Crypto Guides, Knowledge & Insights

Bipartisan bill to give CFTC authority over exchanges and stablecoins

The Digital Commodity Exchange Act would give the commodities regulator the authority to determine rules for cryptocurrency developers and exchanges offering spot trading.　　A bipartisan group of lawmakers in Washington, D.C., introduced an updated bill on Thursday to regulate cryptocurrency developers, dealers, exchanges and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).　　The Digital Commodity Exchange Act of 2022 (DCEA) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support from Democrat co-sponsors Darren Soto and Ro Khanna.　　The updated version includes a section covering stablecoin providers, who can register as a “fixed-value digital commodity operator.” These operators would be obligated to share how the stablecoin operates, retaining records for the regulator along with providing information on the assets backing the “fixed-value digital commodity” and how theyre secured.　　As per the last bill, the DCEA would authorize the CFTC to register and regulate cryptocurrency exchanges that offer spot trading of crypto commodities — those that allow traders to buy cryptocurrencies at the current price.　　The DCEA would not affect the U.S. Securities and Exchange Commissions (SEC) regulatory power over digital asset securities offerings but instead, classify cryptocurrencies that are not securities as

2022-04-29Deep Dive

VeChain can be used as payment in 2M stores — and VET bridged to BNB chain

VeChain has made a series of announcements that look to substantially grow usability and adoption of its native VET token.　　Supply chain blockchain project VeChain has announced a new partnership with crypto payment services Alchemy Pay that will allow people to use its VET token as payment in over two million stores throughout 70 different countries.　　The news came alongside its inclusion as a supported token on the recently launched Binance Bridge 2.0.　　Thanks to partner @AlchemyPay, $VET can now be used to buy goods at 2 million+ stores globally!　　Using our advanced low-#carbon #blockchain, transactions cost fractions of a cent & are processed in seconds from any #VeChain wallet!$ACH #DeFi $VTHO #Web3https://t.co/ceeHRpcbKT　　— VeChain Foundation (@vechainofficial) April 27, 2022　　VeChain was included in the first group of tokens to be supported on the new Binance Bridge 2.0, providing a new way to bridge tokens from Ethereum to be used on the BNB Chain — formerly known as the Binance Smart Chain.　　The other bridged tokens include The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MBL) and LooksRare (LOOKS).　　And if that wasnt enough, VeChain also announced on Thursday that it has joined the Blockchain Infrastructure Alliance (BIA). This organization links together industry experts

2022-04-29Deep Dive

Study Shows UK Investors Prefer Shiba Inu Over Dogecoin

The rise of meme coins such as Dogecoin and Shiba Inu has been nothing short of phenomenal. These two digital assets have redefined what is required for a cryptocurrency to be successful in the market. However, this has not stifled the rivalry between the two in any way. Shiba Inu, a self-styled ‘Doge Killer’ continues to put up a valiant fight in the rivalry. The result of this has been SHIB becoming an investor favorite and sometimes surpassing its predecessor.UK Investors Want Shiba Inu　　A new Google Trends study has emerged which shows that UK investors are looking more towards Shiba Inu than they are at Dogecoin. The report which was published by askgamblers.com has analyzed data collated by Google Trends over the period of one year and with it, had compiled a list of the most popular cryptocurrencies among investors in the UK. 　　Findings from this study placed obvious choices at the top such as bitcoin being the most searched cryptocurrency in 21 countries, beating out others by a mile. The pioneer cryptocurrency remained the top crypto in Europe. However, Shiba Inu had given the top coin a run for its money on a country-by-country basis. SHIB down 73% from

