Home Blog Page 40

Uzbekistan Introduces New Proposals To Lift Ban On Crypto Trading In The Country

By
Adam Barry
-
0

Uzbekistan is considering a lift on the ban on cryptocurrencies that barred Uzbekistanis from buying digital currencies in 2019. The National Agency for Project Management (NAPM) under the Republic of Uzbekistan’s president has issued a document proposing various amendments to crypto trading licensing procedures. 

NAPM looking to lift the ban on crypto trading in Uzbekistan 

A report released at the end of April cited an official document from the agency indicating that residents should be allowed to trade cryptocurrencies. The NAPM document noted that Republic of Uzbekistan residents have every right to trade cryptocurrencies of all types in tokens and crypto assets for fiat currencies. Most importantly the document indicated that the crypto asset choice as an acquisition object and the consequences of the choice are a risk of the buyer. The agency emphasized that investors will be trading the cryptocurrencies at their risk.

According to the report, the changes follow decrees from Uzbekistan President Shavkat Mirziyoyev, The first decree issued in July 3, 2018 focused in the introduction of measures to creating a digital economy in the country. A second decree issued on September 2, 2018, focused on measures organizing crypto-exchange activities in Uzbekistan. 

The proposed measures seek to establish guidelines for issuance, registration, and circulation of cryptocurrencies, authorizing licensed digital currency firms in Uzbekistan to issue tokens. Official records indicate that these proposed amendments will be open to discussion until May 14, 2021. 

Uzbekistan banned crypto purchases in 2019

NAPM had banned crypto trading in December 2019 and this dealt a massive blow to Uzbekistan’s crypto industry. Interestingly, despite banning cryptocurrency purchases the agency still permits residents to sell their cryptocurrencies through licensed exchanges but traders had to follow an extensive identification process to curb money laundering.  At the beginning of this year the country debuted the first regulated crypto exchange, Uznex that is open to non-residents. 

Despite the negative outlook on cryptocurrency, Uzbekistan has an interest in blockchain tech. The Republic of Uzbekistan president signed a decree for the integration of blockchain into government transactions to improve transparency, increase transparency and offer quality services this reducing corruption. 

A Stricter Supervision Looms For Bitcoin Mining In China

By
Adam Barry
-
0

There are high chances that the crypto mining operation in China may soon be mired with stricter supervision. Beijing has plans underway to investigate the energy consumption in the sector. Beijing made its intentions known through an “emergency noticed,” declaring it would soon investigate the various data centers focusing on mining operations. It seeks to investigate bitcoin and other cryptocurrencies. The notice seems to have sparked panic in China, but Chinese columnist Colin Wu still believes there is no cause for alarm. 

Is there any cause for alarm?

Mr. Wu is also known as Wu Blockchain on his Twitter handle, and he seems so sure in expelling the fear gripping China. He asserts that Beijing’s move doesn’t necessarily pose any form of danger or ill-motive to bitcoin miners in the country. 

The Chinese government had earlier indicated that Beijing only wanted to carry out a routine investigation, and thus there wasn’t any cause for alarm. The columnist added that it was almost impossible to use the Data centers in Bitcoin mining. Data centers help with ETH Filecoin mining, mainly according to the columnist.

The communist isn’t the only optimistic party. The country’s state media Penpai holds a similar opinion. It describes Beijing’s undertaking to be merely a routine check. The Beijing Municipal Bureau of Economic and Information Technology wanted to fetch information about the mining operations energy consumption. 

It is still difficult to tell where the checks will be conducted on a smaller scale or countrywide. The other issue of concern among most people has to do with the consequences in the long run.

Stricter supervision might become a norm in future

The rotating chairman of the Blockchain Committee, Yu Jianing, has spoken out his mind. The official who currently works for China Communications Industry Association believes that there is something to learn from Beijing’s plan.

