Bitcoin News and Finance: What You Need to Know

The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers. Virtual Asset Service Providers to Be Regulated in Colombia Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of Colombia has presented a document that seeks to establish norms regarding the requirements cryptocurrency exchanges and custody providers must meet to be serviced as customers by banks. The project defines key concepts such as virtual asset service providers (VASPs), and virtual assets in the scope of the regulation. In the same way, it establishes that virtual asset service providers will have to be connected ...

Transactions with digital assets backed by precious metals are beginning in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has some high-tech applications, is not a publicly available asset in the Russian Federation. Atomyze and Rosbank Issue Digital Token for Palladium The Russian unit of Atomyze, a platform that specializes in the tokenization of commodities, and Rosbank, are starting transactions with digital financial assets (DFAs) based on precious metals. The first one is the issuance of a token for palladium, the holders of which will have the rights to a monetary claim equivalent to the market value of the metal, Atomyze announced in press release. Palladium is not a public asset on the Russian market, the Prime business news agency noted, reporting on the deal. At the same time, it is viewed as a promising investment. Palladium is used as a substitute for platinum in jewelry and the global demand for platinoids is growing. It ...

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He also served as chief economist at the International Monetary Fund (IMF) from 2001–2003. The Harvard professor described: I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation. Commenting on the U.S. issuing a digital dolla...

A panel of “industry experts” has predicted that ethereum will bottom out at $675 before the year-end. They have “considerably lowered” their ether predictions since the start of 2022 and are now expecting the price of the cryptocurrency to end the year at $1,711 before rising to $5,739 by 2025, and $14,412 by 2030. Expert Panel’s Ethereum Price Predictions Price comparison portal Finder updated its ether ( ETH ) price predictions Monday. The company measures expert predictions of the future ethereum price using weekly and quarterly surveys. Its latest quarterly survey, conducted in July, “asks a panel of 54 industry experts for their thoughts on how ethereum will perform over the next decade,” Finder explained. According to the latest predictions by Finder’s panel of experts, ether will be worth $1,711 by the end of this year. It will then rise to $5,739 by 2025, and $14,412 by 2030. However, the panel expects the price of ether to first bottom out at $675. Finder detailed: Whi...

In partnership with Unstoppable Domains, Bitcoin.com is making it easier than ever to use cryptocurrency as a payment method. Users of the multichain Bitcoin.com Wallet can now send cryptocurrency to the full range of domains offered by the blockchain-based domain provider. This means, for example, that people can send bitcoin to a human-readable address like ‘elizabeth.crypto’ rather than to the long and complicated wallet addresses that are native to the Bitcoin protocol (eg. bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq). “Cryptocurrency is a powerful force for creating economic freedom in the world, but adoption has been stifled by the frankly poor user experience — and the industry-standard usage of complex wallet addresses is a key pain point,” said Bitcoin.com CEO Dennis Jarvis. “Unstoppable Domains’ human-readable addresses are a big step in the right direction, which is why we’re proud to support them in our fully self-custodial wallet.” Unstoppable Domains is one of thr...

Bitcoin.com sponsors the launch of a brand new crypto casino BitSpinCasino with support for gaming with various cryptocurrencies and a smashing welcome offer of up to 3 BTC ! Play Exciting Casino Games With BTC , BCH , ETH , EUR, AUD, JPY & Many More Bitcoin as a form of value-driven technology is inarguably the most revolutionary idea that has been actualized in the modern arena of cross-border fintech innovation. Be it peer-to-peer payments, store of value, speculative trading, or digital transactions for goods and services, Bitcoin has fundamentally changed the way we think about money and subsequently, how money should be conducted around us. Launch of a New Crypto Casino In this vast arena of blockchain innovation and industry-building, Bitcoin.com has garnered a reputation for being the most accessible crypto brand by creating products that are easy to access, fun to interact with, and trusted by millions. Up until 2016 when Bitcoin.com launched Bitcoin.com Games, crypto...

The Seychelles-based crypto trading app, OKX, recently became the latest virtual assets service provider to be granted a provisional licence to provide its services in the United Arab Emirates (UAE). The provisional licence allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX Allowed to Extend Certain Exchange Products The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.” According to a statement released by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.” Remarking on the VARA’s decision to grant the provisional license, OKX general manager for Dubai, Lennix Lai said: The MENA region is one of the fastest-growing markets for our indus...

