Tag: News

Kakao to Record Private Securities on Its Own Blockchain as NFTs
Crypto News

Kakao to Record Private Securities on Its Own Blockchain as NFTs

South Korean internet giant Kakao’s blockchain arm Ground X is now storing and verifying unlisted investments as nonfungible tokens (NFTs) on its public blockchain.Unlisted investments are shares of startups that are offered to investors for purchase prior to a public offering. Since these securities are not listed on formal markets, they are traded over the counter (OTC).South Korea’s OTC trading market is growing: the country’s OTC exchange K-OTC ended 2020 with a record-high market capitalization of over 1 trillion won ($1.1 billion) since its launch in 2014. Foreign investors can also buy and trade OTC shares in South Korea. In 2018, South Korea amended its tax laws to exempt foreign investors from capital gains taxes on transfers of both listed and unlisted stocks.Gr...
Australia’s Blockchain Ecosystem Needs More Support From Regulators, Says Industry Body
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Australia’s Blockchain Ecosystem Needs More Support From Regulators, Says Industry Body

Australia’s blockchain and cryptocurrency companies need more support from the federal government and regulators to boost confidence within the country’s business sector, according to Steve Vallas, CEO of advocacy body Blockchain Australia.Speaking at the Senate Select Committee on Financial Technology and Regulatory Technology on Thursday, Vallas said Australia has a blockchain “base” from which it can accelerate development and that his organization is now “signaling” that the technology is something people “should be investing in.”Vallas pointed to Australia’s lack of blockchain innovation in the last few years, saying it hadn’t harmed the country’s ecosystem. However, “I think we need more signals from regulators … that they’re willing to discuss this subject matter with p...
Coinbase Ventures, Paradigm Invest $12M in Synthetix DeFi Platform
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Coinbase Ventures, Paradigm Invest $12M in Synthetix DeFi Platform

Decentralized trading platform Synthetix has raised $12 million from venture capital firms Coinbase Ventures, Paradigm and IOSG. The raise looks to be a rare occurrence of VCs investing through the purchase of a platform’s native token directly from its treasury rather than wiring funds to its founders.Synthetix is run by a DAO, or a decentralized automatic organization, a way for a project to govern itself without a traditional corporate structure. Token holders are typically encouraged to vote on the direction the DAO will take.In the case of Synthetix, a platform on which users can trade synthetic assets and commodities, including Brent Crude oil future, users can create these novel assets using the platform’s native synth token (SNX). The application has become a key compo...
Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban
Crypto News

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban

Nigeria’s Senate has summoned the country’s top financial regulators for a briefing after the central bank ordered local financial institutions to stop providing services to crypto companies and users last Friday.The Nigerian Tribune reported Thursday the Senate has mandated its banking committee to invite the governor of the central bank (CBN), Godwin Emefiele, and the director general of the Nigerian Securities and Exchange Commission, Lamido Yuguda, to appear at a time to be determined and explain the opportunities and threats of cryptocurrency. The Senate session discussing the issue was live-tweeted on the Senate’s official Twitter page.Last week’s CBN directive caused an uproar on social media, while local crypto advocates wrote to the bank asking for clarification on th...
DeFi Season? LINK, AAVE, ZRX and COMP Hit Record Price Highs, Outperforming Bitcoin
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DeFi Season? LINK, AAVE, ZRX and COMP Hit Record Price Highs, Outperforming Bitcoin

Investors look to be temporarily shifting focus away from bitcoin and toward crypto tokens associated with decentralized finance (DeFi).In the past 24 hours, DeFi-linked coins such as COMP, AAVE, KNC and ZRX have all leapt to fresh lifetime highs.Compound’s governance token COMP clocked a new record of $500, taking the month-to-date gain to above 40%. The token jumped 130% last month and has risen by 20% in the past 24 hours, according to data provider CryptoCompare.Oracle provider Chainlink’s LINK token is also benefitting from the broad-based rally across DeFi. The token printed a lifetime high of $26.98 during the Asian hours, toppling the previous peak of $25.81 reached on Jan. 25, CoinDesk 20 data shows.AAVE, the token of the DeFi lending protocol of the same name...
Rare Hashmasks Digital Artwork Sells for $650K in Ether
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Rare Hashmasks Digital Artwork Sells for $650K in Ether

