million. A significant portion of this amount is scheduled for the acquisition of ASIC miners. According to Blockstream, $4.87 million would be deployed towards buying new, boxed Antminer S19k Pro ASIC miners, with the remaining funds allocated to cover associated costs.
⚠️ The quoted price for the acquisition has been secured and will be facilitated through Blockstream’s partnership with SunnySide Digital.
🟢 Blockstream noted a 9.25% increase in the price of ASIC miners, given the proportionate appreciation in the value of Bitcoin. This makes the BASIC Note an attractive opportunity for investors.
🟢 The BASIC Note series is a Bitcoin-denominated investment vehicle, enabling investors to capitalize on the potential upside of low ASIC miner prices to generate a Bitcoin-on-Bitcoin return on their investment.
🚀 Revolutionizing Art Monetization: $JAM's Journey Continues!
💰 $20m Funding Secured: Exciting news for the $JAM community! With a successful funding round, the project is ready to amplify its reach. The allocation will fuel strategic initiatives like marketing, enhancing liquidity, and accelerating development. Buckle up for growth!
📱 Mobile App Unveiling Soon: Artists, rejoice! $JAM is taking a leap forward with an upcoming mobile app. This game-changer will empower creators to connect with their fans on the go, fostering a direct and seamless monetization experience. Get ready to unlock new possibilities!
📈 Opportunity Knocks for Bottom Seekers: As the market dynamics shift, $JAM's current price stands at over 90% below its all-time highs. For those eyeing opportunities, this dip could be a potential entry point. Remember, past performance is not indicative of future results – do your research!
🔗 Navigating the Crypto Landscape: $JAM has established its presence across various platforms. From being part of the vibrant decentralized exchange (DEX) ecosystem on SaucerSwap to securing a spot on the renowned centralized exchange (CEX) MEXC, it's building bridges for wider adoption.
📊 Stay Connected, Track Progress: Don't miss out on the latest updates! Follow $JAM on Twitter for real-time insights and engage with the vibrant community. Keep an eye on the charts as you navigate this exciting journey. For more details, visit the official website – where art meets blockchain innovation.
With $JAM paving the way for artists to seize control of their financial destiny, it's time to tune in and witness this groundbreaking fusion of creativity and technology! 🎨💡
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7️⃣ GambleFi Insight: The New Frontier in Crypto!
💵 In the last bull run, savvy investors made fortunes by getting in early on promising projects. Now, the spotlight is on GambleFi - where gaming meets DeFi, creating unprecedented opportunities.
💯 Spotlight on Betix: A rising star in this arena is Betix. They're crafting a unique, no-KYC platform focused on sharing profits with both players and investors. Already drawing in hundreds of players even before its official launch, Betix stands out in the prelaunch phase. It's more than just a crypto casino; it’s an immersive experience where early enthusiasts are actively farming BETX airdrops, promising significant profit-sharing opportunities.
🔔 What's the Buzz About? Betix is soon launching its Seed Sale on Jan 30th on GemPad. What makes BETX, their utility token, stand out? It’s deflationary and integral to Betix Casino, offering a 20% discount from the DEX launch price.
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Solana Blockchain Introduces’ Token Extensions’ Allowing More Programmable Rules for Tokens 📣
➡️ Solana Blockchain has unveiled “token extensions” as part of the Solana Network’s SPL token evolution. Token extensions represent a new standard for SPL tokens, offering enhanced functionalities comparable to Ethereum’s ERC-20 token standard.
♾ In a press release on January 24, the Solana Foundation announced the launch of token extensions, specifically designed “to cater to builders across various industries,” including payments, stablecoins, and real-world assets (RWA).
🟠 The foundation describes token extensions as “the next generation of the SPL Token standard” that “provide the same controls as permissioned blockchain environments,” unlocking new possibilities for businesses, institutions, and developers. These token extensions introduce a variety of use cases, including advanced token interactions, transfer fees for each swapped token, and confidential transfers powered by zero-knowledge proofs. The goal is to provide businesses with tools to transition to on-chain operations while ensuring streamlined security, compliance, and other services within the Solana network.
✅ Solana Labs sees token extensions as a way to leverage the characteristics that make Solana an attractive platform for developers. The company emphasizes Solana’s integrated developer and user experience, highlighting its potential for building diverse applications using token extensions.
