Autor Cointelegraph By Ezra Reguerra

FTX founder urges regulators to create a unified crypto framework

FTX founder urges regulators to create a unified crypto framework

Uverejnil používateľ | jan 11, 2022 |

Sam Bankman-Fried, the founder and CEO of crypto exchange FTX, reportedly called out regulators to create a single framework for digital assets in the Asian Financial Forum, an event organized by Hong Kong’s government to highlight new opportunities within the region’s economic landscape.The businessman pointed out that instead of focusing on determining whether assets are securities or not, regulators must focus on consolidating the regulations and creating a rule book on crypto.Bankman-Fried also noted that a framework that focuses on disclosure and the prevention of fraud may be more important than labeling assets as securities or not. While the FTX CEO didn’t specify which regulatory bodies he was calling out, many regulators worldwide are focused on classifying whether tokens are securities or not. However, he is convinced that this will not protect investors. Additionally, the crypto billionaire also highlighted how there are regulatory frameworks for other asset classes, noting that the same should be done for digital assets. This is not the first time that the young exchange founder engaged with regulators. Back in December 2021, Bankman-Fried along with other executives from prominent crypto firms were called to attend a committee hearing, where they urged US regulators to provide regulatory clarity on digital assets. Related: EU regulator calls for public input on DLT for trading and settlementMeanwhile, many experts expect major advancements in regulatory standards in 2022. In a Cointelegraph survey, Hatu Sheikh, co-founder and chief strategy officer of DAO Maker said that regulators “realize the industry is maturing and currently is even too big to have a blanket ban imposed.” Sheikh also mentioned that regulations are necessary while restrictions are not. In the same survey, EasyFi Network CEO Ankitt Gaur said that decentralized finance (DeFi) may be a focus of regulations in 2021. “DeFi is slowly making its way toward the mainstream, conversations around regulation are emerging,” Gaur said.

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FTC issues public warning about new crypto ATM scam

FTC issues public warning about new crypto ATM scam

Uverejnil používateľ | jan 11, 2022 |

The United States Federal Trade Commission published an alert of a new version of a scam involving cryptocurrencies. The scam has three key components, an impersonator, a QR code and a crypto ATM where the victims will be directed to send money.According to the FTC, fraudsters pretend to be public officials, law enforcement agents or employees of local utility companies. The imposters also utilize dating apps and pretend to be potential romantic partners or call victims to announce that you’ve won a prize.No matter how it starts, it always ends up with the scammer asking for money. If the user falls for the spiel, the scammer tells them to withdraw some cash and go to a crypto ATM. After that, they ask to purchase crypto through the ATM. Here, the QR code comes into play. They share the QR code of their wallet address with the victim. Because of this, once the victim scans the code, the purchased crypto assets would transfer to the fraudster’s account.Cristina Miranda from FTC’s the Division of Consumer and Business Education explained: “Here’s the main thing to know: nobody from the government, law enforcement, utility company or prize promoter will ever tell you to pay them with cryptocurrency. If someone does, it’s a scam, every time.”Related: CertiK identifies Arbix Finance as a rug pull, warns users to steer clear Meanwhile, a crypto crime report shows that in 2021, $7.7 billion worth of crypto was stolen from scam victims worldwide. The number reveals an 81% increase in comparison to 2020.

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Dogecoin creator slams Mozilla for pausing crypto donations

Dogecoin creator slams Mozilla for pausing crypto donations

Uverejnil používateľ | jan 10, 2022 |

The Mozilla Foundation’s back-tracking on crypto has earned a reaction from the creator of the world’s first meme cryptocurrency.On Dec. 31, 2021, Mozilla, the developers of the Firefox internet browser, tweeted that the company was accepting cryptos like Dogecoin (DOGE), Ether (ETH), and Bitcoin (BTC) as donations, along with a Bitpay donation link.However, less than a week later, the campaign was stopped after it received backlash from users and programmer Jamie Zawinski, a co-founder of Mozilla. According to Zawinski, everyone involved should be “ashamed of this decision to partner with planet-incinerating Ponzi grifters.” Zawinski didn’t stop there. As a follow-up, he published a blog post on his website and wrote that the crypto industry’s business model is unrealistic. “They manufacture only pollution, nothing else, and they turn that into money,” wrote Zawinski. Following this, Mozilla decided to pause crypto donations and have an internal discussion on cryptocurrency’s environmental impact. Mozilla said that it will review its policies on crypto donations and see if it works in line with its climate goals. In response, Dogecoin creator Billy Markus tweeted his disapproval of the move, pointing out the impact of paper dollars and traditional banking infrastructure.thank you for succumbing to an ignorant, reactionary internet mob wait till them guys hear about the environmental cost of paper dollars and the entire banking infrastructure, i am sure they will have the same level of meltdown about their own constant environmental impact https://t.co/jInIaIA0DS— Shibetoshi Nakamoto (@BillyM2k) January 7, 2022Related: Samsung uses blockchain technology to address climate change Earlier in 2021, Tesla Motors CEO Elon Musk announced that the firm would stop accepting Bitcoin, citing environmental concerns as the main reason for the move. Following this, efforts to make crypto more environmentally friendly started to gain traction. In an interview with Cointelegraph back in November, Alex Salnikov, co-founder and head of product at NFT marketplace Rarible, said that pressure to become more eco-friendly may be good for the industry. “Additional pressure is a good thing, as the space is accelerating its push to become energy efficient with proof-of-stake blockchains,” said Salnikov.

