Crypto Guides, Knowledge & Insights

President Biden could sign crypto executive order this week

Amidst the pressures on crypto companies to discontinue their services in Russia, the President of the United States, Joe Biden, will soon sign an executive order thatll pave the way for crypto regulations, according to a Bloomberg report.　　The order, which is expected to come midweek, will give the Treasury, Justice Department, and other federal agencies the go-ahead to research cryptocurrencies. Crypto regulations in the United States to become clearer　　Theyll examine ways to regulate it and determine whether a digital dollar is a good idea. The executive order was first announced last year when the White House said it was considering an oversight of the crypto market.　　The order will ask the Justice Department to see if a new law is necessary to issue a new currency. Other agencies such as Consumer Financial Protection Commission and Federal Trade Commission will study how it could affect consumers. 　　Other agencies will also study the impact of crypto on competitiveness, the infrastructure needed, the environmental impact of Bitcoin mining, etc.　　The order will set a 180-day deadline within which the federal agencies will provide reports on the future of money and cryptos role in that future. According to the source, the President could sign the order

2022-03-09Deep Dive

Thailand Eases Crypto Tax Rules to Promote Industry Development

Thailands ministry of finance has decided to ease tax rules for crypto investments and traders, Reuters reported on March 8. The announcement from the Thai finance cabinet stated that due to an upsurge in crypto trading, it had decided to implement rules to promote investment in digital assets.　　Crypto trader tax exemption　　This comes after the ministry previously dropped the 15% tax rate after receiving pushback from the public. According to Finance Minister Arkhom Termpittayapaisith, crypto traders will be exempt from the 7% value-added tax (VAT) when trading on government-authorized exchanges.　　Crypto traders will also now be able to offset annual losses against gains for taxes due on cryptocurrency investments and include trading of their retail central bank digital currency. The new tax exemption takes effect from April 2022 until December 2023.　　Cryptocurrency trading has become massive in Thailand, with the second-largest economy in South East Asia nearly 10x the number of active trading accounts. The market saw a near 600% increase in transaction volume from November 2020 to April 2021 according to data from the countrys Securities and Exchange Commission (SEC).　　New laws for investors　　Besides just giving tax breaks to crypto traders, the ministry has also approved breaks for direct and indirect investments in

2022-03-09Deep Dive

Binance Launches Bitfinity, a Payments Company Targeting the Web3 Economy

Bitfinity Launches to Help Merchants Accept Crypto　　Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payments processor of the exchange, supporting more than 50 currencies and all major payment methods, including Visa and Mastercard.　　This new processor also aims to make merchant onboarding easier, with merchants being able to use Bitfinitys API to receive cryptocurrency-based payments directly. Binance stated that another objective is to present users with a more friendly system for crypto payments. On the launch of Bitfinity, Helen Hai, President of Bitfinity, stated:　　As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy.　　Bitfinity is already partnering with a series of wallets and blockchain services to provide fiat-to-crypto payment processing services.Web3 Is the Target　　Binance wants to position Bitfinity as a strong contender in the Web3 payments economy, which the company believes will be powered by cryptocurrencies eventually. For this purpose, the newly created company has inked partnerships with Paysafe and Checkout.com, two established payments processors that are already

2022-03-09Deep Dive

How Will Joe Biden’s Executive Order on Crypto Regulations Change Due to the Russia-Ukraine War?

After a brief delay caused by the war between Russia and Ukraine, US President Joe Biden is expected to sign the executive order about cryptocurrency regulations this week. In it, sources said Biden would cooperate with other allies to ensure they were all on the same page.　　The Delay of the Executive Order　　CryptoPotato reported on February 20 the anticipation in regards to Bidens latest executive order, which concerned the regulations in the cryptocurrency space. It was supposed to occur in the following week but plans changed when the Russian Federation launched a “special military operation” against Ukraine.　　Instead of getting directly involved in the conflict, the US and its Western allies decided to take another approach and incorporated countless sanctions against Russia, its president, oligarchs, and everyone in between.　　Amid those measures came the role of cryptocurrencies. On the one hand, reports claimed that Russians (and Ukrainians) turned to digital assets while their national currencies tumbled as the trading volumes skyrocketed. On the other, global watchdogs raised concerns that Russian oligarchs could employ the asset class to bypass the sanctions.　　While that seems highly unlikely, at least according to Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse, Biden postponed the signing of the

