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Sweeping Crypto Regulation Is On Its Way That Could Either Provide Clarity Or Stifle Innovation

Analysts are expecting a wave of crypto legislation in the coming months for the US.　　Underneath the hype is the concern that the new legislation could stifle the growth of cryptocurrencies.　　Cryptocurrency legislation in the US has received backlash for not providing enough clarity for operators.　　Participants in the Bitcoin and general cryptocurrency markets are bracing themselves for incoming legislation that could swing either way. Congressman Tom Emmer, Fed Chair Jerome Powell, and SEC Chair Gary Gensler have hinted at a possible move.　　Brace For Impacts　　US Congressman Tom Emmer representing Minnesotas 6th Congressional District has fanned the embers of interest after he hinted that a wave of cryptocurrency regulations was around the corner.　　“New digital currency legislation coming soon,” he wrote on Twitter. Analysts are unsure of whether or not to expect sweeping crypto legislation or a modification of infrastructure law that widened the scope of the definition of the term ‘broker’.　　Emmer was highly critical of the definition of the term as it included market participants like digital wallet manufacturers and software developers that may not be able to comply with the tax requirements. To that end, Emmer joined other pro-crypto Congressmen to introduce a Bill to modify the “offending” parts of the law.　　On the

2022-01-13Deep Dive

OpenSea’s up for competition, vampire LooksRare sucking trading volume

NFT marketplace OpenSea totally dominates the NFT trading market with a market share of over 90 percent in trading volume. However, just two days after its launch, LooksRare, a “vampire attack” or decentralized clone of OpenSea, is looking to give the dominant player a fight.　　A vampire attack is a clone of an existing service with some minor changes to the code to distinguish the clone from the original. Typically, a vampire attack aims to sap trading volume from an incumbent protocol via superior incentives.Open source code is easy to fork　　Perhaps the most famous vampire attack in crypto till this day is Sushiswap, today a renowned decentralized exchange that started out as a vampire attack on Uniswap. Vampire attacks make it very difficult for established open source services to relax, regardless of their current success and dominant position, because the code is easy to fork.　　In the past couple of days, as it seems, this is what is happening to OpenSea, the dominant NFT marketplace. The first two days of operation of the vampire attack LooksRare prints astonishingly high trading volumes, actually higher volumes than OpenSea itself.　　On its first day, the 10th of January, LooksRare saw trading volumes reach about 1465 ETH

2022-01-13Deep Dive

Top Layer-1 EVMs to watch in 2022

Blockchain scalability has been a hot topic in the crypto industry for quite a while. With Ethereum suffering from congestion that caused transaction fees to skyrocket, there has been a surge of Layer-1 EVM-compatible blockchains on the market.　　We take a look at some of the most popular and most promising Layer-1 EVMs that are expected to make big strides in 2022 as the industry switches its focus away from Ethereum.Moonriver (Kusama)　　Moonriver is the canary network of the Polkadot-based Moonbeam, developed by the PureStake team. Its an EVM-compatible platform that enables developers to deploy smart contracts and dApp front-end offices built for Ethereum to the Polkadot ecosystem.　　All new code intended for Moonbeam is shipped to Moonriver first, where its tested and verified under real economic conditions, but without the pressure of a high market cap network like Polkadot.　　Moonriver won the second parachain auction on Kusama by a landslide, raising over 205,000 KSM in the crowdloan, worth roughly $52.5 million at the time. The public‘s interest in Moonriver can, at least in part, be explained by the platform’s community-centric approach. Unlike its Polkadot-based sister project, Moonriver allocates the majority of its supply to the community—a total of 40% of MOVR‘s supply is

2022-01-13Deep Dive

Bitcoin ‘death cross’ watch. What could the technical omen portend?

