Turkey is preparing to present a new law to regulate crypto assets to Parliament. The legislation, aimed at aligning with international standards and reducing risks associated with crypto transactions, will enforce strict regulations on the licensing and operation of cryptocurrency trading platforms by the Capital Markets Board. It will also ensure the safe custody of […]
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Ripple and XRPL Labs Join Alliance to Develop Blockchain Recovery Standards
Ripple and XRPL Labs have become founding members of the Derec Alliance, which aims to create an interoperable recovery standard for digital assets. This initiative is expected to simplify the recovery process and encourage widespread adoption by making digital asset management more user-friendly and secure. Derec Alliance Forms to Enhance Blockchain Recovery Solutions The Derec […]
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Okx Adds Four Inscription Standards to Its Web3 Wallet and Marketplace
Okx has said it will be adding support for four inscription token standards to its Web3 wallet at the beginning of and in late February. The Web3 firm has said the addition of inscription standards to its Web3 wallet and marketplace helps Okx drive the adoption of Web3 and power its next growth phase.
Driving the Adoption of Web3
Okx, a Web3 technology company, announced on Jan. 29 that it will launch support for four new inscription token standards on its platform. The support will start with Bitcoin token standard and stamps (SRC-20) on Feb. 5, followed by atomicals (ARC-20), runes, and dogecoin’s doginals (DRC-20) later in the same month.
According to a statement, Okx will also add DRC-20, ARC-20, and Runes standards to its marketplace in late February, enabling users to trade these inscriptions with zero fees. The Web3 firm has said its ultimate goal is to help drive the adoption of Web3 and power its next growth phase.
Commenting on the addition of new inscription standards, which make Okx one of the leading one-stop inscriptions ecosystems in Web3, Okx Chief Technology Officer Jason Lau said:
“Okx strives to drive mainstream adoption of technologies on the leading edge of Web3, and our new inscriptions ecosystem is evidence of our commitment to this mission. By empowering users to easily buy, sell, create, and trade leading token standards on one platform with zero trading fees, Okx is simplifying access and removing barriers so users can explore and realize the potential of inscriptions.”
As per the statement, the Okx wallet’s inscriptions tool already supports the minting of inscriptions on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C, and Arbitrum One. In addition, the Web3 company’s inscription offering is said to be the industry’s most advanced, with liquidity across multiple inscription standards.
What are your thoughts on this story? Let us know what you think in the comments section below.
Double Standards in Finance: SBF’s Legal Troubles Spark Concerns
Cryptocurrencies and DeFi have shaken up the world of finance, but the spotlight on Sam Bankman-Fried (SBF), the mysterious FTX founder, has raised serious concerns about how the U.S. government handles financial regulation and fairness. SBF faces some serious accusations like misusing customer funds, market manipulation, insider trading, witness tampering, and money laundering. Some folks think he’s getting special treatment due to his connections and wealth.
The following opinion editorial was written by Bitcoin.com’s Business Development Manager Ben Friedman.
Double Standards
One of the main issues raised is the double standard between powerful folks like SBF and regular Americans like you and me. If any average Joe faced the same charges, they might not have the same cushy treatment during legal proceedings. It raises questions about the impact of connections and money when it comes to justice.
Another point of contention is the alleged conflicts of interest between government organizations and authorities, which could potentially hinder a thorough investigation. SBF’s close ties to the Securities and Exchange Commission (SEC), coupled with substantial political donations to prominent figures like President Joe Biden and Senator Elizabeth Warren, have led to speculations about the impact of these connections on the decision-making process. Additionally, concerns have been raised about political contributions made by SBF’s parents and their potential influence on regulatory scrutiny of FTX.
It’s hard not to notice the different enforcement priorities when it comes to cryptocurrency exchanges. While exchanges like Binance and Coinbase faced regulatory action, FTX seems to have dodged similar consequences despite the serious allegations against its founder. This inconsistency makes us wonder if all crypto exchanges are held to the same standards.
SBF’s high-powered legal team has been accused of using legal maneuvers to obstruct and delay investigations. This strategy has raised concerns about the fairness and effectiveness of the legal process when faced with powerful adversaries who can afford top-tier representation.
The recent request for SBF’s incarceration by the prosecution may signal a shift in the handling of his case, which some say is too little too late given the gravity of the charges.
