Tag: Government

Venom To Launch A Blockchain Hub With Kenyan Government

by Blockchain News

Abu Dhabi, UAE, May 10th, 2023, Chainwire

Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a “blockchain hub” in Africa, focusing on the development of Web3 and blockchain technology applications. This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.

More than 84% of the Kenyan population have access to financial services through banks and fintech. However, with the implementation of blockchain infrastructure as a long term strategy it will further increase the value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra African trade lines.

Venom Foundation’s expansion into Africa highlights the continent’s forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation. By advocating for the adoption of blockchain technology, Venom Foundation seeks to empower African communities, create a bridge between traditional finance and trade with the web3 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions. Tangible benefits that can be realized include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization. These advancements hold considerable potential to substantially contribute to economic development and financial inclusion across the continent.

The blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa. Venom will also supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry,

voting systems, tokenization of assets, and other areas where blockchain technology can make a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.

Christopher Louis Tsu, CTO for the Venom Foundation, commented “Africa is already rich in natural resources and human capital, by bringing next generation blockchain technology to the continent it will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively”

The Kenyan government also expressed enthusiasm for the partnership. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated, “We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology, and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

About Venom Foundation

Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. With capabilities of dynamic sharding, low fees, ultra-fast speed and scalability, Venom harbors the potential to function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever expanding user base.

For more information about the Venom testnet launch, visit: Website

For more information about Venom Foundation, visit: Website | Twitter

Contact

Adam Newton
pr@venom.ventures
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G20 To Establish Standards For Global Crypto Regulatory Framework

by Blockchain News

It was announced on February 25 by the group of the 20 largest economies in the world, known collectively as the G20, that the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework.

The Financial Stability Board (FSB) is expected to publish its recommendations by July 2023 on the regulation, supervision, and oversight of global stablecoins, crypto asset activities and markets, as stated in a document that provides a summary of the outcomes of a meeting with finance ministers and governors of central banks.

The next set of guidelines is not anticipated to be released until September 2023. At that time, the FSB and the IMF are scheduled to jointly provide “a synthesis document incorporating the macroeconomic and regulatory aspects of crypto assets.” Another research on the “possible macro-financial ramifications of the broad adoption” of central bank digital currencies is scheduled to be published by the International Monetary Fund (IMF) in the same month (CBDCs). The following is an excerpt from the statement that was released by the G20: “We look forward to the IMF-FSB Synthesis Paper which will support a coordinated and comprehensive policy approach to crypto-assets, by considering macroeconomic and regulatory perspectives, including the full range of risks posed by crypto assets.”

Additionally, the BIS will provide a paper that discusses analytical and conceptual concerns in addition to potential risk reduction techniques associated with crypto assets. The text does not include any information on the deadline for this report. The use of cryptocurrency assets to finance terrorist operations will also be investigated by a financial task group established by the G20.

During the course of the event, United States Secretary of the Treasury Janet Yellen said that it was “essential to put in place a solid regulatory framework” for activities relating to cryptocurrencies. In addition to this, she emphasized that the nation is not advocating for a “outright ban on crypto activity.” In a brief conversation with reporters on the margins of the main event, the managing director of the IMF, Kristalina Georgieva, suggested that the G20 nations need to have the option of outlawing cryptocurrencies.

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Gate.io to Launch Crypto Exchange in Hong Kong Following Government’s $6.4M Investment in Web3

by Blockchain News

Following the announcement that the Hong Kong government intends to infuse 50 million Hong Kong dollars ($6.4 million) into Web3 as part of the city’s budget for the 2023-24 fiscal year, cryptocurrency exchange Gate.io is getting ready to build a presence in Hong Kong.

On February 22nd, Gate Group announced that it would be applying for a cryptocurrency license in Hong Kong, which will enable it to establish “Gate HK.” Hippo Financial Services, the local subsidiary of the corporation, was awarded a license in August 2022 to allow it to offer custody services for virtual assets.