The price of Bitcoin fought its way up 2.9% during the past 24-hours, while general market sentiment remains in the zone of ‘extreme fear.’　　To give this sentiment some wider context–the announcement of the Federal Reserve planning to raise interest rates to curb inflation came accompanied by the International Monetary Fund (IMF) warning about a growing connection between crypto and equity markets threatening financial stability.　　Meanwhile, market analysts are anticipating Bitcoin hitting the ‘death cross’ soon, but what is the technical chart patterns predictive potential when it comes to future price action, remains to be unraveled.The ‘death cross’　　The Bitcoin price is currently changing hands at around $43.7, after dropping as low as $39.7 on January 10.　　And while Bitcoin is heading for the ‘death cross,’ market analysts are not convinced that the technical omen necessarily spells dread for Bitcoin.　　This particular technical pattern looming over the Bitcoin price chart forms when the 50-day moving average (MA) intersects the 200-day MA–forming a cross, and is broadly considered as a bearish market omen.　　Its anticipation is unsettling, especially while investors are worried, which seems to be the case judging by the Bitcoin fear and greed index which is dwelling in red for weeks now.　　Looking at Bitcoin‘s death-cross

2022-01-13Deep Dive

Looking to move? Arkansas will give you $10,000 in BTC to relocate there

The Northwest Arkansas Council announced that it will begin offering $10,000 in BTC to tech professionals and entrepreneurs looking to relocate to the region.　　This is part of the non-profit‘s wider incentive offer, called “Bitcoin and a Bike,” which aims to grow the region’s tech sector.Arkansas welcomes the crypto industry with bitcoins and bikes　　The effort makes Northwest Arkansas the first region in the country to offer crypto incentives to those looking to relocate. The central American state has big plans this year, most of which focus on growing its sprawling blockchain sector.　　Nelson Peacock, the president and CEO of the Northwest Arkansas Council, said that the regions tech industry has been on the rise and that the effort was designed to attract new talent to the quickly developing state.　　“Northwest Arkansas is one of the fastest-growing regions in the country, and were now seeing more explosive growth in our tech sector,” he said a press release. “This expanded incentive offer—Bitcoin and a Bike—not only embraces the growing trend toward the use of cryptocurrency as a payment option by employers, but also helps increase our pipeline of talent to benefit tech employers, startups, cities, local businesses and the region overall.”　　And it‘s not just blockchain

2022-01-13Deep Dive

Facebook’s Meta is hiring staffs of its rivals to build the metaverse

With Meta’s plan to build the metaverse already in full swing, reports from Wall Street Journal have indicated that the tech company has been poaching employees of rival tech firms like Microsoft and Apple.Meta is poaching staff from Microsoft　　According to the report, a former employee of Microsoft revealed that the tech firms augmented reality team had lost around 100 members to Meta.　　He continued that the Meta had targeted those who had previously worked on Microsofts HoloLens augmented reality (AR) headsets. 　　This claim was corroborated by a dig into the LinkedIn profiles of some former staff of Microsofts HoloLens team which showed that over 40 had taken new positions at Meta.　　In 2016, Microsoft began its works in the Augmented Reality space. This means that most of its staff are attractive to competitors like Meta, who would be able to reap the benefits of their experience in the space.　　In a bid to further protect its staff from leaving, Apple has been offering bonuses around $50,000 to $180,000 to them. This is its attempt to prevent them from leaving for competitors.Facebook renaming to Meta pushes interest in Metaverse to new highs　　Since Facebook revealed its intent to pivot to the metaverse, a number of

2022-01-13Deep Dive

US Federal Trade Commission Warns Consumers About Falling for Crypto ATM Scam

The U.S. Federal Trade Commission (FTC) has warned consumers about scams involving cryptocurrency ATMs. “Theres a new spin on scammers asking people to pay with cryptocurrency,” the FTC described.　　FTCs Warning About Scams Involving Cryptocurrency ATMs　　The U.S. Federal Trade Commission (FTC) issued a scam alert involving cryptocurrency ATMs Monday. The consumer notice, posted by Cristina Miranda from the FTCs division of consumer and business education, states:　　“Theres a new spin on scammers asking people to pay with cryptocurrency.”　　“It involves an impersonator, a QR code, and a trip to a store (directed by a scammer on the phone) to send your money to them through a cryptocurrency ATM,” the notice details.　　The scammers might call the victims pretending to be from the government, law enforcement, or a local utility company, the FTC noted. They could also pretend to be a romantic interest you met online or someone calling to inform you that you‘ve won a lottery. They will stay on the phone with you until they’ve got your money.　　The FTC explained that the scammer will “direct you to withdraw money from your bank, investment, or retirement accounts.”　　Next, they will direct you to go to a store with a cryptocurrency ATM and buy cryptocurrency. Then

