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Crypto Exchange Regulation Check

Number of investors owning Bitcoin has tripled since 2018: Gallup Poll

A recent survey has revealed Bitcoin has gained traction with younger U.S. investors in terms of awareness, interest, and ownership over the past three years.　　The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds.　　It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018.　　The researchers noted that Bitcoins relatively modest ownership can be contrasted with more mainstream investments. The survey revealed that 84% of the investors polled reported having invested in stock index funds or mutual funds, while 67% said they owned individual stocks, and 50% have bonds.　　“At 6%, Bitcoin ownership is more akin to gold, which 11% of investors say they own.”　　The results of the poll come from the Gallup Investor Optimism Index survey conducted between

2021-07-23Deep Dive

Mysterious Nakamoto Malaysia Memperkenalkan Cheeseswap Network

CheeseSwap adalah sistem yang menawarkan banyak produk atau perkhidmatan kripto kepada pelanggannya (ONE-STOP Crypto Solution). Konsep penyelesaian sehenti bermula pada awal abad ke-20 apabila perjalanan membeli-belah bermaksud pergi ke seluruh bandar untuk mengambil daging dari tukang daging, sayur-sayuran dari pasar, roti dari kedai roti dan itu hanya untuk barangan. Bekalan perkakasan, persediaan pembersihan, dan barang keperluan rumah lain memerlukan lebih banyak lawatan ke lebih banyak tempat. Oleh itu, seperti sekarang, orang ingin menjimatkan masa, jadi kedai bertindak balas dengan menyimpan lebih banyak produk sehingga pelanggan hanya perlu datang ke lokasi mereka untuk memeriksa sebahagian besar senarai belanja mereka.　　CheeseSwap dapat merujuk ke atap harfiah tempat tertentu di mana semua perniagaan yang dimiliki pelanggan dapat dijalankan atau dapat merujuk pada sistem yang menangani berbagai produk atau perkhidmatan. Berbanding dengan mengunjungi sistem yang terpisah untuk setiap bidang keperluan, CheeseSwap menjimatkan masa, usaha dan wang pengguna.　　Semasa penulisan, Market Cap kepada token ini telah mencecah kepada MYR308,000,000 dengan harga semasa $0.0001984. Gambarajah di bawah menunjukkan informasi penting berkenaan CheeseSwap sehingga 21 Julai 2021. 　　CheeseSwap Live　　CheeseSwap Live akan membantu anda mengikuti perkembangan terkini mengenai semua yang berlaku di dunia crypto. Sama ada anda hanya ingin tahu tentang industri ini, baru memulakan dengan cryptocurrency atau peniaga yang

2021-07-23Deep Dive

Raoul Pal Reckons Bitcoin Has Only A Few Years to Remain Number One

Though Bitcoin was initially conceived in 2009, Bitcoin first started trading in July 2010 for around $0.0008 to $0.08 per coin. Since then its growth has been phenomenal. It has also maintained its position as the largest cryptocurrency by market cap since it first began trading. None of the altcoins created after it have been able to dethrone it.　　Among the factors that have helped it maintain this status have been the growing adoption and interest it has gotten for its characteristic of being a decentralized and immutable alternative to the current financial system. All the alternative coins that have followed it have been touted to be improvements on this basic characteristic.　　However, the conversation has been shifting in recent times in favor of some altcoins. There have been intensified speculations that Bitcoin may soon lose its apex position to one of the emerging altcoins.　　Most notably, the second-largest cryptocurrency network by market cap, Ethereum, has been most frequently mentioned in the speculations. It is believed that it will become the largest cryptocurrency in the long term, an event its proponents have christened “flippening.”　　Founder and CEO of Real Vision, Raoul Pal has been the most recent crypto proponent to chip into the conversation.