2022-04-29Deep Dive

Singapore's Central Bank: We Want to Be a Responsible Global Crypto Hub

Singapore‘s Crypto Regulation Needs to Be ’Stringent　　Monetary Authority of Singapore (MAS) Managing Director Ravi Menon talked about cryptocurrency regulation at the Financial Times Crypto and Digital Asset Summit Wednesday.　　The central bank chief raised concerns regarding the risks of investing in crypto assets to retail investors, Bloomberg reported. Noting that crypto could be used for money laundering and terrorism financing, Menon emphasized:　　The licensing process is stringent. And it needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities.　　The Singaporean central bank has approved only a small fraction of about 170 digital asset applicants. More than 100 companies that applied for a license to operate a crypto business have already failed to meet the licensing requirements.　　The MAS managing director explained that the central bank has taken a “tough line” on retail crypto investing “because we‘re not sure that’s a good idea for retail investors to be dabbling in cryptocurrencies.” He was quoted as saying:　　I think many global regulators share similar concerns about retail exposure to cryptocurrencies.　　Menon detailed that the MAS looks at the applicants track record and whether they have strong corporate governance structures in place. In addition, “they

2022-04-29Deep Dive

Sweatcoin is bringing 64M users into Web3

Fulfilling its original vision to motivate people to be more active, Sweatcoin is about to bring tens of millions of new users into the Web3 ecosystem.　　The popular move-to-earn app is about to launch on the NEAR blockchain and introduce its native cryptocurrency SWEAT to bring real-world value to its Sweatcoin rewards.　　The founder and CEO of Sweatcoin, Oleg Fomenko, talked to Cryptonites‘ Alex Fazel about what’s in store for the app and the value its transition into Web3 will bring its users.Sweatcoin has gamified movement and wants users to monetize it　　Founded in 2015, Sweatcoin has been on a mission to keep its users active for the past seven years. According to Fomenko, the companys original vision was to have Sweatcoin on a blockchain and reap all the benefits of decentralization.　　However, the early days of blockchains like Ethereum meant that a decentralized launch would be slow, costly, and hard to sell to a large number of users, forcing Sweatcoin to launch as a centralized service.　　Fomenko believes that this helped the platform grow so fast and attract 64 million users to date. When it launched in 2017, Sweatcoin was processing between 300 and 400 transactions per second—a throughput no blockchain network could support.

2022-04-29Deep Dive

Russian Central Bank To Allow Stock Exchanges To Trade Crypto

The Central Bank of Russia has reportedly proposed to permit stock exchanges to enter the digital assets market, as it deals with staggering sanctions against the country.　　This move has come in order to facilitate investors with alternate options to invest in cryptocurrencies. Russia was slapped with strict economic sanctions by the West over its invasion of Ukraine.　　Officials appreciate crypto trading offer　　According to the report, the Central Bank of Russia made this proposal at a meeting with a group of different exchanges, brokers, and operators dealing with digital assets. It added that some entities of the Moscow Exchange, Saint Petersburg Stock Exchange and other officials met with CBR representatives secretly, All the parties discussed plans to arrange and develop trading of digital assets within the laws framed by the authority.　　The Russian government is looking at passing comprehensive crypto regulation. Meanwhile, activities like the issuance of cryptocurrency and suing tokens to raise funds does come under this blanket.　　According to the Kommersant, a source has revealed that people from the financial sector who attended the meeting supported the proposed idea. On the other hand, information system operators looked doubtful about the offer. However, it is expected that this will eventually increase the use

2022-04-29Deep Dive

Gibraltar Introduces New Regulation Against Crypto Market Manipulation

Gibraltar, a small British overseas territory, has released a new guideline for cryptocurrency businesses operating in the region, which aims to foster market Integrity and combat market manipulation.　　The Gibraltar Financial Services Commission (GFSC) published the regulatory principle on Wednesday (April 27, 2022). The new rule was drafted by a special working group comprising government officials and experts in the crypto and blockchain industry.　　Governments and regulators have expressed concern about the market manipulation supposedly plaguing the crypto industry. It is one of the reasons the US Securities and Exchange Commission (SEC) gave for rejecting several spot Bitcoin exchange-traded fund (ETF) applications.　　Meanwhile, the GFSC guidance is looking to tackle such issues. According to the regulatory principle, cryptocurrency firms operating in Gibraltar must put measures in place to prevent manipulation of prices, liquidity or market information. Businesses are required to also prevent insider trading activities by their employees.　　Speaking to CNBC, Gibraltars minister for digital and financial services, Albert Isola, said:　　“We were the first jurisdiction in 2018 to launch the legal and regulatory framework, and were now the first jurisdiction to launch a framework for market integrity. The more there is around the world in terms of international standards for this space, the more

