Crypto Guides, Knowledge & Insights

More than 80 Companies Are Interested in Setting Up Shop in Hong Kong, the Next Crypto Hub

Since October 2022, more than 80 crypto-related businesses have expressed interest in setting up shops in the city, according to Christian Hui, Secretary for Financial Services and the Treasury in Hong Kong.“Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong as of end-February 2023,” according to the organization.　　These firms, according to Hui, comprise virtual asset trading platforms, blockchain infrastructure providers, blockchain network security providers, virtual currency storage providers, payment providers, and other Web3-related initiatives. 　　The majority of these businesses are Chinese, but there are also some from Canada, the US, Singapore, the UK, and EU (European Union) nations that have expressed interest in relocating to Hong Kong. 　　The “implementation details” of the policy statement, regulation requirements, visa requirements for talent entry, and tailored support measures for the virtual assets and Web3 sector were all things that Hui observed these businesses were interested in learning more about.　　The Hong Kong governments policy statement on Virtual Asset Development, which outlined its position on virtual assets, was published in October 2022, sparking a spike in interest.Hong Kong is “Well-Positioned” to Become an International Crypto Hub　　Amid growing worry about Hong

2023-03-20Deep Dive

Microsoft Edge Is Experimenting With A Built-In Cryptocurrency Vault

A tech giant Microsoft is developing a new tool that will let users transfer and receive cryptocurrency through the companys primary online browser.　　Software documenter Albacore posted images of a new Ethereum (ETH) wallet that Microsoft intends to incorporate into its Edge browser, as first revealed by Bleeping Computer.　　“A crypto wallet is the newest addition to the long list of dubious forthcoming Microsoft Edge features. Im not sure how I feel about the primary browser having this kind of functionality built in.”　　According to the introduction sites, Microsoft is releasing a non-custodial cryptocurrency wallet that gives customers full access to their funds and secret keys. 　　“Because this device is non-custodial, you have total authority over your money. Your restore key and password are private to us. It is simple to use without adding any extensions because it is integrated in Edge.”　　The images also show that users can purchase cryptocurrency assets using the web3 infrastructure company MoonPay and the US-based digital asset market Coinbase.　　Additionally, the shared pictures hint at support for NFT marketplace perusing, a news stream feature, and a choice for users to manage their assets using either the built-in Edge wallet or an extension wallet.　　When pressed for additional information, a Microsoft

2023-03-20Deep Dive

Nigerian Federal Government launches $672 million fund to support tech Startups

By: Damian Okonkwo　　The Federal Government of Nigeria has launched a $672 million fund aimed at supporting the countrys tech and creative sectors for young entrepreneurs. The Investment in Digital and Creative Enterprises (i-DICE) program was launched in Abuja by Vice President Yemi Osinbajo last weeks Tuesday.　　The initiative has been designed to address constraints such as access to capital and capacity limitation of start-ups, enabling young entrepreneurs to grow and scale up their businesses.　　The African Development Bank has committed $170 million, Agence Francaise de Developpement will provide $116 million, and the Islamic Development Bank has pledged $70 million to the program, while the Bank of Industry Nigeria will release $45 million. The private sector has pledged $271 million to support the initiative.　　Speaking at the launch, Vice President Osinbajo stressed the importance of innovation in driving the growth of the African continent. He called for a coordinated approach towards innovation, bringing together stakeholders to build programs that provide the right enabling environment and produce talent pipelines to support the growth of innovation on the continent.　　Under i-DICE, critical pillars, including policy, infrastructure, access to finance, and talent, will be addressed to support innovation. Osinbajo commended the efforts of the development partners, noting that

