Crypto Guides, Knowledge & Insights

Cryptocurrency Draft Law Presented in Peru

A draft of a new cryptocurrency asset law was introduced in Peru in December, seeking to regulate the cryptocurrency interactions that are already happening in the country. The draft law, besides defining what a crypto asset is and establishing the duties of virtual asset service providers (VASPs), also seeks to legalize the use of assets to incorporate and be held by companies.　　Peru Launches First Cryptocurrency Regulation Attempt　　A new piece of draft legislation called “Cryptoasset Marketing Framework” has been introduced in the Peruvian Congress under the number N° 1042/2021-CR, in the first attempt of the country to regulate cryptocurrency interactions. The project, which was presented December 10 by Jose Luis Elias Avalos, a member of the “Podemos Peru” parliamentary group, defines several key concepts in the cryptocurrency world, including crypto assets, virtual asset service providers (VASPs), blockchain, and cryptography.　　The law also proposes the creation of a public registry for VASPs, that users can consult anytime to find out if an exchange or platform is registered to do business on Peruvian soil. In addition, it establishes the conditions that each VASP must follow to operate lawfully in the country.　　The draft compels these companies to inform, in their contract of services to the

2022-01-06Deep Dive

LG to follow Samsung adding NFT features to flagship TVs

At the turn of 2022, numerous new year‘s letters from South Korean companies to the public included one trending term: NFTs (non-fungible tokens). While many chief executives promised a full-blown effort to develop NFTs in the new year, South Korea’s leading companies — Samsung, LG Electronics and Shinhan Card — have already rolled out plans incorporating the digital token technology.　　This week at the 2022 Consumer Electronics Show in Las Vegas, Samsung Electronics unveiled its new line of Smart TVs, which the company says is a breakthrough in television technology.　　“In 2022, Samsung is introducing the worlds first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place,” the company said, explaining that it saw an opportunity in the rising demand for NFTs, and a need for a connection between those who purchase NFTs and those who view them.　　Apart from purchase and display features, potential buyers of the digital artworks are able to examine an NFT‘s history and blockchain metadata on the platform. Detailed information on whether Samsung’s NFT platform was constructed in-house or in partnership with an external company has not been disclosed.　　LG Electronics, one of

2022-01-06Deep Dive

13 NFT games to look out for in 2022

Call it GameFi, Play-to-Earn or NFT gaming, a new breed of games are coming, riding the tidal wave created by the success of pioneer games like Axie Infinity. In 2021, Axie went from basically zero to 2.3 million daily active players at the end of the year. During the same one-year period, the Axie Infinity‘s AXS token saw an increase in market value exploding from $0.57 per token a year ago, to $97 at the time of writing a year later – that’s a 170x appreciation in one year.　　However Axie being the obvious poster child of the emerging NFT gaming market, there are a number of games that gaming enthusiasts and investors alike should keep an eye on. According to Swedish YouTuber and NFT gaming expert Anders Björk, these are 13 NFT gaming projects, on various platforms like Ethereum and WAX, worth following and of course to play in the coming year.　　“I have this vision of fully functioning game economies where people make a living only by playing these games, having fun, and living in this virtual world. I think we are getting closer to a reality where normal people can play games for a living. This will change the

2022-01-05Deep Dive

Polymarket to shut noncompliant markets, pay $1.4 million fine

The Commodity Futures Trading Commission (CFTC) has fined popular crypto prediction market service provider, Polymarket, $1.4 million whilst also ordering it to shut markets that are not in compliance with regulations of the federal agency.Polymarket to pay $1.4 million fine　　According to a press release issued by the foremost financial regulator, Blockratize, the parent company of Polymarket, was accused of failing to register as a designated contract market (DCM) and as a swap execution facility (SEF) thus it was ineligible to offer off-exchange event-based binary options contracts.　　Per the press statement, Polymarket had been operating as an illegal events market while urging the public to “bet on your belief.” This action is a contravention of the CEA and CFTC regulations.　　Polymarket made its name as a decentralized information markets platform that allows users to bet on the outcome of real-world events, such as national inflation rates, political elections, reported cases of COVID-19 and political nominations.　　CFTC cited examples of some of these events on the site like: “Will $ETH (Ethereum) be above $2,500 on July 22？”; “Will the 7-day average COVID-19 case count in the U.S. be less than 15,000 for the day of July 22”; “Will Trump win the 2020 presidential election？”　　Speaking on

2022-01-05Deep Dive

China enters 2022 with a first-mover advantage on the CBDC front, releases pilot versions of digital

The Peoples Bank of China (POBC) recently released pilot versions of digital yuan wallets for both Android and iOS smartphones, Reuters reported. 　　Meanwhile, researchers from Cornell University and the University in Chicago outlined what all the rush is about, and how will the arrival of digital yuan, also known as e-CNY or DCEP, affect the US dollar and the crypto market. Pushing forward with e-CNY rollout 　　China entered the year with its Central Bank Digital Currency (CBDC) rollout plans at full speed.　　As of this Tuesday, the e-CNY pilot version app, developed by the PBOCs digital currency research institute, was available for download on Chinese Android and Apple app stores in Shanghai.　　However, still being in a research and development phase, the trial app is only available to selected users via supported institutions that provide e-CNY services–including major domestic banks.　　CBDCs are imagined to represent a digital form of a countrys fiat currency, and currently, dozens of central banks worldwide are exploring their options on whether and how to pursue issuance. 　　Among ongoing projects in the research and development phase, the most recent announcements come from Mexico and Jamaica. 　　At the end of last year, the Bank of Mexico revealed its plans to

