Samuel Nduka, Author at San Francisco Tribe https://sanfranciscotribe.com/Home/author/samuel/ San Francisco Tribe Thu, 07 Apr 2022 20:25:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://sanfranciscotribe.com/Home/wp-content/uploads/2020/02/cropped-SanfranTops-1-1-32x32.png Samuel Nduka, Author at San Francisco Tribe https://sanfranciscotribe.com/Home/author/samuel/ 32 32 UK’s FCA to hire 80 more staff as it cracks down on problem firms https://sanfranciscotribe.com/Home/uks-fca-to-hire-80-more-staff-as-it-cracks-down-on-problem-firms/ https://sanfranciscotribe.com/Home/uks-fca-to-hire-80-more-staff-as-it-cracks-down-on-problem-firms/#comments Thu, 07 Apr 2022 20:24:30 +0000 https://sanfranciscotribe.com/Home/?p=7772 An announcement by the UK’s Financial Conduct Authority (FCA) shows that the body has launched a three-year strategy to enhance outcomes for consumers. This measure includes an aggressive clampdown on firms that fail to meet the authority’s standards.

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UK FCA to hire 80 more staff as it cracks down on problem firms

UK FCA

Welcome back to the Tribe! In this post we dive into the recent UK FCA press release!

Nothing should be considered investment or financial advice. Enjoy the ride!

UK FCA

An announcement by the UK’s Financial Conduct Authority (FCA) shows that the body has launched a three-year strategy to enhance outcomes for consumers. This measure includes an aggressive clampdown on firms that fail to meet the authority’s standards.

FCA Press Release

The FCA has launched a brand new strategy to boost outcomes for consumers and in markets throughout the United Kingdom.

As the FCA’s remit is broad and growing, the three-year strategy prioritizes resources to stop serious harm, set higher standards, and promote competition. The regulator also will, for a first time ever, hold itself accountable against published outcomes and performance metrics.

A key focus of the strategy is shutting down problem firms, which don’t meet basic regulatory standards. The FCA is recruiting 80 employees to figure out the initiative, which is able to protect consumers from potential fraud, and poor treatment and make a far better market in the end.

In the development of the strategy, the FCA has calculated that for each pound spent on its operations, consumers and smaller businesses will benefit by at least £11. The regulator has also considered the rising cost of living, which could drive greater demand for credit products and lead consumers to approach things in brand new ways in order to manage and make more money. The FCA still work closely with the United Kingdom, it’s Government and the Bank of England in response to the war in Ukraine. 

The strategy builds on activities launched last July, when Nikhil Rathi, Chief Executive of the Financial Conduct Authority, committed the regulator to become more innovative, assertive, and adaptive and transform the FCA into a data-led platform which will face the threats and opportunities in the long run.

This approach led to the FCA reforming the overall insurance market, saving consumers an expected £4.2bn over 10 years; leading the transition from LIBOR; helping small businesses claim £1.3bn against business interruption insurance cover; bringing its first-ever criminal prosecution under anti-money laundering regulations, with NatWest fined £264m; and protecting consumers from scams by preventing unauthorized firms from advertising financial products on Google.

Nikhil Rathi said:

“Our new strategy enables the FCA to respond more quickly to the rapidly changing financial services sector. It will give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments.”

FCA’s Response

The FCA is among one of many regulators worldwide in charge of crypto companies, and this release comes days after the Temporary Registration Regime, which allowed them to work within the United Kingdom without full registration, ended. The firms had until April 1 to get full registration, though a few have temporarily been permitted to continue with temporary registration.

Responding to the press release, Emma McInnes, the worldwide head of monetary services at research company YouGov, said in an interview:

“This leads to questions being raised about whether these companies will be able to continue operating in the U.K. market, and what happens to consumer crypto assets currently held by consumers with these companies,” 

She further added that;

“We have already seen some companies moving their crypto services operations from the U.K. to other markets, to ensure they can continue offering crypto services to Britons but from outside of the new U.K. regulatory regime.”

The UK continues its drive to set the pace in crypto regulation in the EU and transform into its dream of being the main crypto hub. This comes despite anti-industry regulations proposed by the European Union and the United State’s slowness to solidify it’s comprehensive crypto regulation.

Other News – FTX Acquires Stake In IEX

FTX has acquired a stake in US regulated stock exchange platform IEX. The IEX Group controls the exchange. Neither party has disclosed any financial details of the investment but some sources have surmised that the deal could be north of $100 million. CEO Sam Bankman-Fried said the move is strategic as the vision of both companies aligns.

Read more here…

UK FCA News

Thanks for reading our post on the UK FCA!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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]]> https://sanfranciscotribe.com/Home/uks-fca-to-hire-80-more-staff-as-it-cracks-down-on-problem-firms/feed/ 1 UK Adopts Stablecoins For Payment And Blockchain Technology In Financial Markets https://sanfranciscotribe.com/Home/uk-adopts-stablecoins-for-payment-and-blockchain-technology-in-financial-markets/ https://sanfranciscotribe.com/Home/uk-adopts-stablecoins-for-payment-and-blockchain-technology-in-financial-markets/#comments Tue, 05 Apr 2022 13:01:43 +0000 https://sanfranciscotribe.com/Home/?p=7732 In its move to make the UK a crypto hub, The government plans to amend the existing regulations and bring certain stablecoin payments into its regulatory purview.

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UK Planning Adoption Of Stablecoins For Payment And Blockchain technology In Financial Markets

UK Adopts Stablecoins

Welcome back to the Tribe! In this post we dive into the announcement that UK adopts stablecoins and blockchain into financial markets.

Nothing should be considered investment or financial advice. Enjoy the ride!

UK Adopts Stablecoins

In its move to make the UK a crypto hub, The government plans to amend the existing regulations and bring certain stablecoin payments into its regulatory purview.

