Autor Cointelegraph By Prashant Jha

Korean blockchain experts seek the government's help for digital asset market

Korean blockchain experts seek the government's help for digital asset market

Uverejnil používateľ | mar 4, 2022 |

The Korea Digital Asset Industry Committee comprising of leading Blockchain experts in South Korea has called for the formation of a government committee dedicated to helping and advancing digital asset businesses in the country.The group of experts gathered on Thursday to discuss various ways in which Korea could become a leading digital asset market and what role the should government play to achieve that. The experts believed that blockchain and cryptocurrencies would become pivotal tools for the fourth industrial revolution.The blockchain experts called upon the government to support the nascent cryptocurrency industry along with other emerging use cases such as decentralized finance, decentralized autonomous organizations nonfungible tokens, and the metaverse.South Korea’s crypto regulations are seen as one of the toughest, given nearly 200 small to medium-sized crypto exchanges had to shut their operations after regulators mandatory for crypto exchanges to form real-name bank accounts for users. Related: KB Bank to launch South Korea’s first crypto investment fundThe Financial Conduct Authority, the chief regulator in the country has also prohibited exchanges from facilitating anonymous transactions and barred the use of privacy wallets. The regulators had earlier proposed a 20% tax on crypto gains, but the proposal was postponed amid a lack of clarity on crypto regulations. While regulators have shown a strict stance towards the virtual asset market, they seem quite bullish on metaverse as the country announced a $187 million investment in the national metaverse project.South Korea’s crypto market has thrived despite the regulatory hurdles and rose to become a $45.9 billion industry in 2021.

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Ukraine cancels token airdrop, reveals new NFT plans

Ukraine cancels token airdrop, reveals new NFT plans

Uverejnil používateľ | mar 3, 2022 |

The vice prime minister of Ukraine informed the public on Wednesday that they have decided to cancel the airdrop for crypto donors that was announced on Tuesday and plans to raise more money through the sale of nonfungible tokens (NFTs) instead.After careful consideration we decided to cancel airdrop. Every day there are more and more people willing to help Ukraine to fight back the agression. Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens— Mykhailo Fedorov (@FedorovMykhailo) March 3, 2022Ukraine’s crypto airdrop program took an unexpected turn on Wednesday when a fake account created 7 billion “Peace World Tokens,” disguising it to be the original airdrop token for crypto donors. The fake airdrop began almost an hour before the official mentioned time, but was flagged soon after by Etherscan. A couple of hours later, the Ukrainian minister announced they plan to use NFTs and have forfeited plans of offering any fungible tokens. Fake Airdrop WORLD Token Wallet  Source: EtherscanThe official Ukrainian crypto wallet for donations reportedly received $7 million in donations after the airdrop announcement, which became a topic of debate on crypto Twitter. While the minister didn’t reveal any reasons for the cancellation of the airdrop, some in the crypto community were not happy about the U-turn.This is the best rug ever— Cobie (@cobie) March 3, 2022

Related: Anti-war Russians start donating crypto to support UkraineInitially, Ukraine announced an airdrop on Wednesday following robust support from the crypto community along with millions in crypto donations.Airdrop confirmed. Snapshot will be taken tomorrow, on March 3rd, at 6pm Kyiv time (UTC/GMT +2 hours). Reward to follow!Follow subsequent news re Ukraine’s crypto donation campaign at @FedorovMykhailo— Ukraine / Україна (@Ukraine) March 2, 2022

Ukraine turned to crypto amid worsening situations in the country caused by Russia’s invasions. The official Twitter account for Ukraine on February 26 shared a Bitcoin (BTC) and Ethereum (ETH) wallet address along with a call for help from the crypto community the world over. Upon the crypto community’s request to add more crypto support, the official donation wallet went on to add Polkadot and Dogecoin addresses as well.The people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom. We are now accepting Polkadot donations too: $DOT: 1x8aa2N2Ar9SQweJv9vsuZn3WYDHu7gMQu1RePjZuBe33Hv.More cryptocurrencies to be accepted soon.— Ukraine / Україна (@Ukraine) March 1, 2022

Reports suggest that the official donation wallet for Ukraine has received a total of $37 million in tracked crypto donations.

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China's share in Bitcoin transactions declined 80% post crackdown: PBoC

China's share in Bitcoin transactions declined 80% post crackdown: PBoC

Uverejnil používateľ | mar 3, 2022 |

People’s Bank of China, the central bank of the country, claimed in a recent note that China’s share in the global Bitcoin (BTC) transactions has rapidly dropped from over 90% to 10%.The Financial Stability Bureau of the Chinese central bank released a comprehensive note on Wednesday discussing the impact of the crypto crackdown on the financial markets. The official notice claimed that all peer-to-peer exchanges in the country had been eradicated, which eventually curbed the hype around digital currency transactions. A Google translated version of the note read:“The global proportion of Bitcoin transactions in China dropped rapidly from more than 90% to 10%. Severely cracked down on illegal financial activities such as disorderly handling of finance and crackdown on illegal fund-raising crimes.”China is among the few nations that have maintained an outright passive stance against crypto use since the beginning. The country’s first ban came in 2013 when it prohibited banks from handling Bitcoin transactions. This was followed by a ban on local cryptocurrency exchanges in 2017, forcing them to shut their operations completely. The country later ramped up its crypto crackdown efforts in 2021, where it carried out multiple regulatory operations to eradicate Bitcoin mining from the country and by September 2021, it had deemed all crypto transactions illegal.Related: Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversaryAccording to data from Statista, the annual share of Bitcoin trading volume in digital yuan has dropped to near zero by 2018, post a ban on cryptocurrency exchanges. Share of Chinese yuan in BTC transaction volume. Source: StatistaThe trading volume of BTC in the Chinese yuan might have dropped down to near zero, but the decentralized nature of Bitcoin makes it impossible to ban. After a ban on local crypto exchanges in 2017, many Chinese traders turned to foreign crypto exchanges via VPN. When the Beijing government banned foreign crypto exchanges from offering any services in mainland China, as well, the Chinese traders flocked to decentralized finance (DeFi) for trading anonymously.