The issue at hand is not merely about one individual or exchange; it goes to the heart of financial regulation and accountability in the United States. If influential figures like SBF can navigate the legal system with relative ease, it erodes public trust in the fairness and impartiality of the financial regulatory framework.
In comparison to cases involving individuals without powerful connections, such as the controversial examples of Hunter Biden and Jeffrey Epstein, it’s clear that there’s a stark contrast in how justice is served. While some argue that powerful figures like SBF have received preferential treatment during legal proceedings, others feel that regular people would end up in jail for similar actions. The unequal treatment calls for a more fair and consistent approach to enforcing financial regulations and pursuing justice.
In conclusion, the legal saga surrounding SBF raises significant concerns about how powerful connections and financial influence can impact the handling of financial misconduct cases. To rebuild trust in the cryptocurrency industry and the broader financial system, regulatory authorities must demonstrate an unwavering commitment to investigating and prosecuting wrongdoing, regardless of an individual’s status or connections.
Upholding fairness and impartiality is not only crucial for maintaining the integrity of our financial system but also for safeguarding the interests of all investors and consumers. By striving for a more equitable and consistent approach to enforcement, we can pave the way for a stronger, more transparent, and accountable financial landscape that benefits every ordinary American.
What do you think about the way SBF has been treated during his legal proceedings? Share your thoughts and opinions about this subject in the comments section below.
G20’s FSB Pushes for Global Crypto Regulations and Standards Aiming to Curb Crypto ‘Spillover’ Risks
On Monday, the Financial Stability Board (FSB), a product of the G20 organization, unveiled its proposed guidelines for a global regulatory structure overseeing the operations of crypto assets. The international entity emphasizes that nations should confront the risks cryptocurrencies pose to global financial stability. The FSB contends that occurrences within the preceding year have underscored the “structural vulnerabilities of crypto assets and related players.”
G20’s Financial Stability Board Provides 9 Crypto Industry-Centric Recommendations for Countries and Standard-Setting Bodies
As stated in a newly published report, the G20’s Financial Stability Board (FSB) wants to rein in the crypto industry with tighter regulations and standardized frameworks. The FSB’s strategy for governing crypto asset operations hinges on encouraging collaboration between jurisdictional financial authorities and standard-setting bodies (SSBs). This cooperation aims to guarantee that such activities are governed by sturdy regulation and oversight matching the financial stability risks they pose, all while fostering responsible innovation.
The FSB has identified several notable failures within the crypto industry over the previous year, including the depegging event of Terra’s stablecoin and the implosion of FTX. “These events demonstrate interlinkages between crypto asset markets and the traditional financial system,” the authors of the FSB report outline. Nevertheless, the regulatory authority concedes that the impact on conventional finance was “limited” amid these two distinct incidents. Still, “interlinkages and possible spillovers between the crypto asset and traditional financial systems could markedly increase,” the FSB report explains.
The FSB further states:
These events have further highlighted that many crypto asset activities involve economic functions similar to those in traditional finance and should be comprehensively regulated and/or brought into compliance with new or existing rules as appropriate.
The FSB’s nine outlined recommendations stress that regulatory structures must also mandate that any crypto asset activities aiming to execute a similar economic role as those in the conventional financial system, are subject to identical or equivalent regulation. This should hold true regardless of how these crypto asset activities are carried out or the manner in which they are promoted, the report emphasizes. The FSB is of the opinion that the recommendations provide sufficient latitude for SSBs to formulate detailed standards tackling crypto sector-specific issues within their individual jurisdictions.
The FSB says the main concern is to “safeguard client assets,” remove “conflicts of interest,” from the sector, and establish “cross-border cooperation.” The FSB and the International Monetary Fund (IMF) “will deliver a joint report to the G20 in September 2023, which will synthesise the policy findings from IMF work on macroeconomic and monetary issues,” the FSB report concludes.
What do you think about the G20’s Financial Stability Board recommendations for the crypto industry? Share your thoughts and opinions about this subject in the comments section below.
Paris FATF Plenary: Global Implementation of Virtual Asset Standards Remains ‘Relatively Poor’
The third plenary of the Financial Action Task Force (FATF), held in Paris, found a lack of global adoption of the virtual asset recommendations established by the institution. According to evaluations, almost three-quarters of the jurisdictions are partially compliant or non-compliant with these recommendations.
