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Kazakhstan Proposes New Regulatory Measures to Combat Unregistered Crypto Activities

Hana Rios
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Kazakhstan Proposes New Regulatory Measures to Combat Unregistered Crypto Activities

Kazakhstan’s financial regulatory body is taking decisive steps to strengthen oversight of cryptocurrency transactions. The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market has proposed new measures that would require banks to automatically deny transfers to overseas crypto exchanges that lack registration with the country’s local financial center. This initiative reflects the government’s commitment to enhance the integrity of the financial system and mitigate risks associated with unregulated digital assets.

Proposed Restrictions on Foreign Transactions

According to a report from Russian state-run news outlet TASS, the proposed regulations will impose several key restrictions:

  • Automatic Denial of Transfers: Banks will be required to refuse transactions to unregistered foreign crypto exchanges, a move aimed at curbing unauthorized trading activities that may pose risks to local investors.
  • Transaction Limits: The draft legislation suggests a monthly limit of 100,000 tenge (approximately $205) for transfers related to unregistered crypto exchanges. This is designed to limit the potential for significant financial loss due to exposure to unreliable platforms.
  • Enhanced Due Diligence: Banks will also be mandated to perform enhanced due diligence on transactions exceeding $1,000, even when dealing with registered exchanges. This measure seeks to ensure that all transactions comply with local regulations and safeguard consumer interests.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Broader Regulatory Framework for Crypto and Online Gambling

The new proposal also includes provisions aimed at regulating online gambling. The draft legislation seeks to restrict operators from accepting payments from individuals under the age of 21, reflecting a growing concern over responsible gambling practices.

Kazakhstan has established a regulatory framework that permits crypto exchanges to operate only within its financial center in Astana, where a favorable tax, currency, and visa regime exists. Currently, the country is home to 10 regulated crypto exchanges, including notable platforms such as Binance and Bybit.

Increased Scrutiny of Non-Licensed Exchanges

Kazakhstan’s government has recently intensified its efforts to clamp down on unlicensed crypto operations. In a notable move, authorities froze $1.2 million in cryptocurrency linked to nearly two dozen illegal over-the-counter platforms. This proactive approach underscores the government’s intention to create a secure and transparent environment for cryptocurrency trading.

In a significant regulatory action from December 2023, Kazakhstan imposed a ban on Coinbase, the largest cryptocurrency exchange in the United States, due to alleged violations of local crypto regulations. The Ministry of Information confirmed that access to Coinbase was restricted at the request of the Ministry of Digital Development, citing the exchange’s trading activities as a breach of Kazakhstan’s Law on Digital Assets. This law explicitly prohibits the issuance and circulation of uninsured digital assets and the operation of exchanges dealing in such assets.

A Step Toward Regulatory Clarity

Kazakhstan’s proposed restrictions on bank transfers to foreign crypto exchanges signify a robust effort to regulate the rapidly evolving cryptocurrency landscape. By imposing stringent controls and enhancing due diligence requirements, the government aims to safeguard consumers while fostering a compliant and secure crypto trading environment. As these proposals advance, the broader implications for both local and international crypto players will be closely monitored, setting a precedent for regulatory practices in the region.

Dogecoin (DOGE) Skyrockets 14% as Epic Crypto Rally Gains Momentum

Hana Rios
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0
Dogecoin (DOGE) Skyrockets 14% as Epic Crypto Rally Gains Momentum

Meme Coin Experiences Unprecedented Growth Following Bitcoin’s Surge

In an unexpected twist in the cryptocurrency landscape, Dogecoin (DOGE) has surged by an impressive 14% in just 24 hours, showcasing a rare moment of bullish momentum in an otherwise fluctuating market. According to data from CoinMarketCap, the price climbed from a low of $0.1105 to a high of $0.1282, currently settling at $0.1262. This surge marks a significant recovery for the popular meme coin, capturing the attention of investors and analysts alike.

What’s Driving Dogecoin’s Recent Surge?

The recent rally in the price comes as a surprise, particularly after a bearish start to the trading day. Broader sentiment around meme coins had waned in recent days, with new entrants diverting investor attention.

However, the tide turned in favor of DOGE as it correlated with a substantial recovery in Bitcoin’s price, which recently breached the $68,000 mark for the first time since early June. With Bitcoin now eyeing the elusive $70,000 level, analysts are closely watching how its performance might influence other cryptocurrencies, including Dogecoin.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Aiming for New Resistance Levels

Market analysts suggest that if Bitcoin continues its upward trajectory, Dogecoin is poised to follow suit. The current outlook indicates that it could be on the verge of breaching the $0.13 resistance level, a significant barrier that has persisted over the past month. With renewed interest and momentum, the potential for the cryptocurrency to ascend further is becoming increasingly plausible.

Analysts Predict a Parabolic Rally

Several analysts are forecasting a parabolic rally for Dogecoin, supported by key technical indicators. The TD Sequential indicator, a popular tool among traders, is signaling a bullish buying trend for DOGE. This uptick in the growth momentum has sparked optimism in the market, with many speculating that the long-anticipated bull run could finally be underway.