2023-03-20Deep Dive

UBS completes Credit Suisse deal for $3.2B following offer from Justin Sun

According to several reports on March 19, UBS Group has reportedly agreed to acquire the struggling European bank Credit Suisse for $3.2 billion.　　　　　　UBS will buy Credit Suisse　　According to reports from the Associated Press, Swiss President Alain Berset announced in the evening that UBS Group has agreed to purchase the ailing European bank Credit Suisse. The government reportedly brokered the deal to prevent a financial crisis.　　Throughout the day, the value of the deal increased. Initially, UBS Group offered to buy Credit Suisse for $1 billion. However, UBS Group raised its bid later on. Although Berset did not reveal the size of the deal at first, many reports placed the deals value at $2 billion.　　As of 8:00 p.m. UTC, the deal is reportedly worth $3.2 billion, according to the Associated Press. The current report also suggests that the Swiss National Bank will provide $162 billion of liquidity to UBS Group, up from the previously announced $54 billion.　　Prior to the acquisition, Credit Suisse encountered certain problems. Despite facing scandals for a considerable time, new concerns emerged on March 14 when the banks managers revealed significant flaws in its financial reporting controls.　　As a result of these concerns, the value of Credit Suisses shares tumbled

2023-03-20Deep Dive

Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance, the largest cryptocurrency exchange globally, has addressed the significant criticism and apprehensions voiced by prominent US senators, including Elizabeth Warren, concerning its operations. The exchange has come under intense regulatory scrutiny due to increased regulatory measures imposed on crypto firms operating in the United States.　　Binance Responds To Allegations　　In a letter obtained by major media outlets, Patrick Hillmann, Binances Chief Strategy Officer, discussed the companys efforts to bolster its compliance program team. The letter spanned 14 pages, but Hillmann provided few specifics about the companys financial status.　　The response provided by Hillmann did not satisfy the requests made by legislators in their March 1 letter, where they referred to Binance as a “hotbed” of criminal activity. Instead, Hillmanns statement emphasized Binances commitment to prioritizing regulatory compliance, while also clarifying that Binance and Binance.US are distinct entities, despite certain public reports that suggest otherwise.　　Hillmann had previously acknowledged the existence of compliance deficiencies during Binances early years, which have now been rectified. The company now aims to establish stable relations with regulatory bodies.　　Binances Regulatory Crackdown　　Recent reports indicate that Binance and its US subsidiary have already shared financial and user data with relevant authorities, with the Senate Banking Committee members expected to review the

2023-03-19Deep Dive

Bitfinex Offers Crypto Crude Oil Swaps With Up To 100x Tether Leverage

Bitfinexs derivatives platform has recently announced an expansion of its services by offering perpetual contracts for three popular commodity instruments. Traders can now access these commodities through Bitfinex Derivatives, which were previously limited to traditional financial exchanges during regular trading hours. These instruments can be traded around-the-clock using Tether (USDT).　　The three commodities that will now be available on Bitfinex Derivatives are UK crude oil, palladium, and platinum. UK crude oil plays a crucial role in refinement for diesel fuel and gasoline, and is the benchmark for the light oil market in Europe, Africa, and the Middle East. Palladium is mainly used in manufacturing processes, including dentistry and jewelry, and is primarily sourced from the US, Russia, South Africa, and Canada. Platinum, on the other hand, can also be made into jewelry, but has various other uses such as in computer hard disks and chemotherapy drugs for cancer treatment. As with any commodity, their prices are influenced by demand.　　Bitfinexs derivatives platform has further expanded its offerings by launching three global commodities to add to its existing portfolio of over 60 crypto perpetuals. These commodities, including Tether gold perpetuals and silver perpetuals, were introduced on March 15 and can be traded with

2023-03-18Deep Dive

Vietnam has a Growing Cryptocurrency Market

Vietnams crypto market is thriving, with over 16.6 million cryptocurrency holders, according to a local media outlet report. The report cited the “Vietnam Crypto Market Report 2022,” which shows that 31% of Vietnamese crypto holders own bitcoin. Vietnam has now become the second Southeast Asian country, after Thailand, with the highest number of crypto investors. With a population of over 97 million, around 17% of the countrys total population holds crypto.Blockchain Projects in Vietnam　　According to the “Vietnam Crypto Market Report 2022,” approximately 200 blockchain projects are operating in Vietnam. These active blockchain projects mainly focus on decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3, Infrastructure, Wallet, game finance (GameFi), and others. Of these projects, games, and metaverse account for 28.8%, DeFi for 26.0%, NFT for 12.4%, Infrastructure for 11.3%, and Web3 for 5.1%.　　The report highlights a few of the blockchain projects operating in Vietnam, including Axie Infinity, Kyber Network, Coin98, Rikkei Finance, Spores, Titan Hunters, TomoChain, and SotaTek. The report states that ten of the 200 companies have a token market capitalization of over $100 million, which has a global influence.Vietnams Token Market Cap　　The report also revealed the token market cap of some of the popular blockchain projects operating in