FATF Plenary Calls To ‘Close Gaps’ in Global Regulation of Virtual Assets
The third plenary of the Financial Action Task Force (FATF), the global money-laundering watchdog, is calling to close the regulatory gaps in the compliance system of virtual assets. The meeting, held in Paris with the participation of more than 200 delegates, examined the adoption level of the recommendations of the institution regarding virtual assets and virtual assets service providers (VASPs).
According to reports and evaluations, almost three-quarters or more of the jurisdictions present were either partially compliant or just non-compliant with these recommendations. A FATF plenary publication declared:
Many jurisdictions have not yet implemented fundamental requirements, and more than half of survey respondents have not taken any steps towards implementing the travel rule, a key FATF requirement to prevent funds being transferred to sanctioned individuals or entities.
The travel rule, part of the FATF recommendations, involves collecting the identities of the sender and recipient of a transaction. Also, depending on a designated threshold, the institution recommends requiring more data. This recommendation, relatively new for VASPs, calls for the organization of a set of communication rules and cross-border data-sharing protocols among participants of the cryptocurrency industry.
Incoming Measures
The FATF plenary explained that this lack of compliance with the proposed recommendations opens loopholes for criminals to exploit and established the closure of these regulatory loopholes as an urgent priority. The institution will publish an upcoming report urging countries to implement its recommendations to avoid criminals taking advantage of these gaps.
The report, which will be published on June 27, will also highlight the risks of the activities of North Korea and the usage of virtual assets to finance its weapons of mass destruction program. The risks associated with decentralized finance activities and peer-to-peer transactions will also be addressed.
In May, FATF president Raja Kumar urged the countries of the Group of Seven (G7) to “lead by example” by implementing the FATF recommendations in their respective regulations “so that no safe havens exist for illicit crypto transactions.”
What do you think about the discussions and recommendations emanating from the FATF plenary? Tell us in the comment section below.
Report: Well Known Crypto Firms Still Not Adhering to Basic Governance Standards
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients.
Many Crypto Firms Lack Independent Boards
Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many others are believed to be operating outside the norm, a Bloomberg study has found. The study also found that out of the 60 crypto industry firms that were polled, about 10 companies did not have a board with at least one non-executive director.
According to the study report, Tether, Huobi and Magic Eden are among those firms without independent company boards. In instances where a board actually exists, the report said these were either advisory in nature or mainly comprised of company executives, hence they cannot pass as independent boards. Binance, the largest cryptocurrency exchange by volume traded, is set to have a formal board in place by the end of the year, the report said.
Although many investors in crypto firms are said to be insisting on increased transparency and accountability following crypto exchange FTX’s collapse, the Bloomberg study found that just over half (31) of the firms “currently procure a full financial audit or reserve attestations from an independent auditor.” On the other hand, the findings showed that the audit status of some 22 out of the 60 companies is unknown. Only seven companies said they were not audited.
Blockchain Technology’s Appeal Said to Be Undermined by Opaqueness of Crypto Firms
Meanwhile, Ruth Foxe Blader, a partner at venture capital firm Anthemis, is quoted in the report lamenting the crypto industry’s opaqueness which contradicts the blockchain technology’s promise of transparency and tamperproof record-keeping.
“It’s an industry of anonymity that’s masquerading as transparency,” Blader reportedly said.
Blader argued that crypto firms should be subjected to the same basic standards — such as audits and independent boards — as other firms, because that is what any investor would expect, particularly for a company operating in the financial services industry.
While the study findings paint a picture of an industry whose participants are unwilling to be audited, some have said the real issue is the so-called Big Four accounting firms’ reluctance to take on crypto firms as clients. This argument is seemingly backed by the France-based accounting group Mazars Group’s decision to stop vouching for reserves held by crypto exchanges. As reported by Bitcoin.com News, Mazars Group ended offering such services in Dec. 2022 after citing concerns about the public’s understanding of such reports.
Meanwhile, the experts quoted in the Bloomberg report have warned that without an extensive regulatory framework in place, the crypto industry participants will not be inclined to do more to appease investors and clients that are said to be demanding greater transparency.
What are your thoughts on this story? Let us know what you think in the comments section below.
Investment Analyst Warns Successful BRICS Currency Could Hurt US Living Standards
Investment analyst Jon Wolfenbarger has warned that a successful BRICS currency could hurt U.S. living standards and “lead to less power for the U.S. government, similar to the weakening of the UK after World War II.” He stressed: “Due to the Russia-Ukraine war and China’s continued economic growth, the BRICS are accelerating plans to take power from the U.S.”
