Crypto Guides, Knowledge & Insights

Crypto Users and Exchanges Must Now Report Transactions in Colombia

The Colombian government has issued new regulations that force exchanges and individuals to report cryptocurrency transactions to the UIAF, the anti-money laundering watchdog in Colombia. The transactions must be reported via an online reporting system, and exchanges will be required to issue periodic reports of suspicious transactions made by users.　　Colombia Tightens AML Controls　　New regulations that direct users and exchanges to report cryptocurrency transactions over a certain amount have been approved in Colombia. Resolution 314 establishes that cryptocurrency transactions over $150, or cryptocurrency transactions made with multiple tokens whose value goes over $450, will have to be reported to the UIAF, the anti-money laundering watchdog in Colombia.　　This new regulation, which will take effect on April 1st, seeks to bring about greater control over what is happening with cryptocurrency assets in the country and stop possible money laundering and terrorism financing activities that could be leveraging these assets to go unnoticed. Regarding this, the resolution states:　　Virtual assets have created a situation that merits the intervention of the UIAF, to the extent that, although they are operations that in Colombia are not illegal by themselves, they can lend themselves to illicit activities, due to the anonymity or pseudonymity in the transactions using them.　　Exchanges

2022-02-07Deep Dive

US Treasury Warns NFTs May Present New Illicit Finance Risks

The U.S. treasury department has warned that non-fungible tokens (NFTs) may present new illicit finance risks. According to industry estimates, the NFT market could reach $35 billion in 2022 and more than $80 billion by 2025.　　NFTs May Present Illicit Finance Risks　　The U.S. Department of the Treasury announced Friday the release of a “study on illicit finance in the high-value art market.” The study was mandated by Congress in the Anti-Money Laundering Act of 2020.　　“This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the U.S. financial system,” the Treasury wrote, adding:　　“The emerging digital art market, such as the use of non-fungible tokens (NFTs), may present new risks, depending on the structure and market incentives.”　　In order to combat the risks, the study recommends several options, including updating training for law and customs enforcement, enhancing private sector information sharing, and applying anti-money laundering and countering terrorism financing requirements to certain participants in the art market.　　According to Dappradar, NFT sales volume totaled $24.9 billion in 2021, compared to $94.9 million in the previous year. Jefferies analysts have estimated that the market for NFTs could reach $35 billion in 2022 and

2022-02-07Deep Dive

Google Exploring Blockchain Products — CEO Shares Web3 Strategies

Googles Web3 and Blockchain Strategies　　The CEO of Alphabet Inc. and its subsidiary Google, Sundar Pichai, shared some information on the group‘s blockchain strategy during the company’s Q4 earnings call last week.　　Pichai was asked about his view on web3 and Alphabets approach to the industry. “Anytime there is innovation, I find it exciting,” the Google CEO began, elaborating:　　On web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications, so much broader, again, than any one application.　　“As a company, we are looking at how we might contribute to the ecosystem and add value,” he continued, adding:　　Just one example, our Cloud team is looking at how they can support our customers needs in building, transacting, storing value, and deploying their products on blockchain-based platforms.　　“So well definitely be watching the space closely and supporting it where we can. Overall, I think technology will continue to evolve and innovate and we want to be pro-innovation and approach it that way,” the CEO opined.　　Google‘s Cloud division recently formed a group to build business around blockchain applications. Richard Widmann, head of strategy for digital assets at Google’s Cloud unit, said the group plans to hire a slew of people with

2022-02-07Deep Dive

Samsung Unveils New Metaverse World ‘My House,’ Attracts Over 4 Million Visits In Less Than 1 Month

After Samsungs official release of its own metaverse service My House on Jan. 6, the company has exemplified huge success on the platform, attracting more than 4 million visitors in less than a month.　　A collaboration with Navers 3D avatar platform Zepeto, My House was launched at CES 2022, an annual tech show, where the South Korean multinational electronics corporation elaborated on its plans to innovate on some of their technology products and also draw in more younger consumers.　　Soon, Samsung users will be able to decorate and personalize virtual homes from furniture, appliances, and other electronic products. 　　The metaverse is an online, 3D universe that comprises multiple different virtual spaces. Technology experts deem this as the “future of the internet,” with a total market value of nearly $15 trillion as of November 2021.Samsung My World: A Very, Very Fine House　　In collaboration with Zepeto, My House targets the younger counterparts of their customer base, specifically Generation Z and millennial youth. 　　Samsung defines the platform as “a space-decorating experience” wherein users are allowed to collect, arrange, and decorate their houses using various products represented in virtual format.　　Since it was launched in the Zepeto mobile app via Google Play Store, the number of people

2022-02-07Deep Dive

What is Interchain Security and why is it so important to the Cosmos (ATOM) ecosystem?

Informal Systems, a development company building on Cosmos, published the first preview of the newest shared security model to be added to the Cosmos ecosystem. Aside from providing security to Cosmos blockchains, this model will also make the process of launching a blockchain much easier and more accessible.　　We dive deeper into the model Informal Systems dubbed the “Interchain Security” and the impact it will have on the Cosmos ecosystem.Sharing security on Cosmos, one blockchain at a time　　The introduction of Proof-of-Stake (PoS) networks has revolutionized the blockchain space, making it possible for users to secure the network with their token stake, rather than hash rate. The bigger the network and the more valuable its token is, the more secure it gets—as more value gets staked, it becomes harder for bad actors to carry out attacks.　　However, small and emerging PoS blockchains struggle with a low market cap and a low amount of resources. A low number of stakers and a small amount of value staked makes the network more vulnerable to attackers, affecting its position on the market.　　The Cosmos ecosystem was built to be the “internet of blockchains” and facilitate a network of interconnected and interoperable networks built on the same infrastructure.