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UAE regulators pave way for crypto and blockchain adoption, says legal expert

UAE regulators pave way for crypto and blockchain adoption, says legal expert

Uverejnil používateľ | jan 10, 2022 |

While many countries are inclined to simply ban the use of Bitcoin (BTC) and virtual assets, regulators in the United Arab Emirates are taking a different approach. The country has been consistently enacting its vision of becoming a blockchain capital by providing frameworks to guide crypto businesses on how to operate in accordance with the laws.Jurisdictions in the country are divided between the mainland, where the regulator is the Securities and Commodities Authority (SCA), and free zones i.e. geographically-specified areas within the UAE with relaxed taxation and regulatory regimes. Such free zones include the Dubai International Financial Centre (DIFC), which is regulated by the Dubai Financial Services Authority (DFSA), Abu Dhabi Global Markets (ADGM) which is regulated by the Financial Services Regulatory Authority (FSRA), and the Dubai Multi Commodities Centre (DMCC) which falls under regulatory remit of the SCA.In an interview with Cointelegraph, Kokila Alagh, the founder and CEO of Karm Legal Consultants, shared a brief overview of the regulatory situation in the country. According to Alagh, the SCA, the mainland regulator, provides certainty and opportunities for crypto and blockchain businesses:“The regulations provided certainty and have opened new opportunities in the UAE, which makes SCA a progressive regulator in the global landscape, as they haven’t ignored this vital growing sector and are continuously working on developing the frameworks to adjust as per these emerging sectors like DLT, blockchain.” The FSRA, ADGM’s financial services regulator, was the first to introduce digital asset regulations in the country back in 2018. Alagh said that ADGM was also one of the first regulators globally to introduce digital securities regulations and guidance on virtual assets, adding that ADGM is “one of the topmost jurisdictions for established blockchain companies.” Alagh also discussed regulations in the DIFC. According to Alagh, the DFSA, DIFC’s regulator, “is one of the first regulators from a major financial free zone to bring regulations in regard to security tokens.” Current DFSA regulations cover the tokenization of securities through blockchain and distributed ledger technology, including the tokenization of shares, derivatives, bonds, debentures, certificates or units of a fund. However, consultation papers for stablecoins, fungible cryptos and nonfungible tokens are still in the process of being drafted.Related: Dubai World Trade Centre to create new crypto hub and become regulator Lastly, Alagh noted DMCC. The free zone issued special licenses such as the DLT technology service provider license and proprietary trading in crypto commodities license. It also has a crypto-dedicated center called Crypto Oasis, where more than 130 blockchain companies have registered. Alagh said that “the DMCC is one of the most advanced regulators in this space and has spearheaded the development of the crypto ecosystem in the UAE. The DMCC is a crypto-friendly regulator and provides companies with a friendly framework for setting up a business.” Meanwhile, crypto exchange Binance has set out to collaborate with the UAE government to assist crypto exchanges and businesses to get their licenses in Dubai. The firm signed a memorandum of understanding with the Dubai World Trade Centre Authority as they launched a crypto hub.  

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Rapper Nas to let fans own part of his music through NFTs

Rapper Nas to let fans own part of his music through NFTs

Uverejnil používateľ | jan 7, 2022 |

Award-winning rapper Nas will release nonfungible tokens (NFTs) that will let his fans own a stake in two of his songs, Ultra Black and Rare. Users who buy and hold the NFTs, dubbed limited digital assets (LDAs), will get the specified percentage of streaming royalty ownership depending on the token that they hold. Ultra Black comes from Nas’ 2021 Grammy award-winning Album King’s Disease, while Rare is from the follow-up 2022 Grammy-nominated album, King’s Disease II. The former song will have a limited supply of 760 tokens, while the latter will have 1,110 tokens. Both will be released on Jan. 11, 2022, and buyers will be able to acquire the tokens on a first-come, first-served basis.Without further ado.. we’re honored to announce Hip Hop legend, innovator and entrepreneur @Nas will be the first artist to drop his music on royal on January 11th! https://t.co/TkyWvOJOvY pic.twitter.com/hQGGXVuPhz— royal (@join_royal) January 6, 2022The LDAs will be sold through the NFT music platform Royal.Back in November 2021, Royal CEO Justin “3LAU” Blau told Cointelegraph that the platform’s number one objective is to allow fans to co-own the music by their favorite artists. “We’re starting off with a curated group of artists for our initial sales, but we plan on opening up the platform to more artists in the future,” Blau said.Related: Snoop drops ‘Decentral Eyes Dogg’ NFT like it’s hotNas also reportedly invested in one of the biggest exchange platforms, Coinbase, when it went public last year. In a song with DJ Khaled and JAY-Z, Nas bragged about his crypto wealth and Coinbase investment. “I’m coin-based, basically cryptocurrency Scarface,” says Nas in the song’s lyrics.In addition to Nas, prominent rapper Eminem recently joined the “Bored Ape Yacht Club” after reportedly buying a Bored Ape nicknamed “Eminape” for $462,000 in OpenSea. The rapper is known to own several other NFTs such as “Ditaggdogg#1” and “Superlative Apes #3880”.

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