Plan To Adopt Stablecoins

The UK treasury yesterday released the response to the consultation and call for evidence on the regulatory approach to stablecoins. In the document, most respondents called for the delineation between stablecoins linked to a fiat currency and those that reference other assets.

Speaking of legislation, the treasury believes that some tokens already fall within relevant legal frameworks and would not require any special legislation to regulate them. According to the document;

“The government considers that some forms of digital money or tokens example, those intended for wholesale settlement –– for may already fall within the relevant UK legal frameworks. However, this also depends on the structure of the token and nature of the activities concerned.”

So future legislation will focus on providing a clear framework in the UK, and also clarity as to the scope of activities to which the regulatory regime applies. Rather than crafting a whole new regulation.

Following the earlier call to delineate between stablecoins backed by fiat currency and those linked to other assets. The adoption of stablecoins as a form of payment will adopt the former rather than the latter. A possible reason is the lesser risks posed by stablecoins linked to fiat currencies.

According to the document:

“The government proposes that the regulation should capture all stablecoins that reference fiat currencies, including a single currency stablecoin or stablecoin based on a basket of currencies.”

This decision stems from the belief that stablecoins backed by one or more fiat currencies have the capacity to develop into a widespread form of payment.

The decision to adopt stablecoins does not come as a surprise because the crypto asset was favored in a report earlier released by the Bank of England’s Financial Policy Committee (FCP).

Bank of England To Test Distribute Ledger Technology (blockchain) In Financial Markets.

The Economic Secretary to the Treasury John Glen, representing the Chancellor delivered a keynote speech at the Innovative Finance Global submit during the Fintech week 2022.

In his speech, he reiterated the Chancellor’s resolve to support economic recovery and make the UK the world’s preeminent financial center. To achieve the latter, he believes that Fintech plays a very crucial role that can not be overlooked.

Speaking of blockchain technology, he said:

“Never in the history of commerce has there been invention as hyped and misunderstood as Distributed Ledger Technology and Blockchain.”

He further added that the technology might be a challenge but it is also an opportunity.

He also added that:

“If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor. In fact, if we commit now… if we act now… we can lead the way.”

On the Government’s response to Blockchain technology, John Glen said:

“Because we want this country to be a global hub – the very best place in the world to start and scale crypto-companies. If there is one message I want you to leave here today with, it is that the UK is open for business – open for crypto businesses.”

He raised the usual energy concerns of crypto mining in his address when he said:

“On carbon footprint, the UK is a world-leading ‘center for green finance’… so, of course, we will be looking closely at energy usage associated with certain crypto-technologies.”

Despite this, the government is poised to harness the potential of blockchain technology, with what Glen called a ‘detailed plan’.

The coming days are going to witness a lot of activities to incorporate crypto technology into the UK financial system as the Authorities move to create a crypto hub.

Other News – Phishing Attack on Trezor Users

Trezor cryptocurrency wallet users fell to a phishing scam deployed through the popular mass mailing and newsletter service MailChimp. The attacker used a cloned Trezor suite to lure users into creating a new seed phrase for their wallets.

Reports claim the attacker is a MailChimp insider but no confirmation has been provided thus far. The news comes a few weeks after a few digital asset companies supposedly experienced a data breach from a third-party service.

Read more here…

 UK Adopts Stablecoins News

Thanks for reading our post on UK adopts stablecoins!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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]]> https://sanfranciscotribe.com/Home/uk-adopts-stablecoins-for-payment-and-blockchain-technology-in-financial-markets/feed/ 1 Indian Cryptopreneurs To Get $1M As Coinbase Partners With Builders Tribe and Belief DAO https://sanfranciscotribe.com/Home/indian-cryptopreneurs-to-get-1m-as-coinbase-partners-with-builders-tribe-and-belief-dao/ https://sanfranciscotribe.com/Home/indian-cryptopreneurs-to-get-1m-as-coinbase-partners-with-builders-tribe-and-belief-dao/#comments Mon, 04 Apr 2022 14:08:30 +0000 https://sanfranciscotribe.com/Home/?p=7714 Coinbase Ventures is set to conduct an in-person pitching event for Indian cryptopreneurs to help boost the country’s growing crypto and Web3 industry.

The post Indian Cryptopreneurs To Get $1M As Coinbase Partners With Builders Tribe and Belief DAO appeared first on San Francisco Tribe.

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Indian Cryptopreneurs To Get $1M As Coinbase Partners With Builders Tribe And Belief DAO

Indian Cryptopreneurs

Welcome back to the Tribe! In this post we dive into the Indian Cryptopreneurs trying to take advantage of Coinbase’s expanded efforts in the region!

Nothing should be considered investment or financial advice. Enjoy the ride!

Indian Cryptopreneurs

Coinbase Ventures is set to conduct an in-person pitching event for Indian cryptopreneurs to help boost the country’s growing crypto and Web3 industry.

Coinbase Ventures

Coinbase Ventures, the investing arm of the American Crypto exchange has set its sight on the blossoming Indian crypto market. The investor is looking to invest $1M into the Indian crypto and Web3 market by hosting an in-person pitch for cryptopreneurs. The event which is set to hold in Bangalore this Month is hosted in partnership with Builders tribe and Belief DAO.

Coinbase announced in a tweet on its official Twitter handle:

“Calling India’s cryptopreneurs!

Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.

$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto”.

The event will not just feature pitches from entrepreneurs but will also include mentoring sessions with the best minds in crypto for winners. So it is geared toward the growth of the industry in India.

Cryptopreneurs Flock

The date scheduled for the event is April 8 and as of March 27, Builders Tribe announced on its Twitter handle that it had received over 100 applications from cryptopreneurs. The tweet also gave some analysis of the applications received.

Speaking on Conbase’s entry into the Indian Crypto market, Coinbase CEO Brian Armstrong who is already in India wrote a blog post today on the event.

