Visa Breaks its Collaboration with FTX
Visa has ended its collaboration with the defunct cryptocurrency exchange FTX, the payments giant said on Sunday.
Read more 👉🏻 https://www.thecryptoupdates.com/visa-breaks-its-collaboration-with-ftx/
Visa has ended its collaboration with the defunct cryptocurrency exchange FTX, the payments giant said on Sunday.
Read more 👉🏻 https://www.thecryptoupdates.com/visa-breaks-its-collaboration-with-ftx/
Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE
One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian Federation as the scam collapsed last summer.
Zygmunt Zygmuntovich, a co-founder and high-ranking representative of arguably the largest Ponzi scheme in Russia since MMM in the 1990s, has been captured in the United Arab Emirates (UAE), the Russian portal “Business Online” reported on Thursday. The arrest has been confirmed by Russia’s Prosecutor General’s Office.
According to the publication, the 24-year-old man, a German national, has been held in a prison in the Gulf state since early September. Russian prosecutors told the news outlet they were informed about his detention by the local Interpol bureau. Russia has already filed an extradition request with the country’s Ministry of Justice which is currently under consideration by the competent authorities in Abu Dhabi.
Zygmuntovich was put on an international wanted list when Russian law enforcement launched a criminal investigation into the fraudulent investment scheme, along with Marat Sabirov and Edward Sabirov, two other associates of Finiko’s founder Kirill Doronin, who has been in jail since July 2021. The three men managed to leave Russia as the financial Pyramid was crumbling.
The whereabouts of the Sabirovs are unknown at this point in time and the exact circumstances in which Zygmuntovich was arrested are also unclear. But knowledgeable sources have told “Business Online” that his two former partners might have tipped off security forces about his location.
Defendants in the criminal case are another 22 people, including Finiko’s top promoters. Among them are two women, Lilia Nurieva and Dina Gabdullina, as well as Finiko’s Vice President and Doronin’s right-hand man, Ilgiz Shakirov, who was arrested in the Russian Republic of Tatarstan where the Ponzi scheme was based. Last November, Finiko’s mastermind offered to testify against 44 of his accomplices.
According to the Russian Ministry of Internal Affairs, the Finiko members and executives have attracted at least 5 billion rubles (over $80 million) to the pyramid but the actual total of the losses is likely much higher. The money came from defrauded investors in Russia and several other countries in the former Soviet space, EU nations Germany, Austria, and Hungary, the U.S., and elsewhere.
Many of the victims were asked to send cryptocurrency to wallet addresses controlled by Finiko, a phantom entity. According to a report by blockchain forensics firm Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021. The coins were transferred in 800,000 deposits by people lured with promises of monthly returns of up to 30%.
One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian Federation as the scam collapsed last summer.
Zygmunt Zygmuntovich, a co-founder and high-ranking representative of arguably the largest Ponzi scheme in Russia since MMM in the 1990s, has been captured in the United Arab Emirates (UAE), the Russian portal “Business Online” reported on Thursday. The arrest has been confirmed by Russia’s Prosecutor General’s Office.
According to the publication, the 24-year-old man, a German national, has been held in a prison in the Gulf state since early September. Russian prosecutors told the news outlet they were informed about his detention by the local Interpol bureau. Russia has already filed an extradition request with the country’s Ministry of Justice which is currently under consideration by the competent authorities in Abu Dhabi.
Zygmuntovich was put on an international wanted list when Russian law enforcement launched a criminal investigation into the fraudulent investment scheme, along with Marat Sabirov and Edward Sabirov, two other associates of Finiko’s founder Kirill Doronin, who has been in jail since July 2021. The three men managed to leave Russia as the financial Pyramid was crumbling.
The whereabouts of the Sabirovs are unknown at this point in time and the exact circumstances in which Zygmuntovich was arrested are also unclear. But knowledgeable sources have told “Business Online” that his two former partners might have tipped off security forces about his location.
Defendants in the criminal case are another 22 people, including Finiko’s top promoters. Among them are two women, Lilia Nurieva and Dina Gabdullina, as well as Finiko’s Vice President and Doronin’s right-hand man, Ilgiz Shakirov, who was arrested in the Russian Republic of Tatarstan where the Ponzi scheme was based. Last November, Finiko’s mastermind offered to testify against 44 of his accomplices.