Factors Supporting Dogecoin’s Growth

The recent price increase is not solely attributed to Bitcoin’s performance; several factors are contributing to Dogecoin’s renewed strength:

  • Whale Activity: Increased trading activity from whales, who hold large amounts of the cryptocurrency, has been noted. Their movements can significantly influence price trends and market sentiment.
  • Active Addresses: An uptick in the number of active addresses indicates growing interest and participation in Dogecoin transactions, which bodes well for future price stability.
  • General Adoption: The overall adoption of cryptocurrencies, including Dogecoin, continues to grow, providing a more robust foundation for price appreciation.

Cautious Optimism: Potential Pullbacks Ahead

Despite the positive momentum, market dynamics are rarely linear. Analysts caution that Dogecoin may encounter pullbacks in the coming days as it navigates this upward trend. However, the current uptick positions the digital currency favorably for its anticipated Uptober rally. If the momentum persists, Dogecoin could surpass its impressive 24% monthly growth.

Dogecoin’s Bright Future?

As Doge enjoys this remarkable surge, the cryptocurrency community watches with bated breath to see if it can maintain its upward trajectory. With Bitcoin leading the charge and positive indicators supporting a bullish outlook, Dogecoin could well be on the brink of a significant rally. Whether it can sustain this momentum and breach key resistance levels remains to be seen, but for now, the crypto enthusiasts have plenty to celebrate as the meme coin basks in the glow of an epic crypto rally.

ESMA Advocates for New Stricter Crypto Regulations: Mandatory Cyber Audits Proposed

Alexis Moore
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0
ESMA Advocates for New Stricter Crypto Regulations: Mandatory Cyber Audits Proposed

EU Regulatory Authority Urges Action Amid Surge in Cyberattacks on Crypto Platforms

In a significant move towards enhancing the security of the cryptocurrency sector, the European Securities and Markets Authority (ESMA) is urging EU lawmakers to impose stricter regulations. The agency has proposed mandatory external cybersecurity audits for crypto companies to safeguard consumer interests amid a marked increase in cyberattacks targeting the industry. This push comes as ESMA seeks to amend the upcoming Markets in Crypto-Assets Regulation (MiCA), which is set to be fully implemented by December 2024.

Urgent Need for Enhanced Cybersecurity Measures

Recent data underscores the pressing need for improved cybersecurity protocols in the crypto space. In the first half of 2024 alone, cybercriminals managed to steal over $1.5 billion from various crypto platforms, marking an alarming 84% increase compared to the same period in 2023. The growing sophistication of these attacks has prompted ESMA to advocate for stringent security measures, which it believes are crucial for protecting investors and restoring confidence in the market.

As ESMA prepares to present its recommendations, the backdrop of high-profile scandals looms large. The infamous collapses of major crypto exchanges like FTX and the recent challenges faced by Binance have left investors wary. In light of these events, ESMA’s proposal for third-party audits aims to ensure that crypto firms can identify and mitigate potential vulnerabilities before they are exploited by malicious actors.

Regulatory Pushback: The European Commission Responds

Despite ESMA’s urgency, the European Commission has expressed reservations about the proposed mandatory audits, suggesting that they may exceed the scope of the MiCA regulations. While ESMA has opted not to comment on the commission’s stance, many industry experts argue that stricter regulatory frameworks are essential to address the escalating threat landscape.

Charles Kerrigan, a partner at CMS law firm, highlighted the critical importance of cybersecurity in the crypto sector, stating, “Security is not something you can take lightly.” His comments resonate with a growing consensus among industry stakeholders that robust security measures must be a priority to safeguard both businesses and consumers.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Recent High-Profile Hacks Amplify Calls for Action

The urgency of ESMA’s recommendations is further underscored by several high-profile hacks that have recently plagued the industry. In September 2024, $45 million was stolen from the Singapore-based exchange BingX, while a staggering $230 million was drained from the Indian exchange WazirX in July. These incidents not only highlight the vulnerabilities in current security frameworks but also illustrate the need for more stringent regulatory measures to protect investors.

Global Context: Building Regulatory Pressure on Crypto

The regulatory landscape for cryptocurrencies is evolving rapidly, with the EU’s MiCA regulations already requiring crypto firms to obtain licenses and adhere to anti-money laundering controls. However, the increasing frequency of sophisticated cyberattacks has led to calls for more proactive measures.

In tandem with ESMA’s push for enhanced cybersecurity oversight, the European Parliamentary Research Service (EPRS) has advocated for tighter regulations not only within the EU but also in non-EU jurisdictions. The EPRS report emphasizes the risks posed by lax cybersecurity measures in countries like the U.S., where crypto regulation is highly fragmented.

The Path Ahead: Will ESMA’s Recommendations be Adopted?

As the MiCA regulations draw closer to full implementation, the fate of ESMA’s recommendations for mandatory cybersecurity audits remains uncertain. The agency’s call for enhanced security standards aligns with ongoing global efforts to regulate the cryptocurrency industry more effectively.

With the escalating threats faced by crypto firms, it is clear that regulatory bodies worldwide are beginning to prioritize consumer protection and cybersecurity. As industry stakeholders await the European Commission’s final decision, the push for stronger regulations reflects a broader recognition that a secure crypto ecosystem is essential for fostering innovation and gaining public trust.

