Europeans Favor National Cryptocurrency Regulation: Survey

EU citizens are getting around to crypto regulation, with several respondents noting that they would prefer national regulation of the nascent industry to an EU intervention.

Free from the European Union

A recent survey has shown that more European citizens would like their countries’ financial regulators to provide more clarity on digital assets sooner rather than later.

The survey in question was conducted by Redfield & Wilton Strategies – a Market research company based in London. The company took responses from citizens in 12 European countries, including France, Germany, Greece, Estonia, Italy, and Lithuania.

The survey also sought to gauge public opinions about a possible national digital currency and the prospects of crypto regulations across the continent.

Among the countries, respondents from Italy showed the highest support for a state-backed digital currency, with 41% of respondents giving the green light. Greece followed this with 40% and Estonia with 39%.

The Netherlands had the highest number of respondents against this plan, with 37% clearly against the idea as opposed to 18% in favor.

Interestingly, the survey also showed that most respondents would prefer their countries to develop cryptocurrency regulations instead of waiting on the European Union.

Since September 2020, the European Commission has been working towards providing a uniform approach to crypto regulations across the continent. In a regulatory proposal titled “Markets in Crypto Assets,” the agency explained that it had seen the need to ensure closer crypto regulations across Europe.

The European Commission based its approach on two reasons. The first was to prevent the rise of fragmented regulations across European countries, while the second was to stem the rising tide of stablecoins.

So far, the proposal has been subject to intense debates, with several bodies raising concerns over its implications for growth in the crypto market and beyond. However, this latest poll could serve as a signal that the region is ripe for crypto regulation.

Slovenia’s New Crypto Tax Revamp

Some countries have already begun taking bold steps towards regulating the highly volatile asset class. Earlier this week, the Financial Administration of the Republic of Slovenia (FURS) reportedly began considering imposing a 10% taxable income fee on crypto earnings.

Local news sources stated that the current taxation scheme in Slovenia involves the agency analyzing citizens’ digital asset activities on a case-by-case basis, even as far as examining their transactions. But, with a proportional taxation system, the agency can now streamline the process and focus only on crypto-based purchases as well as crypto-fiat conversions. Using these parameters, individuals will have to pay a 10% tax rate on their crypto earnings.

“We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing,” the report added.

While the tax rate is yet to take hold, regulators and policymakers are probably already discussing the possibility.

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Author: Jimmy Aki

Historically September Records Losses, But Will This Time Be Any Different?

August is coming to an end, and Bitcoin is trading around $48,000 and Ether around $3,200.

With just two days left in the month, the leading cryptocurrency is locking in just over 16% gains while being up 66.21% year-to-date. As for Ether, it had a 26.4% uptrend in the month, 40.60% in the quarter, and 333.50% in the year, so far.

Comparatively, gold which is traditionally a safe haven asset is barely in the green for the month while being down 4% YTD, at $1,814 per ounce. In comparison, the US dollar recorded returns of 1.65% and 2.83%, respectively.

When it comes to the stock market, the S&P 500 managed to go up 2.60% in August despite hitting a fresh all-time high at $4,513 on Friday. According to data analytics company Skew, the S&P 500 is also up roughly 5% for the quarter ending September and a mere 20% in 2021.

The summer saw a downtrend for cryptocurrency prices which fell during May, June, and most of July due to seasonal effects as investors sold in May and went away.

But since July low, crypto assets have recovered sharply, up more than 60%, with some altcoins like Solana (SOL) and Terra (LUNA) hitting new ATHs. SOL 9.35% Solana / USD SOLUSD $ 100.47
$9.399.35%
Volume 2.52 b Change $9.39 Open $100.47 Circulating 290.94 m Market Cap 29.23 b
10 h Historically September Records Losses, But Will This Time Be Any Different? 10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 4 d Chainlink (LINK) Blockchain Oracle Goes Live on Solana (SOL) Devnet
LUNA -0.76% Luna Coin / USD LUNAUSD $ 0.00
$0.00-0.76%
Volume 0 Change $0.00 Open $0.00 Circulating 1.71 m Market Cap 8.17 K
10 h Historically September Records Losses, But Will This Time Be Any Different? 10 h Investors Turn to Ether Competitors, Solana’s SOL Hits 3-Digits to Mark A New ATH 5 d Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund

Now, the market is waiting for the return of money in September, as the well-known financial-world adage goes. But according to monthly returns of Bitcoin, next month is not looking so good, with average returns showing a loss of 7.8%.

