On October 25th, Taiwanese lawmakers unveiled the Virtual Asset Management Bill in the country’s unicameral parliament, the Legislative Yuan.
This legislation is designed to enhance customer protection and establish proper oversight within the virtual asset industry.
Spanning 30 pages, the bill puts forth a set of reasonable requirements for virtual asset service providers (VASPs).
These include the segregation of customer funds from the company’s reserve funds, the implementation of an internal control and audit system, and membership in the local trade association.
Notably, the bill currently does not mandate stablecoin issuers to maintain a 1:1 ratio of reserve funds, and it does not address algorithmic stablecoins.
The specific rules governing advertising and marketing activities will be determined by the “competent authority.”
For VASPs operating without a license, the bill proposes fines ranging from a minimum of 2 million Taiwanese dollars (approximately $60,000) to a maximum of 20 million TWD ($600,000).
READ MORE: SEC Chair’s $5 Billion Enforcement Actions Make Waves at 2023 Securities Forum
Existing companies in the Taiwanese market will have a grace period of six months from the bill’s enactment to secure the necessary licenses.
In September 2023, Taiwan’s Financial Supervisory Commission (FSC) also issued industry guidelines tailored to VASPs.
Foreign virtual asset service providers are prohibited from offering their services in Taiwan without obtaining regulatory approvals from the FSC.
These regulatory measures have emerged as prominent cryptocurrency exchanges in Taiwan have taken proactive steps toward self-regulation.
On September 26th, several local exchanges, including MaiCoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, united to establish the Taiwan Virtual Asset Platform and Transaction Business Association.
Their primary objectives are to support the cryptocurrency industry and collaborate closely with regulators to ensure responsible growth.
United Nations Secretary-General António Guterres made a significant announcement on October 26, revealing the creation of a 39-member advisory committee dedicated to addressing global issues surrounding the regulation of artificial intelligence (AI).
The committee’s composition is remarkably diverse, encompassing a wide array of experts from various sectors.
It includes leaders from the tech industry, government officials representing countries like Spain and Saudi Arabia, and scholars hailing from nations such as the United States, Russia, and Japan. Some notable figures among them are Hiroaki Kitano, Sony’s Chief Technology Officer; Mira Murati, the Chief Technology Officer of OpenAI; and Natasha Crampton, Microsoft’s Chief Responsible AI Officer.
Moreover, the committee members come from six different continents, representing a rich tapestry of backgrounds and perspectives, ranging from AI expert Vilas Dhar in the United States to Professor Yi Zeng from China and Egyptian lawyer Mohamed Farahat.
In his official statement, Secretary-General Guterres acknowledged the profound positive impact of AI, but also highlighted the potential for malicious use that could erode trust in institutions, weaken social cohesion, and even threaten democracy.
READ MORE:Alameda Research and FTX Transfer Over $10 Million to Exchange Accounts
This recognition of AI’s dual nature underscores the urgency of addressing its governance on a global scale.
The surge in interest and concern surrounding AI’s societal implications, especially following the introduction of technologies like ChatGPT by OpenAI, has prompted researchers and policymakers worldwide to advocate for enhanced international cooperation.
Many governments are actively working on legislation to regulate AI, further emphasizing the need for global collaboration in this realm.
The United Nations is taking proactive steps in this direction. It plans to release preliminary recommendations by the end of the year, with comprehensive guidelines scheduled for the summer of 2024.
Immediate priorities include fostering a global scientific consensus on potential AI-related risks and challenges while bolstering international cooperation in AI governance.
The inaugural meeting of the advisory committee is scheduled for October 27, signifying the organization’s commitment to addressing the complex issues surrounding AI regulation on a global scale.
Binance co-founder and CEO, Changpeng “CZ” Zhao, has experienced a significant reduction in his net worth, amounting to a staggering $11.9 billion, largely attributed to declining trading volumes on the Binance exchange.
On October 26, the Bloomberg Billionaires Index revised down Binance’s revenue estimates by 38% due to a slump in exchange volumes, causing Zhao’s ranking on the list of the world’s wealthiest individuals to plummet to the 95th position.