A Pivotal Moment for Crypto Regulation in Europe

ESMA’s proactive stance on enhancing cybersecurity within the cryptocurrency sector marks a pivotal moment in the ongoing efforts to create a safer and more regulated financial environment. As cyberattacks continue to threaten the integrity of crypto platforms, the urgency for comprehensive security measures has never been more critical. Whether or not ESMA’s recommendations will be implemented remains to be seen, but one thing is clear: the future of cryptocurrency regulation in Europe is on the cusp of significant transformation.

Italy to Raise Crypto Capital Gains Tax to 42% Amid Bitcoin’s Surge

Alexis Moore
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0
Italy to Raise Crypto Capital Gains Tax to 42% Amid Bitcoin’s Surge

Government Targets Crypto Gains for Budget Boost, but Bitcoin Remains Resilient

In a decisive move to strengthen its revenue streams, Italy’s government has announced plans to raise the capital gains tax on cryptocurrencies from 26% to 42%. The hike, which targets profits from assets like Bitcoin (BTC), is part of a broader initiative to tighten digital services taxation and bolster the country’s fiscal budget for 2025. However, despite the potential impact on investors, Bitcoin’s price surged past $68,000, continuing its bullish trend in a display of resilience.

Deputy Finance Minister Confirms Tax Hike: Crypto Gains in Focus

On October 16, Italy’s Deputy Finance Minister Maurizio Leo confirmed the government’s decision to hike taxes on crypto gains during a press conference. The move, according to Reuters and Bloomberg, aims to tap into the growing cryptocurrency market, which Leo referred to as a “spreading phenomenon.” He noted that the rising popularity of Bitcoin and other digital assets required an updated tax approach to ensure the state benefited from their growth.

The change is a significant leap from the current 26% capital gains tax, and Italy now sets one of the highest tax rates on cryptocurrency profits in the European Union. The higher rate applies to capital gains exceeding €2,000 in a fiscal year, aligning with the country’s efforts to raise more funds amid growing public expenditures.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Why Italy’s Government Is Targeting Cryptocurrency Profits

The proposed tax increase is part of a larger strategy to balance Italy’s national budget, which faces pressure from rising costs and debt obligations. As digital currencies and their profits become more mainstream, Italy’s government is keen to capture a larger slice of the revenue generated from this sector.

Minister Leo emphasized that cryptocurrency had reached a point where it could no longer be ignored by regulators, especially given its growing role in the financial portfolios of everyday citizens and institutional investors. The tax reform is expected to be integrated into the 2025 budget, which is designed to stabilize Italy’s finances in the face of rising inflation and economic challenges.

Bitcoin’s Price Surge Defies Tax News: A $68,000 Milestone

Despite the seemingly discouraging news for crypto investors, the price of Bitcoin rose to over $68,000, marking a 12% increase over the past week. This is the highest level Bitcoin has reached since late July, and the tax hike announcement had no noticeable impact on its upward trajectory.

Market analysts suggest that Bitcoin’s rise is driven by broader global factors, including increased institutional interest, rising stablecoin liquidity, and an overall uptick in blockchain transactions. This comes during what crypto enthusiasts call “Uptober,” a historically bullish period for Bitcoin in October.

The cryptocurrency market’s reaction to regulatory changes has always been nuanced, with macroeconomic trends often overshadowing individual national policies. For Italy-based investors, however, the tax hike could mean lower net returns on their crypto investments, especially as the new rules would significantly reduce the profitability of selling large amounts of Bitcoin or other digital assets.

What the 42% Crypto Tax Means for Investors

For Italian crypto investors, the jump from 26% to 42% in capital gains tax represents a sharp increase in the cost of cashing out profits. The tax will apply to the sale or exchange of cryptocurrencies for fiat currency, as well as the purchase of goods and services using digital assets if the gains exceed the tax-exempt threshold.

While some countries, such as Portugal and Germany, offer more favorable tax environments for cryptocurrency holders, Italy’s move underscores the growing global trend of governments seeking to regulate and tax digital assets. Investors will need to consider the implications of this higher tax rate when planning their exit strategies or reinvesting their crypto gains.

Tax Expert Insights: Financial experts are advising crypto holders to review their portfolios in light of the upcoming changes. Giuseppe Rossi, a tax consultant based in Milan, stated, “Investors need to be aware that this is not just a policy shift—it’s a significant impact on their potential earnings. Those who rely heavily on crypto profits should consider professional advice to optimize their tax exposure.”

Global Impact: Could Italy’s Move Spark Broader EU Tax Policies?

Italy’s decision to raise taxes on cryptocurrency gains could have ripple effects across the European Union. As more EU nations explore ways to regulate and tax digital assets, Italy’s aggressive tax stance may set a precedent for others looking to bolster their budgets. Countries like France, Spain, and Germany are already considering revisions to their crypto tax frameworks, with some analysts predicting a wave of higher taxes across the continent.

Meanwhile, the European Commission continues to work on standardizing crypto regulations under the Markets in Crypto-Assets (MiCA) framework, which could influence future tax policies in the region. Italy’s 42% tax rate puts pressure on EU leaders to discuss unified approaches to crypto taxation as the market grows.

Looking Ahead: How Will the Market React to Stricter Crypto Taxes?

While Bitcoin and other cryptocurrencies appear to have shrugged off Italy’s announcement for now, the long-term effects on the market could depend on how investors and traders respond to the new tax regime. Higher taxes might encourage some to move their assets to more tax-friendly jurisdictions or explore options in decentralized finance (DeFi) and peer-to-peer exchanges, which are harder to regulate and tax.

