Autor Cointelegraph By Gareth Jenkinson

Huobi gets green light as exchange provider in Australia

Huobi gets green light as exchange provider in Australia

Uverejnil používateľ | aug 1, 2022 |

Crypto exchange Huobi can begin offering cryptocurrency exchange services in Australia after its registration as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC) on Aug. 1. This means Huobi can now offer fiat to cryptocurrency trading services in the country.Cointelegraph has reached out to Huobi to ascertain whether it will be able to offer full exchange services. The company initially indicated it would focus on providing OTC services after receiving its registration.The exchange continues to look at broadening its horizons and is also eyeing a move into the American market. Huobi formed an American subsidiary, HBIT, in July 2022. It has received a Money Services Business license, with the company hoping to launch exchange services in the future.Huobi also scored licenses in New Zealand and the United Arab Emirates in June 2022. Dubai’s Virtual Assets Regulatory Authority (VARA) granted the exchange provisional approval to begin offering its services in the country. Huobi’s local entity will offer a full suite of cryptocurrency exchange products and services, which will operate under a test-adapt-scale model as part of the process of becoming licensed. Related: US expansion for Huobi a step closer after it secures a FinCEN licenseThe company had its struggles in Thailand during the same month, eventually shuttering after failing to comply with Thai Securities and Exchange Commission regulations.Huobi was forced to relocate to Gibraltar in late 2021 following the latest Chinese crackdown on cryptocurrency use in the country. The British Overseas Territory has become an attractive location for cryptocurrency businesses and service providers.

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Country-specific crypto markets a bad idea, CZ says after gov’t talks

Country-specific crypto markets a bad idea, CZ says after gov’t talks

Uverejnil používateľ | aug 1, 2022 |

Binance CEO Changpeng “CZ” Zhao has highlighted the shortcomings of segregated cryptocurrency markets after recent talks with governments from different countries.The global cryptocurrency exchange’s CEO has become increasingly involved in policy discussions with various governments as Binance continues its global expansion. Binance most recently obtained a license to operate in Spain, Italy and Dubai to add to a global list of countries it now operates in.As CZ continues to consult with government organizations as a proponent of cryptocurrencies, he highlighted the need to maintain large liquidity in cryptocurrency markets after various countries called for segregated markets and order books in their jurisdiction.From our interactions, some countries want a segregated orderbook (liquidity). This is a BAD IDEA for a number of reasons.Large liquidity is one of the best Consumer Protection mechanisms. It protects against market manipulation, volatility, and reduces liquidations.1/5— CZ Binance (@cz_binance) July 31, 2022With Binance operating in over 180 countries, CZ stressed that the division of these markets would make it far easier for traders to swing markets which would lead to further volatility. The Binance CEO also argued that arbitrage traders that typically balance cryptocurrency prices across different exchanges or order books were not as efficient as a single order book:“Large liquidity also offers better prices for users. Tighter spread. Lower slippage. This is also a very important form of Consumer Protection. Real financial impact for users.”Binance is working with a number of countries around the world in partnerships aimed at developing cryptocurrency infrastructure and education. CZ met with the president of Kazakhstan in May 2022 to sign an agreement to assist in developing legislative guidelines and regulatory policies for cryptocurrencies in the country.Related: ‘Bad’ crypto projects should not be bailed out says Binance founder CZThe Turkish Minister of Treasury and Finance also held a virtual meeting with the Binance CEO in July 2022 as the country played host to Blockchain Economy Istanbul. The company launched its first customer service center in Turkey in April 2022, two years after starting operations in the country.CZ also met with French president Emmanuel Macron in November 2021 to hold discussions around driving the development of Web3 and blockchain technology in the country. Binance pledged $115 million to the initiative at the time. Binance then gained regulatory approval to operate its exchange in France in May 2022.

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Semantics? Analysts unpack 'technical recession' as crypto markets recover

Semantics? Analysts unpack 'technical recession' as crypto markets recover

Uverejnil používateľ | júl 29, 2022 |

Data from the United States commerce department suggests America has entered a technical recession, but market analysts have highlighted key metrics that suggest investors are optimistic.The American economy shrunk for the second consecutive quarter, according to government data released on Thursday, fitting the criteria for a technical recession. The Biden Administration maintains that the U.S. is not in a recession, highlighting low unemployment rates and other metrics that counter the argument.Mati Greenspan, founder & CEO of Quantum Economics, addressed the topic in his latest QE newsletter, noting a paradoxical effect between the GDP drop and a surge in stocks and other risk assets. He attributed this move to the U.S. Federal Reserve’s decision to raise interest rates by 0.75%, which saw cryptocurrency markets outperform stocks, with Ethere (ETH) surging 5% immediately after the announcement.Related: Bitcoin bull run ‘getting interesting’ as BTC price hits 6-week highGreenspan conceded that the current unemployment rate was “extremely low” when compared to other periods of recession but was not convinced that this was enough to prove that the U.S. economy has not receded:“For a President to insist there’s no recession when the technical definition is met does make sense from a political standpoint. Better to allow people to argue semantics than to admit you’ve made the economy shrink.”Anthony Pompliano also addressed the release of the Q2 GDP number for the U.S. economy in his daily newsletter, labeling the government’s commentary on the technical definition of a recession as “gas-lighting,” given the unique circumstances of economic metrics: “This recession is interesting because it is not accompanied by high unemployment or a significant drop in consumer spending, but there is no denying that GDP is falling and the Federal Reserve is successfully achieving their goal of destroying demand.”Other prominent market analysts like Cointelegraph contributor Michaël van de Poppe also highlighted the seeming disparity between the U.S. government and Federal Reserve chair Jerome Powell’s insistence that the U.S. economy was not in a recession.BREAKING: While Powell stated that the U.S. is not in a recession, numbers from GDP gave two consecutive quarters of negative growth, meaning that the United States is in a recession! — Michaël van de Poppe (@CryptoMichNL) July 28, 2022The latest rate hikes by the U.S. Federal Reserve continue to be cited by market analysts as a key driver for a newfound rally in risk assets like gold and cryptocurrency markets. 