On Monday, Christie’s, the leading British auction house founded 256 years ago in 1766, announced the launch of a new venture fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.” Christie’s Ventures to Foster ‘Web3 Innovation, Art-Related Financial Products’ The British auction house Christie’s has revealed a new venture fund that aims to support “emerging technology and fintech companies.” The firm said that it plans to work in unison with its portfolio startups in order to accelerate growth and push Christie’s activities into innovative directions. “Christie’s Ventures will start by exploring three broad categories,” the company said on July 18. “[Web3] innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.” With premises located in London, ...

Nasdaq-listed cryptocurrency exchange Coinbase has obtained regulatory approval to offer crypto services in Italy. “Coinbase is committed to bringing the power of our full product suite to customers across Europe,” the company said. Coinbase Approved in Italy Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Monday that it has secured regulatory approval to provide crypto services in Italy. The company’s vice president of International and Business Development, Nana Murugesan, explained in a blog post: Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents. “The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria,” the executive described. “Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany,” Murugesan...

U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation. U.S. Senator Says Crypto Needs Stronger Regulation U.S. Senator Elizabeth Warren (D-MA) voiced her concerns about cryptocurrency investing in an interview with Yahoo Finance Live last week after several crypto firms filed for bankruptcy protection . Calling on the U.S. Securities and Exchange Commission (SEC) to act, she emphasized: Congress needs to act, but the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules. “I’ve been ringing the alarm bell on crypto and the need for stronger rules to protect consumers and financial stability,” the senator added. Last week, crypto lender C...

The .metaverse, .vr, .web3 and variety of top-level domains are now available for minting on Quik.com. Embrace yourself and your holdings on the web and its decentralized nature with this offer valid for a limited time. Check out Metaverse Domains on Quik now. Connecting the sellers and buyers in the most convenient way with a P2P peer-to-peer validated network, this platform has the most generic offerings for users and investors. This platform offers users a wider approach towards the NFT domain technology. It offers cost-effective, quick, and secure service. The system is built on the protocols ERC-721, ERC-115, and BEP-721, BEP-1155, and it provides a decentralized, secure environment with user-oriented services and secured transactions. These blockchain-based domains on Quik.com allow users to read the entire content and history of a product on the network. These domains themselves have benefits that set them apart from conventional domains. They are ICANN-free. These domai...

The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency exchange on April 25, the DNB said, elaborating: The fine was imposed because Binance offered crypto services in the Netherlands without a legally required registration with DNB. That’s prohibited. The central bank stressed that companies wanting to offer crypto services in the Netherlands must register with it as mandated in the Money Laundering and Terrorist Financing (Prevention) Act. The reg...

Tony Hawk, one of the most popular skateboarders in the world, is planning to build a skateboard park in the metaverse. The initiative, which will be completed in partnership with The Sandbox and Autograph, will also create voxel representations of the skateboarder as NFTs, that will be able to be used in The Sandbox metaverse world. Tony Hawk Takes Skateboarding to the Metaverse More and more athletes are taking their activities to the metaverse for their fans to enjoy and connect with them in these virtual worlds. Tony Hawk, one of the most popular skateboarders in the world, has announced he will build a digital skateboarding park in the metaverse. The venue will be built in partnership with The Sandbox, an ethereum based metaverse experience, to create a park where players can take their NFTs and skateboard freely. The skateboarder will also collaborate with Autograph , a high-profile NFT company co-founded by Tom Brady, to produce NFTs based on his most memorable moments and ...

PRESS RELEASE. Unagi is shifting the way sports fans interact with their favorite sports clubs through their innovative free-to-play and play-to-earn fantasy sports game: Ultimate Champions. Live since April 2022, the company has shaken the industry with several trailblazing successes including: Launching its fantasy football game with over 40 clubs , including the English Premier League powerhouse Arsenal FC Registering more than 20K active users in only 30 days Inking a pioneering deal with the EuroLeague , including 38 of the biggest basketball teams in Europe such as Real Madrid and Barcelona The fantasy sports market is estimated to grow to USD 50bn by 2030 and is ripe for disruption. Gen Z consumers increasingly expect dynamic gameplay models, in-game ownership and a play-to-earn experience. Ultimate Champions offers the following advantages relative to traditional fantasy providers: Gameplay: The game leverages more than 50 data points per athlete per match to sco...