However, as cryptocurrency continues to gain acceptance and adoption worldwide, governments are likely to tighten regulations and tax policies to ensure they benefit from this emerging asset class. Italian investors may find themselves at the forefront of these changes, navigating a new landscape of higher taxes and increased scrutiny.

A New Era for Crypto Taxes in Italy

As Italy prepares to implement one of the highest crypto tax rates in the EU, investors must adapt to the evolving regulatory environment. While Bitcoin’s recent surge shows that global market trends still outweigh localized tax policies, the new 42% rate is a stark reminder that governments are increasingly viewing cryptocurrency profits as a key source of revenue. For those deeply invested in digital assets, the need for careful financial planning has never been more crucial.

Fake Rabby Wallet Scam Linked to Dubai Crypto CEO: $1.6 Million in Losses Uncovered

Alexis Moore
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0
Fake Rabby Wallet Scam Linked to Dubai Crypto CEO: $1.6 Million in Losses Uncovered

Investigators Connect Fake Rabby Wallet Scam to Dubai’s Crypto CEO Konstantin Pylinskiy

In a disturbing twist of events, victims of a fake Rabby Wallet scam that slipped through Apple’s app review process in February have collectively lost $1.6 million. The fraudulent wallet posed as DeBank’s legitimate Rabby Wallet on the App Store, deceiving crypto holders into transferring their funds into a black hole. What began as isolated reports has now evolved into an investigation revealing a larger network of scams tied to a crypto wallet labeled “Konpyl”—with links leading to a prominent Dubai-based CEO, Konstantin Pylinskiy.

How the Rabby Wallet Scam Slipped Past Apple’s Review

The fake Rabby Wallet was available on the Apple App Store for just four days, but during that time, it siphoned away significant amounts of cryptocurrency from unsuspecting users. Victims, trusting the app’s presence on the reputable store, believed it was safe.

One victim, known as Bthemouth, shared his harrowing experience with Magazine: “I never once thought it would be a scam since I had complete faith in the Apple App Store. About 20 to 30 minutes later, I opened my Rabby wallet and saw my balance had basically gone to zero.” Bthemouth’s drained funds were traced to a Rabby Drainer (RD) wallet, beginning a digital trail that would soon reveal a far-reaching scam operation.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Blockchain Analysis Unveils “Konpyl” as a Key Player

Blockchain sleuths quickly linked the RD wallet to another crypto wallet tagged “Konpyl” on OpenSea, a popular NFT marketplace. While the wallet’s name has since been altered, platforms like Arkham Intelligence verified its previous identity. The rabbit hole deepened when blockchain investigators discovered Konpyl’s involvement in not just this scam, but a broader network of fraudulent activities.

The Dubai Connection: Konstantin Pylinskiy Under Scrutiny

As investigators delved further, they uncovered a series of alarming connections between the Konpyl wallet and Konstantin Pylinskiy, CEO of Moonward Capital, a Dubai-based investment firm. Although no direct accusations have been made, Pylinskiy’s online persona “@konpyl” has been associated with suspicious transactions and the wallet used in the scam.

When Magazine reached out to Pylinskiy for comment via Telegram, he initially responded with “How can I help you?” However, after being questioned about his connection to the Rabby wallet scam and the Konpyl wallet, he abruptly stopped responding. Attempts to contact Moonward Capital for clarification also went unanswered, leaving investigators and victims in the dark.

How Konpyl Conceals Its Tracks: A Master of DeFi Laundering

The Rabby Drainer scammer displayed considerable sophistication in hiding their tracks, using DeFi (Decentralized Finance) services like Uniswap and 1inch to break down large amounts of stolen funds into smaller, harder-to-trace transactions. These funds were frequently transferred through Rhino, a multichain bridge favored by the scammer for laundering assets.

Blockchain analysis revealed a staggering $173,000 funneled through Rhino into the Konpyl wallet. Further scrutiny identified multiple wallets used to consolidate and redistribute funds, adding layers of complexity to an already intricate fraud. These methods of splitting funds and laundering them through various decentralized platforms allowed the scammer to evade detection for extended periods.

A History of Scams: Konpyl’s Seven-Year Trail of Fraud

While the February Rabby Wallet scam is the latest in a string of attacks, investigators believe the person behind Konpylhas been engaged in similar activities for at least seven years. According to a private investigator collaborating with authorities, Konpyl has been linked to 20 different cases, seven of which have been independently verified by Magazine.

“He’s been doing this for years, targeting individuals who invest their life savings,” the investigator said. This history of scams suggests that the Konpyl wallet is not only central to the Rabby wallet incident but may also be tied to a network of ongoing fraudulent schemes.

Phishing, Fake Wallets, and Other Tactics Used by Konpyl

Further blockchain research uncovered a pattern in the way Konpyl executed scams. Besides the fake Rabby wallet, multiple victims were swindled using phishing links shared on social media, and fake KYC (Know Your Customer) credentials were used to open accounts across various exchanges. These sophisticated tactics make it difficult to pinpoint the culprit or recover stolen funds.

