Autor Cointelegraph By Arijit Sarkar

White House office seeks public opinion on crypto-climate implications

White House office seeks public opinion on crypto-climate implications

Uverejnil používateľ | mar 26, 2022 |

The Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets. On March 9, United States President Joe Biden signed an executive order, directing various federal agencies to examine implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity.As a part of the initiative, the OSTP invited the general public and other stakeholders to share their viewpoints on various factors that contribute to the energy use and climate impacts of all types of digital assets and cryptocurrencies..@POTUS made clear that digital assets and cryptocurrencies must support our climate goals.Today, @WHOSTP issued a Request for Information seeking YOUR input on the energy & climate implications of digital assets. Be sure to respond by 5pm ET on May 9. https://t.co/oRLqYHPG9l— White House Office of Science & Technology Policy (@WHOSTP) March 25, 2022President Biden’s executive order requires OSTP to submit a report on digital assets to identify factors that negatively or positively affect energy and climate concerns. According to the official notice:“In particular, this Right for Information (RFI) seeks comments on the protocols, hardware, resources, economics, and other factors that shape the energy use and climate impacts of all types of digital assets.”In addition, OSTP seeks public opinion on the potential benefits of digital assets in addressing the rising energy and climate concerns. According to the notice, the federal government will use the findings of the study to dictate future developments or industry trajectories related to digital assets. The general public and organizations are invited to submit comments on or before 5:00 p.m. ET on May 9, 2022.Related: Secretary Yellen recognizes ‘benefits of crypto’ despite lingering skepticismThe U.S. Secretary of the Treasury Janet Yellen, who has historically shared anti-crypto sentiments, recently acknowledged the “significant role” played by cryptocurrencies:”There are benefits from crypto, and we recognize that innovations in the payments system can be a healthy thing.”I see a lot of strength in the American economy. We have an immensely strong job market, historically low unemployment numbers, and consumer spending continues to hold strong. I joined @SquawkCNBC this morning to discuss. pic.twitter.com/NKM1H8fDQC— Secretary Janet Yellen (@SecYellen) March 25, 2022

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Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan

Uverejnil používateľ | mar 26, 2022 |

Citing compliance with local jurisdictions, crypto exchange Coinbase announced to soon collect additional information from users based in Canada, Singapore and Japan. Effective from April 1, Coinbase users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform. However, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempted from this requirement.Screenshot of Coinbase requesting recipient information from Canadian users. Source: CoinbaseAs shown in the above screenshot, Canadian users will need to share the full name and residential address of the recipient. Moreover, Canadian users — that suffice the above two conditions — will lawfully require to provide the recipient’s (self) information even while transferring funds between their own crypto wallets. On the other hand, both Japanese and Singaporean regulations will require Coinbase to collect information about the recipients from local investors for every single off-platform transaction with no minimum threshold.Screenshot of Coinbase requesting recipient information from Singaporean users. Source: CoinbaseSimilar to Canadian users, investors from Japan will need to disclose information including the recipient’s name and full address and the name of the crypto exchange handling the wallet.Singapore users will not require to provide the recipient’s residential address but will require only the recipient’s name and country of residence. The lack of any required information will bar the user from sending cryptocurrencies out of the Coinbase platform for the jurisdictions in question. Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule. Related: Thailand SEC bans crypto payments, seeks disclosure of system failure from exchangesFor many jurisdictions, the road to mainstream crypto adoption is paved by stringent regulations under the pretext of investor protection. Starting April 2022, the Thailand Securities and Exchange Commission (SEC) announced a ban on crypto payments throughout the country. Complementing this law, the SEC also proposed a new rule, which if implemented, will require Thai-based crypto businesses — brokers, exchanges and dealers — to disclose service quality and IT usage information.As Cointelegraph reported, a joint study between the Thai SEC and Bank of Thailand (BOT) concluded that:“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”

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Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges

Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges

Uverejnil používateľ | mar 23, 2022 |

In an ongoing effort to carve out a regulated crypto market for the general public, the Thailand Securities and Exchange Commission (SEC) announced a ban on the use of cryptocurrencies for payments. Parallelly, the Commission proposed a new rule that demands disclosure of service quality and IT usage information from crypto businesses including brokers, exchanges and dealers.According to the notice issued by the Thai SEC, businesses in the region have been advised against accepting crypto payments from April 2022 after discussing its implications with the Bank of Thailand (BOT).The joint study conducted by the BOT and SEC concluded that:“[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”Some of these risks highlighted by the SEC include loss of value caused by price volatility, cyber theft, money laundering and personal data leakage. Once implemented, businesses in Thailand will be barred from — advertising accepting crypto payments and establishing systems, tools and wallets to facilitate crypto transactions. Businesses found in noncompliance with the new crypto laws will be subject to legal actions including temporary suspension or cancellation of the services:“However, the BOT and the SEC, as well as other government agencies, recognize the benefits of technologies behind digital assets such as blockchain and value and support the use of technology to further innovation.”Moreover, the Thai SEC proposal aims to further ensure investor security by gauging the quality of the services delivered by the crypto businesses. According to a rough translation, the SEC’s proposes digital asset operators to:“Prepare and deliver [service quality and system capacity utilization reports] to the SEC office on a monthly basis within the 5th day of the following month.”In addition to sending monthly reports to the Thai SEC, the proposal also directs crypto businesses to disclose the reports on their official website within the same timeline. A graph shared by the SEC further highlighted various complaints received over the past 12 months related to system failure, services that do not meet the desired conditions, shopping and others. Based on the data, Thai investors faced the highest problems related to shopping, which might be one of the main reasons for the crypto payments ban. As Cointelegraph previously reported back in Dec 2021, the government of Thailand confirmed working on preparing a new regulatory framework by defining “red lines” for the crypto industry. Related: Thailand reportedly exempts 7% crypto tax for traders on authorized exchangesIn the first week of March, the finance ministry of Thailand had reportedly eased up crypto tax regulations in an effort to promote digital asset investments. According to a Cointelegraph report on the matter, the new tax policy exempts crypto traders from the 7% value-added tax (VAT) when trading on authorized exchanges. In addition, the revised tax policy will also allow traders to offset their annual losses against gains for their crypto investment across multiple digital assets.

