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2021-11-07 21:20:11 ​​Kazakhstan to Implement Financial Monitoring on Local Cryptocurrency Businesses: Report

Kazakhstan’s ruling body wants to reduce the risks of criminal financial activities in the country by enforcing crypto regulations.

The government of Kazakhstan reportedly plans to put local companies working with digital assets under its regulatory scope. According to a proposed bill, those entities will have to give detailed information about their crypto operations to the country’s financial watchdogs to prove they have no connections to money-laundering schemes.

Kazakhstan May Tighten Its Crypto Rules

As reported by the local media Sputnik, the National Parliament of Kazakhstan passed a bill to make crypto-related businesses a subject of an additional financial audit. The politicians also proposed that the Financial Monitoring Agency should have more power and responsibilities.

Olga Perepechin – a member of the Parliament – noted that the move aims to reduce the risks of money laundering and terrorism financing. Currently, individuals and companies dealing with digital assets in the Asian state are outside financial monitoring, which makes crypto transactions attractive to criminals:

“This leads to the spread of crimes in the field of money laundering and terrorism financing, including the shadow economy. It stimulates bad actors to use virtual assets in settlements.”

Nevertheless, the President of the country – Kassym-Jomart Tokayev – will have the final word on whether this legislation becomes official.

Kazakhstan is well-known among the digital asset space as being one of the leaders in cryptocurrency mining. It accounts for 18.1% of the global hashrate, placing it in the second position just after the US. Shortly after China imposed its crackdown on bitcoin mining, the States became the undisputed leader, responsible for over 35% of the global share.

Kazakhstani Banks Can Process Crypto Purchases
As CryptoPotato reported a few months ago, the ruling body of Kazakhstan enabled banking institutions to provide digital asset services to their customers. More specifically, the government authorized banks to open accounts for transactions with bitcoin and some altcoins.

Back then, Sergey Putra – an executive from the Data Center Industry – opined that the initiative marked a step towards a wider cryptocurrency adoption for the country. He touched upon the importance of the digital asset industry – a market which Kazakhstan should not ignore:

“It is billions of dollars in daily turnover around the world. And even if Kazakhstan takes some fraction of a percent, this is serious money that will come to Kazakhstan in the form of investments. It will remain here in the form of taxes, in the form of jobs, and salaries. This is a very large industry, which Kazakhstan still bypasses.”

The project will last only 12 months, after which the government will decide whether to extend it.

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2021-11-07 02:22:17 ​American Entrepreneur Tortured by Gang Trying to Steal His Bitcoin.

Spanish police are investigating the suspected torture, attempted kidnapping and robbery of an American tech entrepreneur and bitcoin (BTC) investor.

The case reportedly involved Dentzel Zaryn, the co-founder of the Spanish Tuenti social media portal.

Per El Español, police reported that the attack appears to have taken place at Zaryn's Madrid home, on the Ruiz de Alarcón street, next to the world-famous Prado Museum.

Zaryn was reportedly “accompanied by a maintenance worker” at the time of the alleged attack. The doorbell rang and the tech entrepreneur reportedly opened the door “without taking precautions,” believing that it was “a prostitute he had hired and was waiting for.”

But instead of the woman, a gang “of four or five people” with “Eastern European accents” appeared, bursting into the house and spraying Dentzel in the eyes with some sort of aerosol. The men, who referred to each other as “1, 2, 3 and 4,” then proceeded to handcuff Zaryn and subjected him to a four-hour ordeal at knifepoint, the American told police.

Police said that a “superficial” knife wound was found on the man’s chest, and it is “thought” that Zaryn’s bitcoin was the group’s primary target.

The American told police he was repeatedly tasered as part of his ordeal and that the group “immediately” covered up all CCTV units in the house. The police’s forensic team is studying other CCTV footage from the building.

After much duress, Zaryn reportedly told the assailants his BTC wallets’ login details and passwords – but later “managed to lock his accounts before anything was stolen.”

The wallets contained some USD 58m worth of BTC. The group reportedly burgled the house, taking everything that appeared to be of value, including computers, mobile phones, jewelry, a tablet, and a flash drive.