Victim Impact and Ongoing Investigations

Despite their efforts, most victims have lost hope of recovering their funds. One of the earliest victims, Bthemouth, expressed frustration: “I’ve done everything I could, but it feels like a dead end.” A group of victims initially banded together, but as time passed, many resigned themselves to the fact that their funds were gone.

However, there may still be hope for justice. Law enforcement agencies, alongside private investigators, are actively pursuing leads. The Konpyl wallet remains at the center of investigations, with digital detectives tracking its activity across exchanges and tracing fund movements in real-time. A U.S. government agency has confirmed to Magazine that they are involved in the investigation, raising the possibility of future legal action against those responsible.

Apple and Google: The Battle Against Fraudulent Apps

The fake Rabby wallet scam has raised significant questions about tech giants’ role in preventing fraud. While Apple has not issued a public response to the scam, experts argue that the platform’s rigorous vetting process failed to detect and stop the malicious app.

In contrast, Google has been more proactive in addressing fraudulent apps. Earlier this year, Google sued a group of crypto scammers who defrauded more than 100,000 people using deceptive apps on the Google Play Store. The lawsuit set a precedent for tech companies taking responsibility for security breaches on their platforms, leaving many victims wondering if Apple will follow suit.

The Future of Investigations: Can Victims Find Justice?

Although many victims of the fake Rabby Wallet scam have moved on, ongoing investigations offer a glimmer of hope for recovery and accountability. With Konpyl at the center of a tangled web of blockchain scams, it remains to be seen whether authorities will catch up to the perpetrators behind the $1.6 million stolen in the Rabby incident.

As crypto scams continue to evolve in sophistication, the need for stronger regulatory oversight and platform accountability grows more urgent. For now, blockchain detectives and investigators remain dedicated to unraveling the fraud that has caused untold financial and emotional damage to its victims.

CoinDesk Acquires CCData and CryptoCompare to Expand Crypto Index Powerhouse

Alexis Moore
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0
CoinDesk Acquires CCData and CryptoCompare to Expand Crypto Index Powerhouse

CoinDesk, a Leading Crypto News Platform, Expands into Data Services with Strategic Acquisitions

In a bold move to solidify its position as a top player in the digital asset space, CoinDesk has acquired CCData, a premier crypto data provider, and its retail subsidiary, CryptoCompare. This acquisition is poised to significantly enhance the company’s ability to offer deep insights and data-driven tools, particularly for its flagship CoinDesk 20 index—a platform that tracks the performance of the top 20 cryptocurrencies. The acquisition reflects CoinDesk’s ambition to make its index the “Dow Jones Industrial Average” of crypto.

A Major Step for CoinDesk’s Data and Index Ambitions

CoinDesk has long been synonymous with news and analysis in the world of cryptocurrency. However, this latest acquisition marks its decisive step into the more technical domain of digital asset data and indices. CCData, based in the UK, is renowned for providing comprehensive and accurate data solutions for the cryptocurrency sector, serving over 300,000 daily active users.

While the financial details of the acquisition were not disclosed, the strategic move is clear: the company aims to expand its digital ecosystem and data services portfolio by integrating CCData’s capabilities. This integration will also elevate the CoinDesk 20 index, offering crypto owners more precise benchmarking tools to measure their portfolios against top assets in the market.

Also read: Telegram Removes Crypto Wallet in France Amid New Legal Issues and Pavel Durov’s Arrest

Integrating Data for a Comprehensive Index Experience

Speaking on the acquisition, CoinDesk CEO Sara Stratoberdha said,

We are thrilled to begin integrating CCData’s high-quality, robust, and trusted data platform and retail suite across CoinDesk’s existing products and services to unlock greater opportunities for our customers.

Stratoberdha’s comments highlight the platform’s vision to offer a full suite of digital asset data products, powered by CCData’s superior technology. The CoinDesk 20 index will see immediate improvements, giving investors access to detailed analytics, thus making crypto performance tracking simpler and more accurate.

CCData and CryptoCompare: A Strategic Fit for Growth

CCData, through its retail-facing arm CryptoCompare, brings a well-established reputation in the digital asset space, offering a range of tools to retail investors and institutions alike. Its platform is known for providing data transparency, accuracy, and wide coverage of various crypto markets.

By acquiring both companies, the platform is not only bolstering its technical infrastructure but also stepping into a competitive space dominated by institutional finance and blockchain analytics. CryptoCompare’s retail data offerings will complement the company’s existing news platform, creating an all-encompassing ecosystem of content, data, and investment tools.

The CoinDesk 20 Index: The “Dow Jones” of Crypto?

The vision for the CoinDesk 20 is to establish it as the definitive benchmark in the cryptocurrency world—akin to what the Dow Jones Index represents in traditional markets. With the influx of new data and technology from CCData, the CoinDesk 20 is set to provide a more comprehensive view of the leading cryptocurrencies, including detailed metrics that go beyond simple price tracking.

This could redefine how both retail investors and institutions assess the crypto market, offering them the tools to accurately benchmark portfolios against the broader digital economy.

What’s Next for CoinDesk?

As a privately held company, CoinDesk is not traded on a public exchange, but its acquisitions point to significant growth ambitions. In a space where accurate, timely data is increasingly vital, it is positioning itself to become the go-to provider for crypto news and insights, coupled with advanced analytics and financial indices.

