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Crypto Exchange Regulation Check

Bank of America Outlines Key Benefits of Bitcoin Adoption in El Salvador

In a surprising show of support, Bank of America, one of the largest banking institutions in the U.S., recognized some key opportunities that Bitcoin can offer to El Salvador.　　The bank claims that the introduction of the world‘s largest cryptocurrency could potentially lower the cost of remittances, which represent nearly a quarter of the tropical country’s gross domestic product. In turn, this could substantially increase the disposable income of Salvadorans.　　Banking the unbanked is seen as yet another advantage of Bitcoin adoption. Roughly 70 percent of citizens in El Salvador do not have access to a bank account.　　Finally, El Salvador could attract foreign direct investment (FDI) flows by becoming a major Bitcoin mining hub of the likes of Iceland.　　In March, Bank of America published a scathing report about cryptocurrencies, which states that Bitcoins only viable use case is price speculation.　　El Salvadors controversial Bitcoin experiment　　After ditching its own currency two decades ago, President Nayib Bukele decided to turn his country into a cryptocurrency utopia.　　His Bitcoin law will come into effect in September after El Salvadors legislature voted to adopt Bitcoin as legal tender in late June.　　While Bukele instantly became a superstar within the cryptocurrency community, his cryptocurrency push also attracted plenty of criticism

2021-08-02Deep Dive

11 Crypto Exchanges Shutting Down in South Korea

The Financial Services Commission (FSC), South Koreas top financial regulator, has moved to shut down 11 local cryptocurrency exchanges over their involvement in illicit activities, The Korea Herald reported on Sunday.　　Darlbit and Bitsonic are among South Korean digital asset trading platforms that recently made announcements about ceasing business operations, but the full list of exchanges that are set to go out of business remains unclear.　　Upbit and Bithumb, the two largest crypto exchanges in the country, have been spared by the crackdown since they are among the very few crypto trading platforms that offer real-name bank accounts for their customers.　　Real-name registration has been mandatory in South Korea since 2018 in a push to root out money laundering and other fraudulent activities.　　As reported by U.Today, banks were reluctant to extend partnerships with local cryptocurrency exchanges due to the low risk-reward ratio of such deals. Major players of the likes of Bithumb have had their partnerships extended until September.　　Hence, many smaller trading platforms found themselves backed into a corner.　　The regulatory clampdown extends beyond local cryptocurrency businesses. Foreign crypto exchanges are also required to register with the Korea Financial Intelligence Unit (KFIU) by Sept. 24. Otherwise, they will have to shut up shop or

2021-08-02Deep Dive

NFTs are a game changer for independent artists and musicians

The revolution will not be televised — it will be minted. Earlier this year, we saw the meteoric rise (and fall) of nonfungible tokens, or NFTs, in mainstream media and popular culture. We all heard about them, but was the hype real？ Top businessmen and media moguls, such as Mark Cuban and Gary Vee, still strongly advocate NFT use and the role smart contracts will play in the near future, while each week new NFT exchanges and drops continue to roll out. Jay-Zs Twitter profile picture is an NFT CryptoPunk.　　With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.　　Music and musicians　　There are a few aspects of NFTs that make them highly appealing for musicians. The first is financial: NFTs have been selling at extremely high prices. Superstar artists, like Kings of Leon and Steve Aoki, have sold NFTs for millions of dollars. Even lesser-known artists, such as Vérité and Zack Fox, have made tens of thousands of

2021-08-02Deep Dive

Saudi Aramco, world’s 3rd largest company, reportedly plans to start mining Bitcoin

Saudi Aramco, the third-largest company in the world, is reportedly planning to jump into the cryptocurrency bandwagon.　　Citing information provided by Brazilian Bitcoin miner Ray Nasser during an interview on the Bitconheiros YouTube channel, Investing.com reported that the Middle East oil giant is interested in mining Bitcoin.　　“We are negotiating with Aramco. All black liquid [oil] that comes out of the desert belongs to this company. All the flared gas they‘re not using, and that’s public information, I can tell you, it‘s enough to ’power up half of the Bitcoin network today, from this company alone,” Nasser reportedly said.　　Generating electricity for Bitcoin mining　　The report added that the company could use the excess gas from oil production for mining digital assets, so instead of disposing of the by-product of oil mining, Aramco can use it for money-earning operations.　　“Aramco needs to burn this flared gas. She needs to get rid of this gas that is a by-product of their oil mining, they do. What if you find a way to make money while doing this？”　　Aramco has not yet issued any statement about venturing into Bitcoin mining. Finbold.com has contacted the company and is currently waiting for it to confirm the report.　　 Aramco and blockchain　　Aramco

2021-08-02Deep Dive

Bitcoin miners earned $971 million in revenue during July

Monthly data collected by The Block Research shows that during the month of July, bitcoin miners hauled in just over $970 million.　　The monthly total was $971.83 million, including transaction fees, per The Blocks Data Dashboard. Transaction fees -- or the funds paid by users as they use the bitcoin network -- came in at $27.59 million.　　The vast majority of the monthly revenue was in the form of subsidy earnings, with each new bitcoin block producing 6.25 BTC. Miners make profits when the cost of running a bitcoin mining operation is lower than the subsidies plus transaction fees they earn.　　The monthly revenue figure represented an increase from Junes $839.09 million, but still down from the all-time monthly high of $1.75 billion seen in March.　　Bitcoins price reached a high of $69,899 in mid-April, according to data from Coinbase.

