Crypto Guides, Knowledge & Insights

European Union Plans to Introduce Tighter Rules on Crypto Transactions

IN BRIEF　　The European Union (EU) is set to vote on a bill that will require exchanges to report every crypto transaction to authorities.　　The new bill is an upgrade to the “travel rule” that has been in operation for a few years.　　The EU is proposing legislation to exercise greater control over the crypto industry.　　The European Union will soon decide whether to approve a proposal that could compel crypto firms to collect data on both senders and recipients in a transaction.　　The “travel rule” obliges banks and payments companies to hold information that “travels” between payers and recipients.　　However, the European Parliament is nearing a vote to decide on expanding the scope of the travel rule for cryptocurrency firms. The vote is scheduled to take place in the coming weeks.　　The travel rule mandates that every financial transaction above 1,000 euros should be reported to financial authorities. While this has been hailed as a win for anti-money laundering (AML), the new proposal seeks to eliminate the threshold for reporting.　　European exchanges may be obliged to report all crypto transactions　　In the event that the proposal passes, exchanges will be mandated to report all crypto transactions, even as low as five euros.　　The proposers of the bill argue that

2022-06-01Deep Dive

World's Biggest Financial Holding, Fidelity, to Offer Ethereum Custody and Trading

One of the worlds biggest financial holdings, Fidelity, started offering Ethereum trading and custody services after launching a similar service for Bitcoin. As WSJ reports, the company plans to double the head count in 2022 as they expect a return in demand for digital assets.　　The company is getting ready to hire 110 new workers, including engineers and developers with the experience in blockchain. The company is most likely planning to build digital infrastructure to support additional cryptocurrencies.　　The expansion plans are following the news about Fidelitys plan to put retirement savers funds to Bitcoin later this year, which would make it the first major retirement-plan provider to do so.　　The Fidelity Digital Asset was founded far before the 2021 bullrun. The subsidiary builds infrastructure for supporting custody and trading services for Ethereum. The platform was developed for storing and trading large volumes of Bitcoin or any other digital assets.　　Reportedly, the platforms data and apps will be located in the cloud to make transaction processing significantly faster and open 24-hour trading support. With a growing number of users, Fidelity aims to provide an institutional level of security.　　As we may see, the massive correction on the cryptocurrency market has not scared off institutional-tier investors

2022-06-01Deep Dive

South Korea Plans to Establish a Watchdog over Virtual Assets and Crypto in June

According to NewsPim, the Digital Assets Committee, which will serve as the supervisory and controlling authority for virtual assets, and cryptocurrencies in particular, will be launched as early as June. The committee is expected to be responsible for policy preparation and supervision of the virtual asset industry until the enactment of the Framework Act on Digital Assets and the establishment of a dedicated organization within the government.　　Based on the words of a Korean official cited by NewsPim, the launch of the Digital Asset Committee will occur shortly after the inauguration of the new chairman of the Financial Services Commission - as early as the last week of June.　　The decision to launch the Digital Asset Committee was made in a hurry, as the Terra (LUNA) crash increased the need for a reliable authority to represent the virtual asset industry. It is expected that the government will minimize market confusion and enhance policy efforts by unifying the South Korean system of the competent ministries into one state body.　　The Digital Asset Committee plans to prepare market guidelines, such as listing review criteria, designation of significant items, unfair trade monitoring, disclosure system and investor protection measures. On top of that, five major exchanges in

2022-06-01Deep Dive

Prada becomes the latest fashion brand to launch NFTs

Prada, the Italian luxury fashion designer, will debut its first solo NFTs on Thursday, which will be available for 24 hours with the purchase of a physical item.　　The NFT will be part of the brands ongoing Timecapsule initiative, originally launched in December 2019, which drops limited-edition physical products on Pradas e-commerce site on the first Thursday of every month.　　This Thursday, the shirts dropping on Pradas website will come with a free NFT that is designed like a pill capsule and backed up on the Ethereum blockchain. There will be 100 shirts and NFTs in total.　　The black or white button-down unisex shirts are designed by artist Cassius Hirst, son of NFT artist Damien Hirst. The corresponding NFT will refer to the drops serial number and an item number associated with each physical shirt.　　The NFTs will give owners exclusive access to perks and experiences, all of which will be revealed on Pradas new Discord server “Prada Crypted,” which is set to launch on Thursday as well.　　Aura Blockchain Consortium, a nonprofit founded by LVMH, Prada, and Cartier, is behind Pradas latest NFT drop. Aura uses Quorum, an Ethereum-based enterprise blockchain service.　　A larger phygital trend among luxury brands　　This isnt Pradas first move into the

2022-06-01Deep Dive

How to get a job in the Metaverse and Web3?

Can you work in the Metaverse？　　The Metaverse is the next big career path on which to land an ideal job with firms like Meta, Roblox, Microsoft, OpenSea, The Sandbox (SAND), and the many others constructing it. So, if you want to know how to land a job in the Metaverse, you need to be aware of what your role may look like. Essentially, your job will involve a combination of blockchain, artificial intelligence, 5G, gaming and other Web3 technologies like augmented reality and virtual reality.　　In this article, learn the basic steps to landing a career in the Metaverse and Web3 fields.Build the required skill set　　The first step toward exploring jobs in the Metaverse is to gain the required skills and knowledge. For instance, a 3D character artist developing avatars will need to know Blender, Maya, Cinema 4D and have some expertise in creating skins and gaming. Most Metaverse jobs like those involving engineering-related work require a competitive skill set such as knowledge of NodeJS, Javascript, application programming interface (API) integrations and React.　　You can build the above skills by applying to a university that offers metaverse-related courses or learning at no cost or through financial aid on platforms like Coursera and