In a budget address on February 22, the Hong Kong finance secretary, Paul Chan, pledged financing relating to Web3 as well as the formation of a crypto task force. This news comes at the same time.

He went on to say that Web3 had “great potential,” and that the Special Administrative Region of China is obligated to keep up with its “constant growth.”

“It is imperative that we stay current with the times and make the most of this priceless chance to drive innovation forward.”

Chan said that the monies will be used to expedite “the growth of the Web3 ecosystem” by organising “workshops for young people,” holding international seminars, and boosting commercial collaboration.

Because of the legislation that the government has enacted around cryptocurrencies, he said that a “big number” of businesses are contemplating opening up shop in the city. Dr. Han Lin, the founder of Gate Group, referred to Hong Kong as both “a worldwide strategic market” and a “hub” because of its “industry-leading regulatory system.”

On February 20th, Hong Kong announced its intentions, which included a new licensing framework as well as a proposal to provide retail traders access to approved cryptocurrency platforms.

Chan has said that he “will organize and head a task force” on the creation of virtual assets in response to the surge in commercial interest. This task force will be comprised of individuals from financial regulators, market actors, and “relevant policy bureaux.”

According to Chan, the purpose of the task group is to “offer suggestions on the sustainable and responsible growth of the industry.”

In October, Hong Kong launched crypto-friendly policy frameworks in an effort to govern the business inside the city. This was the first step in the city’s quest to achieve status as a worldwide centre for the cryptocurrency industry.

The city’s unique status enables it to have its own laws and government, despite the fact that it is located inside a territory that is part of China. However, there are reports that authorities in Beijing are covertly supporting the region’s crypto aspirations. This would appear to be in contradiction to China’s prohibition on cryptocurrencies, but the push that Hong Kong is making in the cryptocurrency space.

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El Salvador is Opening a Bitcoin Embassy in the United States

by Blockchain News

The nation of El Salvador is creating a “Bitcoin Embassy” in the United States, making it the first government in the world to do so. Bitcoin (BTC) is the most popular cryptocurrency in the world.

In 2021, El Salvador became the first nation in the world to recognize bitcoin as a form of legal cash. Now, the country is extending its Bitcoin strategy via a new cooperation with the government of Texas. The intergovernmental partnership intends to establish a Bitcoin Embassy, also known as El Salvador’s representative office, in Texas in order to collaborate on the development of new initiatives that seek to increase Bitcoin use.

Milena Mayorga, the Salvadoran Ambassador to the United States, broke the news in a message on Twitter on Feb. 14.

“During my meeting with the assistant secretary of the government of Texas, Joe Esparza, we discussed the opening of the second Bitcoin Embassy as well as the expansion of commercial and economic exchange projects,” Mayorga said. “We also discussed the expansion of commercial and economic exchange projects.”

The most recent Bitcoin project was launched only a few months after El Salvador established the world’s first Bitcoin Embassy in the city of Lugano, which is located in the southern region of Switzerland, in October 2022. As a part of these efforts, the two pro-crypto jurisdictions have begun working toward the establishment of a physical governmental presence in order to foster collaboration in education and research institutes relevant to Bitcoin.

Samson Mow, who formerly served as the chief strategy officer at Blockstream, believes that the phenomenon of Bitcoin embassies is the next phase in the process of countries and cities embracing Bitcoin. According to what he mentioned, such projects need collaboration across nations in order to launch new initiatives such as forming alliances amongst locations that have accepted Bitcoin.

The announcement comes at a time when it is being claimed that state legislators in Texas are exploring a new measure that would require “a master plan for the growth of the blockchain business.” The legislative initiative’s overarching goal is to make Texas the cryptocurrency capital of the United States by, among other things, making purchases using Bitcoin exempt from sales tax.

As was previously reported, Texas has emerged as one of the crypto-friendly states in the United States. This is due to the state’s passage of crypto-friendly legislation, which seek to better adapt commercial laws to the innovation brought about by blockchain and to digital asset regulations. Major mining businesses like Riot Blockchain, Core Scientific, and Genesis Digital Assets all have operations in the state of Texas. As a result, Texas is home to some of the most powerful Bitcoin miners in all of North America.