According to the Russian Ministry of Internal Affairs, the Finiko members and executives have attracted at least 5 billion rubles (over $80 million) to the pyramid but the actual total of the losses is likely much higher. The money came from defrauded investors in Russia and several other countries in the former Soviet space, EU nations Germany, Austria, and Hungary, the U.S., and elsewhere.
Many of the victims were asked to send cryptocurrency to wallet addresses controlled by Finiko, a phantom entity. According to a report by blockchain forensics firm Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021. The coins were transferred in 800,000 deposits by people lured with promises of monthly returns of up to 30%.
Brazilian Cryptocurrency Bill Resurfaces After General Ballot
The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.
The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.
According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:
If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.
Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.
The Brazilian cryptocurrency bill, sidelined several times due to the general election ballot that happened on October 30, might be discussed and voted on during the following week. According to reports, the project identified as 4.401/2021 will be on the agenda for being discussed by the Chamber of Deputies, marked as urgent, and listed to be discussed on Nov. 22.
The Brazilian cryptocurrency bill, a project that seeks to regulate the actions of cryptocurrency exchanges and custody agents, as well as establish clear cryptocurrency mining rules, will be on the agenda of the Chamber of Deputies next week. The bill, which had been sidelined before the general ballot that happened on Oct. 20, is slated to be discussed on Nov. 22.
The bill might be discussed and voted on if the chamber decides that it is of importance, as the document is the fourth item in the list to be discussed in that session. Still, deputies can change the agenda of the day, and postpone the discussion of the bill, as has happened in several opportunities before.
According to local reports, there might be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, others key actors have disregarded this possibility, as president Lula’s takeover might bring important changes to the budget law for 2023, requiring attention from both chambers.
The events surrounding the withdrawal pause and the subsequent bankruptcy of FTX, one of the biggest cryptocurrency exchanges, made several personalities in the cryptocurrency industry in Brazil touch on the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of the biggest exchanges in Brazil, stated:
If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.
Brazil is one of the countries that have been more affected by FTX’s debacle. Per Coingecko’s numbers, Brazil would be the tenth more affected country on the list, with Brazilians already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recoup some of the losses.
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US Seizes Domains Used in ‘Pig Butchering’ Crypto Scam
U.S. authorities have seized seven domains used in “pig butchering” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the Department of Justice warned.
The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of seven domain names used in a recent cryptocurrency confidence crime, known as ‘pig butchering.'”
The DOJ explained that “In pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,” elaborating:
Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency.
“Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are persuaded to invest money,” the DOJ described, adding:
Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this instance.
According to court records, from at least May through August, scammers induced five victims in the U.S. “by using the seven seized domains, which were all spoofed domains of the Singapore International Monetary Exchange.”
Scammers convinced the victims that they were investing in a legitimate crypto opportunity. The DOJ noted that after the victims transferred funds into the deposit addresses provided by the scammers through the seven seized domain names:
The victims’ funds were immediately transferred through numerous private wallets and swapping services in an effort to conceal the source of the funds. In total, the victims lost over $10 million.
Several U.S. authorities have warned that the pig butchering crypto scam has become “alarmingly popular.” In September, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam.
U.S. authorities have seized seven domains used in “pig butchering” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the Department of Justice warned.
The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of seven domain names used in a recent cryptocurrency confidence crime, known as ‘pig butchering.'”
The DOJ explained that “In pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,” elaborating:
Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency.
“Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims are persuaded to invest money,” the DOJ described, adding:
Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim. And that is exactly what happened in this instance.
According to court records, from at least May through August, scammers induced five victims in the U.S. “by using the seven seized domains, which were all spoofed domains of the Singapore International Monetary Exchange.”
Scammers convinced the victims that they were investing in a legitimate crypto opportunity. The DOJ noted that after the victims transferred funds into the deposit addresses provided by the scammers through the seven seized domain names:
The victims’ funds were immediately transferred through numerous private wallets and swapping services in an effort to conceal the source of the funds. In total, the victims lost over $10 million.
Several U.S. authorities have warned that the pig butchering crypto scam has become “alarmingly popular.” In September, the Delaware Department of Justice’s Investor Protection Unit issued a cease and desist order against 23 entities and individuals involved in this type of scam.
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Syntropy is building the first fully-distributed routing protocol for the Internet. Their mission is to increase internet performance so it can be Web3-ready! ⚡️
Their team has created and patented a Distributed Autonomous Routing Protocol (DARP) that connects nodes across the globe and allows routing data around congestions to travel through the fast and the most optimal path.
