CryptoKingdomZ Dot Com’s Post

New Post: OKX Requests That Consumers Take Their Money Out By April 30 As It Ends Its Services In India - https://lnkd.in/gRyi7XGT - Following the issuance of compliance letters by the local regulators, OKX was one of the nine international cryptocurrency exchanges prohibited in India. About three months after nine international cryptocurrency exchanges received compliance letters from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance, OKX is shutting its operations in India. Indian consumers received a notification from OKX on March 21 asking them to terminate their accounts and retrieve their money before April 30. The primary rationale for the move was given by the cryptocurrency exchange as local regulatory obstacles.   Amid Crypto’s Booming Indian Market, OKX Faces Difficulty To Navigate  OKX introduced a new registration procedure with stringent Know Your Customer checks after the government suspended its website and application in January. Nevertheless, the letter it sent to consumers implies the exchange will no longer be active in India. Despite being a booming market, India continues to be a challenging area for international cryptocurrency exchanges to operate in because of unclear legal requirements and stringent government policies. Despite nearly four years of talks on a regulatory framework, the Indian government doesn’t seem to be willing to recognize or even slightly regulate the nascent cryptocurrency sector. Although there is no timeframe for India to enact official crypto rules, several well-established players have been compelled to relocate due to the high 30% tax on crypto revenue, which does not allow for loss mitigation, and the 1% tax deducted at source (TDS) on each crypto transaction. - #news #business #world -------------------------------------------------- Download: Stupid Simple CMS - https://lnkd.in/g4y9XFgR -------------------------------------------------- or download at SourceForge - https://lnkd.in/gNqB7dnp

AED Stablecoin has received a provisional license from the UAE Central Bank The UAE has taken a significant step in the development of the cryptocurrency industry⁚ AED Stablecoin has received a provisional license from the Central Bank of the UAE (CBUAE) to issue its own AE Coin stablecoin. This marks the beginning of a new era for cryptocurrencies in the country and makes the UAE one of the first states to actively regulate and support the issuance of stablecoins. The CBUAE's decision to issue a provisional license to AED Stablecoin was made at its June 3, 2024 Board of Directors meeting. Under the new regulation, CBUAE will oversee the issuance and use of stablecoins pegged to the UAE dirham (AED). What does this mean for the UAE? -- Financial Infrastructure Development⁚ The issuance of the AED Stablecoin license is part of CBUAE's Financial Infrastructure Transformation (FIT) program, which aims to create a more modern and innovative financial system in the UAE. -- Strengthening the UAE's position as a regional and global hub for cryptocurrencies⁚ The UAE aims to become a leading hub for the cryptocurrency industry, and the issuance of the AED Stablecoin license is an important step in this direction. -- Creating a safe and regulated environment for cryptocurrencies⁚ CBUAE aims to create a safe and regulated environment for cryptocurrencies to protect investors and prevent fraud. What does this mean for AECoin? -- Access to new markets⁚ Obtaining a provisional license gives AECoin access to new markets and allows it to expand its operations in the UAE and beyond. -- Increased credibility⁚ The license from CBUAE increases the credibility of AECoin, which can attract more investors and users. -- Opportunity to become a local trading pair for cryptocurrencies⁚ If fully approved, AE Coin could become a local trading pair for cryptocurrencies on exchanges and decentralized platforms in the UAE. What's next. AED Stablecoin must now go through a full licensing process, which includes CBUAE compliance verification. Once fully licensed, AE Coin will be able to officially start operating in the UAE. The development of the cryptocurrency industry in the UAE is well underway. The issuance of the license to AED Stablecoin is a prime example of how the country is striving to become a leader in cryptocurrencies and blockchain. This event could be a catalyst for further growth of the cryptocurrency industry in the UAE and the region as a whole.

Why I Believe Crypto is the Future of Currency The history of currency shows a clear evolution. Initially, gold and silver were used as money. With the advent of modern economies, paper currency emerged, backed by gold reserves. Over time, this backing was reduced and eventually eliminated, making paper money merely a medium controlled by central banks. However, paper currency has significant pitfalls: 1. High printing and storage costs. 2. Vulnerability to counterfeiting. 3. Lack of traceability, enabling corruption, tax evasion, and illicit activities. Cryptocurrency could resolve these issues. Here’s how: A National Cryptocurrency: A country like India can issue its own cryptocurrency (e.g., “crypto-rupee”) backed by the Reserve Bank of India. This could: • Reduce physical cash flow and corruption, as all transactions are traceable. • Prevent tax evasion by making assets transparent and trackable. • Eliminate underworld and hawala transactions, as cryptos leave a digital trail. Benefits of Crypto Adoption: 1. Cost Efficiency: No printing or storage costs. 2. Security: Cryptos can’t be counterfeited or stolen without detection. 3. Direct Benefit Transfers (DBT): Funds can be programmed for specific uses, minimizing leakages. 4. Electoral Reforms: It prevents cash distribution during elections. 5. Ease of Doing Business: APIs linked to platforms like UPI can simplify transactions. Implementation and Market Dynamics: The crypto-rupee would retain the rupee’s nominal value for ease of transition, but its traded value could fluctuate in the market. For example, ₹1,000 in crypto could have a real-time value of ₹1,200 due to market demand. However, a government-backed minimum value would ensure stability. Challenges and Solutions: Initial hiccups may arise, particularly for the less tech-savvy population. However, linking crypto to familiar platforms like UPI and educating users can ensure adoption. Cryptocurrency represents the next stage in the evolution of currency. With inherent security, traceability, and cost-effectiveness, it has the potential to revolutionize our economy, reduce corruption, and enhance financial transparency. The Indian government should explore the potential of launching its own cryptocurrency to future-proof the economy and pave the way for a digital financial revolution.

Hi. Here's a news digest. ⚡ The Russian government has approved taxation for cryptocurrency transactions Miners should take into account the new tax obligations when planning profits and withdrawals. This will help avoid legal problems and improve financial efficiency. ⚡ Britain has created an AI grandmother to fight phone scammers Artificial intelligence developed in Britain mimics a conversation with elderly people to apprehend phone scammers. ⚡ A trader lost $25.8 million due to an address error A cryptocurrency trader accