IOSCO Proposes Measures To Probe Digital Marketing Risks

Concerning the rapid increase of risks in digital marketing, The International Organization of Securities Commissions, (IOSCO), has proposed some measures for its member countries to consider when deciding their policy and imposition approaches to retail online offerings and marketing.


These proposed measures were written in a report published on Oct 12. The report centers on the use of behavioral and gamification techniques and  influencers who participate in crypto marketing, calling them “finfluencers.” 

Another area the report focused on is the “digital veil.” According to the IOSCO secretary general, Martin Moloney, “Digital fraudsters can hide behind a ‘digital veil’ that makes it difficult for regulators to locate, identify and take action against them.”

IOSCO, in the report, obliges regulators on both national and international levels to take risks co-existing with online marketing seriously, especially with the recent challenges that arise with the proliferation of crypto assets.

IOSCO proposed in the report that management for crypto products should apply “appropriate filtering mechanisms” for financial consumer onboarding as well as take responsibility for the precision of the information delivered to potential investors on social media platforms.

It also suggested to national regulators that regulatory channels report prospect complaints for misleading illegal promotions. Other measures proposed include crypto companies having qualifications and licensing mandates for their online marketing staff.

In addition, IOSCO reflected on third-country regulations stating that while crypto companies are providing their services to foreign clients, they should check if there’s any license they need to have acquired to be able to provide their service in the client’s respective country.

The International Organization of Securities Commissions is an association regulating the world’s securities and futures markets. In March, it published a report prompting regulators to understand the risks involved in decentralized finance (DeFi) developments and their jurisdictions.

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Microsoft Shares Strategies for Integrating Crypto into Regular Payment Transactions

Microsoft, a global pioneer in payment technology and innovation, has announced plans to develop methods of integrating crypto, Non-Fungible Tokens (NFT), and metaverse into the world’s financial sector to make daily payments seamless.


Raj Dhamodharan the Executive Vice President of Digital Asset & Blockchain Products and Partnerships at Microsoft outlined 5 different methods of making this possible.


The first method Raj stated was the use of crypto cards. Raj noted that Microsoft has partnered with Gemini in the United States to offer a credit card that uses crypto for making rewards payments. A recent announcement was made in Europe as Microsoft creates the world’s first debit card to be personalized into a customer’s NFT avatar.


The second method according to Raj is the provision of Services through crypto. Crypto users and companies can now get support in terms of cybersecurity, advisory, and banking services from Microsoft.


Thirdly, companies can form a partnership with giant-crypto companies such as  Paxos and Uphold to convert crypto into fiat so as to simplify payment transactions. The fourth key involves integrating some cryptocurrencies approved by Microsoft into their network so as to expand the choice of payments for users.


Lastly, Raj mentioned the relevance of partnering with metaverse and NFTs. According to him, “Customers of Coinbase can already use Mastercard to pay for NFTs, and in June we announced intentions to extend these options to eight additional NFT marketplaces and infrastructure providers.”


Making Payments Easy with Crypto


In 2020, the world’s top cryptocurrency exchange Binance announced the release of “Binance Card,” a new product that promises to offer crypto payment services anywhere in the world. The “Binance Card” offers many more features than a typical payment card. It functions similarly to a typical debit card supplied by your bank.

Also, Uber CEO Dara Khosrowshahi stated that the tech business is open to embracing Bitcoin as a form of payment for its transportation and Uber Eat delivery services in an interview with CNBC’s Squawk Box.

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Binu Paul Appointed as Head of Digital Assets in the U.K’s FCA

Binu Paul has been named the new head of digital assets at the Financial Conduct Authority (FCA), the primary financial regulator in the United Kingdom.


The news was first announced after Paul made a post on Linkedin that he has officially resigned from the Financial Markets Authority (FMA) in New Zealand, as a fintech specialist lead.


Paul takes over from Victoria McLoughlin, who had been overseeing digital assets in an acting capacity since April according to a post she made via LinkedIn.

“I have had the good fortune to hold positions that allowed me to positively impact New Zealand’s financial services and technology industries, both as an employee and an entrepreneur. My accomplishments to date include founding SavvyKiwi for KiwiSavers, leading New Zealand’s top investment research firm through its successful exit, and bringing together the fintech community with Finnotec”, says Paul. 

While Paul has been receiving congratulatory messages via his Linkedin post, some of his connections say he will be greatly missed in New Zealand’s fintech community. 

“A big loss for New Zealand, but sounds like an amazing ground of opportunity in an exciting space,” says a commenter.