Zhao’s current net worth stands at $17.3 billion, marking an astonishing 82% decline from its peak of $96.9 billion in January 2022, when he held the 11th position on the global rich list.
The decline in Zhao’s wealth correlates with the downturn in the cryptocurrency market, where Binance played a significant role.
Bloomberg’s index calculated Binance’s revenues by analyzing data from crypto data aggregators CoinGecko and Coinpaprika, focusing on spot and derivatives trading.
Notably, Binance’s spot trading market share experienced a continuous decline for seven consecutive months, plummeting to 34.3% as of September, compared to over 55% in January.
This decline in trading volumes was also observed at Binance.US, the United States-based arm of the exchange.
READ MORE: $1M Crypto Drop: Celebrate BetFury’s 4th Anniversary
Zhao’s financial setbacks have been further exacerbated by legal challenges.
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) both filed lawsuits against Zhao, Binance, and Binance.US.
The SEC accused the exchanges of operating illegally, selling unregistered securities, and mishandling customer assets, designating Zhao as the “controlling person.”
Meanwhile, the CFTC alleged that Binance failed to properly register with the regulator. In response, Zhao and Binance have vehemently denied these allegations and are actively seeking to dismiss both lawsuits.
Comparatively, the decline in Zhao’s wealth is reminiscent of his former rival, Sam Bankman-Fried, who faced a massive loss of his $16-billion fortune in November 2022.
This financial crisis was triggered by CZ’s announcement that Binance was selling its FTX Token (FTT) holdings, prompting a rush of withdrawals from FTX.
Although Zhao initially attempted to acquire FTX, he withdrew from the deal within 48 hours.
Bankman-Fried, on the other hand, found himself in the midst of a criminal trial, where he has pleaded not guilty to two counts of fraud and five counts of conspiracy, underscoring the tumultuous nature of the cryptocurrency industry.
Google searches for “buy Bitcoin” have experienced a global surge amidst a significant crypto rally, with the United Kingdom witnessing an astounding 826% increase in searches over the past week, according to research by Cryptogambling.tv.
This remarkable surge in the UK, coupled with the cryptocurrency’s resurgence, reflects the growing interest and potential impact of traditional financial institutions’ engagement in digital assets.
While the UK led the way in this search frenzy, a notable rise in Bitcoin-related queries was observed worldwide.
In the United States, searches for “should I buy Bitcoin now?” spiked by over 250%, and more niche inquiries like “can I buy Bitcoin on Fidelity?” saw an astonishing 3,100% surge in the past week.
A broader perspective reveals that the global search term “Is it a good time to buy Bitcoin?” witnessed a 110% increase.
READ MORE: FTX Pursues Investigation into $6.5 Million Payments to AI Safety Nonprofit CAIS Amid Bankruptcy
Concurrently, searches for “BlackRock Bitcoin ETF” soared by 250%, indicative of widespread enthusiasm for information related to BlackRock’s pending spot Bitcoin exchange-traded fund (ETF).
This sudden surge in interest coincides with a sharp increase in Bitcoin’s price over the past fortnight, briefly exceeding $35,000 on October 24, marking its first climb to such heights since May 2022.
This excitement appears closely tied to the anticipation of a spot Bitcoin ETF’s approval, a development that many experts believe will trigger a fresh wave of institutional buying.
Senior ETF analysts Eric Balchunas and James Seyffart have expressed confidence in a 90% probability of approval by January 10, 2024.
Notably, at the time of this report’s publication, Bitcoin has gained over 27% in value over the past two weeks, as per TradingView price data.
In conclusion, Google searches for “buy Bitcoin” have surged dramatically, highlighting the global interest in cryptocurrency, especially in the United Kingdom.
This fervor is intertwined with the recent uptick in Bitcoin’s price and the anticipation of a spot Bitcoin ETF’s approval, indicating a shifting landscape in the world of digital assets and traditional financial institutions’ increasing involvement.
