Autor Cointelegraph By Arnold Kirimi

Swiss think tank urges greater global cooperation on crypto regulation

Swiss think tank urges greater global cooperation on crypto regulation

Uverejnil používateľ | máj 19, 2022 |

In a bid to combat illegal activity and “regulatory arbitrage,” a Swiss-based think tank has urged greater international cooperation on cryptocurrency regulation.On Monday, the Basel Institute of Governance and the International Academy of Financial Crime Litigators released a paper calling for further coordinated action against unlawful crypto-markets. Among the proposed solutions are greater cooperation between jurisdictions, as well as the creation of worldwide standards for cryptocurrency regulation.According to the paper, investigators who work with cryptocurrency should invest in learning approaches and technologies that are contemporary with evolving criminal organization techniques. Also, it recommended judicial authorities come up with new methods for prosecuting virtual asset-based money laundering.Crypto regulation has been a contentious issue in the industry, with some arguing that it stifles innovation, while others believe that it is necessary to protect investors and crackdown on crime.The recommendations follow the comments by U.S. Financial Crimes Enforcement Network (FinCEN) acting director Him Das in early April when he said that the agency’s existing abilities are not appropriate for the types of threats we’re seeing with cryptocurrency.Genuinely impossible to feel sorry for crypto enthusiasts getting wiped out when they showed nothing but extreme ideological hostility for the idea of securities regulation that was designed to protect them from these outcomes.— Michael Tae Sweeney (@mtsw) May 11, 2022In the United Kingdom, experts have pointed out that financial regulators are using laws that are more than 20 years old to combat crypto-laundering, as the government promises enhanced financial system protection through the recently introduced Economic Crime Bill.Related: Crypto needs regulation but should be done right: Report and databaseAs reported by Cointelegraph, the governors and finance ministers of the Group of Seven, or G7, are reportedly prepared to discuss cryptocurrency regulation. Representatives from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom will most likely address issues relating to a regulatory framework for cryptocurrencies at a meeting in Germany’s Bonn and Königswinter. The U.S. Securities and Exchange Commission (SEC) recently revealed that it will nearly double the number of personnel responsible for protecting investors in cryptocurrency markets.

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New survey sheds light on people's concerns about investing in crypto

New survey sheds light on people's concerns about investing in crypto

Uverejnil používateľ | máj 18, 2022 |

While some people believe in the long-term potential of cryptocurrency, others are hesitant to put money in because of different concerns. A recent study conducted by Coupon Follow found out that the majority of people who haven’t invested in cryptocurrency cite worries such as value volatility and restricted applications, environmental impact as well as regulatory concerns.Search interest for “should I invest in crypto” overtime. Source: Google TrendsThe survey, which included respondents aged 18 and above, was answered by 1,172 people among Gen Z, Millennials, Gen Xers and Baby Boomers. Each group was represented by samples ranging from 172 to 333 individuals. According to the report, all respondents were “no coiners,” or individuals who have not yet invested in crypto.A lack of understanding was reported as the most popular reason for buyers’ hesitation across all generations, according to the research. When asked about their refusal to buy crypto, 42% of the respondents said they didn’t “understand their value.” However, the report suggests that interest in learning more about crypto has not died down. Even if they were unwilling to invest money in it, the majority of respondents were at least somewhat interested in learning more about cryptocurrency. A significant percentage of respondents, 39%, were scared off by crypto volatility.Source: Coupon FollowEighteen percen of respondents said that learning more about the benefits of investing in cryptocurrency was the most effective approach to transition from skeptic to believer. Millennials said that having greater disposable income was the most likely scenario that would persuade them to invest in cryptocurrency. The research found that members of Gen Z are more interested in government regulation and law enforcement within the nascent space.Related: Women’s interest in crypto grows, but education gap persists: StudyGiven the growing number of financial crimes, DeFi exploits as well as last week’s dramatic collapse of Terra (LUNA), this should come as no surprise.Regulators are primarily concerned with protecting consumers, and it’s evident that they’re having difficulty keeping up with a fast-moving sector. Regulation exists but feels disorganized. The U.S Securities and Exchange Commission (SEC) recently revamped its crypto unit with more hires, and with the general public becoming increasingly aware of cryptocurrencies, we may expect to see more regulation in this area. Experts believe that crypto businesses should work with regulators to increase adoption.

