UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets — Says Reforms Must Not ‘Stifle Development’
According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”
A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”
In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.”
While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are “several key areas” of the law that still needs to be reformed. Such reforms will “protect the rights of users and maximize the potential of digital assets.”
Commenting on the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:
Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.
Green also emphasized the importance of directing the commission’s efforts towards “developing the right legal foundations to support these emerging technologies.” She suggested the commission should avoid rushing to impose a regulatory regime as this may have an unintended consequence of stifling the further development of these technologies.
By doing this, both England and Wales “could reap the potential rewards and position itself as a global hub for digital assets.” Meanwhile, in the statement, the Law Commission said those that wish to give it feedback must do so by November 4.
According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”
A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”
In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.”
While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are “several key areas” of the law that still needs to be reformed. Such reforms will “protect the rights of users and maximize the potential of digital assets.”
Commenting on the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:
Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.
Green also emphasized the importance of directing the commission’s efforts towards “developing the right legal foundations to support these emerging technologies.” She suggested the commission should avoid rushing to impose a regulatory regime as this may have an unintended consequence of stifling the further development of these technologies.
By doing this, both England and Wales “could reap the potential rewards and position itself as a global hub for digital assets.” Meanwhile, in the statement, the Law Commission said those that wish to give it feedback must do so by November 4.
China Bank Account Freeze Controversy: Authorities Reveal Latest Reimbursement Plan, Three Officials Now Under Investigation
In a move seen as an attempt to pacify protesting bank clients, Chinese authorities in Henan province announced their latest repayment plan which sees customers with deposits ranging between $14,827 and $22,240 qualify for reimbursement. In addition, authorities said two unnamed officials from the province are being investigated for allegedly violating the law.
Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since April. The repayments program is set to start on August 1 and according to an arrangement put forward by authorities, only clients with deposits that range between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) qualify to receive a reimbursement.
According to a Reuters report, authorities in the province are now moving to pacify the restive bank clients who have been protesting against the three rural banks’ decision to freeze their funds. Before the latest announcement, some officials in the province had reportedly used the country’s Covid-19 regulations to block planned protests.
However, as reported by Bitcoin News, angry bank clients were later able to picket outside the central bank’s offices in Henan. Following reports of the rare protests, some social media users began circulating videos of military tanks seemingly moving to protect the central bank’s offices from protestors. However, other users insisted the tanks were in fact on a parade in Shandong province, more than 440 kilometers away.
While Chinese authorities have not directly commented on the protests, a statement reportedly issued by the China Banking and Insurance Regulatory Commission (CBIRC) suggested that two officials, one from its Henan province office and another from a sub-office, were under investigation for violating the law.
In addition, the Central Commission for Discipline Inspection in Henan also announced that it is now investigating an official charged with overseeing financial stability at the central bank’s office in the provincial capital, Zhengzhou. The unnamed official faced charges of serious disciplinary violation, the report said.
In a move seen as an attempt to pacify protesting bank clients, Chinese authorities in Henan province announced their latest repayment plan which sees customers with deposits ranging between $14,827 and $22,240 qualify for reimbursement. In addition, authorities said two unnamed officials from the province are being investigated for allegedly violating the law.
Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since April. The repayments program is set to start on August 1 and according to an arrangement put forward by authorities, only clients with deposits that range between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) qualify to receive a reimbursement.
According to a Reuters report, authorities in the province are now moving to pacify the restive bank clients who have been protesting against the three rural banks’ decision to freeze their funds. Before the latest announcement, some officials in the province had reportedly used the country’s Covid-19 regulations to block planned protests.
However, as reported by Bitcoin News, angry bank clients were later able to picket outside the central bank’s offices in Henan. Following reports of the rare protests, some social media users began circulating videos of military tanks seemingly moving to protect the central bank’s offices from protestors. However, other users insisted the tanks were in fact on a parade in Shandong province, more than 440 kilometers away.
While Chinese authorities have not directly commented on the protests, a statement reportedly issued by the China Banking and Insurance Regulatory Commission (CBIRC) suggested that two officials, one from its Henan province office and another from a sub-office, were under investigation for violating the law.
In addition, the Central Commission for Discipline Inspection in Henan also announced that it is now investigating an official charged with overseeing financial stability at the central bank’s office in the provincial capital, Zhengzhou. The unnamed official faced charges of serious disciplinary violation, the report said.
Biggest Movers: APE Hits 2-Month High, as UNI Nears Highest Point Since April
Apecoin rose to its highest point in over two months on hump day, as prices rebounded following a two-day losing streak. Uniswap was another big mover on Wednesday, as the token climbed by as much as 14%. Overall, the global crypto market cap is trading 2.79% higher as of writing.
Apecoin (APE) was one of today’s notable tokens to surge, as global crypto markets were back in the green.
APE/USD snapped a two-day losing streak, as the cryptocurrency rose to an intraday peak of $7.41 earlier in today’s session.
The move sees APE once again break out of its long-term resistance level at $7.10, which has been held since May 25.
Wednesday high sees the token recapture those highs, with bulls now hoping to sustain this most recent break, unlike the moves this past weekend.
As of writing, the relative strength index (RSI) is now trading at 67.44, which is marginally below a resistance point of 68.
In order for bullish momentum to continue into the remainder of the week, we will need to see APE break out of this ceiling.
Like APE, uniswap (UNI) also rose today, with prices nearing their highest point in over two months, following an earlier price surge.
The token was up by nearly 14% during the hump-day session, with prices rising to a high of $9.33 in the process.