2021-07-23Deep Dive

How Twitter’s Jack Dorsey Is Gradually Becoming A Formidable Force In The Bitcoin Space

CEO and Chairman of microblogging platform Twitter, and also remittance giant Square, Jack Dorsey, is rapidly becoming very important in the Bitcoin space.　　Going way back, he has had a soft spot for Bitcoin and has shown the same in the way he has committed resources, time, and energy in streamlining his companies to moving development and adoption of the cryptocurrency forward.　　In the past, Dorsey has praised the open-source nature of Bitcoin. Comparing it to the internet, he said Bitcoin is the “best manifestation” of a native internet currency; it is open-source giving room for everyone to contribute to the direction of its development, and run by consensus. He also strongly feels that his work on Bitcoin is his best achievement so far.　　Notably, Jack through his company Square has been involved in several projects aimed at promoting Bitcoin adoption and development. Several recent and past projects emphasize this point.　　To start with, the companys payment platform, Cash App, has had support for Bitcoin transactions since 2018 and has been reporting the growing adoption and usage of Bitcoin. Square recently announced it was beginning the development of a hardware wallet for Bitcoin that would be non-custodial and community-driven, as well as highly secure

2021-07-23Deep Dive

Indian Central Bank to issue CBDC in phases: Deputy Governor

Reserve Bank of India (RBI), the Indian central bank is planning a phased roll-out of the central bank-issued digital currencies (CBDC), revealed RBI deputy governor T Rabi Sankar. The phased roll-out plan has been discussed keeping the changes required in the nations foreign exchange rules and information-technology laws.　　“Like other central banks, RBI has also been exploring the pros and cons of the introduction of CBDC for quite some time. RBI is planning on conducting pilots in wholesale and retail segments may be a possibility in the near future. So, some progress has been made. You know we could likely come up with this in the near future,”said Shankar.　　The Indian Central Bank like many other Central Banks plans to roll out its own soverign digital currency in near future. The early plans reveal that the CBDC would be focused on merchant payments and retail payments. The government plans to run several pilot projects before the phased roll-out.　　The deputy governor also revealed that RBI has made key progress in the early development phase and currently assessing the scope of CBDCs, underlying technology, and validation mechanisms.　　Despite CBDC plans, the dilemma around the crypto bill prevails　　India is fast growing into a cashless society with

2021-07-23Deep Dive

$30 Billion ETF Firm Global X Files for Bitcoin ETF

Global X, a New York-based global provider of exchange-traded funds with $30 billion in AUM has filed for a Bitcoin ETF with the US SEC. The filing dated 21st July revealed that the name of the ETF would be Global X Bitcoin Trust and it would trade on Cboe BZX Exchange, Inc on approval.　　The firm plans to hold Bitcoin in its trust to back the fund rather than using any index or benchmark to trace the price of the ETF. The official filing read,　　“The Global X Bitcoin Trust (the ”Trust“) is an exchange-traded fund that issues common shares of beneficial interest (the ”Shares“) that trade on the Cboe BZX Exchange, Inc. (the ”Exchange“) under a ticker symbol to be announced prior to commencement of trading. The Trust‘s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.”　　Source: SEC　　Bitcoin ETF Applications Piling Up, But SEC Continues to Delay its Decision　　The number of Bitcoin ETF proposals has risen to over a dozen this year including Fidelity, WisdomTree, Wilshire Phoenix, VanEck, and First Trust SkyBridge. The SEC has delayed its

2021-07-23Deep Dive

South Korea Tells Crypto Exchanges to Register or Face Jail

Key Takeaways　　South Koreas financial regulator has warned foreign cryptocurrency exchanges offering services to Koreans to register before Sep. 24.　　The regulator says that any firms that fail to report to the agency face prison time or a fine.　　The mandate is based on the South Korean law that requires know your customer (KYC) for all cross-border fund transfers.　　South Korea is cracking down on overseas crypto exchanges. The Financial Services Commission has warned 27 companies to stop serving South Korean nationals without reporting or having licensing norms in place.　　South Korea Strengthens Overseas Crypto Trade Rules　　South Korea is toughening its stance on overseas crypto exchanges.　　The countrys Financial Services Commission (FSC) today confirmed it has notified 27 foreign virtual asset services providers (VASPs) active in the country to follow reporting norms.　　As per a press release, several crypto exchanges and operators, whose names remain undisclosed, were ordered to report to the FSCs Financial Intelligence Unit before Sep. 24.　　The FSC warned that exchange operators that fail to meet standard reporting requirements before the deadline must stop or face prosecution.　　Non-compliant crypto exchange operators may face imprisonment of up to five years or a fine of 50 million South Korea Won, the equivalent of around US$43,500. The mandate