A survey published by Globant, a software development firm, and Yougov, found that most gamers believe that metaverse will change the gaming industry in a positive way. The survey, which consulted the opinion of 1,000 PC, console, and mobile gamers, also found that most gamers are still uncomfortable with advertising on the metaverse and that non-fungible tokens (NFTs) are still uncommon for metaverse gamers. Metaverse Tech Might Change the Gaming Industry, Globant Survey Finds The sentiment of gamers toward metaverse tech and its influence on the future of the industry is changing to a more positive light. A new survey, titled “Metaverse Awareness Survey,” published by Globant, a software and tech company in partnership with Yougov, found out that gamers believe that the buzz around the metaverse is justified. The survey, which touched on other metaverse-related subjects like NFTs, consulted 1,000 gamers about the importance of the metaverse for the interactive entertainment indus...

A South African regional court recently ruled to release former Monero lead maintainer, Riccardo Spagni, from custody. The ruling came just a few days after his arrest by local law enforcement agents, a report has said. Prior to his release, Spagni aka Fluffypony told the court he had returned to South Africa voluntarily and that he was not a flight risk. US Judge Grants Motion for Spagni’s Extradition A South African regional court magistrate recently ruled to release fraud-accused former Monero lead developer, Riccardo Spagni, from custody on a warning, a report has said. The magistrate’s decision to release Spagni came just days after he was arrested and taken into custody when he landed at the OR Tambo International Airport. As previously reported by Bitcoin.com News, Spagni was arrested in Nashville, Tennessee on 21 July 2021 by U.S. law enforcement agents. The arrest was at the instigation of the South African government. Since then, Spagni has remained in U.S. custody pend...

Concerned about projected increase in electricity demand, the government in Sweden may turn its back on crypto mining, the country’s energy minister has indicated. Swedish bitcoin minting industry, a leader in Europe, is likely to soon lose the preferential treatment it has been taking advantage of for some time, a media report revealed. Crypto Miners May Find It Harder to Access Sweden’s Cheap Green Energy Amid forecasts for growing energy needs in other sectors, Sweden may change its attitude towards cryptocurrency mining. In a recent interview, Minister of Energy Khashayar Farmanbar remarked that the Swedish economy is moving “from a period of administration to an extreme expansion where our entire manufacturing industry is seeking to electrify.” Quoted by Bloomberg, the he official stated: We need energy for more useful things than bitcoin, to be honest. With its hydro reservoirs and wind parks providing clean and low-cost electricity, Sweden has attracted many bitcoin miner...

Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the U.S. and U.K. will deepen ties on crypto regulation. “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” said the British regulator. US and US to Strengthen Collaboration on Crypto Regulation The U.K. Financial Conduct Authority’s chief executive, Nikhil Rathi, outlined the FCA’s regulatory goals Wednesday at Peterson Institute for International Economics. “One area of global focus is crypto, both opportunities and risks,” the FCA chief said. “Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.” The regulator added: The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration o...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained. Chair Gensler Highlights SEC’s Work on Crypto Regulation SEC Chairman Gary Gensler outlined what to expect from his agency on U.S. crypto regulation Thursday in an interview with Yahoo Finance Live. He was asked, “What can we expect from the SEC in the coming months on the crypto regulatory front?” Gensler replied: “More broadly, the public right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.” The SEC chief elaborated: So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compli...

The Paraguayan Senate has approved a bill that seeks to regulate cryptocurrencies and their operations in the country. The bill, which had already been submitted to the deputy chamber, was approved with some changes suggested, establishing clear definitions and tax exemptions for companies in the cryptocurrency and crypto mining sectors. Paraguayan Cryptocurrency Bill Passes Senate Discussion Countries in Latam are seeking to standardize and regulate cryptocurrency to bring more clarity to investors dedicated to the industry in the area. On July 14, the Paraguayan senate greenlighted a cryptocurrency bill that defines several rules that companies and individuals will have to follow to operate with cryptocurrencies. The bill, which was introduced by Senator Fernando Silva Facetti and others last year, was amended by the deputy chamber, which proposed some changes considered an improvement per Facetti’s statements. The bill established the Ministry of Industry and Commerce of the c...

A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets. Russian Pyramids Take Advantage of Western Sanctions and Popularity of Crypto Over 56% of the pyramid schemes in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a report devoted to countering illegal activities in the country’s financial market reveals. The paper has been published by the Central Bank of Russia ( CBR ). Quoted by RBC Crypto, the regulator remarked that the sanctions imposed by the West over the conflict in Ukraine have dramatically changed the working conditions for legal financial institutions in Russia and fraudsters benefitted from the situation. Russians w...