This acquisition for the cryptocurrency industry signals a shift toward more professional-grade tools being available to a wider audience, especially as digital assets continue gaining mainstream acceptance.

The acquisition of CCData and CryptoCompare clearly shows the platform’s determination to expand beyond news reporting into cutting-edge digital asset analytics. As CoinDesk20 aims to become a gold standard in crypto benchmarking, integrating CCData’s high-quality data solutions marks a pivotal step in that journey. With cryptocurrency markets becoming increasingly intricate, the company is gearing up to offer users unparalleled insight and transparency in tracking the performance of the world’s top digital assets.

Three Protocol Revolutionizes Crypto Payments with No-KYC Debit Cards

Alexis Moore
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0
Three Protocol Revolutionizes Crypto Payments with No-KYC Debit Cards

Three Protocol has made waves in the financial sector with the launch of 3Pay, an innovative financial solution that offers no-KYC virtual debit cards and crypto vouchers. This marks a pivotal moment for decentralized finance (DeFi), introducing a secure, private, and inclusive alternative to traditional payment systems, and opening the door for millions of unbanked individuals to participate in the global economy.

By eliminating the need for intrusive Know Your Customer (KYC) procedures, 3Pay allows users to convert and spend their cryptocurrency seamlessly, without the privacy risks associated with centralized financial institutions. This move could dramatically expand the adoption of crypto by offering a more flexible and inclusive payment infrastructure.

Also read: US Senator Warns of 3 Major Crypto Threats

How 3Pay is Revolutionizing Crypto Finance

3Pay is a decentralized payment system that enables users to access on/off-ramping services, issue payments, and utilize no-KYC virtual debit cards. This system allows cryptocurrency to be spent in everyday transactions just as easily as traditional fiat currency. However, the key feature that sets 3Pay apart is its emphasis on privacy and decentralization.

Traditional financial institutions require users to complete extensive identity verification checks, which can exclude the unbanked and individuals from countries with limited financial infrastructure. 3Pay breaks these barriers by providing access to the global economy without needing formal documentation or financial history, making it particularly valuable to the 1.7 billion unbanked people worldwide.

With 3Pay, we are ushering in a new era of financial inclusivity. By removing the need for KYC, we empower users who have been left behind by traditional financial systems, allowing them to participate in the digital economy with privacy and security.

said Grant Robertson, Founder and CEO of Three Protocol.

Key Features of 3Pay

  • No-KYC Virtual Debit Cards: 3Pay’s virtual debit cards allow users to spend their cryptocurrency anywhere that accepts traditional debit cards—without the need for cumbersome identity verification processes.
  • No-KYC Crypto Vouchers: In addition to virtual debit cards, 3Pay offers crypto vouchers that enable users to securely purchase goods and services using cryptocurrency, with total privacy.
  • On/Off-Ramping: 3Pay ensures seamless conversion between fiat and cryptocurrency, simplifying the process for everyday transactions like bill payments and online purchases.
  • Global Usability: Whether users are making cross-border remittances or buying everyday goods, 3Pay guarantees secure, fast, and private payments across the globe, without the need for intermediaries.

Redefining Financial Inclusion and Privacy

In an era where privacy concerns over financial data are on the rise, Three Protocol’s no-KYC approach stands out as a safeguard for users’ personal information. With 3Pay, individuals can retain control over their data, avoiding the requirement to submit sensitive information to centralized authorities. This privacy-focused model offers a much-needed alternative for those wary of sharing personal details with traditional financial institutions.

The no-KYC framework is designed to dismantle the barriers that have long excluded people from the financial system, particularly in regions with limited access to government-issued identification or robust financial infrastructure. By removing the gatekeepers, 3Pay opens the doors to anyone seeking to engage in the cryptocurrency economy.

We are building the financial infrastructure of the future With 3Pay, the line between digital and physical payments dissolves, and financial inclusion becomes a reality for people everywhere.

said Brendan Young, CSO at Three Protocol.

The Role of $THREE in the 3Pay Ecosystem

At the core of Three Protocol’s ecosystem is its native token, $THREE. This token not only facilitates transactions within the 3Pay network but also rewards users who stake their tokens, participate in governance decisions, or engage in Three Protocol’s decentralized marketplaces.

Additionally, the transactional fees collected from 3Pay services contribute to token buybacks and burns, introducing a deflationary mechanism that supports the value of $THREE. As the demand for 3Pay grows, so does the utility of $THREE, driving engagement among users, merchants, and investors alike.

Paving the Way for the Future of Digital Payments

As the global economy continues to evolve towards digital payments, Three Protocol is positioning itself at the forefront of the DeFi revolution. With 3Pay already offering no-KYC virtual debit cards and vouchers, this is only the beginning of Three Protocol’s ambitious plans to reshape how people interact with their finances.

Looking ahead, Three Protocol plans to roll out additional innovations, such as physical no-KYC debit cards and further enhancements to its payment infrastructure. These developments are set to further integrate cryptocurrency into everyday financial transactions, enabling greater financial inclusion and privacy for users around the world.

With 3Pay, the future of finance is decentralized, private, and accessible to everyone.

About Three Protocol

Three Protocol is a blockchain-based eCommerce platform dedicated to making cryptocurrency the preferred form of payment worldwide. Through innovations like ZKi3s, which enable on-chain reputations without KYC, and Tri-Proof Smart Contracts, which protect against fraudulent activity, Three Protocol is redefining the future of digital payments.

