Autor Cointelegraph By Arnold Kirimi

Binance gets green light from Canada and Bahrain

Binance gets green light from Canada and Bahrain

Uverejnil používateľ | dec 27, 2021 |

Binance is celebrating the new year with approvals from two different sides of the world.The crypto exchange has been granted an in-principle license by the Central Bank of Bahrain to operate as a crypto asset service provider in the Kingdom of Bahrain. According to the announcement, the in-principle approval a first for a Binance entity in the Middle East and North Africa region. In a statement, Binance CEO CZ said that approval from national regulators is “essential to build trust in crypto and blockchain and help further improve mass adoption.”When it comes to licensing, it is “a matter of formalities,'” according to Abdulkarim Haji, director for licensing at the country’s central bank. He highlighted Bahrain as the ideal location for Binance to establish its headquarters in the region.In a surprise move, Binance has also obtained a crypto financing license in Canada, incorporated as Binance Canada Capital Market. The new subsidiary of the exchange will handle digital assets, money transfers, foreign exchange and function as a Money Service Business (MSB).CZ confirmed the licensing on Twitter. He said they’re excited to expand their customer support team to include customers and other crypto exchanges.Boxing day. https://t.co/XmnyQIODLT— CZ Binance (@cz_binance) December 27, 2021On December 24th, the crypto exchange applied FINTRAC for an MSB license, approved on December 27th. The exchange’s current financial license will expire on December 31st, 2024. Bahrain, the Gulf’s smallest economy, has been a frontrunner in the digital assets sector. Rain Financial became the first licensed crypto-asset platform in the region after receiving permission from the country’s central bank to operate in 2019. In January, Bahrain’s monetary authority renewed a license for Manama-based CoinMENA.Binance’s decision reflects the firm’s increased focus on the Middle East region. The company recently became the first crypto exchange to join a new crypto hub established by Dubai World Trade Centre Authority, reported by Cointelegraph. Related: Binance introduces BNB Auto-Burn to replace quarterly burn protocolBinance’s regulatory odyssey has been nothing short of thrilling in 2021, as the cryptocurrency exchange continues to expand into new countries and obtain appropriate regulatory approval. At the same time, it has faced serious criticism, warnings and fines from several authorities.Most recently, Binance Turkey was fined $750,000 by the Financial Crimes Investigation Board (MASAK) for failing to meet financial surveillance reports requirements.

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President Bukele fires back at critics on ‘Bitcoin experiment’

President Bukele fires back at critics on ‘Bitcoin experiment’

Uverejnil používateľ | dec 24, 2021 |

On Thursday, Salvadoran President Nayib Bukele reaffirmed his belief for Bitcoin (BTC) supremacy on Twitter once again, this time stating that after widespread adoption occurs, “it’s game over for fiat.”The Salvadoran president has been a mainstay in news headlines due to his government’s regular BTC purchases and absolute pro-Bitcoin stance. He has made frequent statements and comments to support the original cryptocurrency while refusing to budge in the face of criticism that Bitcoin is a bad idea for the nation.Related: El Salvador buys a smokin’ hot 420 more BitcoinPresident Bukele’s recent tweet comes as the international community launches a barrage against El Salvador for its “Bitcoin experiment.”The International Monetary Fund criticized El Salvador’s move to adopt Bitcoin as legal tender in June, but the country nevertheless passed it and began accepting BTC as legal money in September. Andrew Bailey, governor of the Bank of England, is a known critic of Bitcoin. More recently, while speaking at the University of Cambridge Students’ Union, Bailey expressed his concerns over El Salvador’s decision to use Bitcoin as a currency due to its extreme volatility.What has been called by international organizations as “The #Bitcoin Experiment”, is nothing more than the world watching how mass adoption changes a country’s economy.If it’s for the good, it’s game over for FIAT.El Salvador is the spark that ignites the real revolution.— Nayib Bukele (@nayibbukele) December 23, 2021However, Bukele fired back at his critics, pointing out that while the rest of the world regarded El Salvador as a “Bitcoin experiment,” it was transforming its economy with Bitcoin mass adoption. Bukele also claimed that when fiat is no longer a factor compared to BTC’s dominance, El Salvador will be regarded as the spark that starts the real revolution.Since adopting Bitcoin as legal currency, El Salvador has used Bitcoin profits or the “surplus” from its Bitcoin Trust account to finance the construction of 20 schools. In mid-October, Bukele announced that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.Bukele’s latest riff comes as El Salvador recently bought 21 BTC on Tuesday to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited to 21 million BTC.

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Paraguay moves a step closer to regulating digital currency