2021-08-02Deep Dive

US Government Looks to Increase Revenue By $30 Billion Via Cryptocurrency Taxes

The US government is looking to raise revenue through cryptocurrencies taxation. A new bipartisan $1.2 trillion infrastructure bill in Congress intends to raise an estimated $28 billion from cryptocurrency tax enforcement measures as one of its financing mechanisms.　　The tax enforcement action will see the IRS requiring digital assets affiliated entities to report any transactions they make involving digital assets. Specifically, the draft which has been viewed by several new outlets defines digital assets as “any digital representation of value … recorded on a cryptographically secure distributed ledger.”　　Kristin Smith, executive director of the Blockchain Association noted that the interpretation of the bill could mean that “software wallet developers, hardware wallet manufacturers, multisig service providers, liquidity providers, DAO token holders, and potentially even miners” would be required to report all cryptocurrencies transactions they facilitated or are involved in.　　The proposed bill which has been given a thumbs up by President Biden apart from the cryptocurrencies taxation move proposes to raise funds to finance it by repurposing relief funds, auctions, Superfund fees, fuel sales, and other sources of revenue.　　Cryptocurrency taxation has long been in the economic plans of the current administration. While in the past, cryptocurrency holdings were not paid much attention by the

2021-08-02Deep Dive

BlockFi faces regulatory heat, a sign of possible crypto lending regulations?

BlockFi‘s eventful 2021 has continued in the second half of the year as state regulators in the United States began to crack down on the company’s crypto interest-bearing accounts. The move likely marks another operational headache for the non-bank lender in a year of substantial fundraises and public listing plans interspaced by controversy and technical blunders.　　State regulators going after crypto interest-bearing accounts may also stand as a bellwether of possible federal regulations targeted at the cryptocurrency loan market. Indeed, such a scenario might be possible given the current focus on digital currency regulations in America.　　From curtailing centralized crypto lenders, the focus of attention could move to their decentralized counterparts, especially amid the context of rhetoric like “financial 9/11” being ascribed to decentralized finance (DeFi) by members of Congress. Indeed, MakerDAO founder Rune Christensen recently warned that a U.S. crackdown on the sector would be an “own goal” 10 times more severe than Chinas reported muzzling of private-sector tech giants.　　Cease and desist　　BlockFi has been served cease and desist notices by three states in the U.S. in July alone. Regulators in New Jersey, Alabama and Texas have accused the company of offering unlicensed securities.　　This seemingly coordinated regulatory scrutiny reportedly hinges on BlockFis

2021-08-02Deep Dive

Binance announces closure of all Futures and Derivative services across Europe

Binance announced it would shut down all Futures and Derivatives operations throughout Europe. Additionally, Binance exchange users in the Netherlands, Germany, and Italy can no longer open new futures trading accounts, effective immediately. The crypto exchange has stated that the users will have 90 days, starting from the day of the announcement to withdraw their funds and close their derivatives and futures accounts.　　Binance shared that this move has come as part of their plans to wind down its futures and derivatives products offerings across the European region. The crypto exchange also added a risk warning to the press release, highlighting the volatility of Futures trading.　　“Futures trading carries substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movements.”　　Malaysia bans Binance　　Binance‘s global regulatory troubles worsened as Malaysia’s Securities Commission (SC) declares a ban on the exchange in the country. Binance ban in Malaysia came as another regulatory jolt for the exchange. According to the Securities Commission, Binance has been “illegally operating a digital asset exchange.”　　Like several other nations that have put a ban on Binance services, Malaysias regulatory

2021-07-31Deep Dive

Japan’s Crypto Titans Post High Crypto Biz Profits, Pivot Towards Altcoins

Two of Japans biggest crypto players – the financial giants the SBI and Monex groups – have posted high crypto profits in their second-quarter reports.　　Both firms have a range of diverse crypto interests, both at home and abroad. SBI operates two domestic crypto exchanges: SBI VC Trade and the TaoTao platforms, in addition to an international mining arm named SBI Crypto and the UK-based liquidity provider B2C2. It also operates a number of joint-venture initiatives with Americas Ripple.　　Monex, meanwhile, operates the Coincheck crypto exchange in Japan, as well as the United States-based TradeStation trading platform. Both firms originally made their name in the financial world as securities and banking providers, before pivoting toward crypto in recent years.　　In its Q2 report, SBI consolidated its results for its crypto-related business arms, posting a pre-tax profit for the quarter of USD 41.7m, a year-on-year increase of 56% on 2020s Q2 figures.　　Monex, meanwhile, posted pre-tax crypto profits of USD 82m, a quarter-on-quarter rise of x1.4 in its own Q2 report.　　The group provided some insights into its crypto business performance, writing:　　“Cryptocurrency trading value at Coincheck was high due to higher market volatility. Coincheck recorded its highest profit since becoming a part of Monex Group.”　　It also

2021-07-31Deep Dive

How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT

NFTs are becoming the next big thing in the crypto market as more investors get on board with projects surrounding them. Non-fungible tokens like the “Stoner Cats” NFTs was released with huge success in their communities. Non-fungible tokens which mostly revolved around art when they were first released has now expanded into a wider domain.　　Increasing support for NFTs has shone through with e-commerce giant Shopify adding merchant support for non-fungible tokens. And most recently, Coca-Cola partnering up with Tafi to launch its very first collection of non-fungible tokens. The non-fungible tokens include files like images, audio, and video.　　Now comes one of the most interesting uses of none-fungible tokens so far and that is 26-year-old Polish influencer Marta Rentel announcing she has sold her love online as an NFT. The NFT sold for $250,000 and the lucky buyer gets to go on a date with the influencer.Selling “Digital Love”　　Talking about the sale, Rental explained that she wasn‘t selling her physical love. But was rather selling the love of her online persona. “Nothing on the Internet is physical,” Rental said. “It’s part of my online persona.”　　The 26-year-old Polish influencer boasts over 600,000 followers on Instagram and goes by the name of Marti

2021-07-31Deep Dive
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