Fighting the Activities of Money Laundering 

The Financial Conduct Authority (FCA) is the UK’s financial regulator that oversees the actions of 59,000 financial institutions. 

The FCA, which is independent of the government, guarantees that businesses act ethically while fostering competition and openness for the benefit of customers. The FCA continues to monitor major risk factors in the financial markets and has a variety of supervisory and enforcement measures at its disposal to spot, discourage, and stop improper behaviour.

Beginning in 2020, the FCA took over as the United Kingdom’s anti-money laundering and counter-terrorism financing body. 

The regulator thus demanded that businesses engaging in certain crypto asset operations across the country register with it. To this end, Revolut was offered registration to trading services in the UK, which makes it a total of 38 companies now on the list to operate crypto asset businesses in the nation.

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US. Multinational Toy Producer Mattel Introduces its NFT brand

American multinational toy producer Mattel has announced the debut of the official Masters of the Universe (MOTU) digital collection in partnership with the non-fungible token (NFT) digital toy manufacturer, Cryptoys.


The firm also stated that the first group of the collectibles heroes and villains will be made public by November. 

Since its establishment in 1945, Mattel has created some of the most globally recognized iconic toy brands, such as Barbie, Thomas & Friends, UNO, Fisher-Price, and Hot Wheels. The California-based toy producer made this recent update known on its website for the well-known MOTU, while stating that it collaborated with Cryptoys to “bring Eternia into the world of NFTs.”

Cryptoys is a virtual toy for recreation, collecting, and leveraging the Flow Network, a blockchain initiative that is also used by the NBA Top Shot and NFL All Day NFT collections created by Dapper Labs. 

“We’re psyched to introduce Masters of the Universe Digital Action Figures,” Mattel said, adding that “Through Cryptoys, an NFT-native platform, you can now expand your collection and bring your digital toys to life inside a playable universe.”

Cryptoys Sets to Celebrate He-man’s 40th Birthday 

According to Cryptoys’ website, the 40th birthday of the fictional character He-man will be commemorated with the upcoming release, and fans will get to see the partnership for the first time at the Mattel exhibition at San Diego Comic-Con coming up later this year. 

The first wave, according to Mattel, will go on sale in early November 2022. Evil-Lyn, Battle Cat/Cringer, Tri-Klops, Prince Adam, and He-Man are part of the rare series that will drop.

Meanwhile, Cryptoys disclosed that there will be 3 release waves. Orko, Beast Man, Trap-Jaw, and Teela will be in Wave 2, while the third wave will include Panthor, Man-at-Arms, Skeletor, and Sorceress. 

Furthermore, each wave will feature 4 hero roles per wave, for a total of 12 heroes. Thus, there are 84 collectible toys in total, with 28 collectible toys in each set. There will be 120,000 MOTU Cryptoys in total, with each MOTU drop including 10,000 toys for each character.

Similarly, every hero in Cryptoys has 7 distinct rarity categories, ranging from “Common” to “Ultra Grail.” The rare a skin is, the more precious it is, so each MOTU character will have a variety of skins in varied numbers.

Cryptoys Cubes can be purchased using cryptocurrency or a debit or credit card for $39.99. Recall that the Girles NFT gamify token project successfully raised over $1.2 million in presale.

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FTX Boss Is Rethinking On $1B Political Donation, Calls It A Slip of Tongue

Sam Bankman-Fried, the head of cryptocurrency exchange FTX, has reversed his comments that he would donate up to $1 billion in the next U.S. presidential election slated to take place in November 2024.


In an interview with Politico’s Morning Money published on Friday, the FTX founder said: “That was a dumb quote on my part. I think my messaging was sort of sloppy and inconsistent in some cases.”

That is bad news for Democrats who have been looking for more funding to drive their campaigns against Republicans for the election race.

Bankman-Fried said that releasing his fortune in the days before elections wouldn’t do much to elevate his policy priorities. The billionaire has been a vocal advocate for crypto regulation and pandemic preparedness.

The FTX boss said despite talking to voters, spending more time, money, and anything else on such activities, he may not accomplish anything more.

Bankman-Fried, who was in Washington for conference appearances this week, said: “I think primaries are more important. Frankly, I could try and talk about pandemic preparedness in a general election. But most voters are gonna say, ‘That’s cool, but like, I’m a Democrat’ or ‘I’m a Republican.’ That’s not going to move the needle enough for me to go over all of the other issues.”

Bankman-Fried has spent nearly $40 million on political action committees (PACs) and campaigns this year, a big chunk of funds going to the Democratic party and its candidates. That is enough to make him one of the biggest donors in politics today.

