Autor Cointelegraph By Stephen Katte

Australia's markets regulator to prioritize shielding citizens from crypto harm

Australia's markets regulator to prioritize shielding citizens from crypto harm

Uverejnil používateľ | aug 24, 2022 |

Australia’s financial regulator, Australia’s Securities and Investments Commission (ASIC) has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years. According to ASIC’s newly released “Corporate Plan” released on Aug. 22, the financial regulator said it will be focusing on “digitally enabled misconducts” as “emerging technologies and products change our financial ecosystem” as part of its four-year strategic plan which stretches to 2026. Joe Longo, chair of ASIC said the regulator would be focusing in particular on scams and crypto-assets. “Our regulatory environment is changing and evolving — climate risk, our aging population, emerging data and digital technologies, and significant volatility in the crypto-assets market are all having a transformational impact.”He noted that Scamwatch, a website that provides information to consumers and businesses about recognizing, avoiding, and reporting scams, received 4,783 reports of crypto investment scams and $99 million in reported losses in 2021. ASIC said the actions will “protect investors from harms posed by crypto-assets” and include supporting the development of an effective regulatory framework, implementing and monitoring the regulatory model for exchange-related products, and raising public awareness of the risks inherent in crypto-assets and DeFi, among other actions.In a Aug. 23 Sydney Morning Herald report, Longo again warned against investing in crypto, describing it as “a highly risky and highly volatile activity,” and consumers “should be really careful before you do it.” “ASIC is not against innovation, and will do whatever it can to look for lawful ways of using the underlying technology, the distributed ledger, and blockchain technology, but that’s not to be conflated or confused with investing, inverted commas, in crypto assets.” ASIC’s announcement came only days after Australia’s new ruling government announced plans to move forward with regulation of the crypto sector by conducting a “token mapping” exercise by the end of the year. Regulation could be a step closerCryptocurrencies and digital exchanges are only loosely regulated at the moment, with exchange operators only required to abide by Australian Transaction Reports and Analysis Centre’s (AUSTRAC) anti-money laundering laws and the general provisions of the Corporations Act.Related: Australia’s new government finally signals its crypto regulation stanceThe industry has been calling for government legislation to reduce the risk for investors and transform cryptocurrencies into an established, safer asset class.However, there are thousands of crypto assets or currencies and Longo admits “regulation is coming” but “we will have to design a framework that suits us, that works within our existing legal and regulatory arrangements.” 

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Nearly half of US adults say their crypto punts are worse than expected: Survey

Nearly half of US adults say their crypto punts are worse than expected: Survey

Uverejnil používateľ | aug 24, 2022 |

Amid the ongoing crypto winter, new data from a Pew Research Centre survey has shown that 46% of adult crypto users in the United States are seeing lower than expected returns on their crypto investments. The survey gathered responses from over 6,000 randomly-selected adults across the United States, with panelists participating in self-administered web surveys. Conducted from July 5 to 22 of this year, the majority of respondents who said they had invested in crypto said they saw lower than expected returns than expected while only 15% of people surveyed said their crypto investments had done better than expected. Meanwhile, around 31% said it was “about the same as they expected.” Source: Pew Research CenterIt’s unfortunate, given the vast majority of crypto user respondents said they became interested in cryptocurrency because they were looking for a “different way to invest,” and thought it was a “good way to make money.”Women made up over half of the respondents and people over 50 years old represented the largest sample size. Overall, only 16% of total respondents said they had invested, traded, or used a cryptocurrency at some point in their lives. U.S. investors piled into crypto in its heydayThe high proportion of disappointed crypto investors could be attributed to a sharp rise of crypto adopters in the country in 2021 when the market was at its all-time high. Cointelegraph previously reported that roughly 70% of crypto hodlers in the U.S. started investing in cryptocurrencies such as Bitcoin (BTC) in 2021, the year that saw BTC reach an all-time high (ATH) of roughly $67,582 on November 8, 2021.Source: Pew Research CenterMassive institutional adoption, growth in altcoins, easier access to cryptocurrency trading, and celebrity endorsements were all cited as possible reasons for the huge spike. However, most people who jumped into the crypto market during the 2021 boom are likely to be feeling the pain now, with Bitcoin plummeting over 69% from its ATH to $21,403, and Ethereum (ETH) falling 66% from its ATH to $1,640. Boomers and Gen XA separate poll by financial service provider deVere Group found nearly half of their more than 700 Baby Boomer (born between 1946 and 1964) and Generation X (born between 1965 to 1985) clients from all over the world already own cryptocurrency or are planning to buy it before the end of 2022. Nigel Green, deVere Group CEO and founder believes most people born between 1965 and 1980 are investing as “part of a wider retirement planning strategy.”Related: 3.6M Americans to use crypto to make a purchase in 2022, research firm predictsHowever, he also cautioned anyone from investing in crypto without first seeking professional advice, “As this year has proven again, the crypto market remains known for its volatility.” “Therefore, retirees or those on the cusp of retirement need to bear this in mind and not over-commit, as this could put the wider retirement strategy in jeopardy.”

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Aussie asset manager to offer crypto ETF using unique license variation

Aussie asset manager to offer crypto ETF using unique license variation

Uverejnil používateľ | aug 18, 2022 |

Australian asset manager Monochrome Asset Management has landed the country’s first Australian financial services license (AFSL) for a spot crypto exchange-traded fund (ETF). Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management, said the AFSL approval is significant, as until this point, approved crypto ETFs in Australia only operate under general financial asset authorization and only indirectly hold crypto-assets. Yew noted that Monochrome’s crypto ETFs, on the other hand, will directly hold the underlying crypto-assets and is specifically authorized by the Australian Securities & Investments Commission (ASIC) to do so.The Monochrome executive said the approval represents a significant step forward for both the advice industry and retail investors:“We see choice being a good thing for investors, particularly when dealing in the regulated space, as not all offerings are equal.””Investors investing in Monochrome’s ETFs will know that their funds are investing directly in Bitcoin (BTC) and Ethereu (ETH), and importantly within the regulatory rails established by ASIC specifically for crypto-assets,” he said. At this stage, there is no firm date when the Monochrome Bitcoin ETF (IBTC) will be made available, but it’s expected in September 2022, once the PDS and TMD have been issued and subject to regulatory approvals.When the ETFs are made available, Yew says “Monochrome will focus on BTC and ETH because they are the only two crypto-assets currently identified by ASIC as being suitable for retail ETF exposure.”“Over time, and as the market matures, we will take an open-minded approach to make new products available.”A first for a crypto ETFOperating under an Australian Financial Services Licence (AFSL) with a direct crypto-asset authorization ensures that the fund and the issuer are subject to robust oversight from ASIC, said Yew. AFSL authorization opens new regulated investment opportunities for direct retail investors and through licensed financial advisers.Approval of the Australian Financial Services Licence variation means that ASIC has considered and confirmed that the licensee has the relevant experience in crypto-assets to operate ETFs that directly hold Bitcoin and Ethereum.This gives investors greater protections built around ASIC’s Report 705 such as suitable benchmarking against the spot price and Australian-compliant custody solutions.Cointelegraph previously reported a warning from Australia’s financial regulator about using unregistered cryptocurrency businesses.Road to approvalMonochrome Asset Management was launched in early 2021 by former Binance Australia CEO Jeff Yew to push for institutional adoption of crypto assets in Australia.Related: Digital asset manager Monochrome valued at $15M following Series A Their ETF plan has been in the works since February 2022. Generally, the process for a financial services licence variation typically takes six to twelve months, which was the timeline in this case.

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AFL’s first limited-edition NFT drop sells out in under 12 hours

AFL’s first limited-edition NFT drop sells out in under 12 hours

Uverejnil používateľ | aug 18, 2022 |

The Australian Football League (AFL)’s first limited edition drop of non-fungible tokens (NFTs) saw huge takeup on Wednesday, selling out in just under 12 hours. On Aug. 17, the football league launched “Ripper Skipper 2022” through its AFL Mint program, allowing people who joined the “allowlist” to purchase one of 3,800 packs reserved for the drop.AFL Mint Ripper Skipper AllOWLIST Drop – SOLD OUTWe are happy to announce the AFL Mint AllowList sold out in under 12 hours.A huge thank you to our community who has participated, followed along and backed this project!Stay tuned for the next drop! pic.twitter.com/CopyL62DFW— AFLMint (@AFLMint) August 17, 2022The packs came with a retail price of 34.39 USDC each, with the project estimated to have raised over $130,000 in USDC. The Ripper Skipper 2022 NFTs feature 78 significant moments and highlights from the 2021 Season utilizing both video and audio. Each pack features three “moments” in a trio of different rarity tiers, common, deluxe, and ovation.Limited edition digital content is also available; anyone who participated in the first drop has a 10% chance of getting an AFL Mint Genesis Ball. While the initial mint was sold out within hours, the wider public will gain access to another drop on Aug. 24.AFL shares Metaverse plansNFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often an artwork, but AFL Mint has plans to expand on the concept and offer game day events, tickets and the chance to meet players in the Metaverse.Kylie Rogers, Executive General Manager of Customer, and Commercial at AFL, said they hope to use the technology to make better fan experiences. “Through our AFL Mint brand, we will launch exciting new moments across our Men’s and Women’s competitions, plus celebrate past greats and other product releases that will bring a unique fan experience we haven’t seen before.”The AFL announced their NFT marketplace, AFL Mint, back in April, revealing they signed a five-year partnership with Be Media, a Perth-based subsidiary of Hong Kong NFT gaming giant Animoca Brands. Related: Australian football league secures $25M deal with Crypto.comThe marketplace will launch in 2023, allowing the selling and trading of moments between fans and collectors. Following the leadWith the launch of their Ripper Skipper 2022 NFTs, the AFL has followed in the footsteps of other international sporting codes that have forayed into the world of Web3. The NBA launched their marketplace NBA Top Shot in 2020 to critical acclaim, while the UFC created UFC Strike in February of this year. Other Australian sporting codes have also followed suit; Cricket Australia (CA) and the Australian Cricketers Association (ACA) signed a multi-year licensing deal with Singapore-based collectibles platform Rario and NFT trading company BlockTrust in April. While Queensland Rugby League had a 10,000 NFT drop titled ‘The Ultimate Queenslander NFT’on the Flow Blockchain.

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Brazil brokerage giant with 3.6M clients launches BTC and ETH trading

Brazil brokerage giant with 3.6M clients launches BTC and ETH trading

Uverejnil používateľ | aug 16, 2022 |

Brazilian brokerage giant XP Inc has officially launched its crypto trading platform ‘XTAGE’ in Brazil, bringing a potential 3.6 million users to the crypto markets. The news was broke in an Aug. 15 post by the Nasdaq Exchange Twitter account, noting that XP had rung the exchange’s “Opening Bell” to celebrate the launch of the XTAGE digital assets trading platform. .@xpinvestimentos joins us for the Opening Bell to celebrate the XTAGE digital assets trading platform. Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil. pic.twitter.com/DS3RXtWVpb— Nasdaq Exchange (@NasdaqExchange) August 15, 2022Initially, XP Inc’s 3.6 million clients will have access to Bitcoin (BTC) and Ethereum (ETH) trading, but the broker told Cointelegraph back in May there were plans to “support other digital assets and investment products based on crypto assets in the future.”Developed in partnership with major American stock exchange Nasdaq and crypto custody firm BitGo, XTAGE is fully integrated into the XP ecosystem, allowing users to make crypto trades on its existing app. However, XP Director of Financial Products, Lucas Rabechini told Reuters in a July interview only clients with an “adequate investment profile for such operations” will be allowed into the XTAGE platform.Built on Nasdaq’s trading technology, XTAGE also has integration with MetaTrade 5, a forex and stock trading tool.Crypto custody firm BitGo is set to act as custodian, storing most of XTAGE’s assets in cold wallets not connected to the internet.Brazil competitorsXP Inc is just the latest Brazilian fintech player to offer crypto trading services, following in the footsteps of Nubank and MercadoLibre.Related: Brazilian payment app PicPay launches crypto exchange with PaxosNubank, the largest digital bank in Brazil and Latin America, announced a partnership with Paxos in May of this year. Following the announcement, customers were able to start buying, selling, and storing cryptocurrencies directly through Nubank. While MercadoPago, the fintech arm of MercadoLibre, announced their Brazilian customers could buy, sell and hold BTC, ETH, and U.S. dollar-backed stablecoin Pax Dollar (USDP) in December of 2021.

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