Interpol Says The Metaverse is Vital to the Future of Law Enforcement 👌
♾ The metaverse can be wielded as a crucial tool in the hands of law enforcement agencies for training, crime prevention, and forensic analysis according to a new document released by Interpol. The report by the international organization seeks to delve into the possibilities of the metaverse, harnessing the digital world to solve real-world problems around security and law enforcement.
🟢 Interpol looks toward deploying the metaverse as a tool to usher in the future of crime prevention through several methods that involve the digitization of the process. According to the report, virtual worlds will be used to create replicas of real-life crime scenes to aid authorities study and improving their analysis.
➡️ A major benefit of this is the preservation even after the actual crime scene has been altered leading to better investigation as no stone will be left unturned and all possible angles monitored. Future integration of the metaverse into the legal systems in certain jurisdictions would enable judicial officers to visit sites virtually as in the case where they visit physically.
📌 Technologies associated with the metaverse like Extended Reality (XR), Virtual Reality (VR), and Augmented Reality (AR) tools will enhance how authorities deal with complex cases and offer new perspectives. A notable recommendation by Interpol is the digitization of police stations and administrative processes which will see authorities report crimes and offer community support services virtually.
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Circle Reports Surge in Remittances Through USDC Stablecoin in Asia ⚡️
🟢 Circle, a crypto issuer, reported a significant increase in remittances flowing through Asia via its USDC stablecoin. USDC is a cryptocurrency pegged to the value of the U.S. dollar and is backed by liquid cash and cash-equivalent assets. It has settled over $12 trillion in blockchain transactions since its introduction in 2018.
🟢 According to Circle, the Asia-Pacific region makes up almost a third of the value of digital currency worldwide. The report further stated that in 2023, $130 billion worth of USDC flowed into Asia, with the Asia-Pacific region accounting for 29% of all global digital currency value received. This surpasses North America at 19% and Western Europe at 22%.
🔔 These volumes include remittance transfers, with a notable impact in emerging markets like the Philippines, where there is a large diaspora. In the report, Circle highlighted its partnership with Coinsph, an exchange in the Philippines, aiming to capture some of the remittance business, valued at around $36 billion annually.
🟠 Circle highlighted the characteristics of the Asia-Pacific region, describing it as young, mobile-first, and wallet-ready. The report mentioned that nearly half of Asia-Pacific’s 1.8 billion online population is already using a digital wallet. Even among Southeast Asia’s unbanked population, the report suggests that digital wallet penetration could reach 58% by 2025.
Apple Store Removes Binance and Other Global Exchanges’ Apps in India Amid Wider Crackdown 📌
📣 The mobile applications of several global cryptocurrency exchanges, including Binance, Kraken, Mexc, and Kucoin, have disappeared from Apple’s App Store in India.
📌 This move comes within two weeks of these exchanges being flagged for operating “illegally” in the country.
➡️ As reported earlier, the Financial Intelligence Unit (FIU), an Indian government agency responsible for scrutinizing financial transactions, had issued show cause notices to nine crypto firms, alleging non-compliance with India’s anti-money laundering rules.
⚠️ The FIU urged India’s IT Ministry to block the websites of all nine crypto services in the country. The affected exchanges also include Huobi, Gateio, Bittrex, and Bitfinex.
🔔 However, Bitstamp, another exchange named by the FIU, remains operational on the App Store in India. The apps of the affected exchanges are still available on the Google Play Store, and their websites remain accessible in the country. Apple has not provided an immediate response to inquiries regarding this matter.
🟢 The government of India imposed taxes on virtual currencies last year, including a 30% tax on gains and a 1% deduction on each crypto transaction. Many Indian traders have reportedly migrated to global cryptocurrency platforms to potentially evade taxes, leading to a significant drop in trading volume for India-based exchanges like WazirX.
Crypto Firms Across the UK Begin to Roll Out Risk Assesments Ahead of Monday Deadline ⚡️
➡️ A number of cryptocurrency firms operating in the U.K. are rolling risk assessments ahead of new rules set out by the Financial Conduct Authority (FCA) expected to begin on Monday, January 8th.
➡️ So far, key crypto players such as Coinbase, Gemini, and OKX have all implemented their own financial surveys in the hopes of adhering to the new FCA guidelines.
🟥 In part, the questionnaires attempt to gauge investment information regarding the user’s own financial background and the extent to which they understand the risk of volatility when investing in cryptocurrency.