Recent events in crypto show that every attempt to centralize something people own is designed to fail. These guys are working on a vision where the Web3 community owns the Internet, and their native $NOIA token represents the tradable bandwidth on their OBX marketplace. 🔥
Open Bandwidth Exchange (OBX) is ultimately a blockchain-based bandwidth marketplace that allows suppliers (regular people, businesses, ISPs) to monetize unused bandwidth resources.
Go and check them out!
Join their community to get more info:
http://bit.ly/3u1bkR4
Follow their Twitter if you want to know about the state of the current Internet:
http://bit.ly/3AEkuqj
Their team has created and patented a Distributed Autonomous Routing Protocol (DARP) that connects nodes across the globe and allows routing data around congestions to travel through the fast and the most optimal path.
Recent events in crypto show that every attempt to centralize something people own is designed to fail. These guys are working on a vision where the Web3 community owns the Internet, and their native $NOIA token represents the tradable bandwidth on their OBX marketplace. 🔥
Open Bandwidth Exchange (OBX) is ultimately a blockchain-based bandwidth marketplace that allows suppliers (regular people, businesses, ISPs) to monetize unused bandwidth resources.
Go and check them out!
Join their community to get more info:
http://bit.ly/3u1bkR4
Follow their Twitter if you want to know about the state of the current Internet:
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Bitcoin and Ether Are Not Securities in Belgium, Financial Regulator Clarifies
Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.
In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.
According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.
However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.
The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.
Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.
Cryptocurrencies like bitcoin and ether cannot be classified as securities or investment instruments, according to a communication issued by the financial watchdog in Belgium. The authority has tried to clarify the matter, noting that the digital coins may be subject to other regulations.
In response to multiple requests for clarification from citizens and businesses, Belgium’s Financial Services and Markets Authority (FSMA) has explained why it believes bitcoin, ether and other similar cryptocurrencies cannot be considered securities or investment instruments.
According to its position published on Thursday, the country’s securities laws do not apply to such digital assets, which have no issuer and are created by a computer code as opposed to the execution of an agreement between an issuer and an investor.
However, the regulatory body pointed out that if these crypto assets have a payment or exchange function, if they are exchangeable or fungible, other regulations may be applicable to them as well as to the persons that are providing certain related services.
The FSMA further remarked that despite the lack of specific legislation, cryptocurrencies can be equated to securities if they are incorporated into financial instruments and have an issuer such as an individual or a legal entity.
Seeking to provide assistance to interested parties, that have been sending more and more questions about the financial rules concerning crypto assets, the authority has adopted a “stepwise plan” to offer a series of guidelines for their classification.
The Belgian financial watchdog emphasized that the plan is neutral regarding technology. “The qualification as security, financial instrument or investment instrument does not depend on the technology that is being used,” it elaborated, adding that it’s ready to update the plan in order to reflect regulatory changes in the future.
One such event could be the upcoming adoption of the EU’s Markets in Crypto Assets (MiCA) framework, which was agreed upon by European institutions and member states at the end of June. In July, the FSMA launched a consultation on the classification of crypto assets. Earlier this year, the watchdog introduced registration requirements for crypto exchange and wallet service providers.
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Remember Syntropy that we covered a few days ago?
We are glad to announce that Syntropy will be partnering with Zenlayer! A world leader in edge cloud, Zenlayer has the most distributed and hyperconnected infrastructure in the world’s fastest-growing economic regions.
Zenlayer will join Syntropy Open Bandwidth Exchange (OBX) on the supply side and bring its edge infrastructure. It will give Syntropy’s users access to instantly scalable, high-performing network services in emerging global markets across Asia, South America, the Middle East, and Africa.
Syntropy’s native NOIA token will be used as a medium of exchange on the OBX marketplace, allowing Zenlayer to tokenize its networking infrastructure. These guys are pioneering a concept of tokenized bandwidth in the Web3 industry.
Find more details on this collab:
https://bit.ly/3GXkhm9
We are glad to announce that Syntropy will be partnering with Zenlayer! A world leader in edge cloud, Zenlayer has the most distributed and hyperconnected infrastructure in the world’s fastest-growing economic regions.
Zenlayer will join Syntropy Open Bandwidth Exchange (OBX) on the supply side and bring its edge infrastructure. It will give Syntropy’s users access to instantly scalable, high-performing network services in emerging global markets across Asia, South America, the Middle East, and Africa.