Jianing advices people to consider the move as a sign of “what the future portends” for the general crypto mining operations. Things might end up getting stricter with time, according to the leader. He adds that the carbon neutrality initiative is part of the things that will contribute to adopting stricter policies.

Attempted Attack Compels Hotbit To Discontinue Operations For A While

By
Adam Barry
-
0

Hotbit has decided to bring its business operations to a sudden halt after learning it was under attack.

The company learned about those attempts on Thursday and started focusing on precautionary measures. It shut its business operations to investigate the matter further.

The attack

The incident happened on April 29, 2021, affecting many business operations from around 08:00 PM UTC. The company discovered issues with its basic services and intervened right away.

The good thing is that the hacker didn’t succeed in their attempts to get into Hotbit’s wallets. However, they put the company in a compromising situation that forced it to shut down operations. The company couldn’t continue with operations after discovering that the hackers compromised its user database and thus shut down operations. 

Hotbit has embarked on maintenance before it can resume its normal operations. It wants to avoid all possible losses by all means, and that is why it started by canceling all its pending trading orders. 

The exchange has also stated how it will approach all the losses arising from the exchange-traded funds. It confirms that it will bear all the losses in that regard. It specified that it would take care of the losses incurred within the maintenance timeframe.

Hobbit’s pronouncement gives a hint about how long the maintenance activities might take. It approximates the maintenance activities to span about seven days. Other reports also point out how long the system upgrade and investigations will take. It hints that the undertakings might take at least two weeks.

Zhou speaks out to users

The chief security officer of Hotbit, Alex Zhou, spoke out to the Telegram group users, encouraging them to stop worrying because the attacks didn’t affect user finds. The official admits that the attackers made several attempts to break into the wallet servers but were unsuccessful in their efforts. 

The attacker’s central motive had been to steal funds, but the quick response saved the day. The identification and the blocking moves paid off, and the official seems quite happy about the company’s risk control system for it sues in ensuring the safety of user funds. 

Coinbase And Paypal Holdings Inc (NASDAQ:PYPL) Enter A New Deal That Allows Up To $25, 000 Crypto Purchases

By
Adam Barry
-
0

Coinbase and Paypal Holdings Inc (NASDAQ:PYPL) have moved into a new agreement, and the deal is official. The latest partnership opens the door for the US Coinbase crypto community to turn to Paypal to purchase their cryptos. Analysts consider the move to be a good one for both the Paypal and Coinbase users within the country. 

Service coverage 

The change is impressive, but there will be restrictions in the meantime in terms of geographical coverage. Service users must be within the US borders in the meantime. The crypto exchange has revealed that it has many plans to make things easier for all the interested parties. 

It continues focusing on expansion plans and looks forward to PayPal’s cooperation. The plan is for it to succeed in its quest to expand its service delivery to the rest of the world soon.

Coinbase gave a statement recently outlining its plans to serve as many customers as possible. It has already succeeded in serving millions of customers within the US, revealing that the whole undertaking has been rather speedy. People in the US have continued feeling the change, and all they need to do is link their bank accounts and debit cards to Paypal. 

Coinbase encourages all the interested parties to make a move, citing that the buying process is relatively easy. The company is quick to liken the buying process to an exciting “walk in the park”, as it urges more buyers to take the risk.

Paypal users’ transactions

Persons with an existing Paypal account will have it easy, according to Coinbase. It outlines that such buyers will have the advantage to start making transactions on the onset. Such buyers won’t have to go through the trouble of adding card numbers to Coinbase, and they won’t also have to add banks accounts.

All the Paypal users stare at a massive opportunity to buy up to $25 000 every day. Coinbase considers the provision to be an excellent opportunity for buyers, considering the expanded limits. 

Coinbase performs quite well within the crypto segment, considering that it stands out as one of the most aggressive networks within the space. Buyers have a lot to look forward to, considering all the desirable attributes. Coinbase has also managed to get a place in the Nasdaq listings, and that inspires more confidence. There are high chances that the crypto space might expand to become a force to reckon with globally.