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Crypto use in emerging markets driven by necessity: KuCoin Labs head

Crypto use in emerging markets driven by necessity: KuCoin Labs head

Uverejnil používateľ | júl 28, 2022 |

The proliferation of cryptocurrencies around the world has been driven by different use-cases, with key differences becoming apparent between developed and emerging market environments.Lou Yu, who heads up KuCoin Labs, tackled the subject after a keynote address during the second day of Blockchain Economy Istanbul in Turkey. In an exclusive interview with Cointelegraph, Yu unpacked her experience working with a variety of projects and companies around the world and the key differences between primary and secondary markets.Cointelegraph editor Erhan Karahman interviews KuCoin Labs head Lou Yu at Blockchain Economy Istanbul.Kucoin operates in over 200 countries globally and is well placed to provide insights into the trading habits and trends as well as the innovations in the space, given that it lists, invests and supports various cryptocurrency and blockchain-focused projects.Yu noted that trading communities are particularly active in emerging markets, more so than their developed counterparts, which are less active despite superior amounts of capital. While these emerging markets use cryptocurrencies frequently, projects from these areas could do better to aim their services at local markets:“We’re seeing all the data here from secondary markets and we think it is more relevant for local projects to benefit the local economy, and not just take products to the United States to benefit traders there for example.”The potential for Bitcoin and cryptocurrencies to tackle unique challenges in emerging markets has been a theme at Blockchain Economy Istanbul and Yu also believes that industry-shaping projects could well emerge from developing countries.Related: 75% of investors in emerging markets want more crypto: SurveyThe KuCoin Labs head highlighted the propensity for developed markets like Europe and the United States to use blockchain primarily for cryptocurrencies. Meanwhile, emerging markets are using the technology not only to use and trade cryptocurrencies but to build tools and products to solve vexing problems:“For developed markets it’s a hobby, for emerging markets it’s a necessity. In emerging countries, people are lacking a lot of tools and infrastructure and are probably limited by language barriers, political, geographical, technological and economic barriers.”Yu said that emerging countries are more in need of the fundamental infrastructure in Web3 to solve problems that Web2 hasn’t y. She also noted that much of the KuCoin Labs portfolio is made up of projects from developed countries. The projects that do hail from emerging countries don’t focus on offering their product or services to their local market, instead focusing on addressing and serving the wider cryptocurrency ecosystem.Yu stressed that the incubator has been focused on connecting the ecosystem by working with other exchanges, launchpads as well as layer-1 and layer2 protocols. Financial investment in projects from emerging markets is a focal point, alongside networking and building potential business partnerships.

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Law Commission for England and Wales proposes reforms for digital assets

Law Commission for England and Wales proposes reforms for digital assets

Uverejnil používateľ | júl 28, 2022 |

The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users.The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in reach and use. The Law Commission announced the call for public consultation from legal experts, technologists and users on July 28.The proposal highlights the evolving nature and multi-faceted use of cryptocurrencies, nonfungible tokens and other digital assets. Cryptocurrencies are used as a means of payment, store of value and as a digital representation of ownership or rights to equities and debt securities.The Law Commission seeks to deliver “wider recognition and legal protections for digital assets” to give a wider range of people, businesses and institutions access to the burgeoning sector. The consultation paper examines how personal property laws apply to digital assets and why they should be classed under this umbrella but in a unique category.Related: UK government targets crypto in latest legislative agendaFour key proposals are put forward, starting with explicitly defining a distinct legal category of personal property to accommodate the unique features of digital assets under the banner of “data objects.”The second will be creating different options for the development and implementation of “data objects” around existing law. Clarifying law around ownership and control of digital assets as well as transfers and transactions are the final two recommendations put forward.A statement from Commercial and Common Law commissioner Professor Sarah Green highlighted the institution’s focus on the unique features of the technology in order to provide a strong legal foundation for the ecosystem to develop organically:“Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.”The proposed legal reforms are in line with governmental plans for England and Wales to become a hub for cryptocurrency and digital asset systems. The Law Commission’s deadline for public responses to its consultation paper is set for Nov. 4, 2022.

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