Autor Cointelegraph By Arijit Sarkar

FTX joins other crypto goliaths to promote autonomy over sensitive information

FTX joins other crypto goliaths to promote autonomy over sensitive information

Uverejnil používateľ | mar 10, 2022 |

Centre, an open-source technology project developed by Coinbase and Circle, has onboarded crypto exchange FTX and Alkemi Network as its latest partners to collaborate on Verite. Verite is a set of shared decentralized identity protocols — developed by Centre — to empower crypto-centric individuals and businesses by granting total control of personal information. Supporting Verite’s commitment to collaborate on shared decentralized identity standards, FTX and Alkemi have added to the list of 14 crypto companies, which include Coinbase, Circle, Hedera Hashgraph, Ledger, the Solana Foundation and more.Verite launch partners include @circlepay , @blocks, @Algorand, @coinbase, @compoundfinance, @ConsenSys, Espresso Systems, @hedera, @Ledger, @MMInstitutional, @phantom, @SolanaFndn, @SpruceID, and @StellarOrg — CENTRE (@centre_io) February 17, 2022Verite protocols are designed to help people and businesses keep track of their personal information and provide total control over how businesses use this information in the crypto economy. According to the company:“Verite is returning autonomy over sensitive information to the individual while continuing to enable businesses to interact with identity-verified participants.”Verite makes this possible by allowing users to cryptographically prove claims about their identities and carry those claims in the same crypto wallets where they store their digital assets. Centre CEO David Puth stated:“We are pleased that our partners share our conviction that Verite’s identity standards will create a new level of clarity, privacy, and convenience to everyone transacting in the crypto economy.”According to the announcement, Verite’s protocol integration into smart contracts, applications and websites does not introduce single-vendor or anti-competitive dependencies:“Individuals will be able to use their credentials across the crypto ecosystem, making digital assets far more accessible to both crypto natives and novices.”Related: FTX expands to Europe with CySEC approvalOn Tuesday, FTX also expanded its crypto services into Europe soon after receiving regulatory approval from the Cyprus Securities and Exchange Commission.Want to know where FTX is licensed and regulated?Check out https://t.co/50ELyIX1cd!The list is growing every week.— SBF (@SBF_FTX) March 8, 2022

As Cointelegraph reported, Switzerland-based FTX Europe will serve European crypto clients through a licensed investment firm across the European Economic Area.

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Cake DeFi launches $100M venture arm for Web3, gaming and fintech initiatives

Cake DeFi launches $100M venture arm for Web3, gaming and fintech initiatives

Uverejnil používateľ | mar 9, 2022 |

Singapore-based decentralized finance (DeFi) services firm Cake DeFi announced the launch of a $100 million venture arm dedicated to serving as accelerators for Web3, gaming, nonfungible tokens (NFT) and other crypto initiatives.The newly launched $100 million venture arm, Cake DeFi Ventures (CDV), will fund crypto startups that complement the company’s core business. According to Cake DeFi, the venture firm “will be focused on investing in tech startups across Web3, the metaverse, the NFT space, gaming, esports and fintech spaces.”Cake DeFi’s primary suite of services includes liquidity mining, staking and lending of cryptocurrencies — aimed at generating high returns from existing crypto holdings. In addition to receiving CDV’s funding, the announcement read:“Portfolio companies have the opportunity to access numerous Cake products, connections, users, resources, and expertise within the global blockchain industry.”U-Zyn Chua, co-founder and chief technology officer of Cake DeFi, said that investing in early-stage crypto startups “will allow us to enhance our Web3 offerings.” In addition to advising relevant startups to share their project details with CDV, the company has also opened doors to other VC firms and investors for co-investment opportunities or strategic partnerships.Related: Singapore saw 13x jump in crypto investments in 2021: KPMGA new report from Big Four accounting firm KPMG highlighted a 10x increase in Singapore’s crypto-related investments last year — up from $110 million in 2020 to $1.48 billion in 2021.As Cointelegraph reported, the substantial increase in crypto investments is primarily due to active governmental efforts to stimulate the capital market. Most notably, the Singapore government established a special-purpose acquisition company (SPAC) listing framework, which allows fast-growing firms and unicorns to go public.Moreover, this year, the government has also taken proactive measures to regulate speculative digital assets.