This rally saw UNI/USD move towards last Thursday’s high of $9.85, which is the highest point the token has traded at since April 15.
However, in order to recapture this high, UNI must break out of an interim resistance level of $9.40, which it has so far failed to achieve today.
Following earlier highs, UNI is now trading at $9.08, as traders likely liquidated positions, in order to secure gains.
This comes as the 14-day RSI has collided with a ceiling of its own at the 66 level, which likely triggered fear in previous bulls.
Apecoin rose to its highest point in over two months on hump day, as prices rebounded following a two-day losing streak. Uniswap was another big mover on Wednesday, as the token climbed by as much as 14%. Overall, the global crypto market cap is trading 2.79% higher as of writing.
Apecoin (APE) was one of today’s notable tokens to surge, as global crypto markets were back in the green.
APE/USD snapped a two-day losing streak, as the cryptocurrency rose to an intraday peak of $7.41 earlier in today’s session.
The move sees APE once again break out of its long-term resistance level at $7.10, which has been held since May 25.
Wednesday high sees the token recapture those highs, with bulls now hoping to sustain this most recent break, unlike the moves this past weekend.
As of writing, the relative strength index (RSI) is now trading at 67.44, which is marginally below a resistance point of 68.
In order for bullish momentum to continue into the remainder of the week, we will need to see APE break out of this ceiling.
Like APE, uniswap (UNI) also rose today, with prices nearing their highest point in over two months, following an earlier price surge.
The token was up by nearly 14% during the hump-day session, with prices rising to a high of $9.33 in the process.
This rally saw UNI/USD move towards last Thursday’s high of $9.85, which is the highest point the token has traded at since April 15.
However, in order to recapture this high, UNI must break out of an interim resistance level of $9.40, which it has so far failed to achieve today.
Following earlier highs, UNI is now trading at $9.08, as traders likely liquidated positions, in order to secure gains.
This comes as the 14-day RSI has collided with a ceiling of its own at the 66 level, which likely triggered fear in previous bulls.
Revolut To Launch Crypto Trading Services In Singapore
The regulatory climate for crypto in Singapore is not the best at the moment, but Revolut, a U.K.-based firm working at the intersection of crypto and institutionalized finance, is launching a crypto trading service in the country anyway.
The recent lack of clarity in Singapore's regulatory frameworks for crypto and digital assets has led many investors and companies to either back down or withdraw from considerations of launching and supporting crypto-specific products in the country. Despite this, and despite the global market downturn, firms like Revolut are continuing to make inroads into the Singaporean market, specifically aiming at the country's crypto-savvy consumer base.
"We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency," shares Deepak Khanna, Head of Wealth and Trading at Revolut's Singapore domain.
Revolut says that it will soon be unveiling its crypto services in Singapore, alongside a planned increase to its personell by roughly 20% in size. The financial technology firm has received approval from the Singapore Monetary Authorities, and is set to provide the crypto service as a ramp for crypto-fiat conversions, servicing at least 27 fiat currencies, as well as gold and silver. This service will not incur foreign exchange fees, but would rather be based on a user's tier or level of subscription to the Revolut platform.
Users on Revolut's Standard tier will be charged a 2.5% fee per transaction, while Premium and Metal users will be charged 1.5% per transaction. This amount is calculated based on the transaction's total value.
"Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button," shares Emil Urmanshin, Crypto General Manager at Revolut.
What's great with Revolut is that it allows users to easily buy and sell digital assets with built-in features such as the ability to set a stop limit order and a Recurring Buy feature which enables users to even out their portfolio as market volatility shapes up. Revolut users currently have access to over 80 tokens through its mobile app, with more to be listed as market conditions become more stable.
The regulatory climate for crypto in Singapore is not the best at the moment, but Revolut, a U.K.-based firm working at the intersection of crypto and institutionalized finance, is launching a crypto trading service in the country anyway.
The recent lack of clarity in Singapore's regulatory frameworks for crypto and digital assets has led many investors and companies to either back down or withdraw from considerations of launching and supporting crypto-specific products in the country. Despite this, and despite the global market downturn, firms like Revolut are continuing to make inroads into the Singaporean market, specifically aiming at the country's crypto-savvy consumer base.
"We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency," shares Deepak Khanna, Head of Wealth and Trading at Revolut's Singapore domain.
Revolut says that it will soon be unveiling its crypto services in Singapore, alongside a planned increase to its personell by roughly 20% in size. The financial technology firm has received approval from the Singapore Monetary Authorities, and is set to provide the crypto service as a ramp for crypto-fiat conversions, servicing at least 27 fiat currencies, as well as gold and silver. This service will not incur foreign exchange fees, but would rather be based on a user's tier or level of subscription to the Revolut platform.
Users on Revolut's Standard tier will be charged a 2.5% fee per transaction, while Premium and Metal users will be charged 1.5% per transaction. This amount is calculated based on the transaction's total value.
"Trying to navigate your way around traditional exchanges can be incredibly complex, and this process can often exclude people from getting access to cryptocurrency. With Revolut, customers can easily exchange fiat currencies to their choice of cryptocurrencies with the tap of a button," shares Emil Urmanshin, Crypto General Manager at Revolut.
What's great with Revolut is that it allows users to easily buy and sell digital assets with built-in features such as the ability to set a stop limit order and a Recurring Buy feature which enables users to even out their portfolio as market volatility shapes up. Revolut users currently have access to over 80 tokens through its mobile app, with more to be listed as market conditions become more stable.