He commented on the country’s potential in both crypto and Web3. He said:

“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals.”

He added that the series of events will start with a crypto community event in Bangalore to discuss the future of crypto and web3 in India. Then the startup pitch event is on April 8th.

Investing In India

This is not the first time the exchange is investing in India. According to Armstrong, “Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale.

Apart from the direct investment, Coinbase also launched its Indian tech hub last year and already has over 300 full-time employees with a vision of increasing that number by an additional 1000 this year. The aim of this is to “tap into the dynamic Indian software talent to build out our products” he also added.

Coinbase’s entry into the Indian crypto market comes at the heels of the implementation of the country’s rather harsh crypto tax law. Which requires citizens to pay 30% of unrealized crypto gains as law. In addition, the investor is not allowed to offset any crypto losses to compensate for the taxation. And also a pending 1% Tax Deducted at Source (1% TDS) which is set to be enforced in July. Although, the Indian Finance Minister Nirmala Sitharaman, recently shared her intent to rethink the law.

Related News – India’s Crypto Tax

India’s 30% tax on profits from cryptocurrencies came into effect yesterday being the 31st of March. In addition to this, the industry also faces the prospect of another 1% Tax Deducted at Source (TDS) expected to take effect by July 1.

Read more here…

Indian Cryptopreneurs News

Thanks for reading our post on Indian Cryptopreneurs!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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]]> https://sanfranciscotribe.com/Home/indian-cryptopreneurs-to-get-1m-as-coinbase-partners-with-builders-tribe-and-belief-dao/feed/ 2 India’s Crypto Tax Comes Into Effect, With A 1% Tds Expected To Kick Off In July https://sanfranciscotribe.com/Home/indias-crypto-tax-comes-into-effect-with-a-1-tds-expected-to-kick-off-in-july/ https://sanfranciscotribe.com/Home/indias-crypto-tax-comes-into-effect-with-a-1-tds-expected-to-kick-off-in-july/#comments Fri, 01 Apr 2022 19:18:34 +0000 https://sanfranciscotribe.com/Home/?p=7704 India’s 30% tax on profits from cryptocurrencies came into effect yesterday being the 31st of March. In addition to this, the industry also faces the prospect of another 1% Tax Deducted at Source (TDS) expected to take effect by July 1.

The post India’s Crypto Tax Comes Into Effect, With A 1% Tds Expected To Kick Off In July appeared first on San Francisco Tribe.

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India’s Crypto Tax Comes Into Effect, With A 1% Tds Expected To Kick Off In July

India’s Crypto Tax

Welcome back to the Tribe! In this post we dive into India’s Crypto Tax.

Nothing should be considered investment or financial advice. Enjoy the ride!

India’s Crypto Tax

India’s 30% tax on profits from cryptocurrencies came into effect yesterday being the 31st of March. In addition to this, the industry also faces the prospect of another 1% Tax Deducted at Source (TDS) expected to take effect by July 1.

Upcoming Taxes

India’s tax on cryptocurrencies came into effect yesterday, placing the burden on businesses and individual investors to cough up a 30% haircut on profits they receive.

There are fears that the tax regime will lead to the flight of domestic crypto entrepreneurs and startups to progressive tax havens including Portugal, Germany, or Singapore.

According to Sumit Gupta, CEO of India’s first crypto unicorn CoinDCX

“The onerous tax provisions are a challenge for the crypto industry, A flat 30% tax rate will certainly stifle growth and we have already seen many crypto companies leaving India.”

Gupta also emphasized that the tax regime will impact trading volumes negatively, causing the country to miss out on “huge opportunities.” According to him, Crypto is not a form of speculation but has grown to become a “globally recognized” and “respected” asset class.

He also added that “The tax rate should at least mirror that of other asset classes so as to minimize the financial impact on investors who do not fall under the highest tax bracket,”

The 1% TDS Tax, “Red Tapism” And Other Comments

In addition to the capital gains tax, India’s citizens will also be forced to pay a 1% tax deducted at source (TDS) — set to take effect on July 1. A TDS in the case of crypto will require investors to pay for each transaction, including when crypto is bought, transferred to a digital wallet, or used to purchase non-fungible tokens.

According to the Finance Minister, Nirmala Sitharaman;

“TDS (tax deducted at source) is more for tracking. It is not an additional tax and not a new tax. It is a tax that will help people track it, but at the same time the taxpayer can always reconcile it with the total tax to be paid to the government,” 

But an MP Ritesh Pandey expressed concerns in the Lok Sabha about the tax. The MP believes that the 1 percent Tax Deducted at Source (TDS) will promote “red tapism” while killing off this up-and-coming digital asset class. The “red tapism” idiom refers to those formal rules that are claimed to be excessive and rigid.

According to him;

“When you impose a 1 per cent TDS at three stages, it will give birth to red tapism. Doing so will also finish this asset class, which is very young,”

The reality of the TDS is scary because it will require a person to pay the TDS at three stages — when a cryptocurrency is purchased, when it is transferred to a crypto wallet, and when the cryptocurrency is used to purchase another digital asset, like a non-fungible token (NFTs).

Commenting on this, Om Malviya, President, Tezos India said:

“Adding Cryptocurrency under the ambit of GST on top of crypto tax and TDS is bound to put more pressure on the crypto community. With the scope of pushing a decentralized financial system for the better, this might defy the actual purpose of the same. The GST council must take a serious note on this,” 

The effect of this tax regime may not be known at the moment but from the look of things, it might make the country an unfavorable crypto destination.

Other News – Kraken Joins Lightning Network

Major crypto bank and digital currency exchange Kraken added support for the popular decentralized network Lightning. The Bitcoin layer protocol provides smart contract functionality and off-chain transactions.