London, United Kingdom, October 27th, 2023, Chainwire
Roobet, the pioneering entertainment company and next-generation crypto brand, is thrilled to announce its official launch in the Japanese market.
This exciting expansion coincides with the highly anticipated season opening of the Nippon Professional Baseball League (NPB) on October 28. As the season kicks off, Roobet is ready to bring a fresh wave of innovation and excitement to Japanese sports and esports enthusiasts.
To celebrate, Roobet is hosting a $1,000,000 Pick’em contest on Roobet Picks, the company’s free-to-play platform. Baseball and esports fans can participate to test their sports knowledge, make predictions, and compete for life-changing prizes – at no cost, other than perhaps a bruised ego.
The Roobet brand has a proven commitment to fostering crypto and web3 innovations, curating a strong sense of community empowered by competitive connections, and leveraging cutting-edge technologies to make experiences seamless and fun. Roobet.fun, as a pillar brand, exemplifies this mission by providing a player-centric, free-to-play experience on an immersive and secure platform.
A Roobet spokesperson stated: “We couldn’t be more excited to bring Roobet to Japan! Japan has a rich gaming and esports culture, and we’re here to pioneer completely new ways for Japanese fans to engage with their favorite sports and esports. Our $1,000,000 Pick’em contest is just the beginning of what we have in store for our friends all across the world – get ready!”
The million-dollar Pick’em contest is set to become a highlight in the Japanese gaming calendar, but Roobet Picks has more to offer – with a wide array of predictor quizzes covering various competitive sports globally, including the Nippon Professional Baseball League (NPB), the US’ National Football League (NFL), Ultimate Fighting Championship (UFC), boxing, the English Premier League (EPL), and esports such as the Roobet Cup and a Daily Game, with more leagues and competitions to be added soon.
With Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto gaming space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming.
ABOUT ROOBET
Roobet is creating a space for every type of gamer. What started as a haven for crypto enthusiasts has hit the mainstream: with over 300M views on TikTok, the drumbeat from Gen Z and Millennials is building – Roobet is a brand “for the internet, by the internet.”
Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto casino space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming.
*Roobet.fun is available in Japan and worldwide except the United Kingdom, Australia, North Korea, Ukraine, Romania, Serbia, India, Philippines, Malta, and Iran, and in all US states and territories except Kentucky, Florida, New York, Washington and Nevada.
Contact
Roobet
[email protected]
London, United Kingdom, October 26th, 2023, Chainwire
XETA Genesis is a DeFi platform that has been delivering monthly returns of up to 20% to investors in a year.
XETA Genesis was launched as XETA Capital in July 2022, under the leadership of Gavin Minty and the X user known as @Shotime2kX. The project has built a community of around 15,000 followers on X and 2,000 members on Discord since its inception.
The consistent performance of XETA Genesis can be attributed to high-frequency trading algorithms. The project applies it across a diverse spectrum of financial markets – forex, gold futures, gold ETFs, and other precious metals.
Using DeFi, XETA Genesis makes the fertile opportunities in TradFi accessible to the masses. It enables them to leverage the technical expertise and resources of the project for affordable investments.
According to the team, the company has generated over $44 million for investors using its nuanced technical expertise. The average monthly return rate is much higher than the industry standard at 20%. There is a wide range of investment options, beginning with an accessible entry point of $250 to $250,000+.
Users can withdraw their returns on the platform every 28 days (XETA cycle). The XETA Genesis dashboard allows real-time monitoring of investments and returns.
Genesis Accounts vs. Genesis Pools
Users can join the ecosystem via Genesis accounts or Genesis pools on Avalanche or Ethereum. Since conventional cryptocurrencies are susceptible to market volatility, XETA Genesis uses the stablecoin USDC as the mode of deposits and withdrawals.
XETA Genesis Accounts
Genesis accounts are designed for small-scale investors. It offers various membership tiers with costs ranging from $250, $500, and $1,000 in USDC.
The potential returns from XETA Genesis account holders can range up to 20% within each 28-day cycle. Investors can make withdrawals at the conclusion of each XETA cycle. All XETA Genesis accounts will expire after a one-year duration.