Mark Cuban Mocks the Metaverse: ‘It Is Anything You Want It to Be’
Mark Cuban, investor, Shark Tank star, and owner of the Dallas Mavericks is skeptical when it comes to the concept of the metaverse. In a recent interview, when asked about the definition of the metaverse, Cuban stated that the metaverse was “anything you want it to be,” declaring that buying land in the metaverse was the “dumbest sh*t ever.”
The concept of the metaverse has been an object of skepticism for many people. In a recent podcast, Shark Tank star and National Basketball Association (NBA) team the Dallas Mavericks owner, Mark Cuban, mocked the current concept of the metaverse, stating that it could be anything anyone wants it to be. Cuban stated:
People that focus on [virtual reality] VR want it to be the metaverse. Others want Web3 to be the metaverse. There is no rhyme or reason to it yet.
To Cuban, the idea of the metaverse will be a difficult task to accomplish, as there needs to be standardization and interoperability between different communities. He believes that the metaverse, if realized, has to be backed by a community, and whichever platforms build the strongest communities behind them will be one type of metaverse.
Cuban also criticized the idea of buying land in the metaverse, explaining that he believes that buying real estate on these platforms was not a good idea. He referred to this as the “dumbest sh*t ever,” declaring:
It is not even as good as an URL or an ENS because there are unlimited volumes that you can create.
He explained that for these structures to have value, they have to be first supported by a community and its activities, and these places will have value depending on access or how the community values them.
However, the real estate business in the metaverse has been booming, and it is projected to keep growing in the short term by some estimations. According to metaverse analytics firm Metametric Solutions, the sale of real estate in the metaverse is expected to reach $1 billion this year.
Furthermore, a metaverse report issued by Technavio in July predicts these sales will grow by $5 billion by the year 2026, fueled by the implementation of virtual reality solutions and the popularity of cryptocurrencies.
Mark Cuban, investor, Shark Tank star, and owner of the Dallas Mavericks is skeptical when it comes to the concept of the metaverse. In a recent interview, when asked about the definition of the metaverse, Cuban stated that the metaverse was “anything you want it to be,” declaring that buying land in the metaverse was the “dumbest sh*t ever.”
The concept of the metaverse has been an object of skepticism for many people. In a recent podcast, Shark Tank star and National Basketball Association (NBA) team the Dallas Mavericks owner, Mark Cuban, mocked the current concept of the metaverse, stating that it could be anything anyone wants it to be. Cuban stated:
People that focus on [virtual reality] VR want it to be the metaverse. Others want Web3 to be the metaverse. There is no rhyme or reason to it yet.
To Cuban, the idea of the metaverse will be a difficult task to accomplish, as there needs to be standardization and interoperability between different communities. He believes that the metaverse, if realized, has to be backed by a community, and whichever platforms build the strongest communities behind them will be one type of metaverse.
Cuban also criticized the idea of buying land in the metaverse, explaining that he believes that buying real estate on these platforms was not a good idea. He referred to this as the “dumbest sh*t ever,” declaring:
It is not even as good as an URL or an ENS because there are unlimited volumes that you can create.
He explained that for these structures to have value, they have to be first supported by a community and its activities, and these places will have value depending on access or how the community values them.
However, the real estate business in the metaverse has been booming, and it is projected to keep growing in the short term by some estimations. According to metaverse analytics firm Metametric Solutions, the sale of real estate in the metaverse is expected to reach $1 billion this year.
Furthermore, a metaverse report issued by Technavio in July predicts these sales will grow by $5 billion by the year 2026, fueled by the implementation of virtual reality solutions and the popularity of cryptocurrencies.
🔥 Win $100k With Tamadoge- The Play-To-Earn Dogecoin 🔥
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✅ Tamadoge Beta Sale Sells Out!- Raising $2 Million in 14 days – Presale Is Now Live!
✅ TamaDoge (TAMA) is the gateway token of the Tamaverse - where you'll be able to mint, breed and battle your own Tamadoge pet in the metaverse 🔥
PRE-SALE INFO:
💲Current Pre Sale Price-0.0125 USDT (No vesting period)
💰 Minimum purchase: $10
🤑 Maximum purchase: None
🚀Maximum Supply of 1 Billion
💲 Tamadoge is an ERC20 Token, buy TAMA with ETH, USDT, or fiat currency.
💵 Connect your wallet at https://bitesly.io/box_5a66b923931a8851e48a252348c79bc5
💲Get In Early On The Tamadoge Limited Pre Sale
🖇 Price will increase to 0.03 at the end of the presale ( Don’t Miss Out!)
🧮 Presale investors will receive 50% of the maximum supply
📈LBANK & Uniswap listing confirmed (with more CEX Listings on the way)
🔥 The Next Meme Coin To Explode 🚀
📲 Tamadoge contract address: 0x12b6893cE26Ea6341919FE289212ef77e51688c8
🚫 Rug-pull protected - KYC’d on https://coinsniper.net/coin/3709
🔒Security audited: https://tamadoge.io/wp-content/uploads/2022/07/SolidProof-TamaDoge.
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🔥DIGITAL DOLPHINS MIAMI’S MUST HAVE NFT🔥
The first ever charitable city-centric NFT collection with the first iteration being centered around Miami and the lavish Miami lifestyle. 3,050 unique holders will have access to the luxurious living that is associated with Miami within and beyond the borders of this incredible and unique city. Holders will gain access to the most exclusive, sought after, and first class experiences, events, opportunities, etc. The scope of our utility ranges anywhere from fine dining to exotic cars to clubbing in the hottest city.
