Autor Cointelegraph By Arnold Kirimi

Crypto industry seems willing to adopt FATF travel rule: Survey

Crypto industry seems willing to adopt FATF travel rule: Survey

Uverejnil používateľ | jan 27, 2022 |

The cryptocurrency industry is eager to comply with the Financial Action Task Force’s (FATF) so-called Travel Rule, and appears willing to work with regulators in order to expedite the process, a new survey found.As per a survey conducted by Notabene, a crypto compliance firm based in New York, most of the crypto industry will be Travel Rule-compliant by Q2 2022. Currently, the report claims that about 70% of respondents are either practicing the rule or planning to complete their compliance in Q1/Q2 2022.The advent of cryptocurrencies has presented a fresh problem in the effort to combat money laundering and terrorism financing. Since 2014, FATF has been monitoring this area in order to establish norms to address these new dangers. Since then, the FATF has continued to adjust and clarify its positions on Anti-Money Laundering requirements for the crypto sector in order to keep up with its rapid development.The FATF’s Recommendation 16 on wire transfers, also known as the Travel Rule, states that virtual asset service providers (VASPs), financial institutions, and other regulated entities in member countries must give originator and beneficiary details to counterparts in transactions of $1,000 or more.The survey polled 56 businesses from all over the world responded, 45% of which are based in Asia Pacific base, 30% in Europe, the Middle East and Africa, and 25% in North American. 13% of respondents have a banking license or are a bank; 86% are crypto-native firms.According to the survey, roughly one-third of firms (31%) completely or partially adhere to the regulation. The report also revealed that 92% of respondents have internal compliance and legal departments, and 78% of these businesses consider these teams able to guarantee the company acts in accordance with external rules and internal controls.What is your company’s timeline for achieving full compliance with the Travel Rule? Source: NotabeneRelated: Governments Begin to Roll Out FATF’s Travel Rule Around the GlobeHalf of the respondents, on the other hand, note that enforcement obstacles to Travel Rule compliance include the sunrise period and legal uncertainty over the most relevant aspects of adoption. As per the report, a majority of respondents (46%) were unaware of the protocol they intended to use for compliance.The FATF published a set of rules, including the Travel Rule, in 2019 to prevent cryptocurrencies from being used for money laundering and terrorist financing. Japan was among the most receptive jurisdictions to the Travel Rule order, along with other Asian nations such as South Korea and Singapore.

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Turkish president orders ruling party to organize metaverse forum

Turkish president orders ruling party to organize metaverse forum

Uverejnil používateľ | jan 26, 2022 |

Turkish President Recep Tayyip Erdoğan and ruling Ak Party officials met earlier this week to discuss the metaverse, with the president calling for comprehensive research on the subject.Erdoğan has reportedly urged the Ak Party to study the metaverse, cryptocurrencies, and how transactions are made using them, according to a Daily Sabah report.At a meeting on Jan. 25, party leaders were instructed to research the phenomenon with significant ramifications for the future. The economic aspects of the metaverse, cryptocurrencies, and social media are anticipated to be addressed at a forum that will be subsequently be organized by the ruling party. In Turkey, the metaverse is gaining interest. According to some reports, thousands of virtual territories in Turkey, most of which are located in the historic former capital of Istanbul, have already been purchased in game-based metaverse platforms.Ak Parti olarak #Metaverse üzerinden ilk toplantımızı gerçekleştirdik. pic.twitter.com/19Xfd6sIWR— AK Parti Bilgi İletişim Teknolojileri (@AKbilgitek) January 17, 2022As Cointelegraph reported, the Turkish government recently met in the metaverse to discuss cryptocurrency legislation. Grand National Assembly of Turkey chairman Mustafa Elitaş then said, “I believe that metaverse-based meetings would be improved expeditiously and become an essential part of our lives.”Related: Crypto and NFTs meet regulation as Turkey takes on the digital futureWhile the Turkish government is open to blockchain technology, metaverse and a state-issued digital currency, President Erdoğan is notorious for his harsh opposition to cryptocurrencies. Last year, during a public Q&A session, he “declared war” on cryptocurrencies, implying the country had no interest in adopting them.

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New research expects a gloomy year for Bitcoin as DeFi and DAOs rise

