India’s Minister of Finance Says Cryptocurrency Bill is Designed To Protect Investors

India’s Minister of Finance Says Cryptocurrency Bill is Designed To Protect Investors

India’s crypto tale might not end anytime soon. In the latest episode, the country’s Minister of State Finance and Corporate Affairs has commented on the government’s crypto position.

Crypto Bill To Protect Investors

India’s Minister of State Finance and Corporate Affairs Anurag Thakur spoke on the reasonable steps the government may take to regulate crypto in the Asian nation.

According to Thakur, the government only intends to protect crypto investors from the underlying volatility surrounding cryptocurrencies like Bitcoin. BTC 0.00% Bitcoin / USD BTCUSD $ 63,358.91
$0.000.00%
Volume 77.47 b Change $0.00 Open $63,358.91 Circulating 18.68 m Market Cap 1.18 t
3 h India’s Minister of Finance Says Cryptocurrency Bill is Designed To Protect Investors 4 h CBDC’s Unlikely To Threaten Cryptocurrencies, Market Has Evolved: Morgan Stanley Report 6 h Coinbase Is Now Live On Nasdaq, Valuation Soars Past $100 Billion with Shares Trading Above $400

Thakur said the price fluctuations of cryptocurrencies relative to fiat were high and disturbing, which could negatively impact investors.

Accordingly, the government would frame regulations focused on protecting these investors from this volatility. However, he did not state how the government intends to achieve this.

The Indian crypto narrative has been fraught with a lot of counter-intuitive hints from government officials.

With some supporting an outright ban and the creation of a digital rupee to address growing market needs. Others have called for a more temperate regulatory framework to encourage the nascent industry. And as with all things political and diplomatic, much of the masses have been left in the dark.

According to the Finance Minister, the crypto bill was scheduled to be heard by the lower chamber of the Indian parliament on April 8 but was postponed due to the ongoing elections in the country.

This continued suspense is seeing a lot of crypto-facing businesses and enthusiasts getting tensed and agitated.

But some industry experts in the crypto space are pointing to Thakur’s comments as a light in the night. To them, the government may be considering something in the angle of a “circuit breaker,” which will see limits introduced on the number of transactions that could be done in Bitcoin exchanges. They believe this is a sign that the government may be considering a regulation rather than an outright ban of emerging technology.

But others feel this is not the case.

Dark Days Ahead for India’s Crypto Space

Founder of crypto fantasy trading app SuperStox Zakhil Suresh pointed to the ambiguity surrounding the minister’s message. According to Suresh, the minister is interested only in protecting crypto investors from cryptocurrencies and not protecting crypto investors.

“What if that ‘protection’ is actually in the form of … keeping people away from crypto?” Suresh told news outlet Decrypt.

He also said that the minister declined to comment on whether or not the government was considering a ban on cryptocurrencies in its draft bill. To him, this is frustrating and unnecessary.

The growing consternation concerning the crypto bill is understandable given that the Reserve Bank of India (RBI) has been a staunch supporter of a crypto ban.

In a 2018 blanket ban on crypto, the Indian government stopped all crypto activities in the country.

Although it was later overruled in a Supreme Court judgment in 2020, the fight has continued with a 2019 anti-crypto bill recommending harsh measures like jailing crypto investors for up to ten years.

For now, the saga continues.

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Author: Jimmy Aki

Solana’s Data Aggregator Step Finance Raises $2 Million in Private Sale

Solana’s ecosystem continues to grow in leaps. One of its projects, Step Finance, saw $2 million infused into the network via a funding round led by Alameda Research.

Step Finance Raises $2 Million In Private Sale

In a press release on Tuesday, Solana-based decentralized finance (DeFi) protocol Step Finance announced that it had raised $2 million in a private sale to scale up its platform.

The project, which was birthed from the Solana hackathon held earlier this year, saw participation from prominent investors.

Among the star-studded roster includes names like Alameda Research, the hedge fund led by pro-crypto investor Sam Bankman-Fried.