A demonic digital artwork on the Ethereum blockchain has been sold for a small fortune via peer-to-peer marketplace OpenSea.Selling for 420 ETH (roughly $650,000 at the time of purchase on Wednesday), the collectible non-fungible token (NFT)-based artwork is known as a Hashmask.The buyer, @seedphrase on Twitter, posted:The Hashmask platform, from Switzerland-based Suum Cuique Labs, hosts a collection of 16,384 unique digital portraits created by a collective of over 70 artists, according to the its website.“The mask itself is a unique, one-of-a-kind design, and the mystical attributes – character, eye color and skin color -are present in only 0.07% of all Hashmasks,” the artwork’s buyer, Danny – who preferred to not to provide a surname – told CoinDesk via email....
Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit
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Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit

Michael Saylor, the MicroStrategy CEO-turned-king of bitcoin treasuries, called upon fellow business executives Wednesday to avoid the path of financial “serfdom” at his virtual WORLD.NOW bitcoin-themed conference.In his solo address, Saylor detailed the cryptocurrency playbook that propelled his three-decade-old data firm to newfound relevance in less than a year.Largely eschewing the near-mystical rhetoric that has punctuated his public crypto musings since August, Saylor focused on hardline business strategies, procedures and dollar-sense language in a calibrated appeal to corporations.“There’s a macroeconomic wind blowing – big – it’s gonna impact $400 trillion of capital. That capital is sitting in fiat instruments that are being debased. That capital is going to wan...
Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead
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Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead

Bitcoin’s on-chain metrics are painting a bullish picture after weeks of consolidation.The top cryptocurrency hit a peak price of $41,962 on Jan. 8 and has mostly traded the range of $29,000–$40,000 since, according to CoinDesk 20 data.However, demand continues to outstrip supply amid the price lull. “In 2021 so far, around 26,000 BTC have been mined. Meanwhile, The Grayscale Investment Trust has acquired over 40,000 BTC in the same period,” Glassnode said in its weekly report.Further, the number of coins held on exchange addresses continues to slide, taking sell-side liquidity off the market.Bitcoin exchange balanceSource: GlassnodeThe balance of bitcoin held across all exchanges fell to a 2.5-year low of 2,349,040 on Monday, according to Glassnode.Mean...
FinCEN’s Wallet Rule Aims to Close Crypto-Cash Reporting Gap, Official Says
Crypto News

FinCEN’s Wallet Rule Aims to Close Crypto-Cash Reporting Gap, Official Says

Financial institutions report large cash and crypto transactions differently. This gap led to a controversial rule proposal by the Financial Crimes Enforcement Network (FinCEN) late last year, an official said Monday.Speaking at a virtual panel hosted by compliance firm TRM Labs, FinCEN Deputy Director Michael Mosier was referring to a rule that would require crypto exchanges to report transactions to private wallets (sometimes referred to as unhosted wallets) worth over $10,000 per day, as well as collect counterparty information for wallets that receive over $3,000 in crypto per day.If crypto is like cash, “why does the CTR, the currency transaction reporting requirement, apply to cash and banks and money services businesses but you have this gap with crypto,” he asked.. “… ...
US Man Pleads Guilty to Money Laundering Charges Involving $13M in Bitcoin
Crypto News

US Man Pleads Guilty to Money Laundering Charges Involving $13M in Bitcoin

A California man has entered into a plea agreement with U.S. authorities after being charged for operating an unlicensed company that exchanged millions of dollars in bitcoin for cash.According to a press release from the U.S. Department of Justice on Friday, Hugo Mejia, 49, pleaded guilty to a two-count charge of operating an unlicensed money transmitting business and money laundering.From May 2018 to September 2020, Mejia operated a digital currency business that exchanged cryptocurrency for cash, taking commissions for transactions conducted on his platform.Mejia failed to register his business with the U.S. Financial Crimes Enforcement Network – an agency within the Department of the Treasury that aims to safeguard against financial crime through data collection and a...