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Taurus raised $65 million

by Blockchain News

The Series B capital round for Taurus, a company that specializes in providing digital asset infrastructure to financial institutions in Europe, was led by Credit Suisse and brought in a total of $65 million. In addition, a number of additional institutional investors, such as Deutsche Bank, Pictet Group, Cedar Mundi Ventures, Arab Bank Switzerland, and Investis, took part in the investment round.

The announcement made on February 14 stated that the funds that were raised by Taurus would be used to strengthen its growth strategy in three primary areas: recruiting top engineering talent to continue developing its platform; expanding its sales and customer success organization to enhance its infrastructure solutions with new offices in Europe, the UAE, and later in the Americas and Southeast Asia; and finally, maintaining the most stringent security, risk, and compliance requirements across all of its operations.

Taurus has formed collaborations with over 25 different financial institutions and business customers across eight countries and three continents. These ties span the globe. Taurus counts Arab Bank Switzerland, CACEIS, Credit Suisse, Deutsche Bank, Pictet, Swissquote, and Vontobel among its clientele. Other customers include Credit Suisse, Swissquote, and Vontobel.

Through the digitization of private assets, Taurus believes there is a significant opportunity for the digital asset business to achieve a value of more than $10 trillion. The business has previously participated in the tokenization of 15 projects with a variety of issuers situated in Switzerland and the European Union. These issuers include banks, asset managers, small and medium-sized companies, and startups. In addition, a publicly listed insurance firm has just selected Taurus as their platform of choice for tokenizing actual assets.

Companies dealing in digital assets continue to seek financing despite the fact that the price of cryptocurrencies is in a bear market so that they may continue to expand and innovate within the ecosystem.

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The U.S. government’s regulatory strategy towards crypto firms

by Blockchain News

According to Nic Carter, co-founder of venture firm Castle Island and crypto intelligence firm Coin Metrics, the alleged strategy involves isolating the traditional financial system from the cryptocurrency market by relying on “multiple agencies to discourage banks from dealing with crypto firms.” The goal of this strategy is to lead crypto businesses to become “completely unbanked.” This strategy is aimed at isolating the traditional financial system from the cryptocurrency market.

“Regulators intimidate and blackmail bank leadership behind the scenes, and then they produce public “advice” underlining that banks are still free to hold cryptocurrencies or serve cryptocurrency customers. In point of fact, they are not at all free to act in this manner in any way.

A joint statement was issued on January 3 by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency warning about the risks of banks engaging in crypto and encouraging them to refrain from doing so due to “safety and soundness” concerns. This event is among other recent regulatory developments. In the same month, Binance made the announcement that it will no longer execute any U.S. currency transactions that were less than $100,000 owing to a new policy implemented by Signature Bank.

Signature Bank made the announcement in December 2022 that it intended to restrict the number of cryptocurrency services it offered, refund clients’ monies, and cancel their accounts. Due to liquidity concerns caused by the bear market and the collapse of FTX, the bank is said to have borrowed almost $10 billion from the United States Federal Home Loan Bank System in the last quarter of 2022.

“Banks are reconsidering whether or not it is worthwhile to continue providing these services in light of the potential risks.”

According to comments made by the CEO of Coinbase, Brian Armstrong, on Twitter, another focus for United States authorities seems to be the prohibition of crypto staking services for retail consumers. Staking is a method that enables investors in cryptocurrencies to place their digital assets under the control of a smart contract in return for incentives and passive income.

The methods used by the authorities in the United States are not novel. Operation Choke Point was a regulatory program that was implemented by the federal government in 2013 and targeted a range of “high-risk” sectors in addition to increasing the level of oversight of financial institutions that provide services to these types of companies.

Influences on crypto companies

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South Korean Officials Confirm They Sent Team to Serbia to Find Do Kwon

by Blockchain News

Do Kwon, the controversial inventor of the now-defunct Terra ecosystem, is the subject of an escalated manhunt, with reports indicating that South Korean authorities have confirmed they have dispatched at least two personnel to Serbia in an effort to locate him.