For more information, visit Three Protocol’s website or follow them on X at @ThreeProtocol.

Trump-Backed WLFI Token Sale Falters Amid Website Crashes, Sells Just 1.7% of Target

Alexis Moore
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0
Trump-Backed WLFI Token Sale Falters Amid Website Crashes, Sells Just 1.7% of Target

Trump-Backed WLFI Token Sale Stumbles with Website Outages, Raises Only 1.7% of Goal

The Trump-backed World Liberty Financial (WLFI) token sale kicked off on October 15, 2024, with a rocky start, as its official website experienced multiple crashes, hindering the sale. By 15:41 UTC, only 344 million tokens—just 1.7% of the 20 billion tokens allocated—had been sold to around 3,000 unique wallets.

High Demand Causes Technical Setbacks

WLFI tokens, which are designed to govern the World Liberty Financial platform for decentralized finance (DeFi) activities such as lending, borrowing, and liquidity pooling, were in high demand, but the website’s infrastructure couldn’t handle the traffic.

Sandy Peng, advisor to WLFI and co-founder of Scroll blockchain network, explained that the site faced an unexpected surge of interest, receiving 72 million unique visits within the first hour. The intense load caused the platform to crash multiple times, forcing the team to switch to a new hosting service.

“The team wasn’t expecting this level of interest,” Peng commented, “but we’ve worked around the clock to get the site back online.”

Token Sales Slowly Pick Up

Despite the technical difficulties, sales eventually showed some improvement. When the website was functional again for about an hour around 17:30 UTC, token sales began to ramp up. By 18:10 UTC, an Ethereum blockchain wallet connected to the WLFI token sale had accumulated nearly $5.7 million in ether (ETH), $1.6 million in tether (USDT), and around $300,000 in USD Coin (USDC).

However, the initial goal of raising $300 million from the sale of 20 billion tokens remains a distant target. Priced at $0.015 per token, the public sale is far from reaching its fundraising ambitions.

Also read: Donald Trump’s Crypto Project, World Liberty Financial, to Begin Token Sale Tuesday

Trump Family’s Role in the Project

World Liberty Financial’s deep ties with the Trump family have been central to its promotion. Former U.S. President Donald Trump is listed as the “chief crypto advocate” of the project, while his sons Eric and Donald Jr. serve as “Web3 ambassadors,” and his youngest son Barron has been named the “DeFi visionary.” The family’s involvement has drawn significant attention to the project, particularly among Trump supporters.

Regulatory Constraints and Accredited Investors

To avoid complications with U.S. securities regulations, the WLFI token sale is restricted to non-U.S. persons and accredited U.S. investors. Over 100,000 accredited investors were pre-whitelisted ahead of the launch. In the U.S., accredited investors must meet specific financial criteria, including earning at least $200,000 annually or having a net worth of over $1 million.

What’s Next for World Liberty Financial?

The WLFI token plays a crucial role in World Liberty Financial’s governance structure, allowing holders to vote on various platform decisions, such as protocol upgrades, promotional partnerships, and security risks. However, tokens purchased in this sale are currently non-transferable, meaning holders won’t be able to trade or sell them immediately.

While the project has garnered significant attention due to the Trump family’s involvement and promises of reshaping the DeFi space, it remains to be seen if the sale will recover from its challenging start and meet its ambitious fundraising goals.

The World Liberty Financial token sale has begun on shaky ground, plagued by technical glitches and slow sales. Despite these early challenges, there’s still a strong chance for the project to rally, especially with the Trump family’s promotional push and the rising interest in DeFi governance tokens. Time will tell if World Liberty Financial can fulfill its promise as a key player in the crypto space.

Kamala Harris Unveils Crypto Regulatory Framework in Bid for Black Male Voters Amid Election Push

Alexis Moore
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Kamala Harris Unveils Crypto Regulatory Framework in Bid for Black Male Voters Amid Election Push

Kamala Harris Unveils Crypto Regulatory Framework Targeting Black Male Voters

As the 2024 presidential election looms, Vice President Kamala Harris has introduced a new plan to establish a cryptocurrency regulatory framework. Part of her “Opportunity Agenda for Black Men,” the proposal highlights the growing role of digital assets in the Black community, particularly among men, with the aim of protecting crypto investors.

Crypto Ownership Among Black Americans

Her campaign acknowledges the significance of cryptocurrency within the Black community, revealing that over 20% of Black Americans currently own or have owned digital assets. The plan’s objective is to ensure that crypto investors—particularly Black men—are safeguarded by a regulatory framework, addressing concerns over market volatility and security.

“Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services,” her team noted in the plan. This marks a strategic appeal to Black male voters, as Harris seeks to strengthen her economic agenda through innovative solutions like digital currencies.

Also read: Ripple Co-Founder Donates $1M in XRP to Kamala Harris Amid SEC Legal Battle

Regulatory Framework and Economic Vision

This move aligns with Harris’ broader economic vision outlined in an 80-page policy document last month. The plan supports cutting-edge technologies, such as artificial intelligence and blockchain, while prioritizing consumer protection. With the election fast approaching, Harris’ focus on crypto regulation could be a key differentiator between her and GOP opponent Donald Trump.