Platforms like social media giant Twitter have also integrated the Lightning network for BTC payments.

Read more here…

India’s Crypto Tax News

Thanks for reading our post on the India’s Crypto Tax!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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]]> https://sanfranciscotribe.com/Home/indias-crypto-tax-comes-into-effect-with-a-1-tds-expected-to-kick-off-in-july/feed/ 1 Blockchain Adoption In Washington State Is On The Rise As It Passes Blockchain Bill 5544 https://sanfranciscotribe.com/Home/blockchain-adoption-in-washington-state-is-on-the-rise-as-it-passes-blockchain-bill-5544/ https://sanfranciscotribe.com/Home/blockchain-adoption-in-washington-state-is-on-the-rise-as-it-passes-blockchain-bill-5544/#comments Fri, 01 Apr 2022 14:19:32 +0000 https://sanfranciscotribe.com/Home/?p=7690 Washington State Governor Jay Inslee has signed Blockchain Bill 5544 into law, after a turbulent 3 years and one veto from the day it was proposed. The Bill will see the state set up a working group that will research potential applications for blockchain technology.

The post Blockchain Adoption In Washington State Is On The Rise As It Passes Blockchain Bill 5544 appeared first on San Francisco Tribe.

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Blockchain Adoption In Washington State Is On The Rise As It Passes Blockchain Bill 5544

Binance Regulations

Welcome back to the Tribe! In this post we dive into the Blockchain Bill 5544 that has recently passed in Washington.

Nothing should be considered investment or financial advice. Enjoy the ride!

Blockchain Bill 5544

Washington State Governor Jay Inslee has signed Blockchain Bill 5544 into law, after a turbulent 3 years and one veto from the day it was proposed. The Bill will see the state set up a working group that will research potential applications for blockchain technology.

Bill 5544

Bill 5544 has had a turbulent history through the state legislature. It was first introduced in the Senate by Republican senator Sharon Brown in 2019 but was vetoed by the governor in April of 2020.

This rejection returned the legislators to the drawing board to fine-tune the bill before releasing the final version that has been signed into law.

Specifics Of The Law

The law saw Governor Inslee order the formation of the Washington Blockchain Work Group which will “examine various potential applications for blockchain technology.”

The workgroup will help Washington continue to grow as a global leader in blockchain technology. The workgroup will comprise a range of key stakeholder groups, including representatives from the legislature, financial institutions, and trade associations. The workgroup will host its inaugural meeting by December 1, 2022, and submit a report to the Governor on its findings by December 1, 2023.

Response To The Law

The Bill was championed by State Senator Sharon Brown, with strong bipartisan support from the House of Representatives and the Senate. They also had support from Washington Technology Industry Association (WTIA), a non-profit organization dedicated to fostering a robust, equity-centered technology sector that empowers thriving communities.

In response to the passing of the bill, Sharon Brown said:

“Every day, companies are adopting blockchain technology to improve delivery of services,” 

She also added that:

“This new law is a vital first-step in creating an environment that is welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply-chain management and STEM-education opportunities. I am pleased to see this legislation signed into law. By creating the Washington Blockchain Work Group we are sending a clear message that Washington is ready to start working with the private sector to advance this technology for the benefit of all Washington residents, employers and workers.” 

The Cascadia region is home to hundreds of startups focused on technology leveraging the ledger system, including app development (Atra Blockchain, ArcBlock), blockchain infrastructure (Dragonchain, NEO, and ArcBlock), healthcare (Lumedic), and gaming (Mythical Games). Blockchain has also expanded to the enterprise, with Washington-based legacy companies embracing the technology, including Amazon Web Services and Microsoft Azure tapping blockchain as a service, T-Mobile leveraging blockchain for telecommunications, and Starbucks utilizing blockchain to support its supply chain and logistics.

Also responding to the signing of the bill into law, Arry Yu, Chair, WTIA Cascadia Blockchain Council said:

“Since its founding, the Cascadia Blockchain Council has been dedicated to making the region a global hub for blockchain development. Today represents a major step forward in achieving our goal,” 

He further added that; “With the formation of the work group, Washington is now positioned to lead the country when it comes to blockchain and distributed ledger technology. It has been a tireless few months of work from the Council and our supporters, and it’s rewarding to see our hard work come to fruition.”

Investors for Blockchain Startups

Over the past few years, the cryptocurrency and blockchain industry has driven the digital economy forward with countless innovative developments including decentralized finance (DeFi) solutions, Web3 tools, and NFTs to name a few. While the space was initially referred to as a bubble waiting to burst, blockchain technology has so far proven doubters wrong.

This persistence coupled with continuous advancement has supposedly caught the eyes of institutional investors who are increasingly splashing the big bucks to support startups focused on solving key problems by leveraging the technology powering modern financial products like the so-called ‘magic money’ and ‘digital gold’.

Read more here…

Blockchain Bill 5544 News

Thanks for reading our post on the Blockchain Bill 5544!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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sec sues crypto exchange binance. Is this the lawsuit we have been waiting for or is the SEC going beyond their power

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]]> https://sanfranciscotribe.com/Home/blockchain-adoption-in-washington-state-is-on-the-rise-as-it-passes-blockchain-bill-5544/feed/ 10 Kyrgyzstan to Launch a National Cryptocurrency – “Nothing is Growing as Fast as Cryptocurrency” https://sanfranciscotribe.com/Home/kyrgyzstan-to-launch-a-national-cryptocurrency-nothing-is-growing-as-fast-as-cryptocurrency/ https://sanfranciscotribe.com/Home/kyrgyzstan-to-launch-a-national-cryptocurrency-nothing-is-growing-as-fast-as-cryptocurrency/#comments Wed, 30 Mar 2022 14:05:38 +0000 https://sanfranciscotribe.com/Home/?p=7670 Last year Kyrgyzstan introduced regulations on crypto exchanges and the crypto mining industry but the circulation of crypto assets remained unregulated. Now there are calls to legalize crypto assets and launch a national cryptocurrency.