According to a story that was published on the 7th of February by Bloomberg, the prosecutor’s office in Seoul said that the rumors “aren’t fake” about members of its team venturing out to the Balkan state in order to locate Kwon.

It would seem that at least two state officials traveled, one from the office of the prosecutor, and the other from the Ministry of Justice in South Korea.

Chosun Media, a magazine located in South Korea, said on December 11 that they had been notified by a state intelligence officer that Kwon had established a base of operations in Serbia.

There is no extradition treaty in place between South Korea and Serbia at the present time.

According to a recent opinion post written by Minso Kim for the Chosun Media outlet in South Korea, Kwon most likely found Serbia to be an excellent place to hide out as a result of the factors described above.

Kwon, however, has had his passport revoked by South Korea, which may make it more difficult for him to travel in the future.

Since South Korean prosecutors filed an arrest order against Kwon on September 14, he has been suspected of evading capture ever since. Kwon has rejected the allegations made against him throughout the month of October.

The failed entrepreneur, who is now 31 years old, has also been charged of violating regulations governing capital markets.

It is well knowledge that Kwon is a frequent tweeter; yet, he spent over two months without tweeting or retweeting a single message, which has led some people to wonder what the controversial figure has been up to in that time.

However, Kwon recently gave a response to an accusatory tweet that was directed at him, in which he said that he has never taken anybody else’s money and has never participated in any “hidden cashouts.”

Kwon has, up to this point, denied any misconduct.

The de-peg of the algorithmic stablecoin known as TerraClassicUSD (USTC), which caused the collapse of the Terra ecosystem, was one of the contributing factors. Terra Classic (LUNC) was intimately connected to the stablecoin, with the latter also approaching 100% of its value.

There was an estimated loss of value of sixty billion dollars brought on by the environment.

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UK Watchdog Proposes Tougher Advertising Rules

by Blockchain News

According to the United Kingdom’s financial watchdog, newly proposed advertising rules in the United Kingdom could potentially see executives of crypto firms facing up to two years in prison for failing to meet certain requirements around promotion. These executives would be in violation of the rules if they failed to meet any of the aforementioned requirements.

The United Kingdom’s Financial Conduct Authority (FCA) issued a statement on February 6 in which it revealed that if the proposed “financial promotions regime” is approved by Parliament, then all crypto firms within the country as well as those located outside of it would be required to adhere to certain requirements when advertising their crypto services to customers in the United Kingdom.

According to the Financial Conduct Authority (FCA), “cryptoasset enterprises selling to UK customers, including those operating abroad, must be ready for this regime.”

“Taking immediate action will assist guarantee that they can continue to lawfully advertise their products to customers in the United Kingdom.” As a part of their preparations, we strongly advise businesses to get any and all guidance that may be required,” the statement said.

If the FCA’s proposed regulatory framework is implemented, companies dealing in cryptocurrencies would be required to get prior authorisation from the FCA before advertising their services, unless they qualified for an exemption under the Financial Promotion Order.

According to the governing body, a “cryptoasset firm” in the United Kingdom may only advertise and sell its products and services to clients via one of the following four channels:

According to the regulatory body, any marketing that is carried out outside of these channels would be in violation of the Financial Services and Markets Act of 2000 (FSMA), which has a criminal penalty of up to two years in jail for each offence.

“We will take tough action where we detect companies advertising cryptoassets to UK consumers in contravention of the rules of the financial promotions regime,” the Financial Conduct Authority (FCA) stated in a statement. “We will take action against firms that promote cryptoassets to UK consumers.”

Companies found to be in violation of the new regime risk having their websites taken down, receiving public warnings, and being subjected to further enforcement measures. In addition to the possibility of serving time in jail for its executives.

The Financial Conduct Authority (FCA) has said that they would wait until “necessary legislation” is passed before publishing “our final guidelines for crypto asset promotions.” This might perhaps indicate that the financial promotions regime will undergo upgrades or adjustments in the future.