The ordeal appears to have been cut short when neighbors “heard cries for help coming from inside the building.”

Police said other neighbors told officers that shortly afterward, at around 7:30 PM, they saw “a group of masked people going down to the street, carrying various bags with them.”

Zaryn is a native of Santa Barbara, California, and was born in 1983. He first moved to Spain in 1998 and has been working in the domestic tech industry in the nation since 2006. Open / Comment

2021-11-02 10:32:49 ​​Kraken Looks to List Shiba Inu (SHIB) on Nov 2

Kraken has said that it will list the Shiba Inu (SHIB) token on Nov. 2, according to a tweet. There has been no update yet, but it seems likely. This would give SHIB more liquidity — a double-edged sword for a meme token.

The Kraken exchange is poised to list meme token Shiba Inu (SHIB), after posting a tweet on Nov 1 saying that it would list the asset if it got 2,000 likes. Sure enough, the tweet did, with nearly 53,000 users liking the tweet and paving the way for the listing.

According to the tweet, Kraken Product Lead Brian Hoffman initially posed the challenges, which, in all fairness, never looked like it was going to be a problem.

SHIB listings everywhere
The SHIB token should be listed on Nov. 2, giving even more fuel to a token that has seen rapid price jumps in the past week. SHIB passed fellow meme token Dogecoin (DOGE) in market cap in late October 2021, and both cryptocurrencies are now ranked in the top-10 by market cap. Shiba Inu’s market cap is over $38 billion, compared to approximately $35 billion of dogecoin.

Shiba Inu token is something of a legend in the cryptocurrency circles, with a quirky history. The recent all-time high was the culmination of many months of wild trading in the market. Sometimes, these price jumps are purely a result of famous individuals speaking about the asset — like in the case of Elon Musk.

SHIB was created by an anonymous developer and has an enormous supply of one quadrillion. Vitalik Buterin himself was sent billions of dollars worth of SHIB tokens, but he burnt 90% of them, donating the rest to charity.

Will meme tokens forever be a part of the market?
The cryptocurrency market is one that facilitates mass social movements by its very nature and, outside of bitcoin and ethereum, nowhere has that been more apparent than in meme tokens. Dogecoin was the pioneering token in this regard and has also caught the attention of the wider public, with many new investors putting capital into it.

Shiba Inu is a more recent entrant, but one that grows with equal vigor. The concern is that investors will overlook actual valuation and simply purchase for the sake of the asset going up — pure mania.

Even Edward Snowden warned against meme tokens, saying that investing in them will likely result in heavy losses for many who buy in. Anthony Pompliano, a popular cryptocurrency proponent and partner at Morgan Creek, was also dismissive of SHIB, calling the token “dog poo poo.” Open / Comment

2021-10-28 07:56:03 ​​US gov attorneys to target individuals and gatekeepers for crypto prosecutions

Major regulatory agencies plan to work harder to prosecute individuals and companies that have had dodgy dealings with digital assets.A group of high-level U.S. government attorneys has oulined their priorities for the enforcement and prosecution of individuals and companies that have committed crypto-related crimes.

Enforcement officials from the U.S. Department of Justice (DoJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) spoke about the direction their agencies will take at a panel discussion at the American Bar Association's annual institute on white-collar crime in Miami on Oct. 27.

In addition to corporate players, lawmakers are taking a closer look at individuals according to a report of the event by Law360. Principal deputy assistant attorney general of the DoJ's Criminal Division, Nicholas McQuaid, stated the prosecution of individuals in white-collar cases was a top priority.

He added that the department was expanding its use of data-based probes in such cases relating to cryptocurrencies. The DoJ is forming a specialized group within the FBI to work with its fraud section to assist with investigations and prosecutions.

SEC Enforcement Director Gurbir Grewal commented on the agency’s increased scrutiny of unregistered and fraudulent initial coin offerings (ICOs), unregistered crypto exchanges, and crypto lending and award programs. He stated “we'll make sure that those players and actors are abiding by the rules,” before adding:

“That's why we'll be taking a hard look at gatekeepers like auditors and audit firms, attorneys, and underwriters.”