The post Kyrgyzstan to Launch a National Cryptocurrency – “Nothing is Growing as Fast as Cryptocurrency” appeared first on San Francisco Tribe.

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Kyrgyzstan to Launch a National Cryptocurrency

Kyrgyzstan Crypto

Welcome back to the Tribe! In this post we dive into the Kyrgyzstan Crypto asset that the country is planning to launch.

Nothing should be considered investment or financial advice. Enjoy the ride!

Kyrgyzstan Crypto

Last year Kyrgyzstan introduced regulations on crypto exchanges and the crypto mining industry but the circulation of crypto assets remained unregulated. Now there are calls to legalize crypto assets and launch a national cryptocurrency.

Regulation of Crypto Exchanges And Crypto Mining

According to a report by a local news outlet 24.kg in august last year, the government announced plans to introduce regulations on crypto assets.

This plan came as a result of concern by the cabinet ministers about crypto exchanges and it led to the preparation of a draft regulation by the state service for regulation and supervision of the financial markets.

According to the developers, this will help determine the legal framework for the circulation of crypto assets through the introduction of state regulation.

“This will reduce risks and assist in the development of innovative technologies and the formation of a digital economy, as well as lay the foundation for the development of a systemic market and create prerequisites for participation for a wider range of participants, including qualified investors and businesses,”

the department believes.

The draft regulation established the status, functions, rights, and obligations of the crypto exchange, as well as the mandatory requirements for the activities of the crypto exchange, the procedure for their state registration in the Unified State Register.

It also provided the procedure for the requirement and responsibility of crypto exchanges in terms of countering the financing of terrorist activities and the legalization (laundering) of criminal proceeds.

Nothing is Growing as Fast as Cryptocurrency

In a report by a local news outlet AKIPRESS.COM, a Kyrgyzstani member of parliament Karim Khanjeza stated that,

“Nothing is growing as fast as cryptocurrency.”

He gave this verdict during the meeting of the parliamentary committee on law and order, fighting crime, and combating corruption.

In the meeting, Khanjeza and other MPs considered draft amendments to the law in the field of crypto assets to boost the country’s chances of being a regional crypto hub.

Furthermore, he stated that “India has already announced that it will become a global hub for virtual assets,” In a sequel to this he advised appointing an authorized body against the legalization of criminal proceeds.

National Cryptocurrency Controlled by The National Bank

The country, according to the MP, has a unique opportunity now to create and legalize such a hub in Kyrgyzstan. He suggested attracting highly qualified specialists in this field, possibly Russian specialists to help set this up.

The claim he made is not verifiable, because crypto assets remain unregulated in India, and crypto trading and mining activities face huge taxes by the government.

 Moving on MP Karim Khanjeza suggested that the country introduce its own cryptocurrency and legalize it. He said:

“You can introduce your own cryptocurrency and have the National Bank and financial police control it.”

The move will be the right step for the Central Asian country which has positioned itself as a crypto-friendly nation. Because its commodity laws allow the mining and transacting of Bitcoin as a commodity.

Other News – Ronin Bridge Exploited

Several days after the initial attack, the Ronin Network team has revealed that the sidechain was exploited by an unknown hacker. The postmortem audit discovered that 173,600 ETH and 25.5 million USDC was stolen from the Ronin bridge in two transactions.

Ronin’s team has halted the bridge and limited access to the Katana dex until the matter is resolved. The project leads have also contacted relevant law enforcement authorities and alerted exchanges.

Read more here…

Kyrgyzstan Crypto News

Thanks for reading our post on the Kyrgyzstan Crypto!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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The post Kyrgyzstan to Launch a National Cryptocurrency – “Nothing is Growing as Fast as Cryptocurrency” appeared first on San Francisco Tribe.

]]> https://sanfranciscotribe.com/Home/kyrgyzstan-to-launch-a-national-cryptocurrency-nothing-is-growing-as-fast-as-cryptocurrency/feed/ 1 UK FCA’s Deadline Of March 31st Approval Sparks A Mass Exodus Of Crypto Firms https://sanfranciscotribe.com/Home/uk-fcas-deadline-of-march-31st-approval-sparks-a-mass-exodus-of-crypto-firms/ https://sanfranciscotribe.com/Home/uk-fcas-deadline-of-march-31st-approval-sparks-a-mass-exodus-of-crypto-firms/#comments Tue, 29 Mar 2022 19:09:15 +0000 https://sanfranciscotribe.com/Home/?p=7651 The temporary registration regime set by the UK’s Financial Conduct Authority (FCA) is set to end by March unless extended. With three days left, many crypto firms that have been removed from the register or remain in the register without full approval are at the risk of being shut down. A decision that has led most of them to consider moving operations abroad.

The post UK FCA’s Deadline Of March 31st Approval Sparks A Mass Exodus Of Crypto Firms appeared first on San Francisco Tribe.

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UK FCA’s Deadline Of March 31st Approval Sparks A Mass Exodus Of Crypto Firms

UK FCA's Deadline

Welcome back to the Tribe! In this post we dive into the UK FCA’s Deadline coming up and what it means for the crypto market!

Nothing should be considered investment or financial advice. Enjoy the ride!

UK FCA’s Deadline

The temporary registration regime set by the UK’s Financial Conduct Authority (FCA) is set to end by March unless extended. With three days left, many crypto firms that have been removed from the register or remain in the register without full approval are at the risk of being shut down. A decision that has led most of them to consider moving operations abroad.

Establishment of The Temporary Registration Regime For Cryptoasset Firms

In a press release dated December 16, 2020, the UK’s FCA established a temporary regime to allow existing cryptoasset firms who had earlier applied for approval to continue offering services. This temporary registration status was to be made permanent if they met certain anti-money laundering standards.