But given that June and July were down months and August has only started to recover, positive sentiments can further accelerate in September.

Not to mention, NFT mania is here with the floor price of digital art surging and bringing retail with it into the crypto sector. While NFT is driving the mainstream crypto adoption, institutions haven’t stopped coming either.

“There’s generally been pretty positive crypto sentiment recently: NFTs have helped lead the revival, and the crash from May is further in the rearview mirror,” said Sam Bankman-Fried, CEO of crypto exchange FTX.

Additionally, all the gains made in NFT and altcoins are expected to flow into the leading cryptos, sparking euphoria in the market.

According to Yoni Assia, founder and CEO of eToro, it is a “generation buying movement” and cited a confluence of events, massive fiscal stimulus, and rock-bottom interest rates worldwide. Combining this with the rising inflation as economics reopen, it’s “leading a lot of people to look for various types of investments,” Assia said.

“There’s no doubt that there’s a lot of excitement in crypto.”

“You can definitely see it within the numbers in the industry, whether it’s looking at total volumes or looking at growth of companies,” he said, adding that “we’ve seen a lot of exuberance in the market.”

A recent survey of eToro also found that about a quarter of its 6,000 investors surveyed own crypto, which rises to nearly 50% for the younger demographics. The survey further found that the average investor was also set to increase their crypto allocation with “significant” interest in altcoins in the coming months.

“With all of this money floating around, we should not be surprised that there are people paying exorbitant amounts of money” for digital assets, said Michael O’Rourke, chief market strategist at JonesTrading.

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Author: AnTy

Driven by Real Demand Bitcoin Hits Resistance but Retail and Speculator Euphoria Is Not Here Yet

Technical obstacles are here with consolidation expected around $51,000 while the possibility of Fed tapering risk has been pushed back has greenback falling and US dollar net longs declining by more than half.

Bitcoin has finally hit $50,000 after three months.

As of writing, the leading cryptocurrency is trading just under $50k, finding resistance at this psychologically important level.

“We’re seeing some very bullish signs here,” said Vijay Ayyar, head of Asia-Pacific with crypto exchange Luno in Singapore. Bitcoin could “test all-time highs again” after pushing past levels that have seen some major challenges.

The rally is now overcoming a confluence of hurdles, including a Fibonacci and Ichimoku cluster between $47k and $48k. Besides $50k being a round number, the 61.8% Fibonacci retracement of the April to June downtrend presents a potential obstacle at $51,000.

“The next major resistance, for now, is at the $50,000 zone,” said Konstantin Anissimov, executive director at CEX.IO crypto exchange.

“Should more buyers dive in to push the price above the $50,000 level, a frenzy may be ushered in to steer the price toward a medium-term target of $55,000.”

Appetite Must Remain Intact

As Bitcoin’s market cap inches closer to $1 trillion, the total cryptocurrency market capitalization is currently at $2.23 trillion, fast approaching the mid-May peak of $2.6 trillion propelled by the gains of AVAX, LUNA, RUNE, AR, SOL, and ADA in the last 30-days.

The latest uptrend is marking the end of a months-long slump after crypto-assets peaked in April and May, driven by profit-taking and China’s crackdown on cryptocurrency mining and leveraged trading.

According to Edward Moya, senior market analyst at OANDA in New York, the fears of capital gains taxation have led some traders to hold cryptocurrency as a long-term investment as well.

“New investors are the key to this latest bitcoin rally, and all signs show they are comfortable with high risk.”

“Bitcoin could see a fast appreciation here and might not hesitate making a run for $60,000 if appetite for risky assets remain intact.”

USD Giving Back Its Gains

Investors are also betting on the prospect of more US stimulus spending that would lead to further gains amidst the growing adoption of cryptocurrency among mainstream financial services firms.

With Dallas Federal Reserve President Robert Kaplan, a well-known hawk, saying he might reconsider the need for an early start to tapering as concerns over the outlook for global growth due to the Delta coronavirus variant, USD slipped on Monday.

The greenback saw some profit-taking after registering its biggest weekly rise in over two months, currently around 93 after climbing to Nov. 2020 levels on Friday.

Last week, US dollar net longs also declined to $1.06 bln, from $3.08 bln in the previous week after the USD positioning was net long for five straight weeks, which came after staying net short for 16-long months.

Markets are expected to experience some volatility in the coming days, with Fed Chair Jerome Powell to speak about the economic outlook at the central bank’s Jackson Hole Aug.26-28 conference.