2022-02-07Deep Dive

Epic has filed a trademark for the ‘Epic Games Megaverse’

Filed at the end of 2021, the trademark covers a wide range of goods and services and is presumably an umbrella term for Epics vision for the metaverse.　　While theres no universally accepted definition, the metaverse is a network of 3D virtual spaces where users can socialise, play, and work, and some envision it as a successor to the mobile internet.　　Last April, Epic announced the completion of a $1 billion funding round to support its metaverse plans.　　It included an additional $200 million investment from PlayStation maker Sony, which also invested $250 million in the Fortnite and Unreal Engine firm in 2020.　　“Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store,” Epic CEO Tim Sweeney said at the time.　　On Tuesday, Los Angeles-based Spire Animation Studios announced that Epic had invested in the company. The pair are collaborating to integrate Unreal Engine into Spires feature animation pipeline to build metaverse experiences.　　“The talented team at Spire has decades of experience and their work has captivated audiences around the world with heartfelt storytelling and inspiring characters,” said Epic CTO

2022-02-07Deep Dive

Upcoming Season 20 & Economic Balancing Adjustments

Key Points　　Adventure mode SLP will be sunset (reduced to 0). This includes rewards for first time completion.　　Daily quest SLP will be sunset (reduced to 0).　　Arena reward structure will be changed dramatically (reduced SLP rewards and AXS leaderboard massively expanded). 　　Sub 800 MMR players will now earn 1 SLP per win. We want to be considerate for players with weaker Axies so were adding this back in (for now).　　We are considering reworking the energy system to scale more linearly, making additional energy more accessible and boosting demand for weaker Axies.　　Season 20 is close and when its released, a variety of important economic balancing changes will be implemented.The State Of Our Digital Nation　　From the onset, our mission within Axie Infinity has been to create engaging, fun, and rewarding game experiences for everyone. We believe this is best enabled on top of open, decentralized foundations that allows everyone to collectively contribute, work together, and prosper as a community.　　That said, finding balance amongst all of these above dynamics is an ongoing process. While we‘ve all experienced the euphoria that comes with incredible growth and prosperity, we’ve also more recently entered into a period of economic uncertainty. We all feel this pinch, which has made

2022-02-07Deep Dive

How blockchain technology can help solve Asia’s need for green finance

As the climate crisis worsens, governments and organisations are increasingly looking to green finance as a way to raise funds for sustainable projects and infrastructure.　　Yet despite growing investment in the sector, green finance is stifled by inefficiencies and irregularities, preventing it from bridging the substantial gap in finance needed to address the environmental challenges facing the world. A new blockchain-based infrastructure has the potential to transform the system.　　The urgency to channel more investment into green projects is particularly acute in Asia. Within Southeast Asia, the investment gap for sustainable infrastructure projects is estimated at US$200 billion annually until 2030. Mobilising capital investment is critical if the region is to meet its development goals.　　In response, leaders in Asia are prioritising green finance in the hopes it can support their sustainable goals while at the same time helping them capitalise on a growing, innovative sector. Hong Kong is moving to leverage its international capital flows to grow into a regional carbon trading centre, while Chinas central bank has made green finance a priority for its latest five-year plan.　　However, after more than a decade of government-backed support and public attention, green finance is still not delivering the seismic changes needed to alter the

2022-02-07Deep Dive

Cryptocurrency Theft Remains Key Revenue Source for North Korea, UN Report Says

Cyberattacks on cryptocurrency exchanges have been a major source of funds for North Korea in the past year, a United Nations report has unveiled. According to the document, the sanctioned nation has also been developing its nuclear and missile programs.　　North Korea Hits Cryptocurrency Exchanges, Sanctions Monitors Say　　Hackers controlled by the Democratic Peoples Republic of Korea (DPRK) have continued to target financial institutions and crypto platforms such as exchanges, Reuters reported citing a confidential U.N. report. Its annual edition, produced by independent sanctions monitors and submitted to the Security Council North Korea sanctions committee on Friday, claims:　　“Cyberattacks, particularly on cryptocurrency assets, remain an important revenue source [for DPRK].”　　The report further details that according to a member state, “DPRK cyberactors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia.”　　The monitors also quote an estimate by Chainalysis which recently revealed that the regime in Pyongyang has launched no less than seven attacks on crypto companies in 2021 resulting in the theft of almost $400 million in digital assets. “These attacks targeted primarily investment firms and centralized exchanges,” the blockchain analysis firm explained in January.　　Back in 2019, the U.N. sanctions monitors announced

2022-02-07Deep Dive

US Lawmakers Introduce 'Virtual Currency Tax Fairness Act' to Boost Cryptocurrency Use for Payments

Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments.　　Virtual Currency Tax Fairness Act Introduced in the US　　Representatives Suzan DelBene and David Schweikert introduced the “Virtual Currency Tax Fairness Act of 2022” on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer.　　The bill “would create a workable structure for taxing purchases made with virtual currency, also known as cryptocurrency,” the lawmakers explained. It will also expand the use of cryptocurrency for payments and further strengthen “the legitimacy of virtual currency in our digital economy.”　　The current legislation states that any crypto gains must be reported as taxable income regardless of the size or purpose of the transaction, the lawmakers stressed, emphasizing that “This includes purchases as small as buying a cup of coffee.”　　Asserting that the existing law “makes the everyday use of virtual currency near impossible, discouraging people from using it, and inhibiting the growth of our digital economy,” the lawmakers detailed:　　“The Virtual Currency Tax Fairness Act would exempt personal transactions made with virtual currency when the gains are $200 or less.”　　Jerry Brito, executive

2022-02-07Deep Dive

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