Decentralized exchange Raydium (RAY), One Block, 3 Commas Capital, Solidity Ventures, and several new names also placed bets on the project.

Step Finance is touted to be the “front page” of the Solana ecosystem as it enables users to monitor transactions across the Solana network on one interface.

Step Finance is a known competitor to Ethereum’s Zapper as it creates a user-friendly platform for users to monitor all their DeFi transactions.

In speaking on the necessity of the Step Platform to the overall Solana ecosystem and the DeFi world, co-founder of Step George Harrap spoke on the limitations for projects built on Solana.

Harrap argued that most projects on the platform are siloed and separated from one another.

According to Harrap, users cannot verify their token and LP balances, current position sizes, and other tidbits unless they visit each website individually and sign in to understand their portfolio’s performance.

To him, Step Finance is the answer to these disparate efforts.

Step Finance continues to ride on the waves of savvy investors desire to get into a promising project before it grows.

In a blog post, the crypto startup mentioned that it would launch its native utility token $STEP on April 24. According to the development team, the digital token will play a pivotal role in automated strategies, optimal token swaps, yield farming, staking pools, bridges, and data visualization on the Step Platform.

Ethereum Killer Solana

The Solana ecosystem is reputed to be an Ethereum killer by enthusiasts. According to the DeFi project, its high throughput of 50,000 transactions per second (TPS) makes it a suitable replacement for developers looking at an alternative DeFi platform to save and do more efficiently.

The Ethereum network has been working on a transition to a more sustainable consensus protocol.

Its much-anticipated Eth 2.0 is expected to transition to the proof-of-stake (PoS), which will see it address the challenges of network congestion and high gas fees.

But in the interim, many DeFi facilitators like the Solana ecosystem aim to capitalize on these flaws.

The Solana ecosystem has been rapidly onboarding many projects. The world’s largest stablecoin, Tether’s USDt, announced that it had found a home on the Solana network just like USDC. The Graph (GRT), an Ethereum protocol, also said it was adding support for the Solana network.

In a fundraising round, the Solana Foundation raised $40 million from crypto exchanges like OKEx and others to better develop the Solana network software. It also received support from the digital trading platform AscendEX on the Solana Program Library.

At press time, Solana’s native token SOL trades at $25.37 after falling 7% on the 24hr chart.

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Author: Jimmy Aki

Thailand’s KBank to Explore Decentralized Finance (DeFi) to Expand Its Digital Reach

Thailand’s KBank to Explore Decentralized Finance (DeFi) to Expand Its Digital Reach

Kasikornbank, one of the biggest financial institutions in Thailand, has identified decentralized finance (DeFi) as key to its growth and expansion strategies.

Kasikornbank, commonly known as KBank, has kickstarted exploring asset-backed DeFi utilizing blockchain as it seeks to expand and grow regionally.

As reported by Bangkok Post, the decentralized finance experiment is led by Kasikorn Business Technology Group, or KBTG, an offshoot of KBank tasked with technology matters.

Ruangroj Poonpol, KBTG chair, explained that DeFi exploration is crucial to KBank’s short and long-term success. He said:

“DeFi is a key exploration for KBank Group this year […] The project is being explored through KBTG under the second phase of the company’s digital transformation programme.”

Poonpol also explained that DeFi is crucial and could help the country tackle the financial exclusion problems that have persisted for years. He explained that DeFi would allow Thais to access improved financial services. He also explained that asset-backed DeFi would play a crucial role in creating economic value for the country.

Asset-backed DeFi faces various regulatory difficulties as it interacts with the ideal world assets. In the past, some industry players, like MakerDAO’s Christensen, are already in the process of engaging DeFi stakeholders as well as regulators in efforts to see decentralized finance make an impact in the mainstream financial world.

The DeFi exploration by KBank is poised to allow the bank to enhance its expansion strategy in Southeast Asia, especially in countries where there are many unbanked people like Vietnam, where only a third of its population is banked.