According to the Financial Conduct Authority (FCA), “Subject to any changes in circumstances, we plan to adopt a similar approach to crypto assets to that outlined in our new regulations, which will be in force from February 1 2023 for other high-risk investments.”

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CFTC Chair Rostin Behnam Continues Calls for Non-Security Tokens Regulations

by Blockchain News

The chairman of the United States Commodity Futures Trading Commission, often known as the CFTC, is Rostin Behnam, and he has said that he would continue working toward the agency’s goal of regulating non-security tokens.

Behnam cited “bankruptcies, failures, and runs” as part of the argument for Congress to grant the CFTC the ability to handle regulation for cryptocurrencies in statements that were made public on February 3 and were intended for an event hosted by the American Bar Association. The head of the Commodity Futures Trading Agency (CFTC) said that the commission was “ideally positioned” to resolve any regulatory deficiencies; nonetheless, the commission deferred to U.S. politicians to go forward with legislation.

“Regulation is important to protect consumers and to avoid failures which cannot reliably be confined within any limits across the local and global financial systems,” said Behnam. “Regulation is necessary to protect customers and to prevent failures.” “It makes no difference if one or more of these things happen in 2023 or 2033; we still need to take action. There is a new Congress, and I want to continue participating in legislative drafting and offering my expertise in that capacity whenever it is required.

According to the head of the Commodity Futures Trading Commission (CFTC), funding increases for the commission would also help the agency develop its enforcement staff, which has brought 69 crypto-related proceedings to far – a list that includes FTX, Ooki DAO, and other entities. Behnam said that the team was “working towards another strong year of precedent-setting cases” against dishonest or unlawful operations using digital assets.

Even if the political composition of the 118th Congress will be somewhat different from that of the one before it, it is still unknown whether or not the CFTC will be granted further jurisdiction under Behnam’s leadership. The Lummis-Gillibrand Responsible Financial Innovation Act was initially proposed in June 2022 with the intention of addressing the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) with regard to cryptocurrency regulation. This bill may be one of the pieces of legislation that lawmakers consider revising.

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Senate Banking Committee to Hold Second Hearing on Crypto Market Crash

by Blockchain News

The Senate Banking Committee of the United States Congress has planned a second hearing to investigate the effects that might result from a meltdown in the cryptocurrency market.

Sherrod Brown, the chair of the Senate Banking Committee, made a notice on February 3 stating that senators will get together on February 14 for a hearing entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.” The meeting of legislators will take place exactly two months after a hearing on December 14 in which they reviewed the failure of the cryptocurrency exchange FTX.

There are going to be some adjustments made before the Senate Banking Committee has its second hearing after the start of the 118th session of Congress, which is slated to begin soon. In the wake of Pat Toomey’s retirement, Senator Tim Scott will replace Senator Brown as the committee’s ranking member. Senator Brown will continue to serve as the committee’s chair. One of the legislative goals that Scott has set for himself is the creation of a crypto regulatory framework.

After FTX filed for bankruptcy, which affected a great number of retail investors around the United States, committees in both the House and the Senate decided to hold hearings on the matter. It is also anticipated that the House Financial Services Committee would conduct a second hearing on FTX at some point in the year 2023. At the time that this article was being published, there was no hearing listed on the agenda for the committee.

Ben McKenzie, an actor from Hollywood, Kevin O’Leary, a celebrity of the television show Shark Tank and an investor, Jennifer Schulp of the Cato Institute, and Hilary Allen, a law professor, were all witnesses at the hearing in December. Sam Bankman-Fried, the former chief executive officer of FTX, was detained in the Bahamas just before he was set to testify before the House Financial Services Committee. It is yet unknown who will take the stand at the hearing in February.

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Bitcoin (BTC) $ 37,738.11 1.25%
Ethereum (ETH) $ 2,030.67 1.62%
Litecoin (LTC) $ 69.51 0.88%
Bitcoin Cash (BCH) $ 222.48 1.44%