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.
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Cheelee is running a mind blowing Community Drop until December 25th.
Everyone who becomes a part of the community will receive a drop of CHEEL tokens.
The project is not planning to hold a Public Sale and 1,250,000 tokens are to be dropped to the lucky ones in two stages. 50% of them - in December and another 50% - in February after the app launch.
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NFT Sales This Week Jumped 27% Higher, Cryptopunks Rise Above Bored Apes
On Dec. 14, 2022, statistics show that non-fungible token (NFT) sales jumped 27.72% higher than NFT sales recorded last week. The Bored Ape Yacht Club (BAYC) NFT collection captured the most sales this week but on Wednesday afternoon, the floor value tied to Cryptopunks once again jumped above the floor value associated with the BAYC NFT collection.
From last Wednesday up until today, $154.78 million in sales were recorded over the last seven days which is 27.72% higher than the week prior. The $154 million in NFT sales over the last week came from 184,248 NFT buyers and 886,605 blockchain transactions according to cryptoslam metrics.
Once again Ethereum NFT sales dominate as the chain saw $129.99 million in NFT sales out of the $154 million seven-day aggregate. NFT sales from ETH jumped 37.73% higher than ETH-based NFT sales last week. Besides Ethereum, NFT sales from Solana, Immutable X, Polygon, and Cardano followed. In addition to Ethereum’s NFT sales increase, Immutable X NFT sales rose 5.20% higher than the week prior.
The top collection in terms of seven-day NFT sales was BAYC as the collection captured $21.84 million in sales this past week. BAYC is followed by Mutant Ape Yacht Club (MAYC), Valhalla, Cockpunch by Tim Ferriss, and Azuki. The most expensive NFT sold this week was sold five days ago for $691K and the NFT was BAYC #441. BAYC #441 was followed by BAYC #3,756 sold for $517K and Sandbox Land #92,594 for $202K.
BAYC #2,596 sold for $178K around 24 hours ago and BAYC #785 sold for around $137K. While four out of the top five NFT sales this week were BAYC-related, BAYC NFTs have seen their floor values sink below the Cryptopunks NFTs once again. At the time of writing according to metrics from nftpricefloor, the current Cryptopunks’ floor value is higher than BAYC’s floor by an estimated 1.5 ether at 1:00 p.m. (ET) on Dec. 14, 2022.
On Dec. 14, 2022, statistics show that non-fungible token (NFT) sales jumped 27.72% higher than NFT sales recorded last week. The Bored Ape Yacht Club (BAYC) NFT collection captured the most sales this week but on Wednesday afternoon, the floor value tied to Cryptopunks once again jumped above the floor value associated with the BAYC NFT collection.
From last Wednesday up until today, $154.78 million in sales were recorded over the last seven days which is 27.72% higher than the week prior. The $154 million in NFT sales over the last week came from 184,248 NFT buyers and 886,605 blockchain transactions according to cryptoslam metrics.
Once again Ethereum NFT sales dominate as the chain saw $129.99 million in NFT sales out of the $154 million seven-day aggregate. NFT sales from ETH jumped 37.73% higher than ETH-based NFT sales last week. Besides Ethereum, NFT sales from Solana, Immutable X, Polygon, and Cardano followed. In addition to Ethereum’s NFT sales increase, Immutable X NFT sales rose 5.20% higher than the week prior.
The top collection in terms of seven-day NFT sales was BAYC as the collection captured $21.84 million in sales this past week. BAYC is followed by Mutant Ape Yacht Club (MAYC), Valhalla, Cockpunch by Tim Ferriss, and Azuki. The most expensive NFT sold this week was sold five days ago for $691K and the NFT was BAYC #441. BAYC #441 was followed by BAYC #3,756 sold for $517K and Sandbox Land #92,594 for $202K.
BAYC #2,596 sold for $178K around 24 hours ago and BAYC #785 sold for around $137K. While four out of the top five NFT sales this week were BAYC-related, BAYC NFTs have seen their floor values sink below the Cryptopunks NFTs once again. At the time of writing according to metrics from nftpricefloor, the current Cryptopunks’ floor value is higher than BAYC’s floor by an estimated 1.5 ether at 1:00 p.m. (ET) on Dec. 14, 2022.