KBank’s DeFi exploration comes in the backdrop of the bank’s remarkable performance in Thai’s digital banking sector. The bank controls about 40 percent of all digital transactions in Thailand. The bank also boasts of the country’s biggest mobile banking platform, with more than 16 million people using its mobile banking app.

Recently, the bank, through its offshoot KBTG, unveiled Kubix in collaboration with the Thai stock exchange. The platform will help in the operationalization of initial coin offerings (IPO) for blockchain-based platforms. In 2018, KBank became a member of Visa’s B2B solution, a blockchain-based international payment platform.

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Author: Joseph Kibe

Decentralized Exchange, Uniswap, Accounts for 80% of The Daily Active DeFi Users

Decentralized Finance (DeFi) recorded a marked year-over-year increase in adoption and usage across the board despite suboptimal user experiences such as UX and gas fees.

“Remember the Internet was slow, clunky & expensive once. L2s launching this year will make DeFi more accessible – faster, better, cheaper,” noted Santiago R Santos, partner at Parafi Capita.

Total value locked (TVL) in DeFi had a 75x growth to $43.5 billion. In terms of stablecoins, their supply grew ~7x to $43 billion YoY, while total borrowing volume across money markets has increased 100x to $9.9 billion.

As for the most popular DeFi protocol, decentralized exchanges (DEX) have seen a growth in their active users.

Over the past year, these active users have grown from a mere 3,000 to the current 67,000. Interestingly, Uniswap accounts for 80% of these daily users.

The popular DEX, which accounts for 60.4% of the total DEX weekly volume market share, recently announced that its much-anticipated V3 is coming in early May, with a special emphasis on increasing capital efficiency.

ThorChain (RUNE), a decentralized liquidity protocol, meanwhile, argues that with V3, Uniswap is making “LP’ing active” — “Active LPs are going to destroy the passive LPs. It’s going to return the edge to desks and bots.”

Another interesting facet of this upgrade is the use of Business Source License (BSL) 1.1, which restricts the use of V3 source code for two years. Another popular DEX SushiSwap, which is moving into lending, started as a fork of Uniswap.

While Uniswap (UNI) can really use the license against v3 forks, it comes “mostly, at a cost,” said Jake Chervinksy, General Counsel at Compound Finance.

“It’s crucial for DeFi protocols to be free & open-source software,” said Chervinsky noting that that is why most DeFi protocols are launched with fully open-source licenses like MIT, BSD, & GPL.

He explained how while people might think enforcing copyright rules against anonymous developers won’t be possible, making the licenses useless, that is not true.

Not only most dev teams aren’t fully anonymous, especially as a project succeeds, but developers aren’t the only viable target, Chervinsky said.

“US law also allows copyright holders to sue third parties for “contributory” copyright infringement even if they didn’t commit any infringing acts directly. Other theories of secondary liability may apply to third parties too,” including those who adopt, support, or use it such as exchanges, DEX aggregators, investors, LPs, and MMs.

Also, enforcement is not the only way; the threat alone is enough at times.

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This may come at a cost, though, as “it’s crucial for DeFi protocols to be free & open-source,” and many people in the sector also feel strongly about it, he said.

Still, “BSL 1.1’s two-year delayed conversion to GPL seems to strike a fair balance between creating a copyright moat & open-sourcing the protocol. Personally, I like it a lot, especially since UNI holders can accelerate the conversion at any time. Governance decides,” Chervinsky said, adding, “it’s an elegant bit of legal innovation for DeFi.”

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Author: AnTy

‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets

Decentralized Finance (DeFi) continues to attract not just degens and crypto enthusiasts, but as we have been seeing, government authorities are also getting interested.

As we reported recently, the US Federal Reserve published a paper on DeFi, and now the Fed is interested in knowing more about the revolutionary and burgeoning sector that, according to the crypto market, could one day in the future replace banks and traditional finance.