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Coinbase proposes crypto tech to promote global sanctions compliance

Coinbase proposes crypto tech to promote global sanctions compliance

Uverejnil používateľ | mar 7, 2022 |

The United States-based crypto exchange Coinbase has proposed the use of cryptocurrencies to help ensure compliance with economic sanctions. The recommendation comes along with highlighting the ease of laundering and sanction evasion of fiat currencies made possible by traditional financial infrastructures. Written by Coinbase’s Chief Legal Officer Paul Grewal, the blog talks about the growing range of global sanctions put forth amid the Russia-Ukraine conflict. The crypto exchange supported the government’s decision to impose sanctions on individuals and territories, highlighting its importance in “promoting national security and deterring unlawful aggression.”https://t.co/h08YXYgAoM Sanctions play a vital role in promoting national security and deterring unlawful aggression, and @coinbase fully supports these efforts by government authorities. They are best placed to decide when, where, and how to apply them.— Paul Grewal (@iampaulgrewal) March 7, 2022Grewal points out that, despite the sanctions put forth by governments over the years, laundering of fiat currency through traditional financial institutions remains the most sought-after method for sanction evasion:“By transacting through shell companies, incorporating in known tax havens, and leveraging opaque ownership structures, bad actors continue to use fiat currency to obscure the movement of funds.”On the other hand, Grewal argued that digital asset transactions are inherently public, traceable and permanent — an important feature that can be leveraged by governing authorities to detect and deter evasion.2/ Every US company has to follow the law – it doesn’t matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses.— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 4, 2022

In addition, prominent crypto lawyer Jake Chervinsky also highlighted why it is impossible for governments to make use of cryptocurrencies to evade sanctions. Acknowledging the same, Grewal stated that actors who intend to counteract sanctions would require “virtually unobtainable amounts of digital assets,” adding:“As a result, trying to obscure large transactions using open and transparent crypto technology would be far more difficult than other established methods (e.g., using fiat, art, gold, or other assets).”Some of the proactive measures taken by Coinbase to implement a global sanction program include blocking access of flagged entities during the signup process, detecting evasion attempts and anticipating threats using a sophisticated blockchain analytics program. Moreover, other crypto businesses have started taking measures to further deter the use of cryptocurrencies based on the sanctions recommended by the United States government. For example, Satoshi Labs, a Prague-based crypto wallet provider, announced to stop shipping crypto wallets into Russia. Satoshi Labs spokesperson Kristýna Mazánkov said that while Bitcoin (BTC) is apolitical, the move to restrict the shipment of crypto wallets in Russia was made as “company employees have connections to the conflict that make it personal.”In addition to helping law enforcement track suspicious activity over a transparent blockchain, cryptocurrencies play a vital role in protecting the privacy of individuals — a principle that exists within the traditional financial system. Grewal concluded:“We believe we can balance these interests by continuing to support law enforcement efforts while promoting policy frameworks that respect individual privacy.”Related: New York state ramps up blockchain monitoring to enforce sanctionsIn the first week of March, the New York State Department of Financial Services (DFS) announced the implementation of a blockchain-based technology to further enforce ongoing global sanctions.#ICYMI: @GovKathyHochul announced new actions to strengthen #NYDFS enforcement of sanctions against #Russia. Read more here➡️https://t.co/y3QbVl0VxQ.— NYDFS (@NYDFS) March 2, 2022

As Cointelegraph reported, the DFS plans to expedite the procurement of additional blockchain analytics technology to help identify Russian individuals and entities tied to DFS-licensed virtual currency businesses.

