Autor Cointelegraph By Prashant Jha

'Nothing is growing as fast as cryptocurrency': Kyrgyz MP wants national crypto

'Nothing is growing as fast as cryptocurrency': Kyrgyz MP wants national crypto

Uverejnil používateľ | mar 30, 2022 |

Kyrgyz member of parliament (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary committee meeting on law and order and combating corruption.During his speech, MP Khanjeza advocated for developing a legal framework for the crypto market and suggested amendments to the draft law to incorporate virtual assets. He said, “nothing is growing as fast as cryptocurrency.”He added that their country is perfectly positioned to take advantage of the growing crypto popularity and suggested launching their own national cryptocurrency. He said the government should focus on developing a sovereign national digital currency overlooked by the National Bank, reported a local daily.He also advocated for building a crypto hub in the nation by onboarding highly qualified specialists in this field, a strategy followed by the likes of the UAE to become a regional hub for the growing crypto market.The Central Asian nation has positioned itself as one of the crypto-friendly nations with significant progress in regulating the market. Bitcoin is considered a commodity and allowed to mine and transact under commodity laws. Related:  Vietnamese deputy PM calls for building legal framework for digital assetsIn August 2021, the government introduced a national crypto framework for crypto exchanges, giving them legal status in the country. However, there are no laws to regulate the circulation of cryptocurrencies and there is only the draft law “on the turnover of cryptocurrencies” suggested by the National Bank.The Kyrgyz government started working towards regulating the crypto mining industry as early as 2020, however, the growing energy crisis aided by illegal crypto mining has led to several crackdowns last year. Most of the pro-crypto mining nations including Kazakhstan and Iran had faced similar energy crises due to illegal crypto mining

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Vietnamese deputy PM calls for building legal framework for digital assets

Vietnamese deputy PM calls for building legal framework for digital assets

Uverejnil používateľ | mar 29, 2022 |

Le Minh Khai, the deputy prime minister of Vietnam has issued a notification to the finance ministry, asking them to explore and amend laws to build a legal framework for the digital asset market.In a notice dated March 23, the Deputy PM has instructed the Ministry of Finance to assume the prime responsibility for developing the legal framework for the crypto market. The reported list of instructions includes identifying specific legal documents that need to be amended or supplemented.The Finance ministry would subsequently work alongside the ministry of Justice, Information and Communications and the State Bank of Vietnam to develop a regulatory framework for the digital asset market, reported Vietnam Net.The three ministries along with the central bank will look into various legal aspects of digital assets and their effects on the economy. The new legal framework for the digital asset market will be developed in accordance with the “Decision 1255” issued by the prime minister in August 2017. 2017 passed Decision 1255 approves the plan to develop a legal framework for “virtual assets, digital currencies, and virtual currencies.”Vietnam has had a complicated crypto relationship over the past few years. The Sout East Asian nation started by banning Bitcoin transactions in 2014 but had a complete turnaround in 2017 when the then PM Nguyen Xuan Phuc approved BTC as a form of payment. However, in 2018 BTC was banned again as a mode of payment.Related: Vietnam’s PM asks State Bank to trial digital currency on the blockchainVietnam’s government then established a crypto research group in 2020, tasked with the responsibility of researching various developments in the virtual asset market and recommending legal policy proposals. Despite a lack of legal framework around the crypto market in the country, Vietnamese has the highest percentage of crypto holders worldwide. According to Finder’s crypto ownership report Vietnam tops the worldwide rankings with 41% of the population reportedly holding crypto.Percentage Crypto Ownership World Wide Source: Finder’s PollThe large crypto holding population in Vietnam along with the growing popularity and adoption of cryptocurrencies in the Asian market could have prompted the government to call for the development of a legal framework around the nascent market.

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Huobi Tech to launch crypto tracking ETF in Hong Kong for retail traders

Huobi Tech to launch crypto tracking ETF in Hong Kong for retail traders

Uverejnil používateľ | mar 29, 2022 |

Huobi Tech, a public listed fund manager in Hong Kong, plans to launch a cryptocurrency tracking exchange-traded fund (ETF) for retail investors.The Hong Kong Stock Exchange-listed company has reportedly submitted a proposal to the Securities and Futures Commission (SFC) for its crypto ETF. The new ETF product will be focused on retail investors with assets less than HK$8 million (US$1 million), reported South China Morning Post.The vice president of the firm Romeo Wang said stressed that a Hong Kong-regulated crypto ETF would offer better security to investors and also noted that they are actively engaged with the SFC and hopes to maintain positive communication to offer regulated crypto ETF products in the market.Huobi Tech didn’t respond to Cointelegraph’s requests for comments at the time of publishing.Huobi is banking on the recent relaxation on crypto ETF products for retail investors, which were earlier limited to only professional investors. In January, the chief regulatory bodies in Hong Kong released a joint circular offering limited exceptions for retail traders to take part in the crypto ETF market that trades on regulated exchanges in the United States and the United Kingdom.The circular classified virtual asset-based products into two categories namely complex and non-complex, where only the non-complex type would be allowed for retail traders.Related: Activists archive Hong Kong pro-democracy newspaper on blockchainHong Kong has imposed strict measures to limit crypto trading for professionals, with few exceptions. Traders with assets of over $1 million are considered professional and allowed to trade in virtual assets through regulated offerings.Formally known as Pantronics Holdings, Huobi Tech has shifted its focus from electronic products to the digital asset market. Although it shares a common name with the popular cryptocurrency exchange group Huobi Global, the publicly listed company in Hong Kong works as an independent entity.Huobi Technology works as a fund manager with an interest in the virtual asset market. Prior to its current proposal for retail crypto ETF, the company has launched a crypto over the counter (OTC) desk in March’s first week.