✅ Pod (A network of dolphins ready to work together at all times)
✅ IRL Utility (includes access to nightlife,restaurants,events,etc)
✅ Donation ($100,000 donation to Miami Waterkeeper)
✅ Finfund (details coming soon…)
Launching August 18…⏰
More information can be found in the discord:
https://discord.gg/9UbunhkWPs
Website:
https://digitaldolphins.io/
The first ever charitable city-centric NFT collection with the first iteration being centered around Miami and the lavish Miami lifestyle. 3,050 unique holders will have access to the luxurious living that is associated with Miami within and beyond the borders of this incredible and unique city. Holders will gain access to the most exclusive, sought after, and first class experiences, events, opportunities, etc. The scope of our utility ranges anywhere from fine dining to exotic cars to clubbing in the hottest city.
✅ Pod (A network of dolphins ready to work together at all times)
✅ IRL Utility (includes access to nightlife,restaurants,events,etc)
✅ Donation ($100,000 donation to Miami Waterkeeper)
✅ Finfund (details coming soon…)
Launching August 18…⏰
More information can be found in the discord:
https://discord.gg/9UbunhkWPs
Website:
https://digitaldolphins.io/
Mercado Libre to Expand Cryptocurrency Services to More Countries in Latam
Mercado Libre, one of the biggest retailers in Latam, has announced that it plans to expand its cryptocurrency trading services to more countries in the region. The company, whose cryptocurrency services are now just available for customers in Brazil through Mercado Pago, its payments and digital wallet, already has more than 1 million customers using these services.
More companies are extending their services to include cryptocurrency in Latam. Mercado Libre, one of the biggest Latam region retailers, has plans to expand its cryptocurrency services to include more countries in the zone. Osvaldo Gimenez, head of Mercado Pago, Mercado Libre’s digital payments and wallet service, informed El Pais about these plans. He declared:
We are going to be expanding in the region the possibility of buying, selling and having cryptocurrencies in your account. It works with bitcoin, with ethereum and with the stable currency that reflects the value of the dollar.
The company, which first launched these services in Brazil, managed to enroll a million customers in these alternative investment options during the first two months of their implementation. The service uses USDP, a stablecoin backed by Paxos, a New York-based financial services company, as its only dollar-pegged stablecoin.
However, Gimenez did not specify a timeline for the announced expansion, nor which countries would be included in this expansion phase.
Due to the current state of the regional economy, many Latam countries suffering from high inflation and devaluation, like Argentina, are turning to crypto and stablecoins as a way of maintaining their buying power. Gimenez talked about the importance of these instruments on the platform that Mercado Pago offers. He stated:
It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users. At a time when the dollar has been appreciating, the investments that users have with us are small and for us it is one more way to diversify their portfolio.
Mercado Libre faces competition from a series of companies that have also expanded their services to offer crypto trading to customers in other countries of Latam, like Argentina and Mexico. Nubank, a digital bank platform, also introduced a crypto trading solution back in May, and it extended its offering to all of its customers in Latam, estimated to be around 54 million. Traditional banks are also starting to get into crypto services, as Santander recently reported they have plans to offer this kind of investment to customers in Brazil.
Mercado Libre, one of the biggest retailers in Latam, has announced that it plans to expand its cryptocurrency trading services to more countries in the region. The company, whose cryptocurrency services are now just available for customers in Brazil through Mercado Pago, its payments and digital wallet, already has more than 1 million customers using these services.
More companies are extending their services to include cryptocurrency in Latam. Mercado Libre, one of the biggest Latam region retailers, has plans to expand its cryptocurrency services to include more countries in the zone. Osvaldo Gimenez, head of Mercado Pago, Mercado Libre’s digital payments and wallet service, informed El Pais about these plans. He declared:
We are going to be expanding in the region the possibility of buying, selling and having cryptocurrencies in your account. It works with bitcoin, with ethereum and with the stable currency that reflects the value of the dollar.
The company, which first launched these services in Brazil, managed to enroll a million customers in these alternative investment options during the first two months of their implementation. The service uses USDP, a stablecoin backed by Paxos, a New York-based financial services company, as its only dollar-pegged stablecoin.
However, Gimenez did not specify a timeline for the announced expansion, nor which countries would be included in this expansion phase.
Due to the current state of the regional economy, many Latam countries suffering from high inflation and devaluation, like Argentina, are turning to crypto and stablecoins as a way of maintaining their buying power. Gimenez talked about the importance of these instruments on the platform that Mercado Pago offers. He stated:
It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users. At a time when the dollar has been appreciating, the investments that users have with us are small and for us it is one more way to diversify their portfolio.
Mercado Libre faces competition from a series of companies that have also expanded their services to offer crypto trading to customers in other countries of Latam, like Argentina and Mexico. Nubank, a digital bank platform, also introduced a crypto trading solution back in May, and it extended its offering to all of its customers in Latam, estimated to be around 54 million. Traditional banks are also starting to get into crypto services, as Santander recently reported they have plans to offer this kind of investment to customers in Brazil.
🪂 Last chance to get some free $SNFTS, Seedify NFT Space new token! 🪂
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🔗https://blog.seedify.fund/everything-about-the-upcoming-snfts-airdrop-6fe13238b85b
Don't miss the chance to get a free airdrop of Seedify's new token. The successful Launchpad and Incubator will launch the $SNFTS, its new utility token. 🤑
The $SNFTS will guarantee its holders unique advantages when purchasing NFTs in the Launchpad and the Marketplace, besides offering some passive income opportunities with the staking and farming pools that will be available from the first hour after the launch.
