Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
Report: BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
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Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks: Report
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
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Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
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Central Bank of Armenia Urged to Regulate Cryptocurrencies
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
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⏳1 DAY COUNTDOWN TO THE OPENING OF PYRAMID WALK IDO SALE ON BHO PAD ⏳
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KunciCoin will join the voting war process on Bybit ByVotes to get listed on Bybit.
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Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.
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Reward from CEO
1st = 1000 USDT
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Reward Will be distribute after announcement
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Join Kunciglobal group
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Kunciglobal twitter
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Bitcoin, Ethereum Technical Analysis: BTC Surges Above $30,000 to Start the Week
Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%.
The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level.
Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session.
This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry.
Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600.
Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point.
As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses.
ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off.
Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains.
As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior.
The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing.
Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950.
Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000.
Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%.
The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level.
Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session.
This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry.
Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600.
Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point.
As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses.
ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off.
Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains.
As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior.
The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing.
Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950.
Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000.
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Brazilian Judge Dismisses Bitcoin Scam Mastermind’s Attempt to Block His Extradition to South Africa
A Brazilian judge has ruled that the CEO of Mirror Trading International should remain in precautionary detention as authorities in South Africa have already furnished their Brazilian counterparts with the documentation that is required for extradition purposes. The judge also rejected Johann Steynberg’s attempts to use his Brazilian family as the basis for seeking an end to his precautionary detention.
A Brazilian judge recently dismissed an application by Johann Steynberg — the mastermind behind Mirror Trading International (MTI), one of South Africa’s biggest cryptocurrency scams — to have his precautionary detention revoked. In his application, the MTI chief executive had reportedly argued that since no formal extradition request had been made the court should at least place him under house arrest.
Steynberg also argued that when he left South Africa in December 2020, there was no outstanding warrant for his arrest and that the case itself failed to meet certain requirements which would make extradition possible. Also, as stated in the document released by the Brazilian judiciary, Steynberg had raised the point that he had since started a family in Brazil, hence placing him under house arrest would suffice.
However, in his ruling, Brazilian supreme court judge Andre Mendonça rejected arguments brought forward by Steynberg. The judge revealed that South African authorities had in fact “presented documentation aimed at formalizing the extradition request on April 14, 2022.”
In addition, the judge noted that a warrant for Steynberg’s arrest was also “issued on 03/01/2022 by the Justice of South Africa, as evidenced by Interpol’s Red Diffusion documents.” A document reportedly sent by the South African Public Ministry suggested that the MTI CEO was being probed for his role in the bitcoin scam when he left the country.
As previously reported by Bitcoin News, before disappearing in late 2020, Steynberg had handed control of MTI funds to his wife Nerina. Yet by the time he was arrested by Brazilian law enforcement in December 2021, the former MTI mastermind was reportedly in a relationship with a Brazilian woman.
Addressing Steynberg’s attempt to use his intimate relationship with the unnamed woman as justification for blocking his extradition, Mendonça said:
The fact that the person being extradited has taken up residence in Brazil and constituted a family does not, in itself, prevent the precautionary arrest and the future extradition. As well noted by the Attorney General’s Office, the ‘rule in extraditions is the precautionary arrest, due to the respect reciprocal between jurisdictions.’ The person being extradited, it must be repeated, is with the imprisonment in your country of origin.
The judge added that the fact that Steynberg had fake identity documents at the time of his arrest means he likely has an “intention to evade possible criminal liability.” The judge’s ruling also hints that Steynberg might still violate the conditions of a house arrest should the court accede to his request for one.
A Brazilian judge has ruled that the CEO of Mirror Trading International should remain in precautionary detention as authorities in South Africa have already furnished their Brazilian counterparts with the documentation that is required for extradition purposes. The judge also rejected Johann Steynberg’s attempts to use his Brazilian family as the basis for seeking an end to his precautionary detention.
A Brazilian judge recently dismissed an application by Johann Steynberg — the mastermind behind Mirror Trading International (MTI), one of South Africa’s biggest cryptocurrency scams — to have his precautionary detention revoked. In his application, the MTI chief executive had reportedly argued that since no formal extradition request had been made the court should at least place him under house arrest.
Steynberg also argued that when he left South Africa in December 2020, there was no outstanding warrant for his arrest and that the case itself failed to meet certain requirements which would make extradition possible. Also, as stated in the document released by the Brazilian judiciary, Steynberg had raised the point that he had since started a family in Brazil, hence placing him under house arrest would suffice.
However, in his ruling, Brazilian supreme court judge Andre Mendonça rejected arguments brought forward by Steynberg. The judge revealed that South African authorities had in fact “presented documentation aimed at formalizing the extradition request on April 14, 2022.”
In addition, the judge noted that a warrant for Steynberg’s arrest was also “issued on 03/01/2022 by the Justice of South Africa, as evidenced by Interpol’s Red Diffusion documents.” A document reportedly sent by the South African Public Ministry suggested that the MTI CEO was being probed for his role in the bitcoin scam when he left the country.
As previously reported by Bitcoin News, before disappearing in late 2020, Steynberg had handed control of MTI funds to his wife Nerina. Yet by the time he was arrested by Brazilian law enforcement in December 2021, the former MTI mastermind was reportedly in a relationship with a Brazilian woman.
Addressing Steynberg’s attempt to use his intimate relationship with the unnamed woman as justification for blocking his extradition, Mendonça said:
The fact that the person being extradited has taken up residence in Brazil and constituted a family does not, in itself, prevent the precautionary arrest and the future extradition. As well noted by the Attorney General’s Office, the ‘rule in extraditions is the precautionary arrest, due to the respect reciprocal between jurisdictions.’ The person being extradited, it must be repeated, is with the imprisonment in your country of origin.
The judge added that the fact that Steynberg had fake identity documents at the time of his arrest means he likely has an “intention to evade possible criminal liability.” The judge’s ruling also hints that Steynberg might still violate the conditions of a house arrest should the court accede to his request for one.
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