Značka: Portugal

Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup

Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup

podľa | nov 19, 2022 | 0 |

The FIFA World Cup in Qatar is boosting the value of national soccer team fan tokens despite the cryptocurrency bear market.World Cup Qatar hype boosts fan token pricesThese digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing up to 170% gains from the Nov. 10 lows. At the core of the massive uptrend is the World Cup, which will be held from Nov. 20 to Dec. 18 in Qatar.Fan tokens are cryptocurrencies that enable fans to engage with and participate in their favorite team’s decisions. Moreover, they create new sponsorship opportunities for sports clubs and national squads outside of traditional revenue sources.Here’s a brief overview of the top gainers in the fan token sector, alongside their technical outlook during the course of the World Cup.Spain National Football Team Fan Token (SNFT)The Spain National Football Team Fan Token (SNFT) emerged as the top gainer in the sports token section, rising 170% to a high of $0.54 on Nov. 19, nine days after bottoming out at $0.20.SNFT/USD daily price chart. Source: TradingViewSNFT’s outperformance versus other fan crypto tokens may reflect the Spanish football team’s higher odds of winning the World Cup in 2022. But in traditional terms, Spain’s odds of winning the trophy is +800, meaning betting $100 would yield $800, according to Vegas Insider.From a technical perspective, SNFT trades inside a neutral zone, as confirmed by its daily relative strength index (RSI) at around 58, below its overbought threshold of 70.In other words, SNFT shows potential to continue its rally during the World Cup and its price should reflect how the Spain National Football team performs.For instance, back-to-back wins for Spain may stretch SNFT’s valuation above its current resistance level of $0.538 for a potential run-up toward its record high near $0.718, as shown in the four-hour chart below. SNFT/USD four-hour price chart. Source: TradingViewConversely, a pullback from $0.538 could have SNFT eye a correction toward $0.412, down about 18% from today’s price.Spain will next play Costa Rica on Nov. 23 in the Group E category, followed by a standoff against Germany on Nov. 28.Brazil National Football Team Fan Token (BFT)The Brazil National Football Team Fan Token (BFT) appears to be the crypto market’s second favorite fan token. Its price has rallied 130% in just nine days, from $0.45 on Nov. 10 to over $1 on Nov. 19. BFT/USD daily price chart. Source: TradingViewBrazil is the favorite to win the World Cup this year with +350 odds in traditional betting circles, meaning a $100 bet would return $350. That could serve as a fundamental factor behind BFT’s growth in the coming weeks, given the token still has room to run based on its neutral daily RSI.As of Nov. 19, BFT eyes a breakout above $1.05, its current resistance level, toward its short-term upside target at around $1.16. An extended rally could occur if Brazil wins the World Cup on Dec. 18, paving the path toward $1.31, up 25% from today’s price.Related: Metaverse community with 3M users adds utility with FIFA World Cup 2022™ collaborationConversely, a pullback would risk sending BFT toward $0.82, its October 2022 support level.Brazil’s first match is against Serbia on Nov. 25 in Group G, followed by a standoff against Switzerland on Nov. 28.Portugal National Team Fan Token (POR)The Portugal National Team Fan Token (POR) is the third-best performer in the ongoing fan token boom, rising about 100% to $6 on Nov. 19, nine days after hitting lows of $3.10.POR/USDT daily price chart. Source: TradingViewTraditional bookies measure Portugal’s odds of winning the World Cup at +1600, meaning betting $100 would yield about $1,600.POR now tests $6 as its resistance, with its daily RSI near 64, just six points below its overbought threshold. A decisive pullback from the said price ceiling could have POR eye a correction toward $4.80, its support level from September-October 2022.Conversely, continued success in the World Cup for Portugal may flip the scenario to bullish, leading POR above its $6-resistance to eye a rally toward or above $7.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto hits the main stage at Web Summit in front of record crowds

Crypto hits the main stage at Web Summit in front of record crowds

podľa | nov 7, 2022 | 0 |

Portugal’s capital city of Lisbon has established itself as the spiritual home of one of the world’s largest technology events. Web Summit has called the Altice Arena home since 2016 and attracted a staggering 71,000 people in the latest edition of the conference.The effect of the event on the city was palpable. An estimated 540,000 people call Portugal’s captivating, hilly capital home and the influx of attendees from around the globe made for a busy week on its smaller cobbled streets and busier roads.The Ponte 25 de Abril bridge, connecting Lisbon to the municipality of Almada to the south.It is not surprising that the event is a focal point for the city, which continues to establish itself as a tech hub in Europe. Web Summit continues to play a role to that end, with Lisbon rated as an Alpha-level global city by the Globalization and World Cities Research Network. Global industry leaders from a wide range of sectors were joined by prominent politicians, celebrities, actors and sportspeople that are at the intersection of tech and their respective spheres of influence. Ukraine’s First Lady Olena Zelenska delivered a keynote speech on opening night as the country continues to battle against Russia’s invasion. Ukraine’s First Lady Olena Zelenska speaks during the opening night of Web Summit 2022. Credit: Jose Val Bal.The cryptocurrency space was also top of mind on opening night as Binance founder and CEO Changpeng “CZ” Zhao brought the ecosystem to the fore in front of a packed house at the Altice Arena.CZ unpacked Binance’s $500 billion investment into Twitter, his long-term view of the growing value of cryptocurrencies and the growth of blockchain-powered Web3 capabilities. It was the first time a figure from the crypto space spoke during the event’s opening ceremony, signaling cryptocurrency and blockchain’s growing influence in the global technology ecosystem.Cointelegraph’s Gareth Jenkinson alongside Binance CEO Changpeng ‘CZ’ Zhao at a community meet-up in Lisbon.A dedicated Crypto section of the Web Summit app guided attendees to the various stages around the expansive Altice Arena grounds, with the stadium and five massive marquees housing exhibitors and presentations from the world’s foremost technology companies and emerging start-ups.Related: The Sandbox co-founder explains how the metaverse has evolved for brands: Web Summit 2022Some of the most prominent projects from the cryptocurrency and Web3 space were in attendance. Yuga Labs CEO Nicole Muniz was on hand to give an inside look at the explosion in popularity of the Bored Ape Yacht Club on the mainstage inside the Altice Arena:“What we’ve done with BAYC and then later with CryptoPunks and MeeBits, is giving commercial IP rights so that exclusive ownership is something unique to this space that empowers consumers to turn into owners, which is a paradigm shift.”Cointelegraph also took the stage alongside another prominent metaverse platform as chief operations officer and co-founder Sebastien Borget delved into the history and future of The Sandbox in a wide-ranging conversation on the Content Makers stage.The Sandbox COO and co-founder Sebastien Borget on stage with Cointelegraph’s Gareth Jenkinson at Web Summit 2022.Devin Finzer, CEO and co-founder of OpenSea, the world’s largest nonfungible token (NFT) marketplace, also weighed in on the popularity of NFTs and the importance of their influence on creator economies. Finzer stressed that NFTs are a generic tool attracting a different market segment away from people interested in traditional cryptocurrencies:“These are people who are excited about art, collectibles and engaging with creators. NFTs, particularly in the creator economy, allow for creators to create digital items that can immediately be monetized and connected with a fan.”Web3 and NFTs have already become well-ingrained in the world of sports. Cointelegraph sat down for a one-on-one interview with Jorge Urrutia del Pozo, Dapper Labs’ vice president of Football, to unpack their involvement with Spain’s LaLiga and the recently launched Golazos video collectible platform.Having built the hugely popular NBA Top Shots platform, which produces NFTs of video highlights from America’s top basketball league, Dapper Labs is looking to drive further adoption of blockchain-powered Web3 collectibles through the world’s most loved sport:“It is a really interesting opportunity for us to onboard tens of millions of people onto blockchain. That’s the way we see sports in general and football in particular. There is massive reach and the intensity of the fandom — it’s a big opportunity.”Another major player bridging blockchain technology and sport featured prominently at Web Summit. Socios.com CEO Alexandre Dreyfus took to the main stage inside the Altice Arena alongside former Italian footballer Alessandro Del Piero to unpack blockchain’s influence on fandom in modern sports.Socios.com and Chilliz CEO Alexandre Dreyfus and Cointelegraph’s Gareth Jenkinson inside the speakers lounge at Web Summit 2022.Cointelegraph caught up with Dreyfus after the panel discussion, who highlighted the main reason behind Socios’ creation of fan-powered tokens ecosystems to bring together teams and their supporters:“The question was, what can you create that is both valuable for a fan and scalable for a team? We think two things matter for a fan. One, being recognised, and two, having a voice. That recognition, that social status, we thought we could power with tokens.”Web3 gaming was another topic of interest on the Content Makers stage. Cointelegraph moderated another panel featuring Bozena Rezab of Gamee and William Quigley of WAX, who explored the promise and the difficulty of building Web3 games built on play-to-earn mechanics.Gamee co-founder & CEO Bozena Rezab, WAX co-founder William Quigley and Cointelegraph’s Gareth Jenkinson during their panel, “Building a games company with a Web3 mindset.”Rezab stressed that developers or studios building Web3 games should be more focused on creating good experiences and driving value and avoid adopting blockchain technology for novelty’s sake. The Gamee co-founder highlighted the importance of thinking about the distribution of value and how to best use the technology:“It should not be tech-first thinking like ‘this is a cool technology and we’re going to use it.’ It’s more about how I will use this to make value and create something people are excited about.”Web Summit also provided the platform for projects to announce new offerings. Interlay used the conference to announce the launch of a suite of decentralized applications (DApps) to power Bitcoin (BTC). Decentralized finance (DeFi) offerings allowing users to lend, trade, borrow against and earn yield on BTC holdings.Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr hosted a number of panel discussions focused on the emergence of Web3 tech hubs around the world as well as a round table discussion on how to pitch startups and projects for coverage to top-tier journalists.Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr on-stage at Web Summit in Lisbon.Cointelegraph CEO Wes Kaplan also hit the stage to moderate a discussion around monetizing media and how news companies grapple with this complex topic. Web Summit well and truly brings the world of tech together for one of the biggest events on the global calendar. 2022’s conference proved that the cryptocurrency and blockchain ecosystem has established itself as a growing player in a space dominated by the likes of Google and Apple and will continue to do so as Web3 adoption gathers speed.

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Solana unveils Google partnership, smartphones, Web3 store at Breakpoint

Solana unveils Google partnership, smartphones, Web3 store at Breakpoint

podľa | nov 6, 2022 | 0 |

During the ecosystem’s annual gathering at Breakpoint 2022 in Libson, Solana made a series of launch announcements as it prepares to go mainstream. Cointelegraph’s ground team — present during the conference — shared insights into Solana’s roadmap, which includes the launching of smartphones, dApp stores and a partnership with Google Cloud, among others. Good morning from @SolanaConf Come say hi if you see us with our Cointelegraph merch Follow this thread to get more updates you on this lovely event! pic.twitter.com/4m2jNaTSNS— Cointelegraph (@Cointelegraph) November 5, 2022Solana Breakpoint, a four-day conference scheduled from Nov. 4 to Nov. 7, attracted 13,000 people in just one of the four venues it’s being held simultaneously. QR Code giveaways and GeoNFTs for Solana StoreFortunately for Cointelegraph’s ground team, the venue featured Solana co-founder Raj Gokal and Solana Labs co-founder Anatoly Yakovenko.Soon after, Vibhu Norby, the CEO and founder of Solana Spaces, took the stage to deliver an interactive presentation while asking attendees to scan QR codes to participate in a giveaway!Norby further unveiled the Solana Store in Miami, showcasing a walkaround video of people checking out the store, as shown above. In addition, the CEO revealed that:“Now anyone, anywhere can build their own Solana Store.”While explaining the process of building a Solana store, Norby announced the launch of GeoNFTs — a nonfungible token (NFT) implementation — that allows users to geo-tag an area in their city. He further explained:“If you have a GeoNFT, you can redeem it 1-for-1 with the exclusive rights to open a Solana store in that region.”With GeoNFTs, Solana aims to empower solo entrepreneurs that wish to get into business.Solana smartphones available for pre-order in early 2023“It’s made for the people,” said the Solana mobile team while announcing the launch of its upcoming smartphones. Cointelegraph found that the preorders for Solana mobile phones will commence in 2023. However, the company is yet to declare an official date for its availability.A differentiating feature of the Solana phone lies in its ability to securely store the private keys of crypto wallets. The Solana smartphone will be powered by a Qualcomm chipset sporting an Arm-based SoC, allowing for higher productivity.Cointelegraph’s ground team managed to bring in a sneakpeak of the soon-to-be-launched Solana smartphone.Solana dApp store: A promise of crypto-friendly policiesGearing up for the Web3 disruption, Solana announced the launch of the Solana dApp Store. During the conference, a Solana spokesperson highlighted the need for a good user experience in Web3.Supporting the cause, Solana’s dApp store promises to do away with charges, revenues and fees. Moreover, the company confirmed with the interested participants that submissions would open january 2023.Google Cloud is soon to become a Solana node validatorWhile the above announcements mark a series of milestones for Solana, the ecosystem’s partnership with Google Cloud evidently stole the limelight.Based on the information collected by Cointelegraph’s ground team, Google Cloud is building a block-producing Solana validator to participate in and validate the network. Google Cloud’s Blockchain Node Engine, which was first announced on Oct. 27, will feature on Solana chain from 2023. The integration will allow users to launch a dedicated Solana node in the Cloud.Additionally, Google Cloud will index Solana data and bring it to BigQuery — a fully-managed, serverless data warehouse — by next year, making it easier for the Solana developers to access historical data.Related: Solana-based protocol seeking to decentralize ride-sharing raises $9MOn Oct. 11, Solana (SOL) users were attacked by hackers via a fake Solana wallet security update.Hackers were found airdropping NFTs to users masquerading as a new Phantom wallet security update. However, the fraudulent update was a malware designed to steal crypto assets.Users falling for the fake Phantom update hack saw malware being downloaded from GitHub, which attempts to steal browser information, history, cookies, passwords, SSH keys and other user information.

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The Madeira Bitcoin adoption experiment takes flight

The Madeira Bitcoin adoption experiment takes flight

podľa | okt 24, 2022 | 0 |

This spring, the Madeiran archipelago “adopted” Bitcoin (BTC). Madeira’s President, Miguel Albuquerque, was invited onto the stage at Bitcoin Miami 2022 by Jan3 CEO Samson Mow to announce the promise.The president announced, “I believe in the future, and I believe in Bitcoin.” Days prior, Albuquerque was breaking bread with Michael Saylor, executive chairman of MicroStrategy, at his luxury villa. Albuquerque was “orange-pilled” by one of the world’s wealthiest Bitcoin hodlers. Nonetheless, as Cointelegraph later reported, the island of Madeira was not adopting but, in fact, “embracing” Bitcoin. The European Union governs the Portuguese islands, therefore, they cannot legally adopt Bitcoin as a legal tender. Plus, regulatory hurdles and reliance on EU subsidies and energy pose a challenge to outright Bitcoin adoption.Author Jeff Booth (left) and podcaster Daniel Prince (right). Source: Youtube  So Cointelegraph caught up with André Loja, the Madeiran entrepreneur and driving force behind the island’s Bitcoin strategy, following his appearance on stage at Bitcoin Amsterdam 2022. Taking advice from F.R.E.E MadeiraOver the past six months, Loja has founded The Regional Forum of Economic Education, or F.R.E.E Madeira, alongside Bitcoin big-hitters including Bitcoin author Knut Svanholm and podcaster Daniel Prince. The board’s advisers boast entrepreneur and author Jeff Booth, Fedmint CEO Obi Nwosu, as well as Mow. The group serves to ensure the president upholds his “serious commitment,” Jeff Booth explained, to making Madeira a home for the “new base layer of the new internet.” The island now boasts a series of Bitcoin-first investments, developments and even Bitcoiner residents, as well as a steady trickle of crypto-curious people who have embarked on their first trip to the island. Loja told Cointelegraph that while Bitcoin is at the core of economic development and investment, “Madeira is not only investing in Bitcoin, but all kinds of technologies.” For example, a center for ocean-oriented startups and an advanced medical center are under construction. These economic activities fit under the president’s purview of adopting new technologies and working toward Madeira, shedding its reputation as uniquely a haven for older generations. Nonetheless, these developments in wider technology dwindle in comparison to the progress made in embracing the world’s largest cryptocurrency.Following a series of talks with Bitcoin OGs, including privacy advocate Matt Odell and Unchained Capital’s Parker Lewis, Madeira has the green light to set up a Bitcoin Commons. “It’s basically a big Bitcoin-only coworking space. It’ll also be a place to park the association,” Loja explained. The Bitcoin Commons is a space for the nonprofit, F.R.E.E. Madeira, to thrive:“We’ll have a podcast room there, we’ll do the [Bitcoin] meetups, we’ll do the education part there. We’ll also have the remittances also set up there with the ATM and so on to connect to the diaspora.”The Madeiran diaspora sprawls across the globe. Lucinda Castro, a Madeiran lawyer on the governance board of F.R.E.E., told Cointelegraph in June that “Madeirans emigrated to Venezuela, the United States and Canada in their thousands;” inclusive of second and third-generation immigrants, there are now over one million Madeirans living in Venezuela. The use case of Bitcoin as a remittance tool for Madeirans is, therefore, compelling. Sending money home from overseas played a part in El Salvador’s move to adopt Bitcoin as legal tender, while another small island nation, Tonga, has also been vocal in supporting Bitcoin remittance payments.The Bitcoin Commons will also support human development with the founding of a coding academy. The academy encourages Bitcoin companies around the world to travel to Madeira to learn new skills while providing locals with a space to hone their digital skills on the island. The Bitcoin Academy, as it will become known, also shines a light on the Lightning Network, the layer-2 payments network.Will Bitcoin be the standard in Madeira?As things stand, Bitcoin believers can purchase property, invest and mingle with the budding Bitcoin community on the island, Loja explained. On stage at Bitcoin Amsterdam 2022, Jeff Booth announced his intent to invest in the island, adding, “an island such as Madeira can compete globally and can be the new Silicon Valley.” However, in order to facilitate payment in Bitcoin, investors should enlist the help of a third-party intermediary, such as Archipelago Investments. Bitcoin merchant adoption is slowly spreading across the island, but much like the mainland, it’s a challenge to live on a Bitcoin standard. Across the Atlantic in Lisbon, there’s a thriving Bitcoin community, but very few merchants accept Bitcoin as a means of exchange. The panel in Amsterdam was frank in response to questions regarding merchant Bitcoin acceptance. The team at F.R.E.E. is set on guiding the president and the administration into the new Bitcoin era. Ultimately, the autonomous region must roll out Bitcoin adoption without burning bridges with the EU on which Madeira remains heavily dependent. Merchant adoption will come, however, and “that’s what the [Bitcoin] plebs are for,” Svanholm said. Related: Portugal proposes 28% tax on annual crypto trading profits next yearJust like mainland Portugal, Madeira’s first language is Portuguese, and Portuguese business resources are growing. Nico Laamanen, a co-founder of the Konsensus Network, established business operations on the island as part of his mission to “make Bitcoin knowledge accessible to everyone, in every country, in every language.” Naturally one of their priorities is translating books into Portuguese:“Madeira is great for remote workers which overlaps with many bitcoiners myself included. The tax regime, friendly environment and Bitcoin curiosity are just big bonuses.”The Looking Glass Education, backed by F.R.E.E. adviser Greg Foss, is another sound money educational resource to support Madeira.When pressed on whether Madeira is effectively becoming a European hub for Bitcoin development, Loja joked, “that’s the idea.” Notwithstanding headwinds posed by Portugal jockeying to tax crypto gains, the Madeira initiative should put the island firmly on the map for Bitcoin adoption.Finally, Bitcoin filmmakers PlebMusic and Cinemuck shot F.R.E.E.’s initial meetings with policymakers and politicians on the island and showed the trailer at Bitcoin Amsterdam 2022. The full documentary will screen by December 2022 and will likely equip the island with another Bitcoin-friendly marketing tool. Laamanen concluded, “I think Madeira will become a hotspot for bitcoin entrepreneurs and users in Europe and I want to be a part if it.”

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The crypto industry fights regulators in the courts: Law Decoded, Oct. 10–17

The crypto industry fights regulators in the courts: Law Decoded, Oct. 10–17

podľa | okt 17, 2022 | 0 |

Perhaps one of the most captivating signs of the industry’s maturity is the increasing amount of court cases in which crypto companies fight back against perceived regulatory abuses. Last week saw some major advancements in that direction. Digital asset manager Grayscale has filed its opening brief against the United States Securities Exchange Commission to challenge its decision denying Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin exchange-traded fund (ETF). According to Grayscale, the SEC must submit its brief by Nov. 9. A U.S.-based crypto policy advocacy group, Coin Center has followed through with its intention to take the Treasury Department’s Office of Foreign Asset Control, or OFAC, to court over sanctioning cryptocurrency mixer Tornado Cash. Lawyers for Coin Center as well as crypto investor David Hoffman, an anonymous human-rights advocate known only as John Doe, and software developer Patrick O’Sullivan filed a joint complaint against the OFAC, Treasury Secretary Janet Yellen and OFAC Director Andrea Gacki. The complaint alleged that sanctioning Tornado Cash was “unprecedented and unlawful,” in part, due to privacy concerns over crypto transactions.Meanwhile, Ripple CEO Brad Garlinghouse revealed that he expects the long-drawn-out battle between Ripple and the SEC to end in the first half of 2023. “Federal judges work at their own pace,” he stated, before adding, “Optimistically, we’re talking about three to four months. Pessimistically, it could be longer than that.” The fintech boss said that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.MiCA passes through the European Parliament Committee Members of the European Parliament Committee passed the key crypto framework policy, Markets in Crypto-Assets (MiCA), in a vote of 28 in favor and one against, with a final vote expected in a full European Parliament session soon. Following the MiCA vote, members of the EU Parliament also overwhelmingly approved a provisional deal on the Transfer of Funds Regulation, legislation aimed at having compliance standards for crypto assets in an effort to crack down on money laundering. The two regulatory frameworks, if given final approval, would apply to member states with the EU but potentially serve as an example for global lawmakers on crypto. Following all the procedures and checks, the crypto policies could go into effect starting in 2024. Continue readingOECD’s framework to combat international tax evasion using digital assetsThe Organisation for Economic Cooperation and Development (OECD) has published a framework aimed at helping tax authorities achieve greater visibility on crypto transactions and the users behind them. The crypto tax framework proposes automatically exchanging information on crypto transactions between jurisdictions annually, given a rise in the number of unregulated exchanges and wallet providers. If approved, the framework would likely facilitate information sharing on crypto transactions between the OECD’s 38 member countries — a list that includes the United States, Japan, South Korea and many nations within Europe.Continue readingPortugal proposes 28% tax on crypto profitsLong considered a cryptocurrency tax haven, Portugal’s government has proposed a 28% tax on capital gains from cryptocurrencies held for less than a year. The government’s 2023 State Budget document featured a short section addressing the taxation of cryptocurrencies, which, to date, have been untouched by the Portuguese tax authorities, given that digital assets were not recognized as legal tender. A proposed income tax from operations involving cryptocurrencies through activities such as mining, trading and capital gains was put forward in the 444-page document. The State Budget also proposes a 4% taxation fee for free transfers of cryptocurrencies in instances of inheritance, as well as stamp duties on commissions charged by intermediaries involved in the cryptocurrency sector.Continue reading

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Two more lawsuits for Coinbase: Law decoded, Aug. 1–8

Two more lawsuits for Coinbase: Law decoded, Aug. 1–8

podľa | aug 8, 2022 | 0 |

The Coinbase drama, which started at the end of July, continues with new developments. Last week, former Coinbase Global product manager Ishan Wahi pleaded not guilty to two counts of wire fraud conspiracy and two counts of wire fraud in a Manhattan federal court. Wahi was arrested during his attempt to board a flight from the United States to India in May and accused of insider trading. While the Wahis are central to two separate court cases, another two lawsuits appeared last week against the San-Francisco-based crypto exchange. Legal firm Bragar Eagel & Squire revealed that it would be suing Coinbase for making deceptive claims about its business practices. Pomerantz LLP has also filed a claim against the exchange, alleging that it is entitled to compensation for any losses incurred as a result of the defendant’s violations of federal securities laws.In both complaints, plaintiffs claim that Coinbase made fraudulent and deceptive representations regarding the company’s business, operations and compliance efforts between April 14, 2021 and July 26, 2022. Coinbase reportedly refused to disclose that it permitted U.S. citizens to trade digital assets that required Securities and Exchange Commission (SEC) registration as securities despite its knowledge and complacency. 11 individuals are charged over $300M crypto ‘pyramid scheme’A hot season for enforcers, indeed — SEC has charged 11 individuals for their alleged role in creating t “fraudulent crypto pyramid scheme” platform Forsage. The charges were laid in a United States District Court in Illinois, with the SEC alleging that the founders and promoters of the platform used the “fraudulent crypto pyramid and Ponzi scheme” to raise more than $300 million from “millions of retail investors worldwide.”Continue readingThe new crypto bill could extend CFTC’s regulatory powersWhile both the Lummis-Gillibrand crypto bill and several versions of stablecoin legislation seem to be delayed until fall, United States Senate Agriculture Committee chair Debbie Stabenow and ranking member John Boozman introduced the Digital Commodities Consumer Protection Act. The bill mandated the registration of a broad spectrum of market players by the CFTC and was met with wide approval within the crypto community. Continue readingBanks are shutting down the crypto exchanges’ accounts in PortugalSeveral large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to “risk management” concerns. There are at least four domestic cryptocurrency exchanges that have seen their accounts shut, including CriptoLoja, which was the first one to obtain a license to operate in the country. The closure of these accounts is seen as a blow to Portugal’s crypto-friendly approach, as authorities had previously rejected two tax proposals that might have been applied to investors making money from cryptocurrencies.Continue reading

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Portuguese banks shutting crypto accounts citing risk management concerns

Portuguese banks shutting crypto accounts citing risk management concerns

podľa | aug 4, 2022 | 0 |

Several large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to “risk management” concerns, suggesting a shift in Portugal’s pro-crypto position. The country’s central bank appears to have given the financial institutions the green light to take action.Several of Portugal’s top banks recently closed the accounts of CriptoLoja, the country’s first cryptocurrency exchange to obtain a license to operate. According to a Bloomberg report, at least four domestic cryptocurrency exchanges have seen their accounts shut by BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos, BiG and Abanca.All the exchanges are licensed by the Bank of Portugal, which regulates domestic cryptocurrency trading platforms. Three of the exchanges were identified as Criptoloja, Mind The Coin and Luso Digital Assets, with a third requesting that their name not be published by media platforms. The head of the Bank of Portugal, Mário Centeno, was quoted as saying that banks had complete freedom to do anything they wanted, but he promised to keep a close eye on the situation.The Bank of Portugal’s oversight of exchanges includes ensuring that platforms combat money laundering and the financing of terrorism, and work to prevent fraud. BCP told Bloomberg that its primary duty was to inform competent authorities if it detects “suspicious transactions,” which may lead to the termination of banking relationships with certain companies.Cointelegraph reached out to CryptoLoja, one of the affected crypto exchanges, for comment but did not receive a response as of press time. This article will be updated when a response is received.Related: Senator Warren proposes reducing Wall Street’s involvement in cryptoThe closure of these accounts is seen as a blow to Portugal’s crypto-friendly approach, as authorities had previously rejected two tax proposals that might have been applied to investors making money from cryptocurrencies. However, the government and financial sector have recently shown an increased interest in regulating cryptocurrency in line with other European Union nations.Crypto exchanges have had trouble obtaining banking services worldwide due to their perceived risk. As reported by Cointelegraph, United States Senator Elizabeth Warren is reportedly proposing a bill that would effectively ban bank-provided cryptocurrency services.The Iberian nation has drawn Bitcoin entrepreneurs from around Europe, particularly Ukrainians fleeing the crisis in their home country. Around 27,000 Ukrainians lived in the Iberian nation before the military conflict with Russia, but their number has risen to over 52,000, making them the second-largest foreign population after Brazilians.

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Portugal's Assembleia da Republica says no to two crypto tax bills

Portugal's Assembleia da Republica says no to two crypto tax bills

podľa | máj 26, 2022 | 0 |

The Portuguese congress, Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies.Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has been tax-free since 2018. In addition, trading digital assets is not considered investment income in Portugal. This has attracted crypto startups and events to Lisbon, despite the fact that businesses that accept Bitcoin must pay income tax on it.The Portuguese Minister of Finance, Fernando Medina, had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. However, two separate bills from minor political parties to tax cryptocurrency assets were rejected by the Portuguese Assembleia da Republica.The news was welcomed by Derek ‘Isaac’ Kaplan, founder of DuoVerse and VMining, who said that any “unreasonable taxation” would have been negative for the cryptocurrency sector’s growth. He told Cointelegraph that:”While a regulatory framework is important, we need to give the industry the space to grow. Crypto industry is nascent and it shouldn’t be subject to the same rate applicable to capital gains on equivalent income as it will be unfair. This development reflects that crypto-friendly sentiment goes strong in Portugal.”According to the economic newspaper ECO, the proposals were from left-wing parties Bloco de Esquerda and Livre, which were both rejected during a 2022 budget voting session on Wednesday afternoon. The government was asked to explore taxing crypto profits in excess of €5,000 ($5,345.75).If you guys want to move to portugal You can sleep on my floor 0 tax on crypto— Cozy ⓣhe Caller (@cozypront) May 25, 2022In Portugal, crypto transactions are not subject to capital gains taxes or any other taxes. In comparison, the current capital gains tax rate for financial investment is 28%. The country’s deputy finance and tax minister Antonio Mendes stated during the same session of parliament that taxing cryptocurrency is a “complex reality,” and capital gains may not be enough.Related: Portugal to lose crypto tax haven status as state announces gains dutiesAn emigrant to Portugal in February praised the western Iberian nation’s crypto adoption rate among merchants and even predicted that Bitcoin might one day become legal money there, as reported by Cointelegraph. However, he may have a lot on his mind now that government officials are mulling over how to tax digital assets.

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Madeira ‘embraces’ Bitcoin and how the president met Michael Saylor

Madeira ‘embraces’ Bitcoin and how the president met Michael Saylor

podľa | máj 17, 2022 | 0 |

The tiny Portuguese island of Madeira has “adopted” Bitcoin (BTC) — but what does that mean? The announcement made during the Bitcoin Miami Conference in 2022 has spurned confusion and misinformation.The President of the Regional Government of Madeira, Miguel Albuquerque, hopped onto the stage in April to announce that he believes in the “future of Bitcoin,” and that he would work to “create a fantastic environment for Bitcoin.” However, the details remained unclear. Cointelegraph spoke to André Loja, a Madeiran entrepreneur who spearheaded the plan to bring Bitcoin to the archipelago in the Atlantic ocean to find out how Bitcoin is shaping the islands’ development.The island of Madeira exploded onto the Bitcoin world map on April 7, when Samson Mow proudly announced that Madeira “will be adopting Bitcoin.” Upon the announcement, news outlets around the world reported that Madeira had adopted Bitcoin as legal tender. However, this was not the case. Loja explained to Cointelegraph that prior to Samson Mow’s announcement, Loja would have preferred to use the phrasing “Madeira is embracing Bitcoin.”“We embrace it, we support it. We are not ‘adopting’ Bitcoin because adopting looks like we were making it legal tender when it’s already de facto legal.”Indeed, in Madeira and across Portugal — 1,000 km northeast of the island — there is zero tax on Bitcoin capital gains. That means any disposal, spending, or use of Bitcoin does not need to be declared to tax authorities by the island’s 250,000 people.Loja orange-pilled the president of Madeira just a few weeks prior to the conference, sharing his vision for Bitcoin as not only a means to attract foreign investment, but to “protect my island from the fiat system.” By happenstance, Albuquerque came to visit Loja’s coworking space — one of the few places that accept Bitcoin in Madeira — and Loja jumped at the opportunity to share his passion for Bitcoin. Madeira was kneecapped by the COVID-19 pandemic as critical tourism revenue fell off a cliff. Loja, therefore, presented a Bitcoin future to the president as a means to diversify and restructure Madeira’s economy, among other advantages. Albuquerque was reportedly  open to the idea, so Loja quickly sought the help of Bitcoiners around the world, including Daniel Prince, a renowned Bitcoin podcaster; Jeff Booth, the author of The Price of Tomorrow, and even Michael Saylor, CEO of Microstrategy. Within weeks, the Bitcoiner all-star team had contacted the organizers of Bitcoin Miami 2022 to organize the president’s appearance on stage. Ultimately, having the head of state of an autonomous region endorse Bitcoin was an opportunity too big to miss. Upon landing in Miami, Loja and Albuquerque were invited to Saylor’s flashy Miami villa, “with the yachts and everything,” Loja jokes. While Loja had already orange-pilled the president, the conversation with Saylor was on another level:“Michael Saylor sat down with president Albuquerque and well […] It was more like he sat down with his head!”Saylor told Albuquerque that “you need to focus on Bitcoin. Everything else is garbage.” A conversation the president is unlikely to forget, the seminar was sufficient preparation for him to step on stage in front of 25,000 Bitcoin enthusiasts. Loja explained that the announcement that Madeira is adopting Bitcoin would “kickstart an intention” for Madeira to become an island in which Bitcoin prospers alongside the people. For Loja, who has already translated popular Bitcoin books into Portuguese, “It starts with education: the most important thing.”Loja (far right), President Albuquerque (center with book) and Knut Svanholm (far left) in Madeira in May 2022. Source: LojaIndeed, Loja cut his teeth during the bear market of 2018. A passionate educator, Loja works closely with other educators in the space, such as Knut Svanholm,  author of Bitcoin: Everything Divided by 21 Million, to teach the principles of sound money: “I have a lot of ideas, from kindergarten to schools to adults workshops — and to bring people from outside the island. The association will have the best people as consultants.”To this end, Loja is founding the Sound Money Foundation, a Bitcoin education center in Madeira. The center has support from Samson Mow and Jeff Booth, among others, and seeks to help locals to better understand cryptocurrency from a young age. Accompanying the education drive and the focus on improving “financial literacy,” Loja’s hometown also lures Bitcoin companies with attractive fiscal incentives. At the International Business Center, companies pay just 5% business tax, a highly competitive rate. Portugal was already a budding hub for individual Bitcoiners, but companies could now reap benefits Related: Bitcoin, Bukele and a bevy of central bankers meet in El SalvadorFurther down the road, Loja plans for the autonomous government of Madeira to mine Bitcoin with leftover renewable energy — as the island has abundant wind and sunlight — and even carry out “a multi-signature wallet for the government to work with Bitcoin financially.”Madeira’s international business center. Source: ibc-madeira.comAs a result, the government would take full custody of the Bitcoin it mines by taking control of the private keys. Loja highlighted that the electrical power grid is a standalone “public company,” so any Bitcoin mined by the grid would go into government multi-sig wallets.In essence, Madeira’s approach to Bitcoin goes above and beyond the lauded legal tender status. From public sector Bitcoin mining to education to state-run multi-sig wallets to having Michael Saylor on speed dial, the island is slowly steering towards a Bitcoin future. Unsurprisingly, Loja’s holistic approach to the island “embracing” Bitcoin has a low time preference.  

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Portuguese regulator grants first crypto license to a bank

Portuguese regulator grants first crypto license to a bank

podľa | apr 15, 2022 | 0 |

Portuguese based bank Bison Bank has received permission from Portugal’s Central Bank (Banco de Portugal) to operate as a “virtual asset service provider ”(VASP), making the first bank in the country to be given the green light by the regulator.On Thursday, Banco de Portugal updated its list of virtual asset service providers adding “Bison Digital Assets” as the country’s’ fifth licensed crypto exchange. The company is newly created to operate under Bison Bank, which is fully held by a Chinese private capital firm based in Hong-Kong, and will position its crypto services to high net worth customers according to local media.In April 2021, laws were established regulating cryptocurrency exchanges to a licensing regime operated by the central bank. La, later that year in June, licenses were granted to the exchanges Mind The Coin and Criptoloja, the first two VASPs permitted to operate in the country.In March 2021, the regulator granted the first “all categories” VASP license to Utrust, allowing the exchange to offer crypto to crypto swaps, transfers to wallet addresses, and custody and storage of private keys on top of providing a fiat on-ramp. Bison Bank has also been granted an all categories license.Portugal has long been thought of as a crypto friendly country and a crypto tax haven. There are no capital gains or personal income taxes on cryptocurrency unless it’s an individual’s sole income, as Portugal considers cryptocurrency a form of payment or currency, not an asset.In April 2020 the country established plans to create Technological Free Zones (ZLTs), areas in which businesses can test products and services, with the country outlining that it was looking at testing blockchain technology as part of its digital transformation plan.Related: Portugal slowly becoming a ‘haven’ for European BitcoinersIn October 2021, the Portuguese government announced it was engaging public and private sector businesses along with experts to establish a working group to develop a National Blockchain Strategy. The group has been studying how the country could apply the technology, along with clarifying regulatory conditions.The Portuguese government expects a draft of the strategy will be released at the end of this month, with a final version published in June 2022.

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Samson Mow introduces new nation-state adoption for crypto in Bitcoin 2022

Samson Mow introduces new nation-state adoption for crypto in Bitcoin 2022

podľa | apr 7, 2022 | 0 |

Speaking at the Bitcoin 2022 conference in Miami, Samson Mow, former chief strategy officer of Blockstream, named three new jurisdictions that would be adopting or proposing to adopt Bitcoin (BTC) as legal tender. As told by Mow, the first is that of the Caribbean island Roatán, which is part of Honduras. Honduras Prospera Inc. is the organizer and promoter of the jurisdiction. The entity’s president, Joel Bomgar, told the audience: “Bitcoin within Prospera operates as legal tender. That means no capital gains tax on BTC, you can transact freely using BTC, and you can pay taxes and fees to the jurisdiction in BTC.”In addition, Bomgar announced that starting Thursday, the Prospera jurisdiction will enable municipalities in Honduras and corporate entities outside of the United States to float Bitcoin bonds within Prospera. Furthermore, accredited investors, meaning U.S. residents who qualify for a high-net-worth or income threshold, can also directly invest in Honduras Prospera Inc. and receive securitized equity tokens.The next jurisdiction to make Bitcoin legal tender is that of Madeira, an autonomous region of Portugal. Miguel Albuquerque, president of the regional government of Madeira, said that “Individuals in Maderia are not subject to capital gains taxes when buying and selling Bitcoin,” while also touting the region’s 5% corporate tax rate in its free trade zone as one of the lowest in Europe.Finally, Mexican Senator Indira Kempis floated the possibility of legislating Bitcoin as legal tender with the Mexican president, in-line with earlier claims, commenting:”In Mexico, 67 million people are not included in our financial system. Bitcoin is the solution to this problem. Through financial inclusion and financial education, the people can have a better quality of life.”

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Building businesses in the ‘spirit of Bitcoin’: The Bitcoin Hostel

Building businesses in the ‘spirit of Bitcoin’: The Bitcoin Hostel

podľa | apr 6, 2022 | 0 |

A Bitcoin (BTC) hostel is coming to Portugal’s shores. As it’s Europe’s first Bitcoin-only hostel, Cointelegraph spoke with the founders to find out how Bitcoin shapes the business model, from planning to architecture to the community. The Bitcoin Hostel is a homestay and hangout where Bitcoin (Lighting or on-chain) is the only acceptable payment method — a space where “the spirit of Bitcoin” shapes the decision-making process.The hostel was founded by Berliners Albert Wolframm and his girlfriend, Valeria Padimiglio. “She’s the business part, and I’m the architecture part, but I’m also more into Bitcoin,” he jokes. The Bitcoin Hostel combines Wolframm’s skills and hobbies: “traveling, Bitcoin and architecture.” The Bitcoin Hostel shares developments with the Bitcoin community at every stage, taking into account Bitcoiners’ requests and advice in an “open-source style” of governance.For example, when it comes to raising money, the hostel followed Tiago Vasconcelos’ advice to use Tallycoin. Vasconcelos is the Portuguese Bitcoiner behind the artificial intelligence trading bot that told readers to hodl, and a co-founder of Portugal’s A Seita Bitcoin, which is a Portuguese pun translating to “the Bitcoin Cult,” accepted. What is the best way to accept #Bitcoin donations?— Bitcoin Hostel⚡️ (@bitcoin_hostel) April 4, 2022Vasconcelos told Cointelegraph that running a business through Bitcoin principles is “really disruptive.” He explained that businesses such as Bitcoin Hostel show:“The true Bitcoin spirit, decentralized, community-driven, open-source! I think it’s the start of a new way of doing business that will start to catch on in the future!”Indeed, the Bitcoin approach to building a business is gaining traction, from Jack Dorsey’s ₿Trust, which takes zero direction from its overseers to Bitcoin podcaster Peter McCormack’s football club, which he intends to run on a Bitcoin standard. For examples of the Bitcoin spirit guiding entrepreneurial but grassroots endeavors, Paco De La India is traveling the globe with only a Bitcoin seed phrase in his pocket, while “Nourou” in West Africa strives to put Bitcoin-based decisions at the heart of the Senegalese restoration community. The Bitcoin Hostel Portugal. Source: Bitcoin HostelThe hostel is hosting a competition to choose the design of the hostel while participating in Twitter Spaces and updating Bitcoiners and interested parties in real time. Regarding the design competition, although Wolframm’s professional architecture skills will come in handy, the website jokes that the design “with the most Hash… eh sorry, Design-Power will win!”In line with Bitcoin philosophy, Wolframm champions autonomy and “giving power back to the people.” Taking inspiration from his master’s degree, in which he learned that people are happier and more prosperous when equipped with greater autonomy and a vision for the future, he muses that Bitcoin is the tool to allow greater freedoms. To date, the Bitcoin Hostel has received an “amazing response from the Bitcoin community,” as Bitcoiners around the world are keen to lend a hand. “We got more than 1,000 followers and, like, so many private messages also from people asking if where we are at, what status we have, and if they can support us in any way.”The Bitcoin Hostel couple has secured a fiat loan — “we don’t want to sell any Bitcoin” — and have begun scouting locations in Portugal to construct the building. Wolframm shared that he has received a tremendous amount of value from Bitcoiners in the space, and the encouragement spurs him on to continue building out the business in a Bitcoin-centric way. Related: US grassroots adoption: The Bitcoin Lightning party in Portland“MTC,” the founder of Sats Ledger — a Bitcoin savings book for kids — told Cointelegraph that he was similarly overwhelmed by the spirited response from the Bitcoin community when he began his Bitcoin side hustle. MTC also told Cointelegraph that the Bitcoin community reaction was “phenomenal,” sharing this advice: “If people have an itch to contribute something or to do a side project in this space, I would say ‘Throw your heart into it’ because you’re going to get feedback and connections and insights and experiences from it that you just wouldn’t have dreamt of.”The Bitcoin Hostel camper complete with laser eyes. Source: TwitterFor the Bitcoin Hostel, the architecture competition is en route, the campervan is secured, and construction should begin in early 2023.

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