In early September, the SEC threatened legal action against Coinbase over its stablecoin yield program, Lend. Coinbase has since scrapped plans to launch the service.

The SEC also targeted Terraform Labs CEO Do Kwon with a subpoena in September. Being a resident of South Korea, Kwon hascontested it on grounds that the regulator had no jurisdiction.

In October 2020, the DoJ filed criminal charges against four BitMEX executives for illegally operating a derivatives exchange, the trial has been set for March 2022.

Related: Regulatory and privacy concerns trail SEC’s threat to Coinbase

Acting director of enforcement for the CFTC, Vincent McGonagle, said he was also concerned about digital assets and the decentralized finance (DeFi) sector. He did note that the crypto asset space may not be the sole component of illegal activity as there may be other factors involved such as forex:

“In the digital asset space, we've brought several actions against entities where they're offering digital assets, Bitcoin or others on a margin or finance basis.”

Government agencies are clearly ramping up activity against crypto companies and individuals.

In mid-August, lawmakers urged the SEC and CFTC to form a joint working group on crypto assets so that they could work out how to “effectively use their current jurisdiction cooperatively.” In late September, the CFTC charged 12 New York crypto options firms for failing to register.

On Oct. 18, the New York Attorney General’s office ordered crypto lending firms to cease activities. The Celsius crypto lending platform stated that it was not one of the two but was instead working with NY regulators. Open / Comment

2021-10-22 18:47:28 ​​Bitcoin falls from record high, ether, other cryptos also plunge. Check cryptocurrency prices today

Cryptocurrency prices plunged today as Bitcoin declined from its all-time high it had hit two days ago after the debut of the first US bitcoin futures exchange-traded fund. The price of the world's largest cryptocurrency by market capitalization was trading 4% lower at $62,740.

Ether, the coin linked to ethereum blockchain and the second largest crypto, was down over 2% to $4,112, as per CoinDesk. Cardano prices fell nearly 3% to $2.16 whereas dogecoin also slipped 3% to $0.24. Other digital tokens like Shiba Inu, Binance Coin, Litecoin, Uniswap, XRP were also trading with cuts over the last 24 hours, though, Solana was up over 10%.
Bitcoin on Wednesday rallied to a record high of $66,974, the recent rally came after six-months from its previous top of $64,895, fueled by the debut of the ProShares Bitcoin Strategy ETF. Investors have bet the long-awaited launch of bitcoin ETFs will lead to greater investment from both retail and institutional investors.

Yet analysts at JPMorgan voiced doubt over how long-lasting the boost to bitcoin's price from the ProShares ETF, which trades under the ticker BITO, would be. "Will the launch of BITO by itself bring significantly more fresh capital into bitcoin? We doubt it given the multitude of investment choices bitcoin investors already have," they wrote in a note, as reported by Reuters.
The ETF doesn’t invest directly in Bitcoin. It instead invests in the futures market tied to Bitcoin. Someone with an old-school brokerage account can buy the ETF, for example, without having to open a trading account for crypto. Open / Comment

2021-10-16 17:25:44 ​​​​"The flow of new money." What does the possible approval of Bitcoin ETFs in the USA mean?

According to Bloomberg, the US regulator next week may approve the country's first exchange-traded fund based on bitcoin futures. Experts explained the likely consequences of such a decision

On October 15, Bloomberg, citing its own sources, reported that next week the US Securities and Exchange Commission (SEC) may approve the first bitcoin ETF in the country. The exchange-traded fund, according to the agency, will be based on bitcoin futures. After that, the cost of bitcoin for the first time since mid-April exceeded $ 60 thousand. RBC-Crypto experts assessed how likely this scenario is and predicted what the crypto market expects if the SEC approves the first bitcoin ETF in the United States.
The probability of approval is high
The US Securities and Exchange Commission may well approve one of the applications for a bitcoin ETF next week, according to the head of the data analysis department CEX.IO Broker Yuri Mazur. In his opinion, the country's authorities will have to take this step, because for them it is not only a financial story, but also an image story. Mazur explained that after the total ban of cryptocurrencies in China, the United States became the main haven for digital assets and related companies.