💬 “The assessment is designed to test that you have sufficient knowledge and experience of the specific type of service or crypto assets being promoted, and to ensure you understand the risk,” read a January 2024 statement from OKX. “In line with these new requirements, those unable to complete the questionnaires or demonstrate a grasp of the risks will become ineligible to hold an OKX account.”
➡️ The FCA took stringent action against any potential illicit activity in the crypto industry in 2023, setting forth a sweeping set of rules that banned certain crypto firms from providing certain incentive offerings like refer-a-friend bonuses and mandating “clear, fair and not misleading” across crypto asset firms.
Monex Group Secures Majority Stake in Canada-based 3iQ 📌
🗣 Japan-based Monex Group is set to acquire a majority stake in Canadian crypto asset manager 3iQ.
👉 According to a press release published Thursday, 3iQ will collaborate with Coincheck, a Japanese cryptocurrency exchange acquired by Monex Group back in 2018, to bolster the digital asset offerings focused on institutional investors.
📣 The collaboration will also result in improved liquidity for the 1.8 million customers of Coincheck who are already involved in the cryptocurrency industry.
👌 Frederick T. Pye, chairman and CEO of 3iQ, said the collaboration was a “win-win” that also had the potential to “reshape the industry.”
❕ “This partnership is not just about growth; it’s a thrilling leap towards realizing our dream,” Pye said. “We’ve always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission.”
🔔 Yuko Seimei, CEO of Monex Group, expressed similar sentiments, emphasizing that the partnership between the two entities would help facilitate the widespread adoption of digital assets.
Privacy Advocate Exposes Ledger Live’s Tracking of User Data and Network Activity 📣
🟢 A privacy advocate has alleged that the Ledger Live wallet software monitors its users and gathers information about them.
➡️ In an X post published on Wednesday, privacy advocate and app developer REKTBuilder reported that Ledger Live conducts a “genuine device check” whenever users connect their Ledger device to a PC or phone.
📌 This check provides a list of all installed apps on the device, enabling Ledger to ascertain the networks being utilized by the wallet owner.
📣 REKTBuilder’s discovery came after they investigated the software’s Python code. They had previously published a report on December 6th alleging that Ledger Live was recording users’ crypto balances.
❗️ The next day, REKTBuilder unveiled what they asserted to be a “tracker-free” open-source alternative to Ledger Live, named “Lecce Libre.” REKTBuilder’s allegation stems from their discovery that multiple lines of Ledger Live’s code contain the phrase “genuine check.”
🟠 Upon incorporating “tracing prints” into the code, they discovered that it did not execute when the software seemed to be examining the device. REKTBuilder delved deeper into the matter and found that the actual check is integrated into a “listApps” subroutine.
Spot Bitcoin ETF Analysts Eye January 10th Approval Deadline 📣
🗣 As approval for a spot bitcoin ETF from the U.S. Securities and Exchange Commission (SEC) looms closer and closer, research experts are still expecting the federal agency’s approval deadline to occur before January 10th, 2024 despite a series of grueling last-minute changes.
🔔 Bloomberg ETF analyst, James Seyffart, claimed that while many experts are still anticipating approvals to occur between January 8th and January 10th, “some issuers may be left behind.”
👉 On December 21st, the SEC met with a number of spot bitcoin ETF candidates to further discuss the details of a potential approval, according to documents listed on the commission’s website.
➡️ Seyffart’s statement comes shortly after spot bitcoin ETF hopefuls Blackrock and ARK Invest were forced to update their S-1 registration statements in order to comply with federal regulations. More specifically, the companies decided to amend their applications to follow a cash creation system over in-kind transactions at the alleged behest of the SEC.
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CrowdSwap anticipates another growth today📌
🟢 CEX exchanges are stifled by regulation. The era of DEX is approaching. CrowdSwap's market capitalization is $8 million, with a potential estimated at $100 million. Position yourself in small caps like $CROWD
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⚡️ The $CROWD token has officially entered an uptrend and is still in the early stages. After consolidating for a while, the token reversed and broke key resistance. $CROWD has formed a strong support level and holds up well even during BTC downturns. Currently undergoing a minor, predictable correction before the anticipated growth continues.
➡️ It's crucial to understand that the current value will only be seen during a downtrend, in a few years, after updating ATH. Another growth wave is imminent as $CROWD has been listed on Coinstore CEX. There's still an opportunity to buy at a favorable price.
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