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Fireblocks introduces Web3 Engine with developer tools to accelerate ecosystem growth

Fireblocks introduces Web3 Engine with developer tools to accelerate ecosystem growth

Uverejnil používateľ | máj 17, 2022 |

As the world accelerates towards a decentralized future, Fireblocks, a digital assets custody platform, announced the launch of their new Web3 Engine to help foster the development of the Web3 ecosystem.The company announced on Tuesday that the dedicated Web3 engine includes a set of tools for developers to create products and services in decentralized finance (DeFi), GameFi and nonfungible tokens (NFT). Fireblocks has also opened up a world of decentralized apps (DApps), exchanges, NFT marketplaces and more for alternative asset managers and capital market participants.”Web3 is the future,” said Michael Shaulov, CEO of Fireblocks, adding that “we’ve already entered a new era of the Internet.” Shaulov said that for the Web3 ecosystem to continue to develop, the community must address a significant issue: security.According to the announcement, Fireblocks’ new Web3 Engine makes it simple for developers to construct DApps on top of Fireblocks’ tech stack or securely access the full breadth of existing web3 applications. Fireblocks enables Web3 firms like Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius and Utopian Labs to protect against human error and hackers.Web3 has infused a lot of enthusiasm in the industry, as shown by Web3 tokens’ growth in market capitalization in recent years. It is an ecosystem open to everyone from anywhere and anytime, free of restrictions or intermediaries. Many big companies have made significant efforts to capitalize on Web3’s potential.Related: Coinbase unveils Web3 mobile DApp and DeFi wallet and browserGoogle cloud recently established an internal team dedicated to creating services for blockchain developers and those operating Web3-based applications. Industry leaders such as Meta and Amazon have also entered the market, with Metaverse involvement and NFT enthusiasm. Gaming giant Square Enix recently revealed that it would significantly invest in Web3 gaming.

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Do Kwon summoned to parliamentary hearing following UST and LUNA crash

Do Kwon summoned to parliamentary hearing following UST and LUNA crash

Uverejnil používateľ | máj 17, 2022 |

The dramatic fall of Terra (LUNA) along with the algorithmic stablecoin UST has been a major talking point among the crypto industry. And now South Korean conservative party has requested a parliamentary hearing on the matter.Korea’s conservative party requested to have a hearing about the Terra incident. The politician noted Korean exchanges each reacted differently to the crash. He wanted to invite both Do and the exchanges to learn more details. https://t.co/3ezNlTFzzP— Doo | StableNode @Permisionless (@DooWanNam) May 17, 2022According to a local news report, Korean exchanges responded differently to the collapse, with the National Assembly’s Political Affairs Committee on Tuesday summoning Terraform Labs co-founder Do Kwon for a parliamentary hearing regarding the issue. The committee’s representative, People’s Power’s Yoon Chang-Hyeon, said:“There is a part that raises questions about the behavior of exchanges during the crash.” “Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 stopped trading daily, but Upbit did not stop trading until May 13.”He noted that “as the legislation is delayed, investors’ losses are increasing,” and “that the authorities continue to see the huge loss of investors and are helpless to protect investors.” Rep. Yoon suggested that:“We should bring related exchange officials, including Terra CEO Kwon Do to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors.”Following the historic de-pegging of its algorithmic stablecoin, UST, and the subsequent death spiral that plummeted LUNA tokens to practically nothing, Kwon has tabled a plan to save the ecosystem.Related: Polygon and others extend helping hand to Terra blockchain projectsYesterday Kwon suggested Terra ecosystem be forked into two chains, with the current network known as “Terra Classic” (LUNAC) and the new chain known as “Terra” (LUNA). Both chains will coexist, but the old tokens will be rebranded as LUNAC while the new ones will be known as LUNA according to Kwon. The launch of the new chain will necessitate that Terra developers airdrop new LUNA tokens to holders of the old LUNAC and UST, as well as developers after the plan, is put into action, Kwon added.

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Polygon and others extend helping hand to Terra blockchain projects

Polygon and others extend helping hand to Terra blockchain projects

Uverejnil používateľ | máj 16, 2022 |

Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios’ CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them to migrate to the Polygon Network. The Polygon community, according to Wyatt, “is ready to welcome the developers and communities of these Terra projects.” He also stated that Polygon would provide the capital and resources needed to assist them in their migration.Polygon founder Sandeep Nailwal added his two cents by detailing which options are most suitable for Terra projects. He suggested that Polygon’s proof-of-stake chain may be utilized by community projects needing a common chain. Nailwal noted that ZK Rollups will be available on the proof-of-stake network soon. Layer-1 blockchain project Fantom also extended its support to the Terra community by stating that Fantom is prepared to assist any project or developer who desires to move away from Terra blockchain. The team at Fantom also detailed a grant program to help with integration, marketing and connections.Any Terra Luna projects out there looking for a new chain, please PM us.Fantom’s uptime is 100%, fast, low-cost, and reliable, with a great community.Can assist with a grant program, integration, marketing, and connections.#terra #Terra_Luna #Luna— Fantom Foundation (@FantomFDN) May 15, 2022These efforts are sure to help get many Terra projects back on their feet following last week’s events. Do Kwon, the creator of Terra, finally spoke up and offered a recovery plan. The possibility of implementing a hard fork in the Terra blockchain is one of the ideas being considered. However, because there is an overabundance of LUNA in the market right now, Binance CEO Changpeng Zhao stated that this approach will not work.Related: 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?Despite his reservations, CZ agreed to offer assistance to the Terra community. He stated that:“Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”The Ethereum co-founder Vitalik Buterin has also offered his opinion on the issue. Buterin thinks that any repayment plan for Terra should give special consideration to small investors.

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