“Today, I had the opportunity to present DeFi and Compound Finance to the Federal Reserve staff. Eventually, the banking system will run on shared, open ledgers. Each day, we get closer,” tweeted Robert Leshner, founder, and CEO of lending protocol Compound.

An increasing number of cryptocurrency firms are also offering banking features.

This week, Abra announced the launch of its new crypto banking feature, Abra Borrow, that will enable customers on the Abra Mobile App globally and in 35 U.S. states to borrow against their crypto holdings.

“Abra already has a critical mass of over 1,000,000 users, and we’re excited to roll out our new Borrow feature by popular customer demand,” said Bill Barhydt, Founder, and CEO of Abra.

“By allowing people to borrow US dollars against their digital assets, users can immediately tap into their crypto price gains without selling their crypto or forgoing future price gains.”

What’s the Point?

Amidst this growing interest in banking features, BlockFi made waves in the industry by slashing the interest rates so much that the rate on the highest amount of BTC and ETH has been brought down to the rates offered by the banks.

This has the community dragging BlockFi through the mud and arguing what’s the point of lending your crypto assets for such a meager amount of rates.

“Blockfi is now reducing their yield on BTC in ranges down to 0.5%. I can make more money from my non-custodial Lightning nodes than I can with them, and peers don’t even send me complaints if I fund a channel via a CoinJoin. I’ve pulled my BTC from BlockFi and reallocated it to LN,” commented Alex Bosworth, Lightning infrastructure Lead at Lightning.

It was “Long Overdue”

BlockFi had clarified that it is because of the market conditions, the supply and demand of the lending in crypto.

Matthew Ballensweig, the head of lending at competing firm Genesis Trading, who previously worked at Bridgewater Associates, also chimed in on BlockFi’s defense, saying,

“Crypto rate markets, like most markets, aren’t static. BlockFi cutting rates is just a supply/demand lever. There is simply too much BTC supply in search of yield relative to institutional demand for that BTC.”

He explained that Bitcoin “borrow demand is a function of the risk-adjusted return opportunities in the market and right now they are limited.”

Not only is public shares vs. private placement arbitrage backward, but futures markets are also in heavy contango. With limited ways to deploy BTC, the yields are contracting fast.

“You either grow your user base by offering generous yields on assets, or you focus on profitability and optimize your business for net interest margin,” he said. It was basically inevitable and “long overdue,” and these rates, according to him,

“represents a much truer picture of the inherent yield on crypto assets in this market.”

While the BTC deployment opportunities would arrive as markets ebb and flow, right now, “it pays to have cash in this market, not crypto,” he added.

Fiat-Backed Cryptos Leading

Cash may not be the king in the traditional space, but fiat-backed cryptocurrencies are immensely useful and popular in the crypto market.

That is why Ballensweig doesn’t see the same drop in stablecoin rates coming as Bitcoin BTC 6.10% Bitcoin / USD BTCUSD $ 55,137.57
$3,363.396.10%
Volume 56.67 b Change $3,363.39 Open $55,137.57 Circulating 18.67 m Market Cap 1.03 t
8 h ‘Too Much’ Bitcoin Supply Is In Search of Yield Reveals True Inherent Yield on Crypto Assets 10 h ‘Nothing has Really Changed’ in the Crypto Market, Despite the Weak Price Action 10 h Microsoft Deploys V1 of Decentralized Identity Platform ‘ION’ on Bitcoin Network
and Ethereum ETH 7.14% Ethereum / USD ETHUSD $ 1,703.04
$121.607.14%
Volume 22.55 b Change $121.60 Open $1,703.04 Circulating 115.21 m Market Cap 196.21 b
4 h Alonzo Hard Fork to Bring Smart Contract Compatibility to Cardano (ADA) In April 5 h SushiSwap Launches A ‘Game-Changer;’ BentoBox’s 1st DApp Is Kashi Lending & Margin Trading 6 h Ethereum Layer 2, Optimism, Delay’s Mainnet Roll Out to July; Doesn’t Want to Rush ETH Community
; it’s the opposite, actually. Cash provides you with leverage and the ability to capture the basis between BTC futures and spot markets.