Australian Senate Committee Calls Out For A Cross-Cutting Blockchain Land Registry

By
Adam Barry
-
0

The Australian senate committee has been pushing for the establishment of a blockchain land registry across the country. The published report called out for implementing significant changes in the smart contracts, as it pushed for more transparent laws. The committee also continues pushing for the set up of international standards to guide the distributed ledger technology.

Recommendations

The select committee seems quite clear in its needs and requirements, as seen from the second interim report. The detailed report highlights almost 24 recommendations to touch on some of the most critical areas. The report touches on areas such as consumer data, blockchain, and corporate taxation.

A section of the recommendations seems more focused on digital assets and blockchain. The recommendations in this regard happen to be about five. One intriguing recommendation has to with the plea requiring the Council of Financial Regulators Cyber Working Group to focus on the international data standards.

The recommendations mount pressure on the National Cabinet to play its part in staging support for a  blockchain-powered national land registry. The recommendations seem rather specific in their stipulations, inviting the Commonwealth-State cooperation to consider taking up new ways of doing things. It is an era of regulatory technology, and the cooperation should start focusing on the possibility of taking up strategies that support a more streamlined administrative process. There is a need to include both the private and the public sectors.

Blockchain and its applications

Blockchain plays a significant role in helping boost efficiency in most of the areas that matter.

. The area of land registries needs to accept more progressive changes that boost efficiencies, as the report proposes. The National Cabinet’s decision matters a huge deal at this time because it will determine whether or not the land registry segment gets to benefit from the changes.

The committee also speaks out about the digital asset regulations, pushing more clarity in the area. It also addresses the industry stakeholders’ concerns, showing discontentment over the smart contracts’ uncertain status under Australian law.

The committee admits having learned about many concerns, but it was the opposite when it came to the provided solutions.

BitGo Speaks Out On The Expansion Of Its Crypto Insurance Cover

By
admin
-
0

BitGo has boosted its insurance capacity by $600 million. This Digital asset custody firm seeks to expand its cold storage insurance program, among other progressive moves. It has in the past worked with leading crypto firms and leading banking institutions. Examples of the big names it has worked with include Mike Novogratz’s Galaxy Digital and Goldman Sachs Group Inc (NYSE:GS).

BitGo utilizes its experts and resources towards the achievement of the most desirable business outcomes. It continues staging impeccable performance as a cold wallet service and also as a crypto-security firm. The crypto market seems to be expanding pretty fast, and the company is impressed about the growth of its digital assets. It was in the previous year when it revealed details about its digital assets under custody. It disclosed that they had exceeded $16 billion at the time.

Belshe speaks out

BitGo CEO Mike Belshe is impressed about how Digital asset custody firm keeps embracing technology and scale in most of its business undertakings. The mentions the above-stipulated factors facilitating improved conditions customers keep enjoying, for example, the lower costs associated with the Customer insurance program. The official also shows satisfaction with BitGo’s secure cold storage system, promising customers more desirable changes ahead.

Belshe invites people to consider the milestone’s essence and implication. He considers it to be a clear demonstration that clients are impressed about the service delivery. He adds that most customers seek to find the most secure and insured storage.

Crypto.com became the first to embrace and utilize the firm’s outstanding customer excess limits policy. Crypto.com happens to be one of the widely-renowned crypto payment platforms worldwide.

Customers have a lot to look forward to

It was back in 2019 that BitGo decided to debut its crypto-insurance program.  The firm worked through the   Lloyd’s of London, a move that benefited clients a huge deal. Most of the clients had an easy time accessing insurance for their digital assets.

Most of these clients’ assets had been placed in the firm’s Business Wallet service and Custodial offering. On Wednesday, BitGo spoke about its “Dedicated Customer Excess Specie” insurance program. It outlined that the program would go through an expansion phase to cover assets worth $700 million.