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Japan plans to tighten crypto exchange regulation to enforce sanctions

Japan plans to tighten crypto exchange regulation to enforce sanctions

Uverejnil používateľ | mar 28, 2022 |

Japan plans to amend its Foreign Exchange and Foreign Trade Act to bring crypto exchanges under the purview of laws that govern banks, a government official revealed on Monday. The proposed amendment is being carried out to prevent sanctioned countries from taking evasive actions using digital assets.Chief Cabinet Secretary Hirokazu Matsuno in a press conference said that the government is planning to introduce a bill to revise the Foreign exchange laws to include crypto exchanges. Fumio Kishida, the newly elected prime minister of the country, also supported the proposed revision and called for coordinated moves with Western allies to enforce the new laws.Under the revised foreign exchange laws, crypto exchanges, just like banks, will be required to verify and flag transactions associated with sanctioned Russian individuals or groups.Japan, along with most of its Western allies, has conducted various financial sanctions against Russia after its actions in Ukraine. Earlier this month the financial regulatory body in the country has also asked crypto exchanges to refrain from allowing transactions for sanctioned targets. However, a parliamentary amendment to the law would make it a legal compulsion for crypto exchanges to block transactions for various sanctioned Russian officials, oligarchs, banks and other institutions.Related: Crypto offers Russia no way out from Western sanctionsThe reason for concern about Russia potentially trying to evade sanctions using cryptocurrency arises from the country’s growing interest in the crypto market and recent comments made by ministers in the country.The financial sanctions on Russia have forced it to look for alternative payment systems and methods to access the international trade market. While speculations about the possible use of digital assets to evade trade sanctions have been one of the hottest topics of discussion, experts have rejected such concerns as “totally unfounded.”

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Finance Redefined: Hoskinson talks about DApps, Coinbase Cloud launches Avalanche tools and more

Finance Redefined: Hoskinson talks about DApps, Coinbase Cloud launches Avalanche tools and more

Uverejnil používateľ | mar 25, 2022 |

The week was filled with ups and downs for the decentralized finance (DeFi) space, with several tokens registered new weekly highs. Cardano founder admitted he was wrong about his bold prediction on the number of decentralized applications (DApps) in the Cardano ecosystem, and Coinbase Cloud released a new developer tool suite for the Avalanche blockchain.SushiSwap community introduced a new proposal for a legal structure to mitigate risks for token holders and members of the Sushi protocol. We had another week another DeFi exploit with Li Finance becoming the latest victim. On the price side, most DeFi tokens in the top 100 registered double-digit gains, and the total value locked (TVL) in the DeFi market blossomed to over $130 billion.Charles Hoskinson cheekily admits he was wrong about DApp rolloutCo-founder of Cardano blockchain Charles Hoskinson has cheekily admitted that his July 2020 forecast of the number of decentralized applications coming to the blockchain has not yet come to fruition. Referring to his famed July 2020 tweet, Hoskinson tweeted on Wednesday: “Remember when I predicted thousands of assets and DApps on Cardano? Well, I was wrong, there are now millions of native assets issued, and DApps are now in the hundreds. #SlowAndSteady.”However, he may have misremembered his own tweet, as he had predicted back in July 2020 that by 2021, there would be “hundreds of assets and thousands of DApps” on Cardano. While the number of assets appears to have exceeded his predictions by 2022 thanks to new nonfungible token (NFT) minting protocols, the number of decentralized apps running on the network isn’t so impressive.Continue readingCoinbase Cloud launches Avalanche developer tools suiteWeb3 developer hub Coinbase Cloud has added a suite of tools to support the Avalanche blockchain and smart contract platform development.Coinbase Cloud is running an Avalanche public validator node as part of the new support features. This allows Avalanche network participants to stake their Avalance (AVAX) tokens with Coinbase Cloud and delegate power for validating transactions on the blockchain.Continue readingSushiSwap community proposes Swiss legal structure to limit DAO liabilitySushiSwap, a community-led suite of decentralized finance (DeFi) tools, plans to implement a legal structure aimed at mitigating risks for token holders and members of the Sushi protocol. Sushi’s new legal structure will be based on a community-approved proposal from March 20 that cited the need for an association or foundation to help provide legal clarity and administrative support for SushiDAO.According to proposer and member of the SushiSwap community Tangle, the intended foundation will play a key role in limiting the liability for contributors, driving Sushi’s future growth.Continue readingLi Finance protocol loses $600,000 in latest DeFi exploitThe Li Finance swap aggregator has experienced a smart contract exploit leading to the loss of around $600,000 from 29 users’ wallets.The exploit took place at 2:51 am UTC on Sunday. The attacker was able to extract varying amounts of 10 different tokens from wallets that had given “infinite approval” to the Li Finance protocol. Among the stolen tokens were USD Coin (USDC), Polygon (MATIC), Rocket Pool (RPL), Gnosis (GNO), Tether (USDT), Metaverse Index (MVI), Audius (AUDIO), AAVE (AAVE), Jarvis Reward Token (JRT) and Dai (DAI).Continue readingDeFi Market OverviewAnalytical data reveals that DeFi’s total value locked has seen a $10 billion jump over the last week, reaching $130.6 billion at the time of writing.Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization performed reasonably well across the last seven days, with many registering a double-digit gain.The weekly performance of the majority of the DeFi tokens in the top-100 remained optimistic, with double-digit trades in the green. LoopRing was the biggest gainer over the past week, outperforming the majority of the altcoins with a 62% surge. ConvexFinance was the second-highest gainer with a 28% surge, followed by Uniswap with 19% and Theta Network at 17%.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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