“You can take your cash or USDC and long spot, short June BTC future and capture roughly 22% ann implied on FTX Official right now,” he stated.

However, according to data provider, Skew, demand for stablecoin borrowing is cooling off after seeing a big spike in Feb.

Stablecoins gained traction during the pandemic last year. Demand for them spiked “as crypto users sought to safely park their assets. Then, as markets rallied, the DeFi sector jumped even higher, buoyed by blockchain-based borrowing and lending protocols,” which allowed crypto users to earn eye-popping interest rates on their crypto assets, noted Binance CEO, Changpeng Zhao.

Borrowing and lending protocols that drove the DeFi boom is what offers “an even brighter future for the wider DeFi ecosystem,” he said.

Aiming to defy traditional finance, with its high costs and inefficiencies, “these borrowing and lending protocols offer a proof-of-concept that showcases DeFi’s disruptive potential—and enduring appeal,” Zhao added.

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Author: AnTy

Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million

Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million

Just a day after the launch of the project on Binance Smart Chain, the DeFi project reported a hack, suspected to be a rug pulling, resulting in the loss of 13.96 BUSD and 73,653 BNB.

Decentralized Finance (DeFi) project Meerkat Finance claims to be drained for $31 million in digital assets just a day after launching on Binance Smart Chain (BSC).

The team announced through its Telegram channel that its smart contract vault was compromised, which has resulted in the loss of 13.96 BUSD and 73,653 BNB. Both of these are Binance tokens.

However, it is speculated that instead of a hack, the Meerkat Finance team has pulled the rug. According to on-chain data, the original Meerkat deployer’s account was used to alter the smart contract that contains the project’s vault business logic, which means either the project did so itself or its private key was compromised.

Adding to the exit scam suspicions is the disappearance of Meerkat’s Twitter profile and website.

Binance is reportedly monitoring the situation and plans to freeze any related funds that move to its exchange. The exchange is also asking the victims to report their issues on “Report Meerkat Finance here.”

Binance Smart Chain has emerged as an alternative to the Ethereum network as high fees make the second-largest network unusable to small users. This has the usage of BSC increasing with the unique wallets and transaction volume surpassing Ethereum last month, as per Dapp Radar.

Compared to more than 67k unique wallets and $181 billion in transaction volume at the end of Feb. on the Ethereum mainnet, there were over 108k and $700 billion wallets and volume reportedly respectively on BSC. Mira Christanto, a researcher at Messari noted,

“High gas prices and $100 million funding from Binance has propelled BinanceSmartChain’s TVL to be 25% of Ethereum.”

Several popular DeFi projects have also announced their plan to deploy on BSC or already gone live, including ALPHA, 1INCH, CREAM, DODO, FARM, LINA, REEF, SFI, and SXP.

With increased activity on BSC, it partnered with CertiK Foundation, a decentralized security solutions, and audit provider. CertiK Foundation tweeted on Wednesday,

“A rapid rise in BSC development and utilization calls for an equal response in blockchain and DeFi security. We are here to answer that call.”

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Author: AnTy

Compound Rolls Out Cross-Chain DeFi Platform, ‘Gateway’ on Testnet

Decentralized finance (DeFi) protocol Compound has announced its latest addition to the blockchain network called Gateway on testnet. The new blockchain is built on a Substrate blockchain, and it would enable users to access cross-chain interest rates and collateralized markets.

Gateway Built On Substrate Blockchain

Initially announced in a Dec. 18 whitepaper, Compound had revealed that its latest upgrade would come with a multi-asset platform that enables the transfer of value and liquidity between peer ledgers.

Decentralized protocols have varying asset value on their platform, making it difficult for DeFi to really grow.

Compound aims to address this issue with its Gateway launch. Gateway would allow users to borrow assets native to one network with collateral from another. That means borrow Ether, provide collateral in CELO.