2023-03-17Deep Dive

Exchanges In Moscow Are Prepared To Send Money To London, According To A Report

Transparency International Russia has conducted a study revealing that certain Russian digital asset exchanges are willing to exchange digital coins for paper money in the UK without going through the necessary Know-Your-Customer (KYC) procedures. The study discovered that over 20 cryptocurrency exchanges are operating in Moscow International Business Center, with eight of them ready to exchange U.S. dollar-pegged stablecoins for British pounds and deliver the cash to London.Blacklisted Crypto Broker Suex Involved in Illicit Transactions　　One of the exchanges identified in the study was Suex, a crypto broker blacklisted by the US Treasury Departments Office of Foreign Assets Control (OFAC) in September 2021 for facilitating ransomware-linked transactions. The study also revealed that another blacklisted exchange, Garantex, had received significant amounts of money from a platform called Pridechange.Transfer Process for Russian Crypto Exchanges　　The transfer process for these exchanges was found to be similar in all cases. Customers would send tether (USDT) to a wallet address provided by the exchange, and once the payment was confirmed, a courier, typically a Russian speaker, would deliver the fiat cash to a specified location in London. Despite anti-money laundering regulations requiring cryptocurrency exchanges to verify the identity of customers, none of the Russian platforms asked to

2023-03-17Deep Dive

Arbitrum To Airdrop ARB Tokens In March, Complete Details Inside

Arbitrum, a well-known Layer 2 solution on the Ethereum network, has recently revealed plans to airdrop its governance token, ARB, on March 23. This move follows Arbitrums previous announcement of its intention to fully decentralize. The airdrop will amount to 12.75% of the tokens total supply and will be distributed to users who have been active on the network in the past year.　　　　　　Arbitrum Launches Airdrop Campaign　　As per the official blog post, the upcoming ARB token will signify the official transition of Arbitrum into a Decentralized Autonomous Organization (DAO). This will allow ARB holders to participate in the decision-making process for Arbitrum One and Arbitrum Nova networks, which facilitate fast and cost-efficient transactions on the Ethereum blockchain. These critical decisions will be subject to voting by the token holders.　　Offchain Labs, the firm behind the development of Arbitrum, claims that the ARB token will enable the ecosystem to be more decentralized than other scaling chains. This assertion is in spite of the foundations plans to allocate a significant percentage of tokens to its investors and core contributors, amounting to 44% of the total supply. Nevertheless, it was emphasized that the ARB token will not be utilized for paying transaction fees on the

2023-03-17Deep Dive

CNMV Warns Against Unlicensed Crypto Institutions Operating in Spain

The Comisión Nacional del Mercado de Valores (CNMV), Spains financial regulatory agency, has recently warned the public against unlicensed, unregistered, and unauthorized financial institutions operating within its borders.CNMV warns investors of cryptocurrency risks and sets regulatory requirements in Spain　　The legal standing of cryptocurrencies in Spain is not yet fully established, and the regulatory structure is still being developed. The absence of legal security, price fluctuation, and the potential for deception are just a few of the dangers connected with dealing in cryptocurrencies that have been highlighted by the CNMV in a number of investment alerts.　　WikiBit as a global blockchain exchange regulatory query platform always exercises the verification of the institutions in other financial authorities to help the public not get landed into pitfalls. Upon verifying the list of institutions listed below are indeed illegally operating financial investments. So beware!　　CAANHOLDINGS　　SWISSCOININVEST　　FUTURE PLAN INVEST　　MEGA CAPITAL　　LEADPARTENERINV　　HELIUM100 BOOST FX　　LITEFXANALYSIS　　BINARY FOREX TRADING STOCK　　ELITE MORTGAGE　　In addition, the CNMV requires companies that offer cryptocurrency services to comply with anti-money laundering and counter-terrorism financing regulations. Cryptocurrency exchanges and wallet providers must also register with the CNMV and meet certain requirements to operate legally in Spain.CNMV Warns Investors To Only Deal With Authorized Financial Institutions　　In its warning, the CNMV stressed

2023-03-16Exposure

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