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US Virginia Senate allows state banks to offer crypto custody services

US Virginia Senate allows state banks to offer crypto custody services

Uverejnil používateľ | mar 5, 2022 |

The United States Senate unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services. Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”The bill passed Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin. Banks that intend to offer this service to clients will need to adhere to three specific requirements mentioned in the bill — implement effective risk management systems, possess adequate insurance coverage and launch an oversight program to address risks associated with cryptocurrencies.However, the Senate will require the banks’ customers to retain direct control of their public and private keys associated with their virtual currency, adding:“Acting in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank by creating new private keys to be held by the bank.”Other states such as Wyoming have also recently seen an introduction of legislation for a state-issued stablecoin. Related: US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets Just last month, the House Committee on Financial Services had a discussion about whether regulations on stablecoins and digital assets should be addressed at the state or federal level. In this regard, North Carolina Representative and ranking committee member Patrick McHenry asked the committee to consider state-level regulatory frameworks in lieu of a comprehensive federal law on stablecoins.Jean Nellie Liang speaking at Feb. 8 House Committee on Financial Services hearingQuoting a report from the President’s Working Group on Financial Markets, Jean Nellie Liang the undersecretary for domestic finance at the Department of Treasury, said that U.S. dollar-pegged stablecoin issuers — both state and federally chartered banks — should be held to the same standards as insured depository institutions.

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Aussie advisory committee lists key factors for easing crypto adoption

Aussie advisory committee lists key factors for easing crypto adoption

Uverejnil používateľ | mar 2, 2022 |

Cyber Security Industry Advisory Committee, the Australian cybersecurity advisor, highlights various crypto-related opportunities for the government to undertake as it prepares for the global mainstreaming of cryptocurrencies.The study released by Australia’s Department of Home Affairs, titled ‘Exploring Cryptocurrencies’, cites the rise in crypto adoption as the country undergoes a rapid transformation to an advanced digital economy:“There is a need for regulatory settings that provide greater clarity and confidence about how the cryptocurrency market can operate in Australia.”The Federal advisory recommends exploration of four key areas that can “help ensure the safe adoption of cryptocurrencies in Australia” — minimum cyber security standards, capability (awareness through specialized training), follow-the-lead approach and operator transparency. With the primary goal to dampen cybersecurity threats aimed at cryptocurrencies, the committee recommended mandated minimum cyber security standards for crypto exchanges and Australian businesses that hold cryptocurrencies. Crypto exchange Kraken’s Managing Director for Australia Jonathon Miller believes that “minimum standards for security, and greater resourcing to fight sophisticated cybercrime will go a long way to protecting investors.”In addition, the advisory suggested an increased focus on increased public awareness via specialist training on the available crypto opportunities and corresponding cybercrimes and threats. It all recommends a ‘follow-the-lead’ approach wherein Australia learns and implements international best practices in the crypto space. Highlighting the inherent pseudo-anonymity of crypto, the committee calls for increased transparency around registered crypto exchanges and blockchain-based companies:“Educational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.”In addition to the recommendations, the Cyber Security Industry Advisory Committee highlighted a number of opportunities that accompany mainstreaming of cryptocurrencies. The study reveals blockchain’s disruptive potential to tokenize financial assets including loans, carbon credits and real estate. Moreover, accepting cryptocurrencies “enables businesses to tap into a new set of customers.” Finally, the study reveals that offsetting carbon emissions is one of the biggest opportunities as crypto makes it way into the mainstream.Related: Crypto businesses will be rewarded over the long term, says Voyager CEOIn a dialogue with Cointelegraph, the co-founder and CEO of Voyager Digital Stephen Ehrlich opined why patience is the key for crypto businesses:“In 2021, Bitcoin outperformed all major asset classes, one-upping crude oil, NASDAQ, the S&P 500 and gold. Moreover, the number of “hodlers” is trending in a positive direction, signaling crypto’s long-term viability.”Citing economic equality as one of the main advantages, Ehrlich also said that crypto gives access to investor segments who missed out on past booms.

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