According to the release:

“The Temporary Registration Regime is for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed. This is to enable those existing businesses to continue to trade after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application.”

The release further stated that “firms that did not submit an application by 15 December 2020 will not be eligible for the temporary registration regime. They will need to return cryptoassets to customers and stop trading by 10 January 2021. Firms that do not stop trading by that date are at risk of being subject to the FCA’s criminal and civil enforcement powers”. 

Following this decision, some firms lost the ability to do business in the UK as of January 2021. But the deadline for the temporary registration was extended from July 2021 to March 31, 2022, placing every company on the list for temporary registration pending full approval.

Some Companies Failed to Meet The Standard For Full Approval

The road to gaining full approval has been a long one for some firms as they failed to meet the standard for full approval.

CNBC reported a few days ago that;

“The FCA said many crypto companies had withdrawn their applications as they were not meeting the required anti-money laundering standard”.

The firms that withdrew their application were struck off the temporary registration list and had to cease operations, while some others remained on the list. The firms remaining on the temporary register included $33 billion fintech firm Revolut L.t.d and Copper Technologies – a crypto startup that has former UK Finance Minister Philip Hammond as an advisor.

Firms Still Awaiting Regulatory Approval Looks Abroad

The FCA has since taken a tough stance on crypto regulation due to a significant spike in demand for digital assets among retail investors over the last two years. A stance that has seen only 33 firms achieving permanent registration with the body.

According to a Bloomberg report, some six firms fell off the temporary list last week. The report said:

“Six companies — including crypto market maker B2C2 Ltd. and crypto digital banking apps Wirex Ltd. and Trastra Ltd. — fell off the temporary register last week without gaining full authorization”.

With 3 days left before the March 31 deadline, 12 firms remain on the temporary register. This includes Revolut and Copper and they are at risk of being suspended if they don’t get fully approved by the FCA before the deadline.

While it is still possible that the FCA might extend the deadline, some firms have already started the process of moving their operations abroad to enable them to continue servicing UK customers. Meanwhile, nearby countries such as Croatia and Switzerland top the list of favored destinations.

CoinBurp L.t.d one of the firms that fell off the list last week, has since stopped offering services to its UK customers. But, according to its Chief Executive Peter Wood, the company is in the process of restoring it.

B2C2 also said that spot trading of cryptoassets is handled by its US entity. A path Wirex is also planning to explore. Wirex plans to service its UK customers from its Croatian subsidiary.

Copper is also pursuing plans to gain regulatory approval in Switzerland as a second option, while it remains in dialogue with the FCA.

An FCA spokesperson said firms that do not meet its required benchmarks can choose to withdraw their application, or have the right to appeal a rejection.

Other News – Crypto Market Rallies

The entire cryptocurrency market has grown over the last 7 days as over $200 billion flowed into the market. Bitcoin has so far led the charge during the latest market-wide recovery since the major dip in December 2021.

As of the time of writing this report, Bitcoin has sustained levels above the key $46,000 resistance point. With a fury of cash injections in the market, BTC bulls could target ranges above $50k to extend the current relief period.

Read more here…

UK FCA’s Deadline News

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Make sure to follow our Twitter to stay up-to-date on all things crypto!

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The post UK FCA’s Deadline Of March 31st Approval Sparks A Mass Exodus Of Crypto Firms appeared first on San Francisco Tribe.

]]> https://sanfranciscotribe.com/Home/uk-fcas-deadline-of-march-31st-approval-sparks-a-mass-exodus-of-crypto-firms/feed/ 1 Russia Crypto Mining Makes U-Turn As Deputy Energy Minster Calls For Legalization https://sanfranciscotribe.com/Home/russia-crypto-mining-makes-u-turn-as-deputy-energy-minster-calls-for-legalization/ Mon, 28 Mar 2022 15:59:34 +0000 https://sanfranciscotribe.com/Home/?p=7634 Russia is looking towards cryptocurrencies in the face of biting economic sanctions. This is evident with the recent call by its official for crypto mining to be legalized as soon as possible. This and the decision to receive payment for oil and gas in bitcoin is a major shift from the federation's position on cryptocurrencies a few months ago.

The post Russia Crypto Mining Makes U-Turn As Deputy Energy Minster Calls For Legalization appeared first on San Francisco Tribe.

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Russia Crypto Mining Makes U-Turn As Deputy Energy Minster Calls For Legalization

Russia Crypto Mining

Welcome back to the Tribe! In this post we dive into Russia Crypto Mining!

Nothing should be considered investment or financial advice. Enjoy the ride!

Russia Crypto Mining

Russia is looking towards cryptocurrencies in the face of biting economic sanctions. This is evident with the recent call by its official for crypto mining to be legalized as soon as possible. This and the decision to receive payment for oil and gas in bitcoin is a major shift from the federation’s position on cryptocurrencies a few months ago.

Central Bank’s Position on Cryptocurrency and Crypto Mining

Per a January 20th report by Reuters, the Russian central bank proposed a ban on crypto and crypto mining citing threats to financial stability, citizens’ well-being, and its monetary policy sovereignty. This came after the federation gave crypto legal status in 2020 but banned it as a means of payment.

The stand on crypto seems to be gradually crumbling in recent times as the federation sets its sight on it as a way out of the effect of biting economic sanctions by the US and its allies.

Post-sanction U-turn on Cryptocurrency

A few days ago, Russian lawmakers in a bid to offset the crippling economic consequences of the sanctions imposed on the federation, proposed to receive Bitcoin as payment for oil and gas from friendly countries.

Pavel Zavalny, head of the Russian Federation State of Duma committee on energy stated that;

“Moscow will sell raw materials to friendly states for yuan, lira, dinars, and even bitcoins, and to unfriendly states for rubles and gold, forcing them to either buy Russian currency or share their gold reserves with Moscow.”