👉Get ready for the last snapshot to get the $SNFTS airdrop. All you need to do is:
💵Purchase some $SFUND
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Learn more:
🔗https://blog.seedify.fund/details-about-the-snfts-bonus-snapshot-cb00eaf4fc89
🔗https://blog.seedify.fund/everything-about-the-upcoming-snfts-airdrop-6fe13238b85b
Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors
Bit Mining Limited has announced that it has entered a $9.3 million registered direct offering with specific institutional investors. Bit Mining explained that it aims to use the funds from the offering to expand infrastructure and invest in new mining machines.
The cryptocurrency mining operation Bit Mining Limited (NYSE: BTCM) has announced that it has entered a securities purchase agreement with institutional investors. Bit Mining operates crypto mining facilities, a mining pool, and mining rig manufacturing (Bee Computing).
The company owns and operates Btc and mining services include bitcoin, litecoin, and ethereum mining. According to the prospectus, the latest offering for $9.3 million will close on or around August 18.
“The purchase and sale of 15,566,665 of the company’s American Depositary Shares (ADSs), Series A warrants to purchase up to an aggregate of 15,566,665 ADSs, and Series B warrants to purchase up to an aggregate of 15,566,665 ADSs, at a combined purchase price of US$0.60 per ADS and associated warrants, in a registered direct offering. Each ADS represents ten Class A ordinary shares, par value US$0.00005 per share, of Bit Mining,” the company detailed on Wednesday.
The $9.3 million in funding will be used to expand operations and invest in mining machines. The capital will also go towards improving “working capital position and [investing] in new business opportunities.”
Bit Mining’s shares are down 97.72% from the all-time high recorded on March 7, 2014. Year-over-year data shows Bit Mining’s net income is down 123.18%. Last year, Bit Mining explained that it was investing $9 million into the construction of a 100 megawatt (MW) mining farm in Kazakhstan.
Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan following China’s crackdown on bitcoin mining. A week after it moved 3,000 mining devices it moved another 2,500 machines to the transcontinental, landlocked country located in Central Asia and Eastern Europe.
Bit Mining’s latest offering must be approved by the U.S. Securities and Exchange Commission (SEC). Bit Mining joins a slew of bitcoin mining operations making strategic business moves in 2022, expanding operations, and purchasing new mining machines.
Bit Mining Limited has announced that it has entered a $9.3 million registered direct offering with specific institutional investors. Bit Mining explained that it aims to use the funds from the offering to expand infrastructure and invest in new mining machines.
The cryptocurrency mining operation Bit Mining Limited (NYSE: BTCM) has announced that it has entered a securities purchase agreement with institutional investors. Bit Mining operates crypto mining facilities, a mining pool, and mining rig manufacturing (Bee Computing).
The company owns and operates Btc and mining services include bitcoin, litecoin, and ethereum mining. According to the prospectus, the latest offering for $9.3 million will close on or around August 18.
“The purchase and sale of 15,566,665 of the company’s American Depositary Shares (ADSs), Series A warrants to purchase up to an aggregate of 15,566,665 ADSs, and Series B warrants to purchase up to an aggregate of 15,566,665 ADSs, at a combined purchase price of US$0.60 per ADS and associated warrants, in a registered direct offering. Each ADS represents ten Class A ordinary shares, par value US$0.00005 per share, of Bit Mining,” the company detailed on Wednesday.
The $9.3 million in funding will be used to expand operations and invest in mining machines. The capital will also go towards improving “working capital position and [investing] in new business opportunities.”
Bit Mining’s shares are down 97.72% from the all-time high recorded on March 7, 2014. Year-over-year data shows Bit Mining’s net income is down 123.18%. Last year, Bit Mining explained that it was investing $9 million into the construction of a 100 megawatt (MW) mining farm in Kazakhstan.
Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan following China’s crackdown on bitcoin mining. A week after it moved 3,000 mining devices it moved another 2,500 machines to the transcontinental, landlocked country located in Central Asia and Eastern Europe.
Bit Mining’s latest offering must be approved by the U.S. Securities and Exchange Commission (SEC). Bit Mining joins a slew of bitcoin mining operations making strategic business moves in 2022, expanding operations, and purchasing new mining machines.
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The Central Bank of Colombia Is Studying the Creation of a Digital Currency
The Central Bank of Colombia is studying the launch of a digital currency, according to statements made by its manager, Leonardo Villar. The organization is evaluating the launch of this instrument as a means of unifying the different digital wallets in the country, making them interoperable and easier to use for customers.
Many governments in the world are preparing to launch digital currencies in order to compete with cryptocurrencies and other assets. Leonardo Villar, manager of the Central Bank of Colombia, recently announced that the organization was studying the issuance of a digital currency. During a banking convention at Cartagena, Villar explained that the functions and the convenience of such currency were being reviewed by the bank.
While the officer did not offer more details about the structure or nature of the announced currency, he did reveal that one of the experiences the bank is looking closely at, is one that Brazil has endeavored with the pilot and work made towards development of the digital real, the proposed central bank digital currency (CBDC) of the neighboring country.
Brazil’s digital currency will be able to be used as collateral by financial institutions in the country to issue their own stablecoins, maintaining private banks as part of the financial system.