Impact of BRICS Currency on US Dollar and American Living Standards
Investment analyst Jon Wolfenbarger, CFA, published a blog post titled “Will a New BRICS Currency Change Anything? Maybe” on Mises Institute’s website last week. Wolfenbarger is the CEO and founder of Bull And Bear Profits, an investment website. He has more than 30 years of experience in the investment industry, having worked for over 22 years as a securities analyst at Allianz Global Investors and as an investment banker at Merrill Lynch and JPMorgan.
Commenting on de-dollarization efforts by the BRICS nations (Brazil, Russia, India, China, and South Africa), he said:
Due to the Russia-Ukraine war and China’s continued economic growth, the BRICS are accelerating plans to take power from the U.S.
He mentioned several BRICS initiatives, including the New Development Bank for infrastructure lending, a Contingent Reserve Arrangement to protect against foreign exchange pressures, and a payment system as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Moreover, Wolfenbarger detailed that the BRICS nations are also working on a reserve asset based on a basket of the member countries’ currencies to compete with the International Monetary Fund’s (IMF) special drawing rights (SDR).
Commenting on whether the U.S. dollar will be dethroned, the investment analyst detailed: “The BRICS countries are unlikely to seriously challenge the king dollar if their only tool is just another fiat currency they can create out of thin air.” He stressed:
The BRICS will have a much better chance if they create a hard currency backed by gold or other commodities like oil.
“The U.S. has the largest and safest government bond market, no capital controls, and a reputation for enforcing the rule of law. By contrast, the BRICS countries are hardly known for respecting laws or having strong currencies,” Wolfenbarger opined. “Of course, their competition with the dollar would ultimately end in failure, as Bretton Woods did, if the BRICS countries continue to create money out of thin air to finance their warfare and welfare spending.”
Regarding the economic and political impact of a BRICS currency on the U.S. and the USD, the former JPMorgan investment banker noted:
If the BRICS are successful and the U.S. does not change its policies to focus on a stronger dollar, less spending, and peace instead of war, it is possible the dollar will slowly lose its ‘reserve currency’ status.
“This would hurt U.S. living standards and lead to less power for the U.S. government, similar to the weakening of the UK after World War II. All empires in history have failed, and the U.S. will not likely be an exception — if the BRICS can create a successful hard currency to compete with the dollar,” he opined.
Many people agree that a successful BRICS currency could erode the U.S. dollar’s dominance, including a former White House economist. The BRICS economic bloc is gaining more influence globally; 19 countries have applied to join or have expressed interest in joining. A Swedish university professor said last week that Saudi Arabia joining the BRICS group would accelerate the Chinese yuan’s use as a trading currency.
Do you agree with investment analyst Jon Wolfenbarger about the potential impact of a successful BRICS currency? Let us know in the comments section below.
Over 200 Jurisdictions Agree on Timely Implementation of FATF Crypto Standards
The Financial Action Task Force (FATF) says delegates from over 200 jurisdictions have agreed on “an action plan to drive timely global implementation of FATF standards” on crypto assets. The standard-setting body said many countries have failed to implement its previous requirements on crypto, including the “travel rule.”
Countries Agree to Implement FATF Crypto Standards
The Financial Action Task Force (FATF), an intergovernmental organization established to combat money laundering and the financing of terrorism, announced Friday the outcome of its plenary which took place on Feb. 22-24. “Delegates from over 200 jurisdictions of the Global Network participated” in a number of discussions at its headquarters in Paris, the FATF said.
A number of issues, including those relating to crypto assets, were discussed, the FATF noted, elaborating:
Delegates further agreed on an action plan to drive timely global implementation of FATF standards relating to virtual assets (also termed crypto assets) globally, including on the transmission of originator and beneficiary information.
“The lack of regulation of virtual assets in many countries creates opportunities that criminals and terrorist financiers exploit,” the FATF claimed.
The global anti-money laundering watchdog revealed that since its strengthened Recommendation 15 in October 2018 for crypto assets and crypto service providers, “many countries have failed to implement these revised requirements, including the ‘travel rule‘ which requires obtaining, holding and transmitting originator and beneficiary information relating to virtual assets transactions.”