Tapering Pushed Back

The possibility of Fed tapering risk pushed from Sept. to December has QCP Capital maintaining a bullish bias against the 40k support level in BTC. Also, Governor Lael Brainard’s latest dovish pivot to become Fed chair is “likely to raise enough questions within the FOMC to delay their decision by a quarter.”

Not only is headline regulatory risk exhausted in the near-term, the funding rates in perpetual swaps and premium in the futures is also low and muted, meaning “most of the rally has been driven by demand in physical spot rather than from leveraged speculators.”

With no signs of overheating or overextension, QCP is bullish but not overly so due to GBTC still trading at a discount. In the meantime, consolidation is expected at $51,110.

However, NFTs are drawing the attention of retail and institutions alike. And as retail investors return to the market, another upswing could see crypto prices rallying to new heights.

Given the fact that the last time BTC was at $50k, the Google trends for Bitcoin searches were much higher than what it is right now, “this suggests that retail euphoria hasn’t entered the market yet, and bitcoin has a long way to go in this market cycle,” said Marcus Sotiriou, a sales trader at the UK based digital asset broker GlobalBlock, in a note.

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Author: AnTy

NFT Summer: Art Blocks Leads the NFT Mania This Week while an EtherRock Is Now Worth Over $1 Million

The euphoria around non-fungible tokens clearly states that this summer is all about NFTs.

This week, payment processor giant Visa also announced its entry into the NFT space by buying CryptoPunk for $150,000.

Late on Monday, Cuy Sheffield, Head of Crypto at Visa, tweeted that “NFTs represent the intersection of culture and commerce and could play an important role in the future of online retail, social media, and entertainment.”

After bridging the crypto ecosystem and Visa’s global network, the online payments company now wants to participate in adopting NFT-commerce, he added.

Mathew Graham of Sino Global Capital called Visa buying an NFT “a bigger signal” than El Salvador announcing Bitcoin as a legal tender. However, Ryan Wyatt, the head of gaming at YouTube who recently said he is “bullish on NFTs,” doesn’t see Visa’s NFT adoption as edgy.

“I didn’t anticipate a company getting into NFT’s on such a short timeline. It was a brilliant move for them, because their earned media they got today was 100x the NFT acquisition itself,” said Wyatt.

Next month, Christie’s is also set to auction CryptoPunks, Meebits, and Bored Ape Yacht Club NFTs. Ahead of this, every day, the floor prices of these NFTs are climbing through the roof.

The most notable one being digital rocks which are now getting sold for more than a million dollars, while two days ago, the cheapest one was sold for $300k and less than $100k two weeks back.

On Monday, one of the EtherRock collections was sold for 400 ETH or about $1.3 million. With only 100 EtherRock out there, the scarcity of this collection is driving up their value. The website reads,

“These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game.”

But it’s Art Blocks leading the NFT scene this week. NFTs from the Ringers and Fidenza series have made it to the top, now being sold for over $1 million, up from $300k three weeks ago.

However, an NFT avatar named Sirxn 0 – Biobluminescent Sirxn from the GHxSTs collection sold for more than $2 million. But that was before late on Monday, Tyler Hobbs’ Fidenza 313 called “The Tulip” was the first one to be sold for 4-digits, 1,000 ETH worth $3.3 mln.

According to Dapp Radar, while NFTs from the Axie Infinity series generate the most trading volume over the past week, the generative artworks form Art Blocks is closing in as it dominates the top 10 NFT collections.

This top list also consists of CryptoPunks with $47 million in sales and Cyberkongz VX and Cyberkongz, Pudgy Penguins, Generative Masks, and the Gutter Cat Gang collection. Cool Cats, MeeBits, World of Women, and Bored Ape Kennel Club are outside the top 10.

Money Stack, with only 150 unique collectibles on the Ethereum blockchain available, is also capturing the attention this week as they see their floor price slowly rising to 6.5 ETH, a new record.

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Author: AnTy

Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind

Crypto assets are in the red this week.