According to Villar, one of the biggest objectives of the currency would be to make the different digital wallets that are available in the nation interoperable. This current design is said to be very inefficient, and does not allow for users of these wallets to pay for state-related expenses like taxes.
Earlier this week, Luis Carlos Reyes, head of the DIAN, the Colombian tax authority, also talked about the motivations that the issuance of a national digital currency would follow. Reyes explained that the currency would help the country to have more control over transactions and payments. This would ostensibly allow the country to curb tax evasion, which is estimated to represent up to 8% of the GDP of the country.
In the same way, the regulators will be studying to establish limits on the amount of money that can be paid using cash to incentivize the use of digital, trackable alternatives.
The Central Bank of Colombia is studying the launch of a digital currency, according to statements made by its manager, Leonardo Villar. The organization is evaluating the launch of this instrument as a means of unifying the different digital wallets in the country, making them interoperable and easier to use for customers.
Many governments in the world are preparing to launch digital currencies in order to compete with cryptocurrencies and other assets. Leonardo Villar, manager of the Central Bank of Colombia, recently announced that the organization was studying the issuance of a digital currency. During a banking convention at Cartagena, Villar explained that the functions and the convenience of such currency were being reviewed by the bank.
While the officer did not offer more details about the structure or nature of the announced currency, he did reveal that one of the experiences the bank is looking closely at, is one that Brazil has endeavored with the pilot and work made towards development of the digital real, the proposed central bank digital currency (CBDC) of the neighboring country.
Brazil’s digital currency will be able to be used as collateral by financial institutions in the country to issue their own stablecoins, maintaining private banks as part of the financial system.
According to Villar, one of the biggest objectives of the currency would be to make the different digital wallets that are available in the nation interoperable. This current design is said to be very inefficient, and does not allow for users of these wallets to pay for state-related expenses like taxes.
Earlier this week, Luis Carlos Reyes, head of the DIAN, the Colombian tax authority, also talked about the motivations that the issuance of a national digital currency would follow. Reyes explained that the currency would help the country to have more control over transactions and payments. This would ostensibly allow the country to curb tax evasion, which is estimated to represent up to 8% of the GDP of the country.
In the same way, the regulators will be studying to establish limits on the amount of money that can be paid using cash to incentivize the use of digital, trackable alternatives.
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Phemex Mobile App: A One-Stop Shop for All Your Crypto Trading Needs
As a crypto trader, you have to be on your toes. From checking market conditions to tracking your portfolio, there are many things to keep track of. Whether a newbie or a pro, it’s essential to pick a reliable and user-friendly platform to help you make informed decisions from the get-go and on the go.
Introducing Phemex, an all-in-one cryptocurrency trading and digital asset investment platform. From advanced features to 24/7 customer support, Phemex has everything you need to make the most out of your portfolio.
In this Phemex article, we’ll look at all the features that make this platform stand out from the rest. We’ll also see how it could help you take your trading game up a notch!
The Phemex Mobile App offers everything a crypto trader needs, all in one place. The user interface is clean and easy to navigate, making it easy for anyone to get started with the platform.
It allows you to seamlessly place orders with a single button, accessible from the home screen. You can even make deposits by scanning a QR code, removing the hassle of long and complicated wallet addresses.
Whether you’re trading short or long, the Phemex Mobile App covers you. You can even create sub-accounts to test different strategies, protecting your leading portfolio if a trade goes south.
The app’s crypto converter feature is a life-saver, allowing you to convert any cryptocurrency into USD intuitively and straightforwardly. Phemex is the only platform that lets you move funds directly to the contract trading wallet. All trading charts and data on Phemex are live and presented in real-time, helping traders and investors make more informed decisions right from their phones.
The mobile app also gives you access to all currency pairs’ live order book and trade execution history. This is handy for tracking your portfolio’s performance or seeing how the market is moving. You can also use the app to track your Phemex trading history, performance, and portfolio value. This way, you can always stay on top of your investments and adjust strategies accordingly.
Phemex is a user-friendly and reliable platform that offers everything a crypto trader needs. With its advanced features and 24/7 customer support, you can be sure that you’re in good hands.
The platform has a history of looking out for its community, hosting many events, campaigns, and offers to keep users engaged throughout the year. Additionally, their referral reward system is one of the most generous in the industry, giving users immense benefits for each friend they refer.
Phemex’s mobile application far exceeds the standards people have come to expect from a cryptocurrency trading platform, bringing the entire exchange and all its features directly into your hands.
As a crypto trader, you have to be on your toes. From checking market conditions to tracking your portfolio, there are many things to keep track of. Whether a newbie or a pro, it’s essential to pick a reliable and user-friendly platform to help you make informed decisions from the get-go and on the go.
Introducing Phemex, an all-in-one cryptocurrency trading and digital asset investment platform. From advanced features to 24/7 customer support, Phemex has everything you need to make the most out of your portfolio.
In this Phemex article, we’ll look at all the features that make this platform stand out from the rest. We’ll also see how it could help you take your trading game up a notch!
The Phemex Mobile App offers everything a crypto trader needs, all in one place. The user interface is clean and easy to navigate, making it easy for anyone to get started with the platform.
It allows you to seamlessly place orders with a single button, accessible from the home screen. You can even make deposits by scanning a QR code, removing the hassle of long and complicated wallet addresses.
Whether you’re trading short or long, the Phemex Mobile App covers you. You can even create sub-accounts to test different strategies, protecting your leading portfolio if a trade goes south.