He further stated that:

“Gas will be the first step, then the Russian Federation will transfer all commodity trade with Western countries to the ruble. It makes no sense for Moscow to keep trading in euros and dollars, given that the West has blocked Russia’s settlements in these currencies.”

This policy is geared toward the de-dollarization of the Russian economy, and boosting its gold reserves. What is of interest in it is the addition of Bitcoin as a payment for oil and gas which might be interpreted as a possible transition to a digital economy by the federation.

Deputy Minister Calls For Legalization of Crypto Mining

According to Tass, a Russian news agency, the Russian Deputy Minister For Energy Evgeny Grubchak, said that the legal vacuum in the field of crypto mining needs to be eliminated.

Grubchak said that:

“The legal vacuum makes it difficult to regulate this area and set clear rules of the game. This legal vacuum needs to be [eliminated] as soon as possible. If we want somehow to get along with this activity, and we have no other options in the current reality, we must introduce legal regulation, adding the concept of mining to the regulatory framework,”

This means that the federation might be looking at exploring the option of mining crypto with its energy reserves “in the current reality” of the biting sanctions imposed on it. A move that is similar to the precedence set by Iran which has been a concern to the West since the sanctions were imposed on the federation.

Grubchak further suggested that:

“It would be more efficient to determine sites for mining and to free energy capacities for miners at the regional level, and not at the federal level, and this needs to be regulated with regional development plans”

Similar News – Russia’s Energy Announcement

Russia is looking towards cryptocurrencies in the face of biting economic sanctions. This is evident with the recent call by its official for crypto mining to be legalized as soon as possible. This and the decision to receive payment for oil and gas in bitcoin is a major shift from the federation’s position on cryptocurrencies a few months ago.

Read more here…

Russia Crypto Mining News

Thanks for reading our post on Russia Crypto Mining!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

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]]> Bank of England’s Financial Policy Committee (FPC) Releases Report On Cryptoassets And Decentralized Finance https://sanfranciscotribe.com/Home/bank-of-englands-financial-policy-committee-fpc-releases-report-on-cryptoassets-and-decentralized-finance/ https://sanfranciscotribe.com/Home/bank-of-englands-financial-policy-committee-fpc-releases-report-on-cryptoassets-and-decentralized-finance/#comments Fri, 25 Mar 2022 16:02:22 +0000 https://sanfranciscotribe.com/Home/?p=7618 The Bank of England’s Financial Policy Committee (FPC) in a report, is assessing the risks and the financial stability implications of cryptoassets and decentralized finance to the financial system. This will provide a future regulatory framework for crypto and decentralized finance.

The post Bank of England’s Financial Policy Committee (FPC) Releases Report On Cryptoassets And Decentralized Finance appeared first on San Francisco Tribe.

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Bank of England’s Financial Policy Committee (FPC) Releases Report On Cryptoassets And Decentralized Finance

report on cryptoassets

Welcome back to the Tribe! In this post we dive into the report on cryptoassets and decentralized finance from the Bank of England!

Nothing should be considered investment or financial advice. Enjoy the ride!

Report on Cryptoassets and Decentralized Finance

The Bank of England’s Financial Policy Committee (FPC) in a report, is assessing the risks and the financial stability implications of cryptoassets and decentralized finance to the financial system. This will provide a future regulatory framework for crypto and decentralized finance.

Bank of England

Per a 40-page report by the Financial Policy Committee (FPC) of the Bank of England, the committee identified the advantages of integrating stablecoins to the existing financial systems.

According to the report on stablecoins:

“if appropriately designed, stablecoins could offer lower cost, real-time payments services, while also maintaining a reliable store of value.”

The FPC’s report also proposed that stablecoins could emerge as an alternative to commercial bank deposits, or grow in importance as a means of transacting as DeFi grows. It also projects that in the future returns from stablecoins would surpass, that from bank deposits.

Furthermore, it stated that “If stablecoins that are backed by central bank reserves substantially increase in popularity, then there could be a substantial shift away from household wealth being held as deposits at commercial banks to central bank reserves, via stablecoin providers.”

The future applications of stablecoins, the report highlighted was not limited to deposits, it assessed the role of stablecoins in payments. According to the report:

“Stablecoins could play an increasingly important role in payments. Currently, stablecoins are not used to make mainstream payments. But as cryptoasset markets develop, there could be potential for a stablecoin to launch and scale up rapidly, becoming a systemic payment system.”

On The Benefits of Cryptoassets and Decentralized Ledger Technology

The report proposed some benefits of cryptoassets and Decentralized Ledger Technology (DLT) or Blockchain Technology. The first of them is that it will make cross-border payments cheaper and more efficient by eliminating the need for centralized intermediaries.

The report stated that:

“Provided that they are safe and stable in value, cryptoassets and the technology underpinning them could reduce the cost, and increase the speed of cross-border payments by allowing transactions to take place directly between individuals (‘peerto-peer’) and reducing the need for centralised intermediaries.”

Beyond the efficiency this provides, the assessment shows that If undertaken within a well-designed and proportionate regulatory regime, Blockchain technology could increase competition in the UK financial system, further lowering costs to end-users. And it can also potentially be used to make financial market infrastructure (FMI) processes (in particular settlement) more efficient, transparent, and resilient.

Finally, the report states that “outside payments, decentralized networks used for lending could in time reduce the reliance on existing intermediaries if done safely.”

Assessing The Risks Posed by Cryptoassets And DeFi

Assessing the risks posed by cryptoassets and DeFi, the report considers their risks similar to other assets in the financial system.

“Many of the risks posed by cryptoassets and DeFi are similar to those managed by the existing regulatory framework in other parts of the financial system.”

the report stated.