Syntropy’s native NOIA token will be used as a medium of exchange on the OBX marketplace, allowing Zenlayer to tokenize its networking infrastructure. These guys are pioneering a concept of tokenized bandwidth in the Web3 industry.
Find more details on this collab:
https://bit.ly/3GXkhm9
Game7 Launches $100 Million Grants Program to Push Web3 Gaming Development
Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.
Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.
The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.
On the direction of these funds, Game7 contributor Ronen Kirsh declared:
Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.
The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.
Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:
We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.
Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.
Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.
Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.
The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.
On the direction of these funds, Game7 contributor Ronen Kirsh declared:
Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.
The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.
Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:
We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.
Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.
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EU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity
In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.
After months of discussions and negotiations which culminated in the June 30 preliminary agreement, the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at the E.U. level.”
According to a Nov. 29 briefing by the parliament’s think tank, the harmonized crypto rules are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also “promote innovation and use of crypto-assets.”
Through MICA, European authorities also hope “to regulate the issuance and trading of crypto-assets as well as the management of the underlying assets.”
While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation — MiCA II — some critics of the proposed legislation argue that the envisaged regulations in their current form may stifle innovation.
Commenting on the European Union’s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions, said the prevailing “Wild West environment” is not helpful to all parties. He also told Bitcoin News that without guidelines or regulatory frameworks “and with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.”
Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, “brings in more mature players to the industry from both project and investor sides.” Explaining why he is in favor of regulating the industry, Vaitkevicius said:
From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.
Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried’s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was “one of the most regulated players in the industry” undermines this theory. He added:
“Regulation is a good step forward, but this needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.”
In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.
After months of discussions and negotiations which culminated in the June 30 preliminary agreement, the European Parliament (EP) is now set to “vote on adopting the regulation on markets in crypto-assets (MiCA).” The vote is set to take place during the legislative body’s plenary session. European leaders assert that the adoption of MiCA will lead to the creation of “harmonized rules for crypto-assets at the E.U. level.”
According to a Nov. 29 briefing by the parliament’s think tank, the harmonized crypto rules are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” In the briefing, the EP also argues that the rules will not only enhance the protection of consumers and investors but will also “promote innovation and use of crypto-assets.”
Through MICA, European authorities also hope “to regulate the issuance and trading of crypto-assets as well as the management of the underlying assets.”
While European leaders like European Central Bank president Christine Largade are pushing for tougher regulation — MiCA II — some critics of the proposed legislation argue that the envisaged regulations in their current form may stifle innovation.
Commenting on the European Union’s drive to regulate cryptocurrencies, Paulius Vaitkevicius, founder and crypto counselor at the law firm VILP Solutions, said the prevailing “Wild West environment” is not helpful to all parties. He also told Bitcoin News that without guidelines or regulatory frameworks “and with a number of situations where industry players collapse, we might end up in a situation where we will have only a handful of investors left in the industry.”
Therefore, to stop this from happening the crypto industry needs legal clarity, which according to Vaitkevicius, “brings in more mature players to the industry from both project and investor sides.” Explaining why he is in favor of regulating the industry, Vaitkevicius said:
From my personal experience, such players have been seeking regulations and clarity already for some time and waiting for the right moment to step in properly. With regulations, we will see these firm steps and as a result additional capital and talent coming to the industry space.
Meanwhile, some crypto opponents have said if appropriate regulatory frameworks were already in place, Sam Bankman-Fried’s shenanigans would have been exposed much earlier. However, when asked about the validity of this argument, Vaitkevicius said the opinion that on paper FTX itself was “one of the most regulated players in the industry” undermines this theory. He added:
“Regulation is a good step forward, but this needs to be followed by other elements to be functional in real-life situations and achieve the pursued goals.”
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🔥Morocco vs. Spain is one of the most intriguing matches in Qatar🔥
Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
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Spain won't have an easy time playing one of the best African teams at this World Cup (Morocco qualified from their group ahead of Belgium).
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Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry
Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.”
Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC’s Mad Money show, Jim Cramer, Galaxy Digital’s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla’s CEO and Twitter chief, Elon Musk.
On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco’s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a “pawn.” “They are just pawns in a very large, very elaborate system that was designed to do money laundering,” Yusko told Kitco’s lead anchor. “It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. “Blockchain replaces trust with truth,” Yusko explained to Makori.