Baillie Gifford Sedttles On Blockchain.Com For Its $100 Million Investment

By
Adam Barry
-
0

Baillie Gifford has disclosed details about its latest investment amounting to $72 million ($100). This UK’s leading asset management company channeled the amount into Blockchain.com. The great success it has been witnessing since the unveiling of Bitcoin and Altcoins has been encouraging. It was established 9 years ago by one American and 2 Yorkshiremen. Reviews show its value to be currently standing at about $3.6 billion. It isn’t the first time that the London-based exchange has spoken out regarding the latest investment. It was a few years ago that this wallet platform spoke about investment.

Baillie Gifford’s track record

Baillie Gifford has an outstanding track record considering the top businesses it has worked with over the years. The asset management company has in the past worked with big names such as Amazon.com, Inc (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL), Airbnb Inc (NASDAQ:ABNB), and Tesla Inc (NASDAQ:TSLA). It worked with these leading businesses during their early stages in businesses. Baillie Gifford’s enviable track record must have been one reason these companies chose to work with it.

Baillie Gifford’s move to invest in Blockchain.com shows the high confidence levels in Bitcoin and cryptocurrencies. Experts see its move as a seal of approval to cryptocurrencies.

Blockchain.com’s CEO Peter Smith recently spoke out to reporters about the recent investment. He said that he was happy about their venture into the crypto space and hopes they will continue making more valuable investments as they progress.

The essence of the cash injection

Market observers have given their perspective regarding the cash injection. They consider the injection to be enough proof about the possibility of financial management service companies and cryptocurrencies cooperating in business for the common good of clients. These experts also consider the move as proof that both segments can co-exist.

Rothschild Investment is quickly becoming a household name, considering its business progressivity over recent times. It continues working towards boosting its crypto portfolio in several ways. For example, it has invested in Grayscale Etherium Trust as part of enhancing its portfolio. The 110-year-old asset firm’s cash injection inspires great hope for the continued adoption of Bitcoin and altcoins.

Bitstamp Brings Onboard Former Former Amazon Executive To Serve As Its New CFO

By
Adam Barry
-
0

Bitstamp has announced the hiring of its new chief financial officer called Stephen Bearpark. The Cryptocurrency exchange brings onboard a former finance director who previously worked with the mega-retailer Amazon.com, Inc (NASDAQ:AMZN).

Bearpark’s roles as the new CFO

On Wednesday, Bitstamp spoke out regarding its new hire, outlining the chief financial officer’s roles in helping move the business forward. Bearpark will oversee the exchange’s financial growth, among other roles. The official has great experience, considering the time he spent at Amazon’s EU Transportation division. This segment is in Luxembourg, and he worked there for about three years.

The official also had an opportunity to work with a financial services company known as Barclays, serving as its finance director until 2008.

The cryptospace continues expanding as time progresses, and Bitstamp happens to be among the oldest players. Bitstamp continues growing immensely, considering that it has managed to set up many business entities in several countries so far.

The company keeps making progressive changes to thrive in a somewhat competitive business space. For example, it shuffles or changes some of its key leadership positions. Over the previous year, it brought on board former Gemini executive Julian Sawyer to serve as its new CEO. It also assigned Sameer Dubey, the Chief Operating Officer’s role, to push the business forward.

Sawyer supports the new move

Sawyer seems impressed with the latest hire and describes it as tapping into a great talent to increase their competitive edge in the markets. He believes that the move to fetch outstanding talent from business leaders such as Amazon will increase the possibility of delivering new value to clients. He recognizes the major dynamics within the crypto space and promises to help the business reach its set goals.

Bearpark describes his entry as a transitional one, considering that he will be stepping into the shoes of Edward Kemp.  Kemp stepped out in the previous month, and the new official fills the vacuum.