However, that is only a fraction of the $1 billion he previously said he’d be willing to spend in the 2024 general elections. He was one of the top contributors to Joe Biden for the successful 2020 presidential campaign.

Crypto is becoming more mainstream – currently, 20% of American adults own digital assets. With that growth, an increase in donations by crypto executives and investors to political candidates friendly to the new industry has been on the rise.

Political donations from the industry rose to more than $26 million between last year and March 2022. That influx of funding outpaced finances raised by internet giants, drug makers, and the defense industry investors for candidates heading into November’s congressional elections.

The issue of regulating digital assets appears to be divisive as issues surrounding gun control and abortion rights. The upcoming election will have a huge consequence for crypto regulations, according to market observers.

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Fed Governor Christopher Waller Says US CBDC Not Necessary for Dollar’s Supremacy

Federal Reserve Governor Christopher Waller on Friday expressed his hesitation towards the creation of a U.S. central bank digital currency, saying that the digital currency is likely not important to the long-term status of the U.S. dollar.

Waller made such comments while delivering a speech at a symposium sponsored by the Harvard National Security Journal in Cambridge, Massachusetts, on Friday.


The Fed governor said although his views on central bank digital currencies (CBDCs) are well known, he remains strongly unconvinced that there is a compelling need for the Fed to create a digital currency.

Waller said those who advocate for the development of a U.S. CBDC often say how it is significant for the long-term status of the dollar, especially as other major jurisdictions are moving towards adopting a CBDC.

He disagreed with such claims, stating that: “The underlying reasons for why the dollar is the dominant currency have little to do with technology, and I believe the introduction of a CBDC would not affect those underlying reasons.”

The Fed governor explained what could occur to the dollar’s role as the global reserve currency of choice if other countries adopted the digital currencies and the U.S. did not. He said factors making the dollar attractive for holding value and conducting international business would remain majorly unchanged, and the challenges that a CBDC might resolve could be achieved through other means.

Waller said: “The dollar serves as a safe, stable, and dependable form of money around the world. I don’t think there are implications here for the role of the United States in the global economy and financial system.” He, therefore, said people should instead focus and talk about the relevant CBDC-related topics, such as its impacts on financial stability, payment system improvements, and financial inclusion.

Waller’s comments come as a response to recent arguments posted by his fellow board members and other lawmakers favoring the introduction of a US CBDC.

 In July, Fed Vice Chair Lael Brainard said a CBDC would be a “natural evolution” of the payments system, saying the digital currency could play a key role in protecting financial stability. Lawmakers like Rep. Jim Himes, D-Connecticut, have also been outspoken advocates for the establishment of a U.S. central bank digital currency.

The digital currency remains a hot topic for the US government. In March, President Joe Biden issued an executive order on digital assets. And based on the report, Biden wants the US to lead in a space that China is far more advanced in with its digital Yuan projects. But a digital dollar could take years to develop because different stakeholders see multiple problems with rolling out a digital currency from the Federal Reserve.

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Mango Markets Community Set to Approve $47 Million Bounty With Hacker

After the unfortunate hack incident, Mango Markets is now set to offer a large bug bounty to the hacker who stole millions of dollars from the protocol.


On Tuesday, Solana DeFi protocol Mango Markets got hacked, with the hacker stealing over $100 million. Shortly after the hacking incident, the attacker offered a deal to the Mango Markets team.

The offered deal was that if the deal got approved, the hacker would return the stolen tokens of about $67 million, and then the remaining $47 million be used as a bug bounty.

In addition, the protocol would use the treasury funds worth $70 million to clear bad debts and won’t report for any criminal investigations once the agreed amount of tokens have been returned.

The proposed deal was forwarded to Mango Markets DAO (decentralized autonomous organization) to approve the agreement. 

After the Mango Markets DAO contemplation, they are finally set to approve the hacker’s deal, which is to use the remaining stolen tokens of $47 million as a bug bounty.

The Mango Market team utilized a governance voting approach for this settlement. So far, a massive amount of people from the DAO have been participating in the governance voting, with 119 million tokens already in place favoring the approval of the bounty.

Before the proposal, the hacker had created a governance vote for the proposal and voted on it with 33 million of the stolen tokens. However, because the proposal did not have the required quorum to pass, it was invalid.

But now, many participants are already voting in favor of the hacker’s proposal. It seems as though the quorum could pass soon. If the bounty gets accepted, it will be one of the most significant bug bounties in crypto history. 

During the Mango Markets MNGO tokens sale, the token was one of the largest token sales on the Solana blockchain in 2021. As reported by Blockchain.News, the protocol raised a total of $70.4 million from the token sale at the time.

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