“Who are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,” Yusko elaborated. “They would like to not be disrupted by defi and digital assets. It is possible that some group of incumbents might have tried to lobby for regulation to delay, obfuscate or change the course of this disruption.”
Yusko also pointed out that it’s possible “someone above” SBF or Alameda Research’s Caroline Ellison worked to achieve a common goal, at the expense of the crypto industry. “This debacle is a fraud perpetrated by, I believe, someone above the useful idiots. Those two are not playing 10D chess,” the Morgan Creek CEO expounded. “Very large sums of money went to political candidates. There is evidence of Sam Bankman-Fried saying that he was going to give $1 billion in the next election,” Yusko added.
Yusko is extremely bullish on bitcoin (BTC) and in a May 6, 2020 interview, the Morgan Creek CEO said he expected the leading crypto asset to tap $250,000 in five years. During the discussion, Yusko also opined that bitcoin’s price could reach $400K to $500K as well. During his interview with Makori, Yusko noted that the U.S. could risk becoming stagnant if it over-regulates the industry. “If we become overly onerous regulatorily, crypto will just pop up in other jurisdictions,” Yusko said. “So, ultimately, crypto will win.”
Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.”
Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of CNBC’s Mad Money show, Jim Cramer, Galaxy Digital’s CEO Mike Novogratz, Congresswoman Maxine Waters (D-CA), and Tesla’s CEO and Twitter chief, Elon Musk.
On Friday, Mark Yusko, the CEO and founder of Morgan Creek Capital Management, told Kitco’s lead anchor and editor-in-chief Michelle Makori that Sam Bankman-Fried (SBF) was a “pawn.” “They are just pawns in a very large, very elaborate system that was designed to do money laundering,” Yusko told Kitco’s lead anchor. “It is certainly possible that there was an intent by someone to have this be an example set so that regulators could come in and punish the industry,” he added. Yusko explained to Makori that decentralized finance, also known as defi, threatens traditional finance.
Unlike traditional finance, which is typically controlled by large banks and financial institutions, defi is decentralized, meaning that it is not controlled by any single entity. Bitcoin (BTC) and defi challenges concepts like fiat currency and central planning, Yusko informed the Kitco broadcast host. Yusko and many crypto proponents believe defi offers a number of benefits, including greater accessibility, transparency, and security. “Blockchain replaces trust with truth,” Yusko explained to Makori.
“Who are the arbiters of trust today? Financial institutions, third-party middle people, a $7 trillion industry,” Yusko elaborated. “They would like to not be disrupted by defi and digital assets. It is possible that some group of incumbents might have tried to lobby for regulation to delay, obfuscate or change the course of this disruption.”
Yusko also pointed out that it’s possible “someone above” SBF or Alameda Research’s Caroline Ellison worked to achieve a common goal, at the expense of the crypto industry. “This debacle is a fraud perpetrated by, I believe, someone above the useful idiots. Those two are not playing 10D chess,” the Morgan Creek CEO expounded. “Very large sums of money went to political candidates. There is evidence of Sam Bankman-Fried saying that he was going to give $1 billion in the next election,” Yusko added.
Yusko is extremely bullish on bitcoin (BTC) and in a May 6, 2020 interview, the Morgan Creek CEO said he expected the leading crypto asset to tap $250,000 in five years. During the discussion, Yusko also opined that bitcoin’s price could reach $400K to $500K as well. During his interview with Makori, Yusko noted that the U.S. could risk becoming stagnant if it over-regulates the industry. “If we become overly onerous regulatorily, crypto will just pop up in other jurisdictions,” Yusko said. “So, ultimately, crypto will win.”
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Brussels Wants All Crypto Service Providers to Report Transactions of Europeans
The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.
At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.
The new regulations, meant to complement the Markets in Crypto-assets legislation and the anti-money laundering rules agreed upon earlier this year, should improve the ability of member states to detect and counter tax fraud, tax evasion and tax avoidance, the Commission elaborated.
The reporting requirements will apply to all crypto service providers, regardless of their size and location, which process transactions of clients residing in the EU. “Serious non-compliance” will trigger penalties with a set minimum level valid across the Union.
“Our proposal will ensure that member states get the information they need to ensure that taxes are paid on gains made in trading or investing crypto assets,” commented Commissioner for Economy Paolo Gentiloni. “It is also fully consistent with the OECD initiative on the Crypto Asset Reporting Framework,” he added.