2022-01-13Deep Dive

Hong Kong to Set a Plan for Cryptocurrency Regulations by July 2022: Report

The Hong Kong Monetary Authority (the central banking institution of the city-state) reportedly intends to establish a new regulatory regime for digital assets by July this year. The special administrative region of China is willing to follow Singapores path and become a cryptocurrency hub for that part of the world.　　Hong Kongs Regulatory Framework Coming This Summer　　According to a recent coverage by Bloomberg, Hong Kongs central bank will approach the cryptocurrency industry from three aspects: protection for local investors, comprehensive rules for authorized institutions on how to deal with digital assets, and special attention to stablecoins.　　The Hong Kong Monetary Authority (HKMA) is willing to put stablecoins under enhanced scrutiny. In a recent press release, the institution said such assets present “possible risks regarding monetary and financial stability.” The central bank noted it had been closely monitoring the development of these assets and “would like to proactively share” its views with the broader society.　　Mr. Eddie Yue – Chief Executive of the HKMA – revealed the bank is waiting for feedback from stakeholders on the recent proposals. He added that it will draw up a “risk-based, pragmatic, and agile regulatory regime” for the cryptocurrency industry.　　Currently, the special administrative region of China employs a

2022-01-13Deep Dive

Indian government may double tax on crypto, report says

The Indian government is mulling the taxation of cryptocurrencies as business income, in a decision which could double the tax burden on investors, according to a local report.　　 Fast facts　　Currently, crypto earnings are taxed as capital gains, which stand at 20%, while business income rates reach as high as 42%.　　Taxing each crypto transaction rather than a single levy upon liquidation of assets is also under consideration, according to two senior tax advisors involved in government discussions cited by the Economic Times.　　Additionally, India may levy an 18% Goods and Services Tax (GST) on crypto investors themselves, if exchanges pass on this tax burden.　　The government, which currently does not collect data from crypto investors, may also amend the Income Tax Act to mandate crypto gains disclosures.　　Tax authorities recovered around US$9.3 million from Indian crypto exchanges for alleged tax evasion last week, to which some exchanges blamed the ambiguities in existing tax laws.　　Crypto tax implications are expected to be on the table in the upcoming February budget session.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-01-13Deep Dive

Consortium of U.S. Banks Proposes "USDF" Stablecoin

A group of five U.S. banks in the U.S. has launched the USDF Consortium with the goal of bringing a bank-minted stablecoin to the U.S.　　U.S. Banks Launch Stablecoin Consortium　　Centralized stablecoins like USDC and USDT might soon have more competition.　　An association of five FDIC-insured U.S. financial institutions has launched the “USDF Consortium” with the goal of establishing a network of banks and creating an interoperable stablecoin called the USDF. The founding members of the association include the New York Community Bank, NBH Bank, FirstBank, Sterling National Bank, and Synovus Bank.　　In a press release, the association said that launching the USDF would facilitate the “compliant transfer” of value via blockchain technology, remove “friction in the financial system,” and allow for more people to enjoy the financial opportunities blockchain technology offers.　　“USDF opens up endless possibilities for the expanding world of DeFi transactions,” Figure CEO Mike Cagney said. “The ease and immediacy of using USDF for on-chain transactions was demonstrated this fall when NYCB minted USDF used to settle securities trades executed on Figures alternative trading systems. We are tremendously excited that NYCB expects to be minting USDF on demand and on a regular basis in the coming weeks.”　　The USDF stablecoin will be minted

2022-01-13Deep Dive
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