2022-03-09Deep Dive

Justin Sun Spoke of ‘Cooperation with Russia’ After Donating Funds to Ukraine

The Tron (TRX) founder, soon-to-be astronaut, and World Trade Organization (WTO) diplomat Justin Sun is “playing both sides” of the conflict between Russia and Ukraine, social media users have remarked – after Sun posted what appeared to be news of talks with a senior Russian diplomat.　　Sun took to his Chinese-language Twitter account and Weibo channel to post news of his recent meeting with Russia‘s WTO Ambassador Dmitry Lyakishev. Sun himself is Granada’s WTO Ambassador.　　In the Chinese-language posts, Sun wrote that in a video call with his Russian counterpart, they had discussed ways that technology “could be used for humanitarian cases for Russia‘s development,” including the “use of blockchain technology to help citizens who don’t have access to the financial system.” He concluded by writing:　　“[We/I] hope to strengthen future cooperation with Russia!”　　The post caused no shortage of confusion among Suns followers – particularly as the Tron founder has been so vocal in social media about his support for Ukraine.　　Last month, he posted about how his talks with his Ukrainian counterpart at the WTO had confirmed addresses for crypto donations.　　And just over a week ago, he was urging the Tron community to “keep showing how crypto can do for good” – by

2022-03-08Deep Dive

Crypto-Staking: An Easy Way to Make Profits for the Beginner traders in Nigeria

By: Damian Okonkwo　　What is Crypto- Staking？　　Staking is a passive way of earning rewards for holding a particular cryptocurrency over a long period of time without trading them. Staking allows an investor to commit their holdings of a given crypto assets into a pool known as the “staking pool” and earn a certain percentage-rate for them over a period of time.　　Very often staking helps to support a blockchain network and confirm transactions. Thus, through staking, many crypto currency blockchains are able to verify their transactions and in return offers participants some rewards for submitting their cryptos into the pool. Staking is very common and required for cryptocurrencies that uses the proof-of-stake model to process payments.　　Staking can be a great way to use your cryptocurrency to generate passive income, especially with those cryptocurrencies offering high interest rates for staking.　　The reason your crypto earns rewards when staked is because the blockchain puts it to work. Cryptocurrencies that allow staking use a “consensus mechanism” called Proof of Stake; which is the way they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Thus, whenever you submit to stake your cryptocurrency it becomes a part of that

2022-03-08Deep Dive

PwC: Blockchain Tech Could Add $1.76 Trillion to Global GDP by 2030

PricewaterhouseCoopers‘ (PwC) recently published Time for Trust report indicates that the firm’s economists have a great deal of optimism for blockchain technology. The analysis suggests that the technology could add $1.76 trillion to the global economy by 2030.　　It emphasizes that the industry is evolving beyond bitcoin, and cryptocurrencies are only one aspect of the market. Furthermore, it notes that public registers, agreements, and other records can all result in greater trust in organizations as it cuts out the need for middlemen.　　PwCs economists expect the majority of businesses to be using blockchain technology by 2025 and that crossing the mainstream barrier will result in a sharp increase in economic benefits. By 2025, it expects the GDP value of blockchain tech to be $422 billion.　　The economists highlight the COVID-19 pandemic as one of the reasons behind the adoption of blockchain tech. Companies are reviewing how their businesses operate in the wake of those disruptions and how to secure their future better. One such growing trend is the digital transformation of businesses, and 61% of CEOs put this as a top priority.　　As for the top use cases, PwC lists supply chain provenance, payments and financial instruments, identity, contracts and dispute resolution, and customer