The plan is to impose the new obligations on the crypto sector through amendments to the Directive for Administration Cooperation (DAC). The EC also suggested extending them to cover e-money and other digital currencies.
The draft proposal will be submitted to the European Parliament for consultations and to the Council of the European Union for adoption. The European Commission expects the updated Directive to be enforced on Jan. 1, 2026
The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.
At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.
The new regulations, meant to complement the Markets in Crypto-assets legislation and the anti-money laundering rules agreed upon earlier this year, should improve the ability of member states to detect and counter tax fraud, tax evasion and tax avoidance, the Commission elaborated.
The reporting requirements will apply to all crypto service providers, regardless of their size and location, which process transactions of clients residing in the EU. “Serious non-compliance” will trigger penalties with a set minimum level valid across the Union.
“Our proposal will ensure that member states get the information they need to ensure that taxes are paid on gains made in trading or investing crypto assets,” commented Commissioner for Economy Paolo Gentiloni. “It is also fully consistent with the OECD initiative on the Crypto Asset Reporting Framework,” he added.
The plan is to impose the new obligations on the crypto sector through amendments to the Directive for Administration Cooperation (DAC). The EC also suggested extending them to cover e-money and other digital currencies.
The draft proposal will be submitted to the European Parliament for consultations and to the Council of the European Union for adoption. The European Commission expects the updated Directive to be enforced on Jan. 1, 2026
Rock Legend Gene Simmons Is Holding Crypto Despite Market Sell-Offs and FTX Collapse
Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.”
Rock legend Gene Simmons confirmed Thursday that he is still holding cryptocurrencies despite the crypto winter and the collapse of crypto exchange FTX. Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist, and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley.
Responding to a question from Crypto Housewife at his Moneybag Vodka launch event in Alberta, Canada, about whether he is “still hodling” his cryptocurrencies, Simmons said: “Well, I’m not gonna suggest or recommend anything. I’m not a financial advisor.” The rock legend added:
But since you’re asking me, yes, I’m deep in crypto. I believe in it. I’ve got bitcoin, litecoin, ethereum, quite a few others … Personally, I’m holding, but everybody should do their own due diligence.
Meanwhile, the price of bitcoin is down about 64% year-to-date while ether has fallen 66%. The crypto industry has suffered several major blowups this year, including the Terra blockchain implosion in May and the FTX collapse last month.
FTX, Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi have all filed for bankruptcy protection after dealing with financial problems. An estimated one million customers have lost billions of dollars in the FTX meltdown.
Simmons previously revealed that he owns 14 cryptocurrencies. In June, he said he hasn’t sold any of his coins despite the crypto market downturn.
In an interview with American Songwriter in May, Simmons said he found himself thinking about cryptocurrency most often. “Governments, as you know now print money whenever they need it. So, inflation keeps getting bigger and bigger,” the rock legend described, elaborating:
Yeah, it’s a game-changer. I’m in it big. I’ve done very well.
Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.”
Rock legend Gene Simmons confirmed Thursday that he is still holding cryptocurrencies despite the crypto winter and the collapse of crypto exchange FTX. Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist, and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley.
Responding to a question from Crypto Housewife at his Moneybag Vodka launch event in Alberta, Canada, about whether he is “still hodling” his cryptocurrencies, Simmons said: “Well, I’m not gonna suggest or recommend anything. I’m not a financial advisor.” The rock legend added:
But since you’re asking me, yes, I’m deep in crypto. I believe in it. I’ve got bitcoin, litecoin, ethereum, quite a few others … Personally, I’m holding, but everybody should do their own due diligence.
Meanwhile, the price of bitcoin is down about 64% year-to-date while ether has fallen 66%. The crypto industry has suffered several major blowups this year, including the Terra blockchain implosion in May and the FTX collapse last month.
FTX, Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi have all filed for bankruptcy protection after dealing with financial problems. An estimated one million customers have lost billions of dollars in the FTX meltdown.
Simmons previously revealed that he owns 14 cryptocurrencies. In June, he said he hasn’t sold any of his coins despite the crypto market downturn.
In an interview with American Songwriter in May, Simmons said he found himself thinking about cryptocurrency most often. “Governments, as you know now print money whenever they need it. So, inflation keeps getting bigger and bigger,” the rock legend described, elaborating:
Yeah, it’s a game-changer. I’m in it big. I’ve done very well.