"Cryptocurrencies are unlikely to threaten the financial stability of the United States and the hegemony of the US dollar," the analyst added.
Mazur also recalled that bitcoin futures have been traded on the Chicago Mercantile Exchange (CME Group) in the United States since 2017. According to the expert, regulators had enough time to assess the risks of this instrument for investors and for the financial industry as a whole.
Vladimir Smetanin, CEO of the Swiss financial company Newcent, agreed that the SEC is likely to approve the first bitcoin ETF in the United States in the near future.

Inflow of investments
If the bitcoin ETF is approved in the United States, the next stage of recognition of the first cryptocurrency will begin, which will be an important signal for the market, Smetanin is sure. According to him, an exchange-traded fund based on bitcoin futures will significantly simplify the access of institutional investors to the digital asset market.
In the event of the launch of the first bitcoin ETF in the United States, the crypto market expects a flow of new institutional money, explained the head of the data analysis department CEX.IO Broker. He explained that investors are now looking for various opportunities to invest in the cryptocurrency industry, for example, buying shares of companies that hold bitcoin on their balance sheet.
"This is an indirect and indirect investment, so bitcoin ETF, in our opinion, is likely to be more in demand," Mazur said.

Possible risks
A large outflow of capital from digital assets may occur in November, the analyst of the crypto exchange predicted Currency.com Mikhail Karkhalev. According to him, this will happen if the US Federal Reserve decides to tighten monetary policy and begins curtailing emergency stimulus programs.
"Against this background, capital from risky assets will partially transfer to the US dollar, as well as to US government bonds, the yield on which will grow," Karhalev explained. Open / Comment

2021-10-08 18:09:23 ​​Cryptocurrency prices today: Bitcoin, dogecoin slip while ether, cardano gain

Bitcoin is up about 25% in the past seven days and trading in the mid-$50,000s, whereas second largest crypto Ether has been gaining as well

In cryptocurrencies, Bitcoin prices today were trading marginally lower after rallying above the $55,000 mark on Thursday. The most popular and world's largest cryptocurrency by market capitalization slipped over 1% to $54,364. Though, Bitcoin has advanced 24% in a week.

Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the second largest crypto by market capitalization, was hovering around $3,619, up over 2%. Cardano gained 5% to $2.29 whereas dogecoin prices tumbled marginally to $0.24. XRP, Litecoin, Uniswap gained while Stellar and Shiba Inu slipped.

Shiba Inu plunged 25% in the last 24 hours after soaring over 300% in a week as Elon Musk tweeted about his puppy, Floki, a Shiba Inu breed. The jump comes at the same time the wider crypto market is surging as well. Bitcoin is up about 30% in the past seven days and trading in the mid-$50,000s, and second-ranked Ether has been gaining as well.

“Crossing the $50,000 threshold and Bitcoin's rally to the $55,000 level is something of a historic event. Total Crypto's market cap could soon reach $2.5 trillion based on the Cup and Handle pattern seen forming on the chart. However, for the Total Crypto limit to reach that level, BTC and other tokens need to be increased further. Bitcoin's performance over the last few days has been quite remarkable as the price of BTC has soared by almost 27%, nearly outperforming most, if not all, other major cryptocurrencies," said Siddharth Menon, COO of WazirX.
The Bitcoin rally has come after digital tokens remained under pressure post China’s ban on cryptocurrency transactions and turbulence around El Salvador’s troubled rollout of the digital coin as legal tender. 

“After that overwhelming bullish rally, COTI's performance over the past week has been quite dismal. The RSI indicator clearly shows that the token has been overbought and has started its decline after crossing 75 bringing it below 55. It is still in the buy zone and we can expect COTI to recover at any time," Menon added. Open / Comment

2021-10-03 08:51:23 ​​Exit, Voice and Bitcoin

An iconic talk from Balaji Srinivasan kicks off a wide-ranging discussion about power dynamics and alternatives to consensus in our changing world.