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🔥To celebrate VAST Token's listing on P2B, the project is running a Giveaway with a 170 VAST (equivalent to $250) prize fund!
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G20 Countries to Build Crypto Policy Consensus for Better Global Regulation
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath.
The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru.
Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Noting that the implications of crypto assets for the economy, monetary policy, and the banking sector should be studied for the creation of the consensus, Seth was quoted by Reuters as saying:
The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries build a consensus for policy approach to crypto assets.
The collapse of crypto exchange FTX has led to calls for better oversight of the crypto market. FTX filed for bankruptcy in the U.S. on Nov. 11 and former CEO Sam Bankman-Fried (SBF) was arrested this week. The U.S. government and regulators have brought several fraud charges against FTX and Bankman-Fried.
The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.
The International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath, said Thursday that the G20 under India’s presidency can make progress in three areas: debt management, crypto regulation, and climate finance. Gopinath is currently in India to attend G20 meetings.
She explained that globally agreed norms are needed for crypto regulations, elaborating:
After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation. Progress on that front being able to accomplish that by 2023 would be a concrete outcome.
Seth also said Wednesday that one of the key agendas that the G20 will discuss is the global usage of central bank digital currencies (CBDCs). India’s central bank, the Reserve Bank of India (RBI), has started both wholesale and retail digital rupee pilots.
ANNOUNCEMENT 🔊 The FINAL Drop of the year for Lamborghini’s The Epic Road Trip is almost here 💎 Collect the next puzzle piece to get one step closer to Lamborghini’s puzzle reveal, with some seriously valuable prized possessions unleashed in Drop 5 – “The Vault.” (19 Dec – 22 Dec). -- Now dropping on ETH.
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💰Sound the alarm. We’re unlocking the vault and offering you the rarest opportunity to possess a piece of Lamborghini’s heritage – yours to keep forever.
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🚀Starts Monday 19 - Thursday 22 Dec
Economist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world has ever seen,” Schiff said:
Bitcoin is hardly scarce and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don’t need to buy bitcoin.
Replying to another tweet claiming that bitcoin is a risk asset rather than digital gold, Schiff claimed that BTC is “More like a fool’s asset.” He asserted: “So, as long as people are foolish enough to buy bitcoin, the price will go up. Unfortunately for bitcoin HOLDers though there are plenty of fools in the world, I don’t think there are many left willing to buy bitcoin who don’t already own it.”
Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
Commenting on the collapse of FTX and subsequent calls for stronger crypto regulation, Schiff tweeted Monday:
It’s ironic that the big players in crypto are looking to government to save the industry with additional regulation.
“This goes against the very core of the original promise of Bitcoin, which was to be the free market alternative to the corrupt government fiat monetary system,” he added.
In November, Schiff warned that bitcoin has a long way to fall, valuing BTC at $10K. He also believes that the U.S. dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
During the bear market the thing we’re all looking forward to is the next bull run. When can that happen and what can you do to prepare for it?
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.
- Continued innovation: More apps, more on-ramps, more ease and accessibility, and more inclusion. A bull run will follow developers and thought leaders who help move the entire space forward.
- Adoption by global brands: more and more traditional Web 2.0 companies jumping on board Web 3.0 tech distributes a spark for increased market sentiment (Nike, Facebook and Starbucks to name a few)
- End-user trust and participation: The more that users can participate in apps such as Stoic AI, Cosmostation, or Xumm, the more popular each blockchain network will become. The assets on each respective chain will get further utilized, and their value increase will not lag far behind.
- Enriched in-app experiences: there are already lots of Web3 apps but they have pretty high barriers to entry. In order to achieve mass adoption, the user experience should be much simpler (with the same level of security of course). In fact, this is what a lot of Web3 developers are working on right now, and maybe in 2023 we’ll see much more general public getting into Web3 space – which will inevitably drive the market up;
- US Regulation: It is only a matter of time before specific laws are put in place to properly regulate the crypto industry and allow big and small players in the space to finally gain clarity and prevent themselves from being sued at some point. More clarity on the industry as a whole means more people will start trusting crypto again.
And as always, the early adopters get the biggest return on their investment. If you want to start investing in crypto smartly and without losing money, try Stoic: an automated investing solution with strategies that deliver up to +35% APY even on the current bear market.