Paraguay moves a step closer to regulating digital currency

Uverejnil používateľ | dec 23, 2021 |

On Dec. 17, 2021, the Senate of Paraguay approved a cryptocurrency bill introduced in July. The provisions, which define several key terms including virtual assets and call for licenses to mine cryptocurrencies, will now be sent to the Deputy Chamber for further deliberation.Senator Fernando Silva Facetti, the bill’s sponsor, revealed that it’s passed in the Paraguayan Senate after a contentious debate. According to the senator, the law also aims to foster the growth of crypto mining activities by using the surplus electricity generated in the country.(1/3) Today, after an intense debate, the Senate @SenadoresPy approved todaya New Law Project which regulates the industry and commercialization of #Crypto assets #Bitcoin #Paraguay after …(open threat)— FernandoSilvaFacetti (@FSilvaFacetti) December 17, 2021The body of the legislation includes a definition for virtual assets, tokens, cryptocurrency mining and VASPs (virtual asset service providers). It also grants the Ministry of Industry and Commerce the authority to seek assistance from government bodies outside its boundaries to implement the law.The bill explicitly states that cryptocurrency mining is a legal activity, noting that:”Virtual asset mining is a digital and innovative industry. This industry will benefit from all incentive mechanisms provided in national legislation.”Paraguay reportedly produces more energy than it consumes. As a result, several firms are interested in establishing cryptocurrency mining operations there to exploit this potential surplus.Related: Mass adoption looms as South America’s second-largest company accepts crypto paymentsIn July, Paraguayan Congressperson Carlos Rejala and Senator Fernando Silva Facetti presented a Bitcoin (BTC) bill in Congress, demonstrating the lawmakers’ commitment to crafting a comprehensive digital asset policy for their nation. The legislation has now been passed by the country’s Congress and will be discussed in the Chamber of Deputies in 2022.Due to local economic and fiscal challenges, especially in Argentina, Venezuela, and Mexico, South America has emerged as a viable hotbed for cryptocurrency adoption. For example, as their national fiat currencies crumbled, Argentinians and Venezuelans have turned to digital alternatives like Bitcoin as a more viable payment option. Others, such as El Salvador, have taken a completely different approach, with the president encouraging the use of BTC on the people

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Pakistanis have $20B in crypto assets, says head of local association

Pakistanis have $20B in crypto assets, says head of local association

Uverejnil používateľ | dec 22, 2021 |

Nasir Hayat Magoon, The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has stated that Pakistani citizens have a combined crypto assets value of $20 billion.During a news conference, the FPCCI president said that Pakistanis’ digital currency valuations are based on the chamber’s research paper, as per a local report. He urged the government to implement a cryptocurrency policy, pointing out that India has implemented some restrictions in this field, the report adds. In October, a study published by Chainalysis revealed that Pakistan had experienced a tremendous increase in cryptocurrency adoption during the previous year. The 2021 Chainalysis Global Crypto Adoption Index ranked Pakistan the third highest in terms of index score behind Vietnam and India. The ranking is based on three metrics: on-chain crypto value transmitted, on-chain retail value transferred, and peer-to-peer exchange trade volume.Related: New survey reveals 83% of millennial millionaires now own cryptoOn October 20, 2021, Pakistan’s Sindh Province’s highest judicial body urged the federal government to provide modalities for cryptocurrency regulation. The High Court of Sindh (SHC) ordered government bodies such as the Ministry of Information Technology and Law to collaborate with regulators like the Securities and Exchange Commission of Pakistan (SECP) and the central bank to create crypto rules within three months.The SECP has been considering crypto legislation since November 2020, as reported by Cointelegraph. Apart from cryptocurrency regulation, the governor of Pakistan’s State Bank of Pakistan, Reza Baqir, stated that the bank analyzes the possibilities of a central bank digital currency.

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Arsenal football club in dispute with ASA over ‘irresponsible’ crypto ad

Arsenal football club in dispute with ASA over ‘irresponsible’ crypto ad

Uverejnil používateľ | dec 22, 2021 |

The Advertising Standards Authority (ASA), a body that oversees advertising in the United Kingdom, is cracking down on non-compliant crypto advertisements. Earlier this year, Arsenal became one of the many football clubs to collaborate with blockchain firm Chiliz and launch a fan token. On Aug. 12 this year, the club promoted its fan token AFC on its official Facebook page, which the ASA has banned for allegedly violating its advertising rules. The agency stated that the post did not highlight the risks involved in the investment. In a different event, as per a BBC report, the monitor claims that the topic of content on Arsenal’s official website — particularly, a page published on Aug. 6, 2021, with the title “$AFC Fan Token: Everything you need to know” — was violating advertising rules.We’ve published 25 rulings today, including one which bans posts by Arsenal for taking advantage of consumers’ inexperience in cryptoassets. @BBCNews https://t.co/UohrSDudg3— ASA (@ASA_UK) December 22, 2021According to the ads watchdog, both commercials were irresponsible and took advantage of consumers’ lack of experience while trivializing crypto investments. The BBC quotes an official from Arsenal Football Club stating, “We take our responsibilities to our fans seriously,” adding that they had evaluated all of the communications with the fans about offers and made available information on financial risks.The latest regulatory actions by the ASA add to a slew of similar decisions made earlier this year, as the body has been zealously pursuing and shutting down misleading cryptocurrency advertisements. The independent advertising authority recently removed a number of cryptocurrency-related ad campaigns for several major industry players, including Coinbase and Kraken. It stated that the ads are “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment.”In May, the ASA removed Luno exchange’s ad campaign, which was a picture of Bitcoin (BTC) used on subway posters stating, “If you’re seeing bitcoin on the Underground, it’s time to buy.”Arsenal is one of several top-tier football clubs that have collaborated with blockchain firms to create a fan token. West Ham United — a soccer club that competes in the English Premier League and is located in London — teamed up with blockchain platform Socios.com to launch a fan token ecosystem in 2019.Bundesliga giants FC Bayern Munich is no stranger to working with blockchain projects, having teamed up last fall with Stryking Entertainment to create digital collectibles of its players.

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