Also considering the size of the crypto market, the report considers cryptoassets and DeFi less likely to impact the financial stability of the UK and the world.

To this effect, the report states that:

“Given cryptoassets currently represent only a small fraction of institutional investor portfolios, they are unlikely to present a risk to the UK and global financial stability in and of themselves.”

Response to The Report

The Prudential Regulation Authority (PRA) Deputy Governor and CEO Sam Woods wrote; “Dear CEO” letter to banks, insurance companies and designated investment firms on exposure to cryptoassets based on the assessment of this report.

The purpose of the letter was to “ensure that where firms do have exposures, they(the CEO’s) understand our (the PRA’s) expectations around risk management and measurement against the existing prudential framework.”

The bulk of the letter reminds the CEO’s of existing policies and regulatory frameworks in light of their increasing interest. The letter also asks for the completion of a survey on the organizations’ existing crypto exposure and plans for the year, due June 3.

Other News – Accountability For Cryptocurrency In El Salvador

The US senate which has since expressed concern over El Salvador’s adoption of Bitcoin as a legal tender, yesterday proposed legislation on the ‘accountability for cryptocurrency in El Salvador’. This move, according to the proponents of the legislation, is to mitigate risks the adoption of cryptocurrency by its Central American trading partners poses to the US economy.

Read more here…

Report on Cryptoassets News

Thanks for reading our post on the report on cryptoassets and decentralized finance from the Bank of England!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

Cheers

/inBlockchain, News

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]]> https://sanfranciscotribe.com/Home/bank-of-englands-financial-policy-committee-fpc-releases-report-on-cryptoassets-and-decentralized-finance/feed/ 2 U.S. Senate Proposes Bill On ‘Accountability For Cryptocurrency In El Salvador’ https://sanfranciscotribe.com/Home/u-s-senate-proposes-bill-on-accountability-for-cryptocurrency-in-el-salvador/ https://sanfranciscotribe.com/Home/u-s-senate-proposes-bill-on-accountability-for-cryptocurrency-in-el-salvador/#comments Thu, 24 Mar 2022 16:36:26 +0000 https://sanfranciscotribe.com/Home/?p=7602 The US senate which has since expressed concern over El Salvador's adoption of Bitcoin as a legal tender, yesterday proposed legislation on the ‘accountability for cryptocurrency in El Salvador’. This move, according to the proponents of the legislation, is to mitigate risks the adoption of cryptocurrency by its Central American trading partners poses to the US economy.

The post U.S. Senate Proposes Bill On ‘Accountability For Cryptocurrency In El Salvador’ appeared first on San Francisco Tribe.

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U.S. Senate Proposes Bill On ‘Accountability For Cryptocurrency In El Salvador’

Bitcoin at the Speed of Light(ning)

Welcome back to the Tribe! In this post we dive into the new bill the U.S. senate is proposing called Accountability For Cryptocurrency In El Salvador.

Nothing should be considered investment or financial advice. Enjoy the ride!

Accountability For Cryptocurrency In El Salvador

The US senate which has since expressed concern over El Salvador’s adoption of Bitcoin as a legal tender, yesterday proposed legislation on the ‘accountability for cryptocurrency in El Salvador’. This move, according to the proponents of the legislation, is to mitigate risks the adoption of cryptocurrency by its Central American trading partners poses to the US economy.

The Bill

The bill which was introduced by US Senator Jim Risch and co-sponsored by Senators Bob Mendez and Bill Cassidy sought to require reports on the adoption of a cryptocurrency in El Salvador. 

According to the contents of the bill, in general, it requires the Secretary Of State in coordination with other relevant federal departments and agencies to submit a report on the adoption of a cryptocurrency as legal tender by the Government of El Salvador. The report according to the document will come 60 days after the enactment of the act.

Furthermore, the legislation requires that the report focus on;

El Salvador’s legislative process and framework for the adoption of a cryptocurrency as a legal tender, the adoption’s compliance with the requirements of the country’s Financial Action Task Force, and the impact of the adoption on individuals and businesses. 

The report will also cover the country’s internet infrastructure to facilitate the adoption, and matters arising related to hacking, theft, and cybercrime. 

Following the report, the Secretary of State and the other department and agencies shall submit a plan to mitigate any potential risks to the US financial system to the appropriate committee of the congress within 90 days.

Reactions to the Bill

The Senator commented yesterday on the bill which was introduced on February 16, which means that the full Senate will need to vote on this bill.

Per a Press release by the united states Senate Committee On Foreign Relations Senator Risch commented on the bill.

He said:

“As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system. Our legislation passed by committee today requires the State Department to coordinate with Treasury and other federal agencies to examine and mitigate these risks, including any potential empowerment of malign actors like China and organized criminal organizations. I’m grateful to Senators Menendez and Cassidy for their partnership on this legislation.”

In a tweet yesterday, Nayib Bukele the president of El Salvador expressed shock over the bill by the US senators on El Salvador’s adoption of Bitcoin as a legal tender. In the tweet  he shared some screenshots of the bill’s content Bukele and said:

“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here.”

The bill is a move to probe the integrity of El Salvador’s process of adoption of bitcoin as a legal tender. And also to protect the US from malign actors like China and organized crime rings. A move that Bukele finds shocking.

Nigerian Crypto Bank

Nigerian-based fintech startup Canza recently bagged a bumper funding pack from investors. The fresh cash injection provides Canza with financial support to build out its crypto-focused cross-border payment infrastructure. Reports put the hefty raise at around $3.2 million.

Read more here…

Accountability For Cryptocurrency In El Salvador News

Thanks for reading our post on the Accountability For Cryptocurrency In El Salvador Bill!

Make sure to follow our Twitter to stay up-to-date on all things crypto!

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sec sues crypto exchange binance. Is this the lawsuit we have been waiting for or is the SEC going beyond their power

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