2022-05-31Deep Dive

Brazil Launches a Blockchain Network to Better Trace Public Expenditures

On May 30, Brazils new government blockchain network went live thanks to a cooperation agreement between the Court of Accounts of Uniam (TCU) and the Brazilian Development Bank (BNDES).　　The launch event was live-streamed on the official YouTube channel of the Court of Accounts of Uniam (TCU). The events focus was to discuss the technical aspects of the project based on the experiences of several guests (public officials, company executives, and representatives of university institutions).　　The Brazilian Blockchain Network (RBB) is still under development, but will initially be used in several public institutions, aiming to improve the services offered to citizens and provide greater traceability on public expenditures.　　This is just part of the countrys broadest efforts to integrate blockchain technology into the public administration for a more eficcient and transparent workflow. This goes beyond simpiy regulating crypto from a financial point of view —which also happens to be the focus of many legislators in the country.　　Brazil is betting on the blockchain to fight corruption or improve public institutions　　The incorruptible nature of blockchain technology is a double-edged sword for many officials and politicians, as it makes it easier to immediately expose any type of corruption, embezzlement, or illegal activities, which TCU wants to

2022-05-31Deep Dive

Report: Latam Countries Are Among the Most Enthusiastic About the Metaverse

A new survey has found peoples opinion of the metaverse in emerging countries is significantly more positive than in their developed counterparts. The study, carried out by Ipsos for the World Economic Forum (WEF), also shows that Latam countries are among the most enthusiastic about the future of the metaverse and its applications for different industries.　　Latam Believes in the Metaverse　　More and more companies are interested in the opinions people in different parts of the world have about the metaverse. A new survey conducted by Ipsos for the World Economic Forum.　　The study surveyed groups of 1,000 and 500 adults in 29 different countries, considered representative of the actual populations of each country. The study reported that all of the countries in Latam surveyed — including Chile, Argentina, Colombia, Brazil, and Peru — had a more positive opinion that the rest of the world about metaverse technologies. Peruvians had an exceptional opinion about the metaverse, with 74% of the adults surveyed being positive about it, being only surpassed by some countries in the APAC area.　　More Insights　　The survey also found that most people believe that certain applications of metaverse technology will be more successful than others. When asked about which kinds of metaverse

2022-05-31Deep Dive

Binance Obtains Regulatory Approval to Offer Crypto Products in Italy

Crypto exchange Binance has received regulatory approval from Italys financial regulator to operate as a cryptocurrency service provider in the country. “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” said Binance CEO Changpeng Zhao.　　Binance Now Licensed in Italy　　Binance announced Friday that Binance Italy “has received regulatory approval” through registration as a Cryptocurrency Service Provider with the Organismo Agenti e Mediatori (OAM), as required by the Italian legislation on crypto assets.　　The announcement states:　　“The registration of Binance Italy … allows the company to offer crypto products to its customers in Italy.”　　Binance Italy, established in recent months, is the legal entity of the Binance Group in Italy.　　Earlier this month, Binance said it has received approval from the French financial regulator, the Autorité des marchés financiers (AMF), to operate as a registered Digital Asset Service Provider (DASP). The crypto exchange also recently received licenses in Bahrain and Dubai.　　Changpeng Zhao (CZ), co-founder and CEO of Binance, commented:　　“Clear and effective regulation is essential for mainstream adoption of cryptocurrencies.” Please download WikiBit for more blockchain news.

2022-05-31Deep Dive

Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto

A new study has found that nearly 43% of Turkish individuals surveyed consider gold to be the best form of investment, while just 1.9% said they would invest in cryptocurrencies. Real estate is the next most-preferred after gold, with 27.4% of the respondents saying they would invest.　　Fewer Turks Now View Gold as Best Investment　　A recent study by Areda Survey has found that a significant number of Turks — about 42.9% — still consider gold to be the best form of investment. The figure is almost 15 percentage points lower than the number of Turkish individuals that viewed gold as the ideal investment in April 2021.　　In terms of the gender of those that said they would invest in gold, the study found that 45.9% of the respondents were women, while men constituted 42.2% of such respondents.　　Besides gold, the Turkish newspaper Hurriyet reported that Turks next most-preferred investment is real estate at 27.4%. The number is marginally higher than the 26.9% that said they would invest in real estate last year, the report added.　　Foreign Currency Preferred　　As previously reported, Turkeys high inflation rate combined with a depreciating currency has forced residents to switch from the Turkish lira to foreign currencies. According to the

2022-05-31Deep Dive

MoneyGram teams up with Stellar to allow users to exchange USDC, fiat

MoneyGram is partnering with Stellar Development Foundation to leverage its blockchain to roll out a service that will allow users to seamlessly send and convert stablecoins into fiat, Bloomberg News reported.　　Once the service goes live, users with wallets on the Stellar network will be able to convert their crypto into Circles USD Coin (USDC). They can then cash out the stablecoin through the MoneyGram network.　　MoneyGram CEO Alex Holmes shared the development in a recent interview with the news outlet. He said the crypto and fiat worlds are currently incompatible. To help address this issue, the company is looking to introduce a solution that bridges both worlds.　　Crypto is the future　　Despite the recent crypto market crash, Holmes said the nascent industry is “here to stay.”　　To this end, he believes it is vital to embrace the sector and help make it mainstream. By partnering with the Stellar Development Foundation, MoneyGram positions itself well to help boost the adoption of cryptocurrencies.　　The partnership could potentially help further push adoption in emerging markets where Moneygram operates. According to the World Bank, remittances in low and middle-income countries might rise to $630 billion in 2022. The rapid growth creates a massive opportunity for MoneyGrams service.　　Stellar CEO Denelle

2022-05-31Deep Dive

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