2022-04-29Deep Dive

Finland Intends to Donate Confiscated Bitcoin to Aid Ukraine (Report)

The Finish government will reportedly donate some of its seized bitcoin holdings to support Ukraines efforts in its war with Russia. Over the years, the Scandinavian country has confiscated nearly $77 million worth of BTC from bad actors.　　Finland to Join the Conflict by BTC Donations　　Despite its on and off moments, the Russia-Ukraine war seems nowhere near its end. Unlike most conflicts in the past, the two sides confront each other without the direct military help of allies. However, Ukraine keeps receiving support in the form of finance, weapons, medical and food supplies from numerous EU nations and the USA.　　Digital assets have also been an essential feature in the war as crypto-related companies, individuals, and governments sent donations in bitcoin and altcoins to the invaded country. The latest such support will reportedly come from Finland.　　The nations ruling body has launched several operations against drug lords, traffickers, and other criminals over the past years. As a result, it seized nearly $77 million worth of bitcoin, and the government is willing to donate a portion of that amount to Ukraine.　　“Of course, no universal money is earmarked that way. But here, as if mentally, this money from bitcoins is earmarked so that it can

2022-04-29Deep Dive

Crypto Exchange Exec Charged for Helping Pongyong Access Military Secrets

South Korea arrested two citizens on the charge of stealing military secrets for a North Korean spy, who paid them with cryptocurrency. One of the two is a crypto exchange executive who has received $600,000 since working for the agent last year. South Korea is yet to catch the North Korean spy, who – the authorities believe – is operating overseas.　　Infiltrating South Koreas Military Department　　According to South Korean police and prosecution officials, the head of the exchange, surnamed Lee, contacted the purported spy in July 2021 and helped them gather military secrets. The two, who allegedly met online at a cryptocurrency community six years ago, had failed to hack into the countrys military communication system.　　Therefore, the 38-year-old executive recruited a 29-year-old military captain, directing him to take pictures of military data through a camera disguised as a watch and sending him a “Poison Tap” USB computer hacking device. South Korean authorities said the captain had given the login information of the Korean Joint Command and Control System to Lee and the agent, though revealing no details regarding the stolen data.　　The military captain allegedly was paid about $38,000 in cryptocurrency for his contributory efforts. The two South Koreans were arrested earlier

2022-04-29Deep Dive

Ethereum price analysis: ETH continues to retrace, finds resistance at $2,950

Ethereum price analysis is bullish today.　　ETH/USD continued higher overnight.　　Next resistance at $2,950 is currently tested.　　Ethereum price analysis is bearish today as we have seen a strong push higher continue and test of downside quickly rejected. Therefore, ETH/USD will likely soon break past the $2,950 next resistance and look to set another lower high later in the week.　　The market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 3.47 and 3.05 percent, while the rest of the altcoins followed closely. Ethereum price movement in the last 24 hours: Ethereum continued to retrace　　ETH/USD traded in a range of $2,842.66 to $2,939.98, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.97 percent, totaling $16.14 billion, while the total market cap trades around $346.43 billion, resulting in a dominance of 19.31 percent.ETH/USD 4-hour chart: ETH looks to break past $2,950　　On the 4-hour chart, we can see the Ethereum price action continuing to advance as the retracement is not yet finished.　　ETH/USD 4-hour chart. Source: TradingView　　Ethereum price action has seen further downside tested so far this week. After the last lower swing high was set around $3,040 on 26 April 2022,

2022-04-29Deep Dive

...

260262

...

736