Bitcoin price keeps down around $31,500, and in tandem, Ether has fallen under $1,900. Altcoins are getting hammered except for selective ones like Axie Infinity, with the total market cap now at $1.35 trillion, down 48.5% from the mid-May peak. ETH -3.92% Ethereum / USD ETHUSD $ 1,916.60
-$75.13-3.92%
Volume 15.72 b Change -$75.13 Open $1,916.60 Circulating 116.71 m Market Cap 223.68 b
8 h SEC Extends Decision On WisdomTree’s Bitcoin ETF Application 9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 9 h Solana Based Crypto Wallet Phantom Raises $9M to Scale Operations
AXS 2.74% Axie Infinity / USD AXSUSD $ 23.96
$0.662.74%
Volume 2.07 b Change $0.66 Open $23.96 Circulating 60.91 m Market Cap 1.46 b
9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 2 d SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio 3 d KuCoin (KCS) Rallies as Degens Turn to KuCoin Community Chain (KCC)

Meanwhile, the stock market is keeping around its all-time highs hit just this week. The US dollar shows strength around 92.55, with gold recording some gains at $1,825.

The latest price action in the stock market is after Federal Reserve Chairman Jerome Powell’s comments on inflation to remain high for some time and assuring that tapering is not coming just yet.

While Bitcoin sometimes responds to macro events like the last FOMC meeting and the latest CPI data, which showed the highest inflation in 13-years, it does so on rare occasions.

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The leading cryptocurrency remains an uncorrelated asset, for the most part. For Bitcoin, the dominant factor contributing to risk measures, basically the percentage of volatility due to factor exposure, is “residual.”

This means the cryptocurrency is mainly driven by bitcoin-specific (i.e., idiosyncratic) variables. And for Bitcoin, these idiosyncratic drivers have been money flows lately.

“Equities, rates, inflation, gold, the dollar, these all matter as everything is interconnected, yet most of the time are of secondary importance when it comes to BTC,” said trader and economist Alex Kruger. “Don’t need to have an explanation for every time the price goes up or down.”

This week, the data showed that the price of food, energy, travel and primarily used cars increased dramatically, the most since 2008, which makes sense given that the costs of these things also fell sharply when the lockdowns were implemented last year.

A significant increase in the prices of everyday items makes crypto assets more attractive as in the past year, compared to other investments, crypto has provided much higher returns and more money to spend.

“When it comes down to inflation, most of it is, in fact, transitory,” Kruger noted.

“Inflation is a rate of change. Prices are supposed to increase in aggregate. Price increases are indeed not transitory. High inflation likely is” because central banks’ reserves creation is slowing down, supply-side bottlenecks are temporary, the population is aging, household savings will mean revert leading to fewer dollars to spend, and employers will hire less than before due to limited wage pressures, he added.

In a fireside chat, American economist Ben Bernanke said that the central bank wants to see some modest inflation. The Fed’s target inflation rate is 2%.

According to him, the Fed will be successful in getting it in low 2% for a time before getting it down to 2.0% while noting that in the 1990s, inflation averaged 3% over that whole decade.

Persistent 3% inflation, however, would produce anxiety this time as it would question credibility, given the 2% target, according to him.

Bernanke, who served two terms as the Federal Reserve Chairman from 2006 to 2014, believes the tapering of the current $120 billion per month bonds buying will be a year-long process, $10 billion per meeting was how it was down in 2013. An increase in its rate won’t happen until the end of tapering, which pushes into 2023.

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Author: AnTy

Bitcoin Volatility Plunging While OI on Binance Is Surging with GBTC Sellers Buying BTC

Trading around $34,500, Bitcoin’s price remains range-bound between $30k and $40k.

The lack of any price action has volatility simply plunging to April levels. Amidst this low volatility, Bitcoin’s correlation with the S&P 500 has started to rise in recent weeks while the leading cryptocurrency’s correlation with commodities continues to fall.

This divergence could make the cryptocurrency attractive to investors who are looking for diversification. Mike McGlone of Bloomberg Intelligence actually expects Bitcoin to outperform Brent crude oil this year.

“The relative discount in the bitcoin price vs. the premium in crude oil may show that technicals and fundamentals are aligned for resuming the upward trajectory in the ratio,” McGlone wrote in a report last week.

“Akin to similar conditions at the end of 2016, we see the bitcoin-to-crude ratio well poised to resume its uptrend, especially if a new low in relative bitcoin volatility at the end of 2020 is a guide.”

According to trader CryptoYoda, the fact that the price of Bitcoin failed to break lower may indicate that sellers are now exhausted and might get shaken out with prices moving above recent high boundaries.

But if prices break below the last low, this newly developing trend will be invalidated and will put the momentum back into the bear’s hands.