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Binance back in Malaysia via a strategic stake in regulated digital exchange

Binance back in Malaysia via a strategic stake in regulated digital exchange

Uverejnil používateľ | mar 2, 2022 |

Binance, the world’s leading crypto exchange by trading volume is returning to the Malaysian markets with a strategic stake in the country’s regulated digital asset trading platfrom MX Global.Binance and Cuscapi Berhad acquired a key stake in MX Global, one of the four Recognized Market Operators – Digital Asset Exchange licensed by the Securities Commission (SC) in Malaysia. Hello Malaysia. https://t.co/vsHzHlm7KI— CZ Binance (@cz_binance) March 1, 2022The leading crypto exchange has a significant presence in the Asian region and with its new partnership in Malaysia, the exchange aims to expand the sustainable growth of the crypto market in the Southeast Asia region. MX Global, on the other hand, aims to bank on the recent partnership and new flow of capital to expand its market and become a leading liquidity hub in the region. Binance’s recent slew of partnerships also reflects a pattern of sorts, especially in regions where the exchange has found it difficult to mitigate regulatory compliance requirements independently. The crypto exchange has restricted its services in Malaysia back in July 2021 after an order from the SC over non-compliance with the regulatory laws.A spokesperson from Binance told Cointelegraph that the recent partnership will help the crypto exchange understand the local regulatory approach and explained:”This is part of Binance’s initiatives to cooperate with regulators. By working with regulated platforms, we are supporting local representatives to further expand their businesses while they stay compliant.”Related: Binance exec to lead crypto expert center by Russian bank associationIn Singapore, the crypto exchange withdrew its crypto license application just a week after announcing an 18% stake in the private stock exchange. The crypto exchange also managed to access the United Kingdom’s sterling payment network through its partnership with PaySafe, after getting barred by the country’s regulator in 2021.The crypto exchange undertook a similar strategy in Thailand as well, where the exchange had to shut its operation in July 2021, but made a re-entry in the Thai market with its partnership with the country’s Gulf Energy Development PCL in January 2022.In 2021, Binance faced regulatory warnings and service restrictions from over a dozen countries. However, the exchange managed to mend its regulatory relationship in several of these nations through third-party partnerships.

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SEC unable to locate BitConnect founder convicted in $2.4B fraud case

SEC unable to locate BitConnect founder convicted in $2.4B fraud case

Uverejnil používateľ | mar 1, 2022 |

Indicted by the United States Department of Justice in a $2.4 billion Ponzi scheme, BitConnect founder Satish Kumbhani remains untraced following conviction.In a court filing on Monday, the Securities and Exchange Commission said that the whereabouts of Kumbhani remains unknown. The SEC noted that Kumbhani’s last known location was in his native country India, but has remained untraced ever since the promoter for his BitConnect Ponzi scheme was charged by the SEC for defrauding American investors of over $2 billion.SEC in its filing noted that the convicted founder has most probably fled to a foreign country and “Kumbhani’s location remains unknown, and the Commission remains unable to state when its efforts to locate him will be successful, if at all.” The founder is charged with wire fraud, operating an unlicensed money transmitting business, and three conspiracies: committing wire fraud; commodity price manipulation; and international money launderingRelated: SEC charges 5 for illegally promoting $2 billion Bitconnect Ponzi schemeThe BitConnect saga dates back to ICO-era and was among the most highlighted and talked about projects at the time. Founded in 2016, the crypto project became a global sensation by mid-2017 as it raised billions of dollars from global investors. The project promised a lending program based on proprietary “trading bot” and “volatility software” that would offer 10% earning to investors via BCC token.The DOJ charged Kumbhani for running a Ponzi scheme via BitConnect’s lending program where the project managed to siphon off $2.4 billion from investors. Bitconnect’s native token BCC recorded an all-time-high trading price of $463.31 at the peak of the market frenzy in December 2017 reaching a market cap of $3.4 billion. The founders rug pulled the project by January 2018, crashing the token price to near zero and causing massive losses to investors. BitConnect (BCC) price history. Source: CoinMarketCapThe DOJ also accused Kumbhani of creating fake market demand for BCC to lure more unsuspecting investors. The project like many others in the ICO era turned out to be a massive pyramid scheme where the creators used early funds to pay off old investors and later ran away after collecting billions based on hype and ICO craze. . Several promoters of the project across Australia and the U.S. have already been convicted and facing jail.

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