The app’s crypto converter feature is a life-saver, allowing you to convert any cryptocurrency into USD intuitively and straightforwardly. Phemex is the only platform that lets you move funds directly to the contract trading wallet. All trading charts and data on Phemex are live and presented in real-time, helping traders and investors make more informed decisions right from their phones.
The mobile app also gives you access to all currency pairs’ live order book and trade execution history. This is handy for tracking your portfolio’s performance or seeing how the market is moving. You can also use the app to track your Phemex trading history, performance, and portfolio value. This way, you can always stay on top of your investments and adjust strategies accordingly.
Phemex is a user-friendly and reliable platform that offers everything a crypto trader needs. With its advanced features and 24/7 customer support, you can be sure that you’re in good hands.
The platform has a history of looking out for its community, hosting many events, campaigns, and offers to keep users engaged throughout the year. Additionally, their referral reward system is one of the most generous in the industry, giving users immense benefits for each friend they refer.
Phemex’s mobile application far exceeds the standards people have come to expect from a cryptocurrency trading platform, bringing the entire exchange and all its features directly into your hands.
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🎉Withdrawal starts:27th Aug 8pm UTC+8/12pm UTC
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Japanese Government Proposes Crypto-related Tax Reforms
Japan’s Financial Services Agency has proposed holistic tax reforms relating to cryptocurrency firms. The proposal seeks to adjust the cryptocurrency tax policy for corporate organizations and provide a more crypto-friendly environment for start-ups. Moreso, the proposal suggests a new tax framework under which only profitable crypto start-ups are taxable.
Current tax laws mandate that unrealized gains be classified as income by the end of the Japanese fiscal year (March 31). This allows for income tax liabilities. Also, the law classifies any crypto earning over 200,000 JPY as miscellaneous income, warranting a tax rate of up to 55%.
As part of the suggested reform, all capital gains for undisposed corporate crypto assets at the end of every taxation year should be removed. Again, the proposal calls for the reclassification of digital assets, so the maximum tax rate on capital gains will be 20%. Previously, the rate on capital gains could be as much as 55% whereas profit from forex trading and stocks attracted a maximum of 20%.
That’s not all. Foreign Japanese residents will pay 55% and above as tax rates for all crypto-related income. There is also no allowance for pushing forward capital losses into a new fiscal year.
Before the announcement, experts noted that Japan lacked a crypto-friendly environment to help Japanese crypto start-ups thrive in the nation. These start-ups have been relocating their headquarters outside Japan. They’ve also been running their corporate structures and operations abroad.
For instance, Astar Network has its headquarters in crypto-friendly Singapore. The firm issued its tokens overseas earlier this year, avoiding stringent tax payments. Commenting on the proposed tax reform, the Founder of Aster network, Sota Watanabe, said, “good momentum for the Web3 industry, although it’s still in the middle of the road.”
The decision to review tax rules follows the FSA’s announcement that trust banks can now manage cryptocurrencies. According to the FSA, the move aims to boost crypto adoption, protect investors, and improve investor confidence. Implementation is set to begin in Autumn.
Likewise, Japan was among the early countries to propose regulations for stablecoins. The government proposed the regulations after TERRAUSD (UST) and LUNA wiped off the investment of many people. Implementing these latest tax reforms will most certainly make the environment more crypto-friendly.
Japan’s Financial Services Agency has proposed holistic tax reforms relating to cryptocurrency firms. The proposal seeks to adjust the cryptocurrency tax policy for corporate organizations and provide a more crypto-friendly environment for start-ups. Moreso, the proposal suggests a new tax framework under which only profitable crypto start-ups are taxable.
Current tax laws mandate that unrealized gains be classified as income by the end of the Japanese fiscal year (March 31). This allows for income tax liabilities. Also, the law classifies any crypto earning over 200,000 JPY as miscellaneous income, warranting a tax rate of up to 55%.
As part of the suggested reform, all capital gains for undisposed corporate crypto assets at the end of every taxation year should be removed. Again, the proposal calls for the reclassification of digital assets, so the maximum tax rate on capital gains will be 20%. Previously, the rate on capital gains could be as much as 55% whereas profit from forex trading and stocks attracted a maximum of 20%.
That’s not all. Foreign Japanese residents will pay 55% and above as tax rates for all crypto-related income. There is also no allowance for pushing forward capital losses into a new fiscal year.
Before the announcement, experts noted that Japan lacked a crypto-friendly environment to help Japanese crypto start-ups thrive in the nation. These start-ups have been relocating their headquarters outside Japan. They’ve also been running their corporate structures and operations abroad.
For instance, Astar Network has its headquarters in crypto-friendly Singapore. The firm issued its tokens overseas earlier this year, avoiding stringent tax payments. Commenting on the proposed tax reform, the Founder of Aster network, Sota Watanabe, said, “good momentum for the Web3 industry, although it’s still in the middle of the road.”
The decision to review tax rules follows the FSA’s announcement that trust banks can now manage cryptocurrencies. According to the FSA, the move aims to boost crypto adoption, protect investors, and improve investor confidence. Implementation is set to begin in Autumn.
Likewise, Japan was among the early countries to propose regulations for stablecoins. The government proposed the regulations after TERRAUSD (UST) and LUNA wiped off the investment of many people. Implementing these latest tax reforms will most certainly make the environment more crypto-friendly.
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🌎Players can enjoy and socially interact with a variety of unique game scenarios, challenges and environments.