However, if the seller exhaustion theory is, in fact, correct, “we should see a rally from these levels emerging soon,” said CryptoYoda adding,

“tighter setup implies more risk, but excellent reward in case the theory gets confirmed.”

Given that the market has been crabbing since the mid-May sell-off, investors and traders expect Bitcoin to break out of the range and push higher, maybe to form a higher range or finally turn bullish and make its way towards all-time highs.

Meanwhile, the funding rate on Bitcoin perpetual contracts is extremely low, with the highest being 0.01% while still being negative on several cryptocurrency exchanges, especially and mostly on USDT margin contracts, as per Bybt.

As trader CL of venture capital firm eGirl Capital has been noting this “hypertethermarginization” makes it hard for Bitcoin to go down, and open interest build-up could result in a squeeze that could push price upwards.

In nearly the past 20-days, the OI on Binance Bitcoin futures, where the biggest product is BTCUSDT futures, has seen an increase of 55% to 88.31k BTC.

Additionally, the big Grayscale Bitcoin Trust (GBTC) unlock that will occur this week and will follow into next week is neutral for Bitcoin price, if not bullish, as the bearish impact has already been played out.

“Most GBTC creators are doing arbs; most people getting long are buying in markets. So the unlock prob doesn’t really matter for BTC, if people sell GBTC, most will buy BTC against it,” noted Sam Bankman-Fried, CEO of crypto exchange FTX.

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Author: AnTy

Macro Fireworks: Stock Market Soars to New ATH While Bitcoin Awaits the Breach of An Important Level

  • The price of Bitcoin is trading around $40,000 after surging past $41k on Monday, the highest level in more than two weeks.
  • Early last week, the Bitcoin price had fallen to $31,000, and since then, it has rallied about 30%.

Now that BTC has broken out of its $30k to $40k range, the market wants to first see $42,500, an important level, to be broken. This represents the 200-day moving average and breaching it could see us rallying to $50,000 next.

“Getting back above $40,000 was technically a positive,” said Art Hogan, chief strategist at National Securities.

“The folks who look at this using technical analysis would tell you that when it breached $40,000, that sent a negative signal, and now that it’s recaptured that level, it sends a positive signal.”

This latest rally, as we reported, came amidst a set of bullish news in the form of MicroStrategy completing its $500 million senior notes offering and filing for the sale of $1 billion MSTR shares to buy even more Bitcoin.

Tesla CEO Elon Musk also clarified that the electric car maker would accept BTC once it’s mined by 50% clean energy.

The biggest endorsement for Bitcoin came from Paul Tudor Jones, who wants to invest 5% of his portfolio in Bitcoin, just like cash, gold, and commodities. “I like Bitcoin as a portfolio diversifier,” he said.

The FOMC meeting this week is of significance as well. Not just crypto, but the stock market is also eagerly awaiting Federal Reserve Chairman Jerome Powell’s reaction to recently recorded high inflation.

“In order for Bitcoin to resume that rally, I think you’re going to need to see more widespread legitimate adoption,” said Tom Essaye, a former Merrill Lynch trader.

Already, El Salvador has become the first country to adopt Bitcoin as legal tender. As we reported, the Central American Bank for Economic Integration, which is made up of 17 member states, called it a “really big deal,” adding, “we’re really proud that they’ve made us part of this new policy.”

“BCIE is accompanying El Salvador in this new and innovative policy of adopting the cryptocurrency called Bitcoin for legal use,” said President Dante Mossi.

Besides Bitcoin, the stock market is also enjoying an uptrend, with the S&P 500 hitting a new ATH at 4,255.15. While at 34,393.75, Dow Jones Average is near its May peak, tech-heavy Nasdaq which has been in an uptrend since last month, soared past 14,174 to a new high.

USD also shows strength at 90.634, but gold has taken a slide to $1,863 per ounce.

As for the cryptocurrency market, altcoins are also seeing green since last week, with the total market cap now above $1.7 trillion. However, according to Barry Silber, the founder and chief executive officer of Grayscale’s parent company, Digital Currency Group, 99% of cryptos are “overpriced.”

Silbert also shared he is preparing for “macro fireworks” and, as such going long the VIX which represents the market’s expectations for volatility over the coming 30 days. He added,

“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the Fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”

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Author: AnTy

Nebraska Passes a Crypto Banking Bill

While at the Federal level, regulators can’t seem to wrap their heads around Bitcoin and crypto, still, on the state level, significant strides have been made towards the adoption of cryptocurrencies.