On this episode
Blockchain technology presents opportunities for dissonant opinions, fractionalization and internal reform unmatched in the fiat world.
Distribution for this episode on the CoinDesk Podcast Network is brought to you by CrystalBlockchaincom
Join hosts Jonathan Mohan, Stephanie Murphy and Andreas M. Antonopoulos as they dissect “Voice and Exit,” or the power and necessity of being able to impact a system, whether financial, social or governmental, and if necessary, leave altogether. “Voice and Exit”  was popularized by Balaji Srinivasan  in 2013, where Srinivasan outlined how voice is attempting to change a system from within, while exit is leaving to create a new one.
Crypto has provided new methods to exercise voice and exit. Forks, software or protocol changes that users can choose to upgrade to, are an example of exit inherent to blockchain technology. Forks give the community a chance to decide whether to continue with the upgrade or remain in the old rules; forks have created spin-off currencies like Bitcoin Cash and Bitcoin SV.

As opportunities for voice and exit seem to be gradually disappearing, can crypto help those who need them most? Open / Comment

2021-09-25 20:11:29 ​​DeFi gaming: A catalyst to mainstream adoption of decentralized finance

Gaming is on track to boost the adoption of DeFi platforms. Here is a look at the latest developments that are pushing the play-to-earn business model.

The past few months have seen decentralized finance (DeFi) platforms gain a cult-like following on the backdrop of a bullish cryptocurrency market. That revolution of digital money is now moving into the gaming industry, creating an intersection between DeFi and the gaming experience that experts now predict will play a huge role in the next generation of games.

DeFi-focused tokens such as Polkadot (DOT), Solana (SOL) and Chainlink (INK), to mention a few, have had euphoric moments in the markets, gaining major traction as major developments continue.

Investors and speculators should expect even more going forward, given the bold move made by the likes of Solana Foundation and Houbi Ventures to invest in early-stage blockchain-based gaming platforms that incorporate DeFi into their system.

The emerging play-to-earn model is primed to highlight the benefits of blockchain technology in the gaming industry and beyond. In this article, we look at some of the latest developments in the DeFi gaming space with a discussion on what the future holds for this emerging sector.

Games simplifying DeFi

DeFi Land, a game designed as a multi-chain agriculture simulation aimed at enabling a gamified decentralized finance experience, just raised $4.1 million in a funding round that saw the participation of over 40 investors.

Founded in 2021, DeFi Land is privately held by a company whose headquarters are in India with a primary focus on creating educational and entertaining solutions for users looking to explore the DeFi space.

DeFi Land's agriculture simulation is designed with all the features you would find on a conventional DeFi platform. Unlike most DeFi platforms, however, DeFi Land features an interoperable ecosystem that is capable of running on other established platforms such as Uniswap or even Binance Smart Chain's PancakeSwap.

This approach is set to help DeFi Land avoid reinventing the wheel, thus allowing its users to access automated market-making protocols, decentralized exchanges and leading protocols on other blockchain networks. On DeFi Land, each digital asset is represented in the form of a plant. For instance, Solana's SOL token is a sunflower and the USDC stablecoin is a corn plant. Users can farm these tokens and earn an annual percentage yield that comes in the form of a bountiful harvest.

To make it even easier for users to learn the ins and outs of DeFi, DeFi Land features a practice mode where users can learn all about DeFi using fake assets while playing within a guided version of the game.

Brian Lee, a senior executive at Alameda Research — one of the firms that participated in DeFi Land’s investment round — said that DeFi Land blends “two of the most interesting things happening in crypto right now — gaming and DeFi.”

Huobi Ventures betting big on DeFi gaming

With an increasing wave of institutional capital flowing into the DeFi space, more companies are starting to pay serious attention to the sector, and Huobi Ventures is one of them.

The investment arm of Huobi cryptocurrency exchange, Huobi Ventures, just recently announced a $10 million fund that will invest in early-stage projects that combine a gaming experience with decentralized finance features, i.e., GameFi.

In addition to the financial support from Huobi Ventures, startups that take up the challenge will also receive Huobi's backing in terms of legal and technical support for their project, not to mention PR and commercial assistance.

Huobi Ventures director Unica Yin said, “blockchain technology has the potential to revolutionize the gaming business model and will play a core role in the next generation of games.” Open / Comment