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Crypto Exchange Regulation Check

Ethereum London Hard Fork to Make Some Tokens Worthless

In brief　　The next Ethereum upgrade will happen during the first week of August.　　It includes EIP-3529, a code update that does away with gas refunds.　　That makes gas tokens functionless.　　In the run-up to the London hard fork, the Ethereum upgrade slated for the early hours of August 5, much of the talk has been around EIP-1559, a contentious code change that will burn transaction fees, taking some ETH out of circulation.　　But those arent the only tokens the London upgrade will do away with.　　Gas tokens such as GST2 and CHI, used by developers to secure lower prices when deploying smart contracts, will become obsolete.　　London comprises five separate Ethereum Improvement Proposals, changes to the network that have been submitted, discussed by developers and other stakeholders, and integrated into the code. One of them is EIP-3529.　　As Tim Beiko, a core developer with the Ethereum Foundation explained on The Daily Decrypt podcast this month: “How Ethereum works today is if you store data on Ethereum...when you remove that data from the network, you get a small gas refund back to kind of incentivize people to clean up after themselves.”　　In essence, there are smart contracts—code that automates transactions for things like NFT purchases and asset swaps—that are

2021-07-31Deep Dive

Crypto scams, DeFi hacks, and rug pulls: Why the crypto industry needs insurance tech

Your bags are gone. How do you alleviate that concern？ With insurance. Unfortunately, DeFi users don‘t have much choice when protecting their assets, and only an estimated $2 billion of DeFi’s $100 billion TVL is insured. Needless to say, crypto and DeFi are still in the exploratory phase in finding an optimal insurance solution. Exploits have become almost inevitable and hidden in plain sight.　　Many great projects have pushed the need for crypto insurance forward. At first, Nexus Mutual paved the way. They realized that when it comes to insuring DeFi assets, there wasn‘t enough data to understand the events you’re trying to cover. They built a mutual where people could pool their collateral and vote on which claims to recognize.　　The mutual system has been around for centuries. Its proven to be a good measure when you have limited data and availability to judge, similar to the syndicated pool from Lloyds of London.　　Evolving methods for crypto insurance　　In the sense of adapting to the blockchain, methods are evolving. All the data is public and transparent. Certain risks are starting to occur, giving us insight into what needs to be covered: flash loans, bugs, rug pulls, etc. Downside risks should be covered through

2021-07-31Deep Dive

Bitcoin Mining Difficulty Set to Break the 2nd-Longest Drop Streak

Bitcoin (BTC) mining difficultly is expected to rise this Saturday, after four consecutive drops, cutting into the growing profit margins of BTC miners.　　Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, might go up around 5%, per the current estimations by the mining pool BTC.com.　　This would bring it back up from the 13 T level, where it had dropped during the previous adjustment, to 14.41 T - still far from the all-time high of 25.05 T. Also, this would be the first adjustment up since China cracked down on crypto mining in May.　　Nonetheless, this increase comes after four drops in a row, two of which were quite substantial: the historic drop of nearly 28%, and a drop of nearly 16%.　　Notably, having more than two consecutive drops is not that common at all. Prior to this, there were only two such cases: three drops in late 2018, and eight in late 2011.　　Per BitInfoCharts.com, hashrate, or the computational power of the network, has seen a smaller increase since the previous adjustment two weeks ago, going up from 101.15E to 104.39E (7-day simple moving average). This is nearly 43% lower than the all-time high recorded on

2021-07-31Deep Dive

Michael Saylor: Bitcoin is “A Trillion-Dollar Opportunity” for Tech Giants

MicroStrategy CEO Michael Saylor said during the firms July 29 earnings call that his company will continue to buy and hold bitcoin, a digital property that he noted is “the most compelling technical opportunity of the decade.”　　The Virginia-based software company has come to be known as one of the strongest advocates for bitcoin, due in part by how much of the asset it owns.　　MicroStrategy bought 13,759 bitcoins during the second quarter for an average price of $38,467, President and CFO Phong Le, reported. The company ended the quarter with 105,085 total bitcoins held at an average price of $26,080.　　Saylor said that the companys plan is to continue to acquire and hold bitcoin, and plans to focus on educating corporations, institutional investors, regulators and the general public on the benefits of digital property.　　A CFO search is under way to allow Le to focus on his role as president, and the new executives responsibilities will include leading the effort to buy more of the cryptocurrency.　　“There will never be more than 21 million bitcoin, and we feel like theres a land grab right now to acquire as much as you can,” Saylor said.　　Keep reading for the biggest takeaways from the Microstrategy call.　　 A

2021-07-31Deep Dive

U.S. Rep. Introduces Legislation On Bitcoin, Can It Affect The Crypto Industry? Top Lawyer Explains

As Bitcoinist reported yesterday, U.S. Representative Don Beyer (D) from the Virginia 8th district presented a new Bitcoin and cryptocurrencies legislation in the U.S. Congress. The Digital Asset Market Structure and Investor Protection Act would integrate digital assets into the states financial traditional structures.　　The legislation seeks to “protect” consumers, prevent money laundering and criminal activities, and promote innovation. It acknowledges Bitcoin and cryptocurrencies potential and wants to fill a gap long ignored by federal entities in the U.S.　　General Counselor for Delphi Digital Gabriel Shapiro highlighted the key points from the act, its benefits, downsides, and other aspects. Amongst the good, the lawyer found the law to be accurate with an apparent understanding of the subject, “more than I can say for other blockchain legislation”.　　The act would determine which tokens and cryptocurrencies are securities or commodities. Thus, they can be regulated by the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC).　　This would bring more clarity to the industry and help some crypto companies to avoid lawsuits or sanctions from regulators. The act contemplates a 3-year grace period prior to any “de-securitization”, as Shapiro said.　　The bill would encourage transparency with a mechanism to aggregate off-chain transactions to be registered