2021-07-23Deep Dive

JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds

Retail wealth clients at American banking giant JPMorgan Chase & Co have been given access to several cryptocurrency products, including Grayscale Bitcoin Trust (GBTC). The move makes the bank the first major financial institution in the United States to do so.　　JPMorgan Approves Five Crypto Funds　　The bank issued a memo to its financial advisors earlier this week, giving them the green light to give all retail wealth clients access to crypto funds, Business Insider reported Thursday, citing sources familiar with the matter.　　JPMorgan told its advisors that starting July 19, they can now take buy and sell orders from wealth clients for five crypto funds. Four of the products are powered by leading digital asset manager Grayscale Investments and one from Osprey Funds.　　The approved funds include Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust, the report added.　　Unsolicited Crypto Trades Only　　However, the bank‘s advisors are only allowed to execute “unsolicited” crypto trades. In other words, JPMorgan advisors can only take buy or sell orders based on clients’ requests. They are prohibited from recommending any of the crypto products to customers.　　The report noted that the new service is available to all of the bank‘s

2021-07-23Deep Dive

​Is It Worth Purchasing Litecoin?

Viral in cryptocurrency trading, Bitcoins (BTC) and Litecoins (LTC) are valued the most in the industry. The thing is, does LTC deserve it？　　As a matter of fact, LTC clones the source code (SC) of BTC and adjusts some of its parameters. As such, what are the differences between these two cryptocurrencies？　　To begin with, their algorithms are different. Although both adopt the Proof of Work (PoW), a decentralized consensus mechanism, the Scrypt algorithm is implemented for LTC mining while BTC employs SHA-256. Therefore, it was easier to mine LTC when general computers were used for cryptocurrency mining.　　In addition, the block hashing of LTC is faster than that of BTC. It takes the latter 10 minutes for a block while the figure is about 2.5 minutes for the former. As a result, LTC gratifies the need for small, instant payments.　　Whats more, the total number of LTC is more than that of BTC. The figure for the former is around 84 million, and the latter 21 million.　　In short, LTC can be seen as the most successful knock-off!　　Is it worth investing in LTC？ As one of the mainstream cryptocurrencies, LTC is better than the majority of knock-offs. Hence, it is unproblematic to buy the

2021-07-22Deep Dive

JPMorgan Exec: Demand for Bitcoin is High, Most Clients See it as an Asset Class

Most of JPMorgan‘s clients see bitcoin as an asset class and are demanding crypto services, according to the company’s senior executive Mary Callahan Erdoes.　　While being skeptical about offering bitcoin investment options to its clients, the American multinational investment bank JPMorgan Chase s Mixed Feelings on Bitcoin　　In the past, JPMorgan never liked cryptocurrencies, especially bitcoin. Earlier in 2017, the companys CEO, Jamie Dimon, blasted bitcoin, calling it a fraud, and even threatened to fire any of his employees dealing with it.　　However, he changed his stance sometime later and revealed that he regretted calling the cryptocurrency a fraud, praising blockchain as a revolutionary technology.　　The company has since become a little crypto-friendly, even launching its native cryptocurrency back in 2020. Earlier this year, JPMorgan started hiring Ethereum and blockchain developers as it continues to explore the technology.　　In April 2021, the Wall Street bank reportedly planned to launch a Bitcoin fund for private clients with NYDIG, a digital asset financial services firm, serving as custodian.　　Despite trying to be friendly towards blockchain, Dimon couldnt stop himself from dishing out negative comments about bitcoin. In May, he warned people to stay away from the asset and crypto market in general while admitting high demand from institutional

2021-07-22Deep Dive
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