2022-03-08Deep Dive

First Mover Asia: Malaysia May Be Asia's Next Crypto Hub; Major Cryptos Decline as Russia Onslaught

Here’s what’s happening:　　Prices: Bitcoin (BTC), ether (ETH) and other major cryptos decline.　　Insights: Malaysia has the ingredients to become Asias next crypto hub.　　Technicians take: BTC appears to be oversold on intraday charts, although momentum has weakened.Prices　　Bitcoin (BTC): $38,311 .2%　　Ether (ETH): $2,510 -1.7%　　Top Gainers　　　　Top Losers　　　　Bad news continued flowing from the Ukraine on Monday, pushing investors away from cryptocurrency and other higher-risk assets.　　At the time of publication, bitcoin was trading at about $38,300, off slightly over the past 24 hours. Ethereum was changing hands just above $2,500, down 1.7%. Most other major cryptos were firmly in the red. It was the third consecutive day of crypto declines, which started late on Friday as faint hopes for a ceasefire or targeted truce to allow civilians to evacuate besieged cities evaporated.　　Ukrainian civilian casualties mounted as Russia continued to bomb non-military targets. Delegations from the Ukraine and Russia failed in their latest attempt to negotiate safe passage for citizens of the Black Sea port of Mariupol and other major Ukraine cities that are under bombardment.　　Investors worried about rising energy prices that have already increased significantly over the last few months and wider inflationary pressures. The average price of gasoline rose to $4.009 per gallon on Sunday,

2022-03-08Deep Dive

HOW BITCOIN SAVES PEOPLE IN UKRAINE DURING WARTIME

The article describes Bitcoin‘s role in the Ukrainian economy during wartime. Although Russia’s unprecedented aggression has caused serious threats to peoples lives and national security, Bitcoin offers a reliable solution. Despite the banking system not working properly, Ukrainians are still able to support their army and each other. As Bitcoin is legal in Ukraine, both government officials and citizens can reliably count on it on a daily basis.　　People from all over the world actively contribute to Ukraine‘s fight for freedom. The recent events also illustrate how Russia’s military aggression appears to be the major environmental threat, while Bitcoin assists in minimizing it.A COUNTRY IN NEED OF A LIFELINE　　Ukraine faces unprecedented aggression from Russia in a conflict described by the BBC as the “biggest war in Europe since 1945.”　　In an attempt to pursue its imperialist policies, Russia now deliberately violates basic international treaties and legal standards such as the Geneva Conventions, which regulate military conflicts and humanitarian treatment.　　The Ukrainian military service reports that more than 2,000 civilians were killed during the first week of Russia‘s invasion. Russia’s military forces attack and destroy residential buildings, hospitals, kindergartens and other objects of civil infrastructure despite claiming a supposed focus on military bases. So-called

2022-03-08Deep Dive

US AML watchdog issues alert on potential crypto sanctions evasion from Russia

US authorities continue to be on high alert for Russia to use cryptocurrencies to evade the recent round of sanctions.　　On March 7, the Financial Crime Enforcement Network, or FinCEN, put out an alert, warning financial institutions to look out for convertible virtual currencies, or CVC, in Russias efforts to circumvent sanctions. FinCENs alert said:　　“It is critical that all financial institutions, including those with visibility into CVC flows, such as CVC exchangers and administrators — generally considered money services businesses under the BSA — identify and quickly report suspicious activity associated with potential sanctions evasion, and conduct appropriate risk-based customer due diligence or, where required, enhanced due diligence.”　　FinCEN is an office within the US Treasury. It is actually the Office of Foreign Asset Control that administers the US sanctions regime, but it is FinCEN that maintains general standards for identifying money laundering risks and reporting them.　　US agencies and lawmakers have been on guard for use of crypto in Russias attempts to get around sanctions. And yet, there has been minimal evidence that Russia is looking to crypto. The alert, indeed, acknowledges this repeatedly.　　“Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious

2022-03-08Deep Dive

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