If investors would like to continue earning returns, they must renew their membership by making a new deposit. All Genesis accounts entail a $25 monthly maintenance fee and a 2.5% withdrawal fee. It is important to note that principal amounts from Genesis accounts cannot be withdrawn.
The company announced it will close users account and forfeit their balance if the monthly membership fees go unpaid.
For example, a XETA Genesis Account with a $1,000 USDC deposit has the potential to yield a 100% return on investment within a year (at a 20% monthly ROI), even after accounting for withdrawal and maintenance fees.
XETA Genesis Pools
XETA Genesis pools provide an alternative way to earn returns through the platform and are part of the XETA Fund (XF). Better suited for medium to large-scale investors, they offer different tiers of investment.
$10,000 – Offers up to 5% monthly returns.
$50,000 – Provides up to 10% monthly returns.
$100,000 – Yields up to 15% monthly returns.
$250,000 – Promises up to 20% monthly returns.
Genesis pools charge a monthly management fee (2.5% of the principal balance) and withdrawal fees. Users have the flexibility to withdraw their principal with Genesis pools.
If a user deposits $10,000 into a XETA Genesis pool and let their 5% returns compound over a year without any withdrawals for the next 12 months, the balance would be approximately $16,000 at the end of that period.
Wrapping Up
Both Genesis accounts and Genesis pools offer various opportunities this year. The choice between the two ultimately comes down to user’s financial situation and risk tolerance.
If users wish to delve deeper into the project, there’s also the option to schedule a consultation with a member of the XETA team.
About Xeta Genesis
XETA Genesis is a project from XETA Ltd, which is headquartered in Belize. Leaders Gavin Minty and @Shotime2kX frequently show up on YouTube videos and address any doubts and questions the community may have. Additionally, users can engage with Discord coordinators around the clock. XETA Genesis has positive testimonials on its official Discord group.
As one of the most lucrative platforms that make high-frequency trading accessible to retail investors, XETA offers a compelling investment opportunity this year. Integrating USDC stablecoin as its currency, the platform provides a degree of insulation against broader market fluctuations.
Users are welcomed to Visit Xeta Genesis Website
Disclaimer:
Like all investments, XETA Genesis comes with risks. So it is important to not allocate more funds than you can afford to lose.
Contact
Xeta Genesis
[email protected]
Nym Technologies, a leading blockchain privacy firm, is taking a bold step forward in bolstering the security-focused infrastructure of the decentralized internet.
The company recently unveiled the Nym Innovation Fund, a substantial $300 million funding initiative with the primary goal of providing financial backing to projects dedicated to enhancing privacy within the Web3 ecosystem.
This ambitious endeavor has attracted investment from prominent venture capitalists like Polychain, KR1, Huobi Incubator, and Eden Block.
Their collaboration with Nym Technologies underscores the industry’s recognition of the critical importance of privacy in preserving the integrity of a decentralized internet and avoiding the pitfalls associated with the previous Web2 generation.
Harry Halpin, co-founder, and CEO of Nym Technologies, emphasized the central role of privacy in safeguarding the decentralized internet against censorship and other threats.
He expressed his optimism, stating, “This program will ensure the health of the privacy ecosystem but it will also advance the Web3 industry as a whole, providing mentorship and funding during this difficult macroeconomic climate.”
Halpin further revealed that prospective projects seeking funding would be considered both by Nym’s fund and its venture capital partners.
The selection process will involve Nym reviewing the applications and then presenting suitable candidates to the investors, who will decide the amount of funding to allocate.
READ MORE: Ripple’s Legal Victory: Slim Odds for SEC’s Appeal in Ongoing Lawsuit
The Nym Innovation Fund is slated to kick off in November 2023, with an initial focus on projects related to Web3 wallets and applications designed to store private keys and manage access to decentralized applications (DApps).
Additionally, the fund aims to support remote procedure call (RPC) protocols capable of interacting with blockchain networks and facilitating transactions for DApps.
Furthermore, it will provide backing to public good services, including essential resources, tools, infrastructure, and open-source projects.
Complementing the Innovation Fund is the launch of the Nym Grants program.
This initiative will extend additional funding opportunities to developers, offering mentorship, marketing support, community engagement, and operational guidance.
Lior Messika, managing partner at Eden Block, emphasized their commitment to supporting builders and entrepreneurs within the Nym ecosystem.
He highlighted the significance of Nym’s core technology in enabling various applications and privacy use cases, reaffirming Eden Block’s dedication to supporting the fund’s mission.
The Nym Innovation Fund and Nym Grants program share a common mission: prioritizing projects and services that enhance user privacy, promote open-source collaboration, and engage the community in shaping the future of a more secure and private Web3 ecosystem.
Other Stories:
Cryptocurrency Lawyer John Deaton Questions Lightning Network’s Security Amidst Growing Concerns
Uniswap Founder Burns 99% of HAY Token Supply, Shaking Crypto Markets
Fight Me: Triumphia Origins NFTs mint out in under 2 minutes ahead of the Fight Me game launch
The market for FTX creditor claims is experiencing a surge in activity, with some claims now fetching prices exceeding 50 cents on the dollar.
Thomas Braziel, a partner at 117 Partners, a firm specializing in crypto bankruptcy claims, revealed this development.
He disclosed that a recent claim worth over $20 million was sold for between 52 and 53 cents at an auction held on October 20th.
However, Braziel pointed out that only the highest-quality claims command such prices.
Smaller claims in the range of $500,000 to $800,000 and above have also seen an uptick in value, trading between 30 and 40 cents.
Again, Braziel emphasized that these prices are reserved for the most pristine claims with the right buyer.
The increase in the value of creditor claims appears to be tied to recent clawback efforts by the bankrupt crypto exchange and capital-raising activities of a company in which it had invested.
In April 2022, Anthropic secured $580 million in a Series B funding round led by Sam Bankman-Fried, the former CEO of the now-defunct FTX.
Subsequently, Amazon announced a $4 billion investment in Anthropic on September 25th, potentially valuing the company at $30 billion.
This development could have a positive impact on FTX creditors, potentially making them whole.
READ MORE:Bitcoin Rockets to $30,000 Amidst Strong Market Sentiment
Despite the growing enthusiasm for FTX claims, Braziel cautioned that certain concerns, particularly related to KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, still needed to be addressed.
However, the overall trend of increasing claim valuations bodes well for creditors.
Braziel highlighted the significance of a settlement and plan support announced by the ad hoc committee of non-U.S. FTX customers on October 18th.
A key component of this amended support plan is the “shortfall claim,” which estimates that customers of FTX.com and FTX US would collectively receive 90% of distributable assets, with an estimated value of approximately $8.9 billion for FTX.com and $166 million for FTX US.
This development is particularly beneficial for trading firms seeking to sell their claims.
Since filing for Chapter 11 bankruptcy protection on November 11, 2022, the FTX Debtors’ estate, led by new CEO John Ray III, has undertaken various measures to recover lost assets.
These measures include selling FTX holdings and initiating significant clawbacks from other crypto firms and former-FTX seigniorage.
The market for FTX creditor claims is evolving rapidly, offering both challenges and opportunities for stakeholders in the crypto landscape.
Other Stories:
Ripple Scores Legal Victory, But LBRY’s Closure Raises Questions About SEC’s Approach
Former FTX CEO Sam Bankman-Fried Faces Legal Scrutiny Over Alleged $8 Billion Financial Discrepancy
Binance Expands Euro Services with New Fiat Partners Post-PaySafe Departure
A recent report by blockchain research firm Chainalysis suggests that the United States government’s regulatory oversight over the stablecoin market may be slipping away.
In their latest North America cryptocurrency report released on October 23, Chainalysis highlights a growing trend of stablecoin activity taking place outside the purview of U.S. regulatory authorities.
According to Chainalysis’ findings, there has been a significant shift in stablecoin inflows away from U.S.-licensed entities towards non-U.S.-licensed ones since the spring of 2023.
Specifically, as of June 2023, approximately 55% of stablecoin inflows into the top 50 cryptocurrency services were directed to non-U.S.-licensed exchanges.
This shift in stablecoin activity raises concerns about the diminishing ability of the U.S. government to effectively regulate the stablecoin market.
Concurrently, it means that U.S. consumers may be missing out on opportunities to engage with regulated stablecoins that offer greater protection and oversight.
Chainalysis notes that while U.S. entities played a pivotal role in legitimizing and nurturing the stablecoin market, an increasing number of cryptocurrency users are now conducting stablecoin-related activities through trading platforms and issuers headquartered abroad.
READ MORE:Cryptocurrency Lawyer John Deaton Questions Lightning Network’s Security Amidst Growing Concerns
This shift comes as U.S. lawmakers grapple with the complexities of regulating stablecoins.
Congress is still considering various bills, such as the Clarity for Payment Stablecoins Act and the Responsible Financial Innovation Act, without clear and finalized regulatory frameworks in place.
Despite the decline in licensed stablecoin activity within the United States, North America has become the largest cryptocurrency market.
Between July 2022 and June 2023, the region attracted an estimated $1.2 trillion in cryptocurrency transactions, representing 24.4% of the global transaction volume during this period.
This surge in North American cryptocurrency activity has surpassed the transaction volumes of Central, Northern, and Western Europe, which collectively received approximately $1 trillion.
In conclusion, the Chainalysis report highlights the shifting landscape of the stablecoin market, with regulatory oversight in the United States facing challenges as activity increasingly moves abroad.
It underscores the need for clear and effective regulations to ensure both consumer protection and the continued growth of the cryptocurrency industry in the United States.
Other Stories:
Ripple’s Legal Victory: Slim Odds for SEC’s Appeal in Ongoing Lawsuit
Fight Me: Triumphia Origins NFTs mint out in under 2 minutes ahead of the Fight Me game launch
Uniswap Founder Burns 99% of HAY Token Supply, Shaking Crypto Markets
Worldcoin, the cryptocurrency project known for its innovative use of eye-scanning technology, is making significant changes to its payment system for Orb Operators.
These operators, responsible for scanning people’s irises in exchange for Worldcoin (WLD) tokens, will no longer be compensated in USD Coin (USDC) starting next month, according to an announcement made on October 22.
This shift will impact most regions where the project operates.
Worldcoin views this transition as a crucial phase in its development, following its official launch on July 24.
A pilot program initiated by the Worldcoin Foundation on October 10 already began granting selected operators payment in WLD tokens, and it aims to complete this transition process by November 2023.
Notably, Worldcoin tokens are currently unavailable to individuals and companies residing in the United States and certain other restricted territories.
Data from Worldcoin’s official Dune Analytics dashboard reveals that the supply of WLD tokens has increased from approximately 100 million at launch to around 134 million at the time of this announcement.
READ MORE: Bitcoin Rockets to $30,000 Amidst Strong Market Sentiment
Out of the 134 million WLD tokens issued, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users through free user grants.
Five market-making entities received the initial 100 million WLD loans, originally set to expire on October 24, 2023.
However, Worldcoin has decided to extend the loan expiration date to December 15, reducing the amount to 75 million WLD.
The announcement states that market makers will either return or purchase the remaining 25 million WLD tokens as part of the agreement.
Worldcoin’s native WLD token experienced a rollercoaster ride in its price since its launch.
After reaching an all-time high of $2.65 on July 27, it witnessed a 63% drop, hitting as low as $0.97 on September 13.
As of now, the token is trading at $1.64, marking a slight recovery in recent weeks, as per TradingView data.
These developments mark a significant evolution in Worldcoin’s strategy as it continues to develop its cryptocurrency ecosystem.
Other Stories:
Ripple Scores Legal Victory, But LBRY’s Closure Raises Questions About SEC’s Approach
Former FTX CEO Sam Bankman-Fried Faces Legal Scrutiny Over Alleged $8 Billion Financial Discrepancy
Binance Expands Euro Services with New Fiat Partners Post-PaySafe Departure