The FATF relies on a global network of FATF-Style Regional Bodies (FSRBs), in addition to its own members, to achieve global implementation of its recommendations.
“The plenary thus agreed on a roadmap to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network,” the standard-setting body emphasized, elaborating:
In the first half of 2024, the FATF will report on steps FATF members and FSRB countries with materially important virtual asset activity have taken to regulate and supervise virtual asset service providers.
What do you think about over 200 jurisdictions agreeing on the timely implementation of FATF standards on crypto assets? Let us know in the comments section below.
MetaPlay: The Golden Gaming Standards for Esports
The esports industry has become a popular culture due to increased activities from global investors, media outlets, and brands. It is estimated that by the end of 2021, there will be about 26.6 million monthly esports viewers, an 11.4% increase from figures recorded in 2020.
While these numbers seem lucrative, not all esports platforms hold up to their names. Many have ended up as scams, while a few others are still finding their way. On the other hand, some platforms do not fully appreciate the diversity between players, while others are yet to establish sound gaming systems. This is why a team of developers, led by BC Simon and Pritesh Kuchera, created MetaPlay to host E-sport tournaments for all the amateur players as if they were professionals. The platform seeks to change the e-sport experience by slowly tackling issues within the industry.
Introducing MetaPlay
At the end of October PolyPlay was hacked and had money stolen. Unlike most teams that roll over and die, PolyPlay spent the first 24 hours salvaging any funding they could, managing to rescue 87% of the funds. Within 24 hours PolyPlay relaunched as MetaPlay hitting , listed within 12 hours on coin market cap, coingecko and centralized exchange MEXC.
In a crypto world where trust and honor are hard to find, BC Simon and Pritesh Kucheria stand by and live for their communities’ best interests. This resulted in the most successful and fastest relaunch in cryptocurrency history. A team you can trust, a community that trusts in a wild west called cryptocurrencies.
MetaPlay is a blockchain-based gaming platform created for the e-sport industry. The platform offers tournaments, staking, and a launchpad with a fully transparent and DOXXED team. MetaPlay seeks to become the next driving force by being Gaming’s Gold Standard.
Despite being relatively new in the market, MetaPlay has already begun leading the esports scene worldwide. The platform organized different tournaments in the last few weeks, including MetaPlay CSGO, LoL, and NBA2K tournaments, to keep its community engaged. During these events, MetaPlay saw numerous top-level teams join to compete with players from different gaming communities across the globe.
Notably, MetaPlay recently launched its launchpad and feeder projects. The project has also developed an NFT marketplace that will go to the Wax blockchain NFT. This marketplace will allow for the creation of artworks to recognize all MetaPlay partners, team members, or developers.
MetaPlay uses a business model inspired by J.D Rockefeller to run its operation. This model calls for internal promotion of launches, feeder projects’ management, and hiring team members. So far, this business model has proven successful as the platform continues to record significant growth. In the last forum months, MetaPlay has seen 16000 investors stake about ,000,000. Notably, during launch, the MetaPlay native token was trading at .04; however, through the business model and launching on Oxbull Tech, MetaPlay’s rise rose significantly, and it is now trading at .
MetaPlay has already formed various strategic partnerships to help further its mission. The platform recently partnered up with the Harmony team to launch HarmonyPad. Notably, the Harmonypad, following its launch, has been on an upward trend following increased investor interest in the product.
MetaPlay also recently formed a partnership with HederaPad (HbarPad), working closely with the CEO and team of Hedera. Other strategic partnerships include ones with Oxbull, Travala, Tenset, and others. Reportedly, these partnerships are geared towards helping MetaPlay develop a better ecosystem that will eventually set the project at the top of the chain hierarchy.
Commenting on how MetaPlay will break through to the top 100 projects, BC Simon stated:
“We are the most desirable coin in crypto because we don’t falsely promote ourselves or hype products. We work 16 hours a day; we’re active in telegram from CEO to all 112 staff. We don’t sleep, we build. Many said that we couldn’t maintain this pace for longer than a week or two, and we’ve gone on four months of this. We are the fastest building coin in crypto, and our progress reflects that. It won’t be long until we’re rightfully in the top 100.”
In the coming days, plans to launch a YouTube highlight channel, hire Twitch streamers, being pro leagues, launch a gaming DEX launchpad, and finally integrate profiles and App