💡 Unique experience obtaining valuable NFT collectibles and assets, earning
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👍🏽Players can purchase NFT heroes on the Marketplace to participate in
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SEC Probes Twitter Over Spam Accounts — Court Orders the Social Media Giant to Provide Additional Data to Elon Musk
Twitter Inc. has been ordered to provide additional data relating to spam and bot accounts to Elon Musk. The social media giant has sued the Tesla CEO for terminating his $44 billion offer to buy the social media platform. The U.S. Securities and Exchange Commission (SEC) has also questioned Twitter about the number of spam accounts.
Chancellor Kathaleen St. J. McCormick, a judge on the Delaware Court of Chancery, signed an order Thursday requiring Twitter Inc. (NYSE: TWTR) to provide additional data to Tesla and Spacex CEO Elon Musk. Plaintiff Twitter has sued defendants Musk and his two companies, X Holdings I and X Holdings II, for terminating the $44 billion deal to buy the social media platform. Musk has countersued Twitter.
Judge McCormick stated in her order:
Defendants’ data requests are absolutely abroad.
She added: “Read literally, Defendants’ documents request would require Plaintiff to produce trillions upon trillions of data points reflecting all of the data Twitter might possibly store for each of the approximately 200 million accounts included in its mDAU count every day on every three years.”
The social media company defines monetizable daily active users (mDAU) as “Twitter users who logged in and accessed Twitter on any given day through Twitter or Twitter applications that are able to show ads.”
The order further reads:
Plaintiff is ordered to produce a subset of what Defendants have requested: the 9,000 accounts reviewed in connection with Plaintiff’s Q4 2021 audit, which the parties refer to as the ‘historical snapshot.’
“Plaintiff represented that, with considerable effort, these documents could be produced in under two weeks, and Plaintiff shall strive to meet that timeline. In addition, Plaintiff must produce documents sufficient to show how those 9,000 accounts were selected for review,” the order details.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter over its method of identifying spam accounts, according to a new regulatory filing made public Wednesday.
In a letter dated June 15, the SEC asked Twitter CEO Parag Agrawal to provide some information regarding how the company calculates the number of bot accounts. “We note your estimate that the average number of false or spam accounts during fiscal 2021 continues to represent fewer than 5% of mDAU,” the SEC wrote, adding:
To the extent material, please disclose the methodology used in calculating these figures and the underlying judgements and assumptions used by management.
Twitter responded to the SEC inquiry with a standard description of the methodology on June 22. The social media giant informed the securities regulator that it has “adequately” disclosed the methodology that it uses, noting that it randomly selects thousands of accounts to be reviewed by people each quarter.
The SEC sent another letter to Twitter on July 27 stating: “We have completed our review of your filings. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.”
Earlier this month, Musk sold nearly 8 million Tesla shares. The Tesla boss said that in the event that Twitter forces the buyout deal to close and some equity partners do not come through, it is important to avoid an emergency sale of Tesla stock.
Twitter Inc. has been ordered to provide additional data relating to spam and bot accounts to Elon Musk. The social media giant has sued the Tesla CEO for terminating his $44 billion offer to buy the social media platform. The U.S. Securities and Exchange Commission (SEC) has also questioned Twitter about the number of spam accounts.
Chancellor Kathaleen St. J. McCormick, a judge on the Delaware Court of Chancery, signed an order Thursday requiring Twitter Inc. (NYSE: TWTR) to provide additional data to Tesla and Spacex CEO Elon Musk. Plaintiff Twitter has sued defendants Musk and his two companies, X Holdings I and X Holdings II, for terminating the $44 billion deal to buy the social media platform. Musk has countersued Twitter.
Judge McCormick stated in her order:
Defendants’ data requests are absolutely abroad.
She added: “Read literally, Defendants’ documents request would require Plaintiff to produce trillions upon trillions of data points reflecting all of the data Twitter might possibly store for each of the approximately 200 million accounts included in its mDAU count every day on every three years.”
The social media company defines monetizable daily active users (mDAU) as “Twitter users who logged in and accessed Twitter on any given day through Twitter or Twitter applications that are able to show ads.”
The order further reads:
Plaintiff is ordered to produce a subset of what Defendants have requested: the 9,000 accounts reviewed in connection with Plaintiff’s Q4 2021 audit, which the parties refer to as the ‘historical snapshot.’
“Plaintiff represented that, with considerable effort, these documents could be produced in under two weeks, and Plaintiff shall strive to meet that timeline. In addition, Plaintiff must produce documents sufficient to show how those 9,000 accounts were selected for review,” the order details.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has probed Twitter over its method of identifying spam accounts, according to a new regulatory filing made public Wednesday.
In a letter dated June 15, the SEC asked Twitter CEO Parag Agrawal to provide some information regarding how the company calculates the number of bot accounts. “We note your estimate that the average number of false or spam accounts during fiscal 2021 continues to represent fewer than 5% of mDAU,” the SEC wrote, adding:
To the extent material, please disclose the methodology used in calculating these figures and the underlying judgements and assumptions used by management.
Twitter responded to the SEC inquiry with a standard description of the methodology on June 22. The social media giant informed the securities regulator that it has “adequately” disclosed the methodology that it uses, noting that it randomly selects thousands of accounts to be reviewed by people each quarter.
The SEC sent another letter to Twitter on July 27 stating: “We have completed our review of your filings. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.”
Earlier this month, Musk sold nearly 8 million Tesla shares. The Tesla boss said that in the event that Twitter forces the buyout deal to close and some equity partners do not come through, it is important to avoid an emergency sale of Tesla stock.