New research expects a gloomy year for Bitcoin as DeFi and DAOs rise

Uverejnil používateľ | jan 21, 2022 |

Another major player in the cryptocurrency world is forecasting a dismal year for Bitcoin (BTC) in 2022. Following the Federal Reserve’s and other central banks’ tightening of liquidity measures, Huobi Research believes that BTC will enter a bear market. On the brighter side, decentralized finance (DeFi) will continue to expand and adapt, with DAO governance eventually becoming a major driver of activity on the chain.Bitcoin and Ether (ETH) prices plummeted on Thursday night on the cryptocurrency market, shedding about $150 billion from the market. Over the last 24 hours, Bitcoin has lost roughly 7.9% of its value to as low as $38,788 at the time of writing.2021 was a watershed year for crypto, with industry growth reaching new heights. DeFi, nonfungible tokens (NFTs), cryptocurrency adoption, blockchain usage and other factions all had big years. Blockchain technology has also been brought to the forefront via Web3 and the metaverse. Regulators are also catching up, with 40 nations having established over 150 distinct rules for cryptocurrency according to the Global Crypto Industry Overview and Trends report published by Huobi Research in collaboration with Blockchain Association Singapore.While several of these industries will continue to develop this year, it may be a challenging year for BTC. According to Huobi’s analysis, the U.S. Fed has started to taper, which indicates that dollar liquidity is losing its return. In 2013, the Fed took a similar step that was followed by a two-year bear market. While the market has changed dramatically and there is far more liquidity and BTC holders, Huobi believes another such move could be on the cards.Despite the gloomy forecast for BTC, Huobi believes that the wider industry will see significant development in other sectors. DeFi is one of these, a market that rose from $19 billion in Jan. 2021 to a high of $250 billion in total value locked at year’s end. We’ll witness DeFi 2.0 enter the scene in 2022, as per the Huobi report.Related: 3 key metrics show DeFi’s TVL on the verge of a new ATHAccording to Huobi, DAOs will also become a powerful on-chain governance mechanism.  The report highlights that the demand for DAO governance and the funds DAOs manage will increase in the future. The management of DAO funds may link with various DeFi applications, allowing treasury management.

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Andreessen Horowitz aims to raise $4.5 billion to invest in crypto funds

Andreessen Horowitz aims to raise $4.5 billion to invest in crypto funds

Uverejnil používateľ | jan 20, 2022 |

A16z, a VC company with investments in Protocol Labs, Polychain Capital and Opensea among others, is now planning to raise $4.5 billion for its latest fund which is focused solely on cryptocurrencies, according to a report by U.K newspaper Financial Times.Last week, Andreessen Horowitz’ venture capital firm reportedly said it would raise $3.5 billion for its VC fund, as well as another $1 billion for web3 seed investments, with the plans to be announced in March. The firm is ready to eclipse the $2.2 billion it raised in June 2021, which was at the time the crypto industry’s largest.The first fund will be used for investment in crypto start-ups and projects that are seeking investment for initiatives, while the second fund will be focused on investing in digital tokens and currencies.Andreessen Horowitz, with almost $30 billion in assets under management, is one of Silicon Valley’s top venture capital companies. The venture fund was one of the first major investors in companies like Skype, Facebook, Twitter, and Coinbase. If a16z is successful in attracting investors to raise $4.5 billion, it would become the industry’s largest, surpassing Paradigm’s $2.5 billion in Nov. 2021.Related: OpenSea raises $300M for encrypted digital marketplaceA16z has backed a number of crypto-friendly gaming platforms, most recently Carry1st, which is the firm’s first investment in a startup on the African continent. In Oct. 2021, a high-powered delegation from the VC firm engaged with members of Congress and administration officials in the U.S to discuss crypto rules.

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MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter

MicroStrategy CEO won’t sell $5B BTC stash despite crypto winter

Uverejnil používateľ | jan 20, 2022 |

Despite a 40% drop in the value of Bitcoin (BTC), MicroStrategy’s Michael Saylor has no intention of selling his firm’s $5-billion stash.Even if BTC suffers a lengthy bear market, Saylor told Bloomberg that he is a “Bitcoin bull” and does not intend to alter MicroStrategy’s multi-billion-dollar BTC acquisition plan. He took a firm stance against cashing out BTC:“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin, right? That’s our strategy.”This current crypto winter doesn’t have Michael Saylor feeling all that cold. He tells @emilychangtv why in Studio 1.0 https://t.co/EsUlY5sscN pic.twitter.com/zWStdl5qsF— Bloomberg TV (@BloombergTV) January 20, 2022MicroStrategy became the first publicly listed corporation in the United States to acquire and hold Bitcoin as part of its balance sheet in August 2020. Since then, the business software manufacturer has amassed about 124,391 BTC worth about $5.2 billion at current market prices.Due to the large portion of its balance sheet being taken up by cryptocurrency, the company’s shares have turned into a means to get exposure to the “digital gold.” After announcing its venture into BTC, MicroStrategy’s stock skyrocketed 900% at one time; however, recently, its collateral has gone into a tailspin after being exposed to excessive buying events financed in part with borrowed funds.Since August 2020, MicroStrategy has continuously boosted its Bitcoin position, keeping its promise to purchase even more of the major digital currency. Late last year, MicroStrategy bought 1,914 BTC between Dec. 9 and Dec. 29 for $94.2 million, bringing its total to 124,391 BTC.Related: Billionaire investor Bill Miller puts 50% of net worth in BitcoinDespite the recent market sell-off, Saylor still considers BTC one of the best inflation hedges and alternatives for stock buyback events. He dismissed any concerns about the cryptocurrency’s decline from its all-time high of $69,000 in November to less than $40,000 this month, stating that because inflation is so high, the company’s assets are actually a source of “great comfort.”Saylor, who previously branded cash a “melting ice cube,” anticipates more Wall Street names will buy BTC at current prices, describing it as “a great entry point for institutional investors.”

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