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Tokens pose lesser risk than gold and oil for UK investors: Survey

Tokens pose lesser risk than gold and oil for UK investors: Survey

Uverejnil používateľ | mar 22, 2022 |

A survey on investors across the United Kingdom has revealed a growing interest in the new asset classes that threaten to overshadow traditional finance — driven by factors such as ease of access and an adolescent crypto market. Among the 2000 UK residents that were surveyed by OnePoll via Tokenise, 81% of the responders chose tokens as the safer and more secure alternative to traditional investments such as gold, oil, shares and real estate:“Driven by a difficult climate for traditional investment vehicles due to the pandemic, low-interest rates and inflation, the time is right for tokens to take center stage.”Out of the lot, 24% revealed interest in investments in tokens or nonfungible tokens (NFT) in 2022, which highlights a “critical tipping point” for token adoption. As a result, the rising interest is complemented by a growing number of providers and exchanges that intend to capitalize on the demand.Some of the key drivers for nearly 55% of the existing crypto investors across the UK include influencer marketing via artists, musicians and collectors while 49% got roped in by the ability to make purchases through app-based marketplaces:“Some 41% of Londoners are ready to buy, use or trade a token (such as an NFT) in 2022.”The most prominent age group (46%) that prefer investing in tokens and NFTs in the UK are aged between 18-24 years, out of which, 53% cited the ability to invest using apps or online portals as a major influencing factor.On the other hand, the survey uncovered the importance of education in promoting crypto-based investments. Further underscoring the importance of regulated exchanges, the survey reveals: “When it comes to tokens, nearly half or 47% are yet to invest because they do not know enough about tokens, while 34% do not know an easy and safe way to invest.”The research also shows that women have lower exposure to tokens and NFTs as compared to men but equally prefer online platforms for investments. Interestingly enough, 59% of women investors revealed to seek some kind of connection to the underlying asset prior to investing. Related: FCA issues termination order for Bitcoin ATMsOn March 11, United Kingdom’s central financial regulator Financial Conduct Authority (FCA) directed all non-registered crypto ATMs to immediately closed down or be subject to undisclosed additional action.As Cointelegraph reported, FCA cited three key reasons for the sudden enforcement such as lack of regulatory structure, the high-risk potential of fluctuating assets and the importance of upholding the principles established within the Money Laundering Regulations (MLR).

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SushiSwap community proposes Swiss legal structure to limit DAO liability

SushiSwap community proposes Swiss legal structure to limit DAO liability

Uverejnil používateľ | mar 21, 2022 |

SushiSwap (SUSHI), a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. Sushi’s new legal structure will be based on a community-approved proposal from Mar. 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.Proposal: Sushi Legal StructureTo form an association or a foundation for Sushi DAO in order to provide clarity regarding the rights and obligations of token holders and contributors and limit their liability and mitigate the future risk.$SUSHI https://t.co/SHpKcpvjqP— veRSK (@KartelCrypto) March 20, 2022According to the proposer and a member of the SushiSwap community, Tangle, the intended foundation will play a key role in limiting the liability for contributors and, as a result, drive Sushi’s future growth.Considering the possibility of risk mitigation and liability limitation via legal clarity for holders and contributors, the proposal received a 100% vote for the implementation of the legal structure.Sushi Legal Structure proposal’s voting results. Source: Sushi forumTangle estimates an upfront expense of up to $100,000 and a recurring cost of $10,000 to set up the foundation:“There are several jurisdictions which can be contemplated for forming a DAO entity, but Swiss Association law is currently the leading solution.”Estimated budget for foundation. Source: Sushi forumIn order to build the foundation, the Sushi community will implement a four-step process, which includes determining and establishing the members, token distribution and transfer along with the draft articles of the foundation. The proposal also includes the need for service entities including “DevCo services entity and any other core contributor entities.” Individuals residing in crypto-friendly jurisdictions will be considered ideal candidates for being a member of the foundation.Adding to the discussion, community members highlighted the importance of defining the foundation’s use and what it owns:“It’s definitely a must, it’s really the time for Sushi to update itself and to have a legal shield ready for all contributors.”Related: Dogecoin Foundation registers name and logos as trademarked within in the EUAs smaller crypto communities slowly seep into the mainstream, foundations play a crucial role in dictating the future roadmap and relevance of the project. In an attempt to sieve imitators, the Dogecoin Foundation registered “Doge,” “Dogecoin,” and its associated logos as trademarks in the European Union.Much success.It’s a small victory that seems so very irrelevant given all that’s currently happening in the world, but it’s an important step.Thank you @DACBeachcroft (& for this: @PageWhite_IP Germany), as well as @MosesSingerLLP for their representation in the USA. ♥️ 1/ pic.twitter.com/nufaJLUSFG— Dogecoin Foundation (@DogecoinFdn) March 2, 2022

As Cointelegraph reported, the Dogecoin Foundation faced numerous issues with the misuse of its name and imagery. According to ex-director Ross Nicoll, several parties were registering trademarks for Dogecoin, and “in the summer of 2021, there was a potential lawsuit against the developers from someone who claimed we were responsible for their funds.”

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