As we reported, Wyoming, Miami, Kentucky, and many other states have taken big steps towards providing a friendly regulatory environment for crypto activities and business to grow.

Nebraska is the latest one whose unicameral state legislature has passed a bill to create a state bank charter for digital asset depository institutions, similar to Wyoming’s special purpose depository institutions such as Kraken Financial and Avati Financial.

Bill 649, which is now headed to Nebraska Gov. Pete Ricketts, would create a charter that will provide institutions with places to custody their crypto assets,

“When the bill was introduced in January, there was a distance between the banking industry and the digital asset deposit institutions’ proponents,” said state Sen. Matt Williams, chairperson of the legislature’s Banking, Commerce and Insurance Committee. “It was 18 weeks of constant negotiations,” with the largest disagreement about using the word “bank.”

As such, unlike Wyoming SPDI banks, the Nebraska bill would require crypto-related institutions to use “digital assets” before “bank.”

Additionally, Nebraska’s digital asset banks won’t be allowed to accept fiat deposits. They also have a minimum reserve capital requirement of $10 billion.

Both Wyoming and Nebraska’s digital asset banks cannot lend in fiat and are required to hold 100 of its assets in reserves. Digital asset banks in Nebraska are allowed to apply for access to the Federal Reserve’s payments system.

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Author: AnTy

Regulatory Crackdown Continues: SEC Commissioner Calls for More Regulation Around Crypto Exchanges

Regulatory Crackdown Continues: SEC Commissioner Calls for More Regulation Around Crypto Exchanges

Users would benefit from investor protection on the crypto exchanges as cryptocurrencies are “highly volatile,” said Gary Gensler.

US Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated that he would like to see more regulation around cryptocurrency exchanges.

“This is quite volatile, one might say highly volatile, asset class, and the investing public would benefit from more investor protection on the crypto exchanges,” he said at the Financial Industry Regulatory Authority’s annual conference.

Gensler said he had asked Congress to consider the issue.

He shared how the regulator has taken many enforcement actions against the crypto tokens that are issued much like classic investment tokens and fall under the SEC’s jurisdiction but aren’t registered with the agency.

“And there are hundreds of tokens out there, so we’ll continue through examination and enforcement doing what we can in that space.”

Gensler then went on to say that the SEC needs to refresh its rules and regulations around crypto marketing and being offered by retail brokerages, robo-advisors, and wealth management firms.

“We all know that there’s greater access and some real enhancement that can come from these mobile applications, but at the same time, we have to freshen up and ensure that our rule sets address it properly around the communications with the public.”

This week, the US Treasury also called for stricter crypto compliance with the IRS, while Federal Reserve Chair Jerome Powell talked about stablecoin carrying potential risks.

“It’s clear a US crypto regulatory crackdown is starting, but I’m optimistic because most of the major players/agencies have spoken already & the policy is taking shape: its pay taxes, comply w/ laws & don’t take shortcuts, & we’ll enable innovation,” said Caitlin Long, founder, and CEO of digital asset bank Avanti Bank & Trust.

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Author: AnTy

TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada

TIME, a global media brand with an audience of 100 million around the world, has announced that it has started accepting cryptocurrency as a form of payment for digital subscriptions.

As was reported previously, the company would be HODLing any BTC that they receive, much like electric car maker Tesla when it announced that they are accepting only BTC as payment soon after investing $1.5 billion in it.

This announcement follows TIME’s recent expansion into the cryptocurrency space after it offered an exclusive series of three TIME covers as NFTs at auction.

“We are thrilled to offer cryptocurrency as a payment option for our digital subscribers for the first time.”

Bharat Krish TIME Chief Technology Officer

Currently, this pay with the crypto feature is only available in the U.S. and Canada. But the company plans to roll up the global access in the next several months.

Those subscribers who pay with crypto will receive unlimited access to content across Time.com for 18 months with their one-time purchase, as well as subscriber-only events and offerings.

TIME will accept crypto through its partnership with the cryptocurrency exchange Crypto.com that will also offer Pay Rewards of up to 10% back for subscribers who pay with CRO, the native coin of the exchange.

“As TIME continues to innovate and find new ways to build upon our existing community of 2.3 million subscribers, we are proud to offer this new payment option through our partnership with Crypto.com.”

Keith Grossman TIME President

Last month, TIME also opened the position for CFO who has “Comfort with Bitcoin and cryptocurrencies.”

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Author: AnTy