Mixed Reactions to Harris’ Proposal

kamala harris

While the VP’s outreach toward Black men is a notable shift, not everyone in the crypto space is convinced by the plan’s narrow focus. Cleve Mesidor, founder of the National Policy Network of Women of Color in Blockchain, voiced concerns over the framing of Black men as passive consumers rather than active participants in the creation and development of blockchain technology.

Mesidor remarked, “It is perplexing that the Harris-Walz policy team opted not to meet with diverse leaders in crypto, but instead is rolling out a policy that narrowly frames crypto around Black men only and proposes a regulatory framework limiting Black men to consumers instead of producers.”

Election Implications for Cryptocurrency Regulation

As Harris and Trump battle it out in the final stages of the 2024 presidential race, the topic of cryptocurrency regulation is becoming increasingly prominent. Trump’s recent promise to end what he describes as an “unlawful and un-American crackdown” on the crypto industry contrasts sharply with Harris’ more cautious, regulation-centric approach.

She has also garnered notable support from the crypto community, including a $1 million XRP donation from Ripple co-founder Chris Larsen. This backing could play a role in shaping the narrative around her crypto policy as election day nears.

Harris’ crypto regulatory framework may appeal to some segments of the Black community, but questions remain over its narrow focus. With both candidates vying for support in the digital asset sector, the outcome of the election could have significant ramifications for the future of cryptocurrency in the U.S.

Deutsche Bank Partners with Keyrock for FX Services in Crypto Market Expansion

Alexis Moore
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0
Deutsche Bank Partners with Keyrock for FX Services in Crypto Market Expansion

Deutsche Bank Partners with Keyrock to Offer FX Services for Crypto Market Maker

In a strategic move to strengthen its foothold in the cryptocurrency industry, Deutsche Bank has partnered with Keyrock, a prominent market maker in the digital asset space. The collaboration aims to enhance Keyrock’s foreign exchange (FX) services while optimizing its market-making and over-the-counter (OTC) trading operations.

On October 14, 2024, Deutsche Bank announced its partnership with Keyrock, a crypto-native market maker founded in 2017, which offers liquidity solutions for digital asset markets. Through this alliance, Deutsche Bank will provide Keyrock with multi-currency accounts and comprehensive FX services, enabling the company to expand its market presence while consolidating services to minimize counterparty and settlement risks.

A Partnership to Expand Crypto Trading Efficiency

Keyrock currently provides market-making and OTC trading across over 100 currency pairs in around 400 markets globally. By partnering with Deutsche Bank, one of the most respected financial institutions, Keyrock aims to enhance the efficiency of its operations. The bank’s advanced infrastructure and support for over 10 different currencies will improve Keyrock’s ability to handle fiat transactions and facilitate near-instant settlements, which are crucial for the rapidly evolving digital asset markets.

Kevin de Patoul, CEO of Keyrock, expressed enthusiasm about the partnership, saying:

Working with Deutsche Bank allows us to collaborate with one of the most respected institutions in global finance. Together, we are well-positioned to provide greater value and efficiency in global digital asset markets.

With Deutsche Bank’s involvement, Keyrock is poised to strengthen its presence in key regions such as EMEA (Europe, Middle East, and Africa), APAC (Asia-Pacific), and LATAM (Latin America), broadening its reach and capabilities in global digital markets.

Also read: Ripple Co-Founder Donates $1M in XRP to Kamala Harris Amid SEC Legal Battle

Keyrock’s Growth and Deutsche Bank’s Strategic Move into Digital Assets

Keyrock’s partnership with Deutsche Bank comes on the heels of a successful Series B funding round in 2022, where the company raised $72 million, led by Ripple. This funding allowed Keyrock to expand its services, including receiving regulatory approval from the Swiss Financial Services Standards Association, to offer fiat on/off-ramp services through its OTC trading desk.

Deutsche Bank’s collaboration with Keyrock is part of the institution’s broader involvement in the cryptocurrency and digital asset sectors. Over the past few years, Deutsche Bank has actively engaged in blockchain pilots for asset tokenization and inter-bank settlements, collaborated with digital asset infrastructure provider Taurus, and provided banking services to crypto exchange Bitpanda.

Deutsche Bank’s Crypto Expansion: From Custody to Market Making

Deutsche Bank’s increasing involvement in the crypto industry extends beyond partnerships with market makers like Keyrock. The bank has made significant strides in developing its digital asset infrastructure, including applying for regulatory approval to operate as a cryptocurrency custodian in Germany.

This move aligns with the institution’s ongoing efforts to offer seamless, institutional-grade digital asset custody services. The bank’s digital asset custody prototype, initially announced in 2020, was designed to cater to the needs of institutional clients and to establish a stronger connection between traditional finance and the emerging cryptocurrency ecosystem.

Germany’s largest banking institution has also been supporting its investment arm, DWS Group, in exploring opportunities in the crypto sector. DWS Group has invested in Deutsche Digital Assets, a provider of crypto exchange-traded products, and Tradias, another prominent market maker in the digital assets industry.

Deutsche Bank’s involvement with Keyrock marks another significant step toward integrating traditional banking with the growing cryptocurrency market, offering enhanced liquidity solutions and FX services. As the partnership unfolds, it highlights the evolving relationship between established financial institutions and the expanding world of digital assets.

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