2022-01-05Deep Dive

OpenSea is reportedly eyeing a $13 billion valuation

NFT marketplace OpenSea is reportedly in talks for another funding round that would value the company at $13 billion.　　According to Eric Newcomer, a former Bloomberg journalist and author of the Newcomer newsletter, the deal will be led by Coatue and include participation from Kathryn Hauns new crypto fund.NFT craze pushes OpenSea past the unicorn stage　　One of the worlds largest NFT marketplaces is reportedly in talks for yet another raise that would put its valuation on par with industry giants such as Binance.　　Sources familiar with the matter have revealed that Coatue, a global investment manager, will be leading the funding round that will value the company at $13 billion. Dan Rose, the Chairman of Coatue Management, may also take a board observer seat at OpenSea following the raise.　　Kathryn Haun, a former general partner at Andreessen Horowitz, will also be participating in the funding round. Haun left Andreessen Horowitz last month to start her own venture capital fund. During her time at the investment firm, she co-chaired all of the companys crypto funds, which invested almost $3 billion in various cryptocurrency projects.　　Haun currently serves as the only board member at OpenSea aside from its two founders, Devin Finzer and Alex Atallah, and

2022-01-05Deep Dive

Newcomer! Samsung’s New Range Of Televisions Will Support NFT Integration

Samsung is the latest big tech firm to offer NFTs to its consumers.　　The firm plans to launch NFTs within its range of new smart televisions.　　NFTs have gained traction in recent months with experts predicting that the asset class would balloon even further.　　Samsung televisions would be offering NFT compatibility in 2022 to the delight of the ecosystem. The multi-billion-dollar industry is off to a great start this new year as experts anticipate a wider reach.　　Samsungs NFTs　　In a public announcement, Samsung announced the new range of smart televisions that it will be unveiling in 2022. According to the South Korean company, the new models will come packed with a new smart hub that supports NFTs and gaming.　　“This application features an intuitive, integrated platform for discovering, purchasing, and trading digital artwork through MICRO LED, Neo QLed, and The Frame,” the company wrote about the new feature.　　“With demand for NFTs on the rise, the need for a solution to today‘s fragmented viewing and purchasing landscape has never been greater,” Samsung said in a statement with a publishing firm, The Verge. “In 2022, Samsung is introducing the world’s first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and

2022-01-05Deep Dive

Estonia Clarifies Upcoming Regulations, Will Not Ban Crypto Holding or Trading

The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies.　　Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers　　The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers (VASPs).” The main goal, the Finance Ministry explained on Sunday, is to mitigate the risk of financial crime through the crypto platforms registered and operating out of the Baltic nation.　　The new regulations, which come in the form of a revised draft law submitted to the Estonian parliament, require VASPs to identify their customers in a way that would link them to their transactions. The regulations expand upon the ban on open anonymous virtual accounts introduced in 2020 after Estonias crypto-friendly regulations attracted numerous license applicants.　　The Ministry of Finance pointed out that the legislation will not affect individuals who own virtual currency through a private wallet that is not provided by a VASP. It does not prohibit customers from holding and trading virtual

2022-01-05Deep Dive

Binance Partners With A Digital School To Create A Masters In Blockchain And Crypto Program

Binance has struck a partnership with the Nuclio Digital School to award a degree to cryptocurrency enthusiasts.　　The program runs for 24 weeks and is made up of nine modules.　　Other schools around the world like Wharton Business School have launched their cryptocurrency programs.　　Cryptocurrency enthusiasts can now deepen their knowledge of blockchain technology with a Masters in Blockchain degree. Binance and the Nuclio Digital School are the brains behind the program.　　The Program　　Based on the premise that blockchain technology is seeping into every facet of the economy, Nuclio Digital School is offering a Master in Blockchain Degree to individuals to cover the rudiments and offer greater insights into emerging tech. The school has partnered with the largest cryptocurrency exchange in the world, Binance to bring the program to life.　　The academic program is scheduled to run for 24 weeks and is split into 9 packed modules. According to the programs handbook, students can expect to learn the basics of Web 3, Bitcoin as a genesis, distributed ledgers, and consensus protocols. The second module will cover smart contracts, dApps, and cryptocurrencies while the third will go in-depth into the metaverse, Play2Earn, and DAOs.　　Payment tokens will be covered in Module four while the fifth will cover

2022-01-05Deep Dive

Report: Bitcoin consumes less energy compared to banking and gold industry

For a very long time, Bitcoins energy consumption has been used as a whip by many critics of the asset who believe that the amount of energy used in mining new units of the coin could impact the environment negatively.　　This has played a major role in the decision-making processes of businesses or governments that have a hostile stance towards the space.　　Bitcoin energy usage is lesser than that of the banking and gold industry　　In an attempt to disprove much of the criticisms of Bitcoins high energy use, Galaxy Digital has released a report which states that the purported “high” energy usage of BTC is extremely low when compared to other industries like that of the banking industry and gold.　　According to the report, the annual energy use of Bitcoin sits at around 113.89 terawatt-hours (TWh). At the same time, its counterpart from traditional finance (banking industry) consumes more than double the amount of the asset (263.72 TWh) annually.　　Aside from the fact that the report established a comparison between Bitcoin and the banking industry, it also added the yellow metal industry, which is mostly compared to Bitcoin. In the report findings, the gold industry utilizes 240.61 TWh per year, which is also much

2022-01-05Deep Dive

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