2021-07-31Deep Dive

Germany’s Institutional Funds Can Hold 20% In Crypto Starting August 2

There could be a flood of institutional investments coming from Germany starting next week. On Monday, August 2, a law is coming into effect that allows Germanys institutional investors – under the Spezialfonds category – to invest in Bitcoin (BTC) and other cryptocurrencies.　　Institutional players like pension funds and insurers can access these funds. Together, these institutional players in Germany manage a staggering 1.8 trillion euros ($2.1 trillion). The regulatory landscape for cryptocurrencies is evolving fast and more institutional players are joining the bandwagon.　　However, with the explosion in the crypto market this year, lawmakers have been still taking a slow stand in formulating new rules for cryptocurrencies. Speaking of this development, Tim Kreutzmann, an expert on crypto-assets at BVI, Germanys fund industry body told Bloomberg:　　“Most funds will initially stay well below the 20% mark. On the one hand, institutional investors such as insurers have strict regulatory requirements for their investment strategies. And on the other hand, they must also want to invest in crypto.”　　All Depends on Crypto Market Volatility　　Well, it is certain that digital currencies have given outsized returns over the last decade, the extreme market volatility has prevented institutional players from joining. Such players usually have a conservative approach to

2021-07-31Deep Dive

All About The Bitcoin Adoption Revolution Going On In Central Asia’s Kazakhstan

Central Asian country Kazakhstan has been prominent in the news for Bitcoin mining recently. The country which now boasts being home to about 6-8% of the Bitcoin network hashrate is also seeing significant growth in the adoption of the cryptocurrency.　　Kazakhstan, which was the first stop for most Bitcoin miners expunged from neighboring China, has just announced that it is conducting a one-year pilot project that will legalize Bitcoin trading for banks and cryptocurrencies exchanges, allowing them to trade the cryptocurrency like fiat according to a report by a local news outlet, Habar 24. At the end of one year, the project will be evaluated. It is highly likely that by then, Bitcoin will receive full legal status.　　Participating banks and cryptocurrency exchanges will have to register with the newly set up Astana International Financial Center (AIFC). The project will allow Kazakhs to have an account with a participating banking institution, transfer their fiat money to registered crypto exchanges, buy digital coins and carry out various other operations in the market. Income from profitable investments can then be deposited back to personal accounts.　　Notably, several other Central Asian crypto-friendly countries have been seeing growing adoption of Bitcoin and cryptocurrencies. Uzbekistan, another central Asian

2021-07-31Deep Dive

Binance May Face Investigation in the $134 Million Money Laundering Case in India

Binance crypto exchange‘s legal trouble has extended to India now. The world’s largest crypto exchange is under the scanner of the Indian anti-money laundering agency Enforcement Directorate (ED) for its role in the $134 million money laundering case, as per a report in Bloomberg. The ED is currently investigating a money-laundering racket operated through Chinese betting apps that made use of cryptocurrencies to launder money. WazirX, the Indian crypto exchange acquired by Binance in 2019 was allegedly used for laundering a part of the $134 million collected by the betting app operators over the past 10 months. Betting is illegal in India.　　People familiar with the matter said that the agency has found Binance didnt collect information detailed by global anti-money laundering watchdog the Financial Action Task Force (FATF). The ED has reportedly summoned Binance executives for questioning.　　Coingape had reported earlier that ED was examining the records for $38 million or 27.9 billion INR worth of cryptocurrencies transferred through WazirX which they alleged the exchange had no records for.　　ED is now investigating whether Binance Holdings had any role in the money laundering case given the Indian crypto exchange was acquired by them a couple of years back.　　Binances Legal Trouble Continues　　Binances legal

2021-07-31Deep Dive

$45 Billion Asset Manager GoldenTree Has Bitcoin on Its Balance Sheet

Investment firm GoldenTree Asset Management, which was founded by vulture investor Steve Tananbaum back in 2000, has been buying Bitcoin for years, according to a July 30 report by The Street that cites anonymous sources with knowledge of the matter.　　The asset manager—which controls $45 billion worth of assets—treats the flagship cryptocurrency as a portfolio diversifier.　　Tananbaum is the latest addition to the growing list of Wall Street legends of the likes of Paul Tudor Jones, Stanley Druckenmiller, and Bill Miller that have ventured into Bitcoin.　　As reported by U.Today, Point72 Asset Management owner Steve Cohen also recently mentioned that he was “fully converted” to crypto.

2021-07-31Deep Dive

Malaysian SC Orders Enforcement Action Against Binance For Illegal Operations

The Securities Commission Malaysia (SC) ordered enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX) without obtaining the necessary approval from the SC. A public reprimand was also issued against the exchange for carrying out operations despite being put on the SC‘s ’Investor alert list in July 2020.　　The regulatory head of Malaysia has asked Binance to：　　（1）disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021;　　（2）immediately cease all media and marketing activities, including circulating, publishing, or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors; and　　（3）immediately restrict Malaysian investors from accessing Binances Telegram group　　The regulatory body asked investors to be wary of illegal DAX and report any suspicious activity or phone calls for investment advice in cryptocurrencies. The official statement from the agency read,　　“Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.”　　Malaysia joins the growing list of regulators to issue regulatory warnings or initiate enforcement actions against the crypto exchange over the past month. Earlier Thai SEC

2021-07-31Deep Dive
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