Gateway is said to run on a more modern programming language called Rust. This will see the multi-paradigm programming language increase performance and safety of the blockchain.

The substrate blockchain will also eliminate the consensus algorithms which has plagued older generation blockchains like Bitcoin. Instead, the team settled on building its own application code, enabling it to bring to developers only features that matter the most.

Compound says Gateway is fully upgradeable, which will enable governance token holders to vote on code upgrades without worrying about forks or downtimes.

Gateway would be powered by a dollar-pegged stablecoin called CASH, which would be used to settle interest payments on collateralized deposits.

Network validators (nodes) have also been considered in the upgrade. Compound says validators will earn a portion of all interest in every market in addition to transaction fees.

Gateway is currently running a testnet on Ethereum’s Ropsten testnet and will go live in the coming months.

Compound Reaching For The Stars

Compound says its goal does not end with Gateway. The DeFi platform could evolve into the backbone of a global interest rate market with the capacity to support any asset, including future currencies, assets, and tokens.

In the coming months, it has set clear goalposts for the Gateway project. Stress tests will be conducted before the mainnet launch. Gateway would also be integrated into its Compound protocol currently running on Ethereum’s blockchain network. Compound Finance is a big player in the DeFi space with around $5 billion in locked funds, according to DeFi Pulse.

Compound’s token rallied 15% following the announcement. This surge has seen it climb one step higher to rank as the 40th most valuable crypto by market cap, according to coinmarketcap. It currently trades at $510 at press time; the asset has come a long way from its ATH of $535 on Feb.13. The crypto-asset now has over $2.3 billion market valuation and is projected to rise further before the year runs out.

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Author: Jimmy Aki

Clover Finance Raises $3M in Seed Funding; Bringing Ethereum DeFi Apps to Polkadot

Clover Finance Raises $3M in Seed Funding; Bringing Ethereum DeFi Apps to Polkadot

  • Clover Finance, a Polkadot parachain, completes a $3 million seed round funding to launch a developer-friendly framework for DeFi applications to move from Ethereum to Polkadot.
  • Additionally, Clover Finance will also create a two-way peg for Bitcoin and Ethereum blockchains.

Clover Finance, a cross-chain compatibility parachain on Polkadot, completed a $3 million seed funding round led by top firms including Polychain Capital, Hypersphere, Bithumb Global Divergence Ventures, a Medium blog post reads. The firm aims to use the funding to provide easy-to-access infrastructure for developers and a “one-stop EVM-compatible framework” enabling Ethereum-based decentralized finance (DeFi) applications to move to Polkadot.

This places Clover Finance in a tight race with MoonBeam Network and DeFi ecosystem Acala, who recently announced solutions to enhance Ethereum Virtual Machine (EVM) compatibility on Polkadot.

The seed round funding will also enhance and accelerate product development, expand the Clover Finance ecosystem and improve partnerships with other firms in the crypto space. This targets providing a more user-friendly platform fostering the adoption of blockchain technology and DeFi across developers and end-users.

Notwithstanding, Clover Finance is planning a future bridge with Bitcoin and Ethereum. Adding to its innovations such as gas redistribution, gasless transactions, and identity-based fee-schedule (which measures gas according to the frequency of transactions), Clover Finance will launch “trustless 2-way pegs between Ethereum and Bitcoin”.

The two-way pegs for Bitcoin, still at the infancy stage, will use new technology, a built-in SPV chain simulation, to connect two blockchains. The technology provides the “possibility to natively inspect a Bitcoin or Ether transaction without storing/ verifying the entire blockchain history.” Polychain general partner Tekin Salimi said,

“One of the challenges prior Bitcoin-Ethereum bridge attempts faced was in Bitcoin’s limited scripting language. We think the Bitcoin/Ethereum bridge is the most interesting feature, as it’s unique to Clover.”

However, the two-way pegs heavily depend on successful implementations and changes on the Bitcoin core network.

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Author: Lujan Odera

Global Digital Finance Warns Hong Kong’s Proposed Rule Will Send Crypto Investors to Unregulated Exchanges

Global Digital Finance Warns Hong Kong’s Proposed Rule Will Send Crypto Investors to Unregulated Exchanges

Recently, the crypto industry players in Hong Kong have focused on fighting a proposed law that limits crypto trading only to professional investors, which will practically see about 93% of the populace locked out of the crypto market.

A key cryptocurrency advocacy group, Global Digital Finance (GDF), is warning that if the proposed law goes through, most retail investors and traders will move to unregulated and unlicensed platforms.

Global Digital Finance is made up of leading crypto exchanges such as Coinbase, BitMex, OKCoin, and Huobi, steering the efforts against the proposed new legislation.

Their caution comes after the independent Financial Services. The Treasury Bureau (FSTB) came up with a crypto regulation framework late last year that seeks to ban all retail traders from participating in the crypto market. At the time, the regulator stated that the proposal was in line with the Financial Action Task Force (FATF) recommendations. At the time, the regulator explained that the new law was also meant to tighten Anti-Money Laundering (AML) as well as counter-terrorism financing measures.

However, the proposed law exceeds FATF’s recommendations and is in tandem with the stringent stance against crypto trading in mainland China.

The new law is under the public participation phase and is set to end soon before the legislation becomes law.

“Restricting cryptocurrency trading to professional investors only is different to what we have seen in other jurisdictions, such as Singapore, the UK, and the US, where retail investors can buy and sell virtual assets,” Said GDF’s chair, Malcolm Wright.

Wright explained that Hong Kong risks joining other crypto-hostile destinations stating that other FATF members such as the United States, United Kingdom, and Singapore all permit retail investors to participate in the crypto market.

A recent survey conducted by CitiBank found that only 504,000 people (7%) owned enough assets that meet a professional investor’s requirements.

The group also explained that the restrictions would also curtail innovation and even financial inclusion.

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Author: Joseph Kibe

Curve Finance Kills the New yv2 Pool After Discovering an Issue

Curve Finance Kills the New yv2 Pool After Discovering an Issue

Both Curve and Yearn team assure that “All funds are safe,” and no other vaults are affected.

Decentralized exchange Curve Finance reported an issue with its new trading pool that involves the DeFi protocol Yearn Finance. Curve reported the vulnerability on Monday morning, further announcing the shut down of the pool. The team noted,

“We have discovered an issue with the new yv2 (@iearnfinance) pool. The pool has been killed in order to protect LPs.”

But they assured that the issue wasn’t fundamental and there has been no loss of funds. Additionally, the funds will be returned to the addresses that supplied them. The team added,

“All funds are safe. Deposits will be sent directly to liquidity providers’ wallets, no further action is required to withdraw.”

The popular stablecoin DEX, Curve, launched in 2020, is the fourth largest DeFi protocol by total value locked (TVL) of $3.85 billion. The native token of the project is currently trading around $3.19, putting its market cap at $680 million.

Curve basically allows users to swap between stablecoins like DAI, USDT, and USDC at low fees and slippage. Users who provide liquidity on the platform earn yields on an annual basis, which comes from the interest paid by stablecoin borrowers.

Today’s issue with Curve was specifically regarding the yearn “v2” pool that got exploited. Yearn Finance is a yield aggregator that saw its “v1 yDAI vault” exploited just last week and lost more than $11 million in the process.

While the attacker got away with $2.8 million, Tether CTO Paolo Ardoino announced that Tether, “a centralized stablecoin using blockchains as transport layer,” had frozen the stolen 1.7 million USDT.

“Recent yv2 pool issue doesn’t affect any of yearn vaults. Funds are safe,” assured the Yearn team on the latest issue with the “v2” pool.

Yearn’s YFI token has a market cap of $1.16 billion and, as of writing, is trading around $31,800.

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Author: AnTy