Deutsche Boerse Group To Delist Coinbase Shares After Discovering An Incorrect Code

By
Adam Barry
-
0

The Deutsche Boerse Group has asserted that it is serious about Coinbase’s stock delisting. It will be striking out the stock from the Frankfurt Stock Exchange and its Xetra digital stock exchange.

The issue was the placement of a wrong Legal Entity Identifier

The group gave out its explanation, citing that Coinbase had missed the reference data for its shares. This group opines that someone entrusted with listing the Coinbase shares did a shoddy job. The person ended up inputting the wrong Legal Entity Identifier. The group considers the Legal Entity Identifier necessary for any business that seeks to play a part in financial transactions.

The involved parties must make the  with great urgency

It is either Coinbase or Deutsche Boerse that could rescue the situation. If both remain adamant, the stock will eventually be struck out from the Frankfurt Stock Exchange or Xetra. The group might make its move effective Friday, April 23.

The electronic trading platform of Deutsche Boerse has, over the recent weeks, focused on listing several crypto exchange-traded products. A lot has been happening; lately, the other thing being the London-based ETC Group’s recent launch. The group unveiled settled on Xetra for the unveiling of its physical Litecoin exchanged-traded crypto.

Coinbase has also been in the spotlight lately, with headlines showcasing its success in becoming the first major cryptocurrency exchange to find a place in the Nasdaq listing. The coin’s initial rate stood at $250, and it later rose to hit the $430 mark as of April 14. At the time of this piece’s publication, it stood at $314. This valuation was after a 2% witnessed within a 24 hours timeframe.

Deutsche Boerse isn’t leaving anything to chance! It asserts that Coinbase can’t resume its trading activities before applying for LEI.

The expansion of the crypto space continues to intrigue investors worldwide, with the oldest players in the segment showcasing remarkable performance. Bitstamp and Coinbase happen to be some of the oldest players that continue staging remarkable performance within the sector.

Surviving within the competitive crypto segment isn’t easy. Some of the business leaders in the segment have to make changes to the management for progressivity. For example, Bitstamp recently hired a new CFO called Stephen Bearpark.

RIT Capital Partners Announces Its Stake Acquisition In Kraken

By
admin
-
0

RIT Capital Partners has decided to buy a stake in Kraken. An investment trust with a market cap of about 5.3 billion dollars, RIT Capital Partners has been conducting most of its business undertakings from London. It continues witnessing monumental success since its establishment back in the 1960s, with part of its success is going public on the London Stock exchange. The trust’s share price currently stands at $3,300.

This U.K.-based trust has always taken its chances in the crypto segment, and that other turn was back in December 2020. It reportedly backed a $142 million investment round for Paxos and Paypal’s crypto partner. Paxos happens to be a stable coin issuer.

The multi-billion dollar investment trust started as Rothschild Investment Trust and has, over the years, continued strengthening its bonds with the Rothschild banking family of England.

Kraken has been showcasing remarkable performance

In April, James Glass issued a note to investors, describing Kraken as one of the most outstanding crypto exchanges. The exchange was unveiled back in 2011 and has managed to witness immense growth. It currently sticks out as the 4th biggest exchange considering its trading volumes. It is also rather interesting that it has about 6M clients, and yet it hasn’t been in business for a very long time.

Glass seems quite excited about the acquisition, outlining the possibility of its direct listing. It has been getting more clients and also achieving desirable trading volumes. These successes might have triggered the exchange to seek out the direct listing. The Bitcoin price seems to be skyrocketing, which is part of the dynamics within the crypto segment.

The market continues to experience stiff competition.

Market experts haven’t yet disclosed what RIT Capital has as an investment. However, they agree on its bullishness on Kraken. The main rival Coinbase has been staging a remarkable performance, but these experts recognize Kraken’s efforts and success.

Kraken’s quarterly revenue stood at $1.8bn in Q1 2021, a performance that the market experts continue to applaud. The exchange looks forward to a new fundraising round, which might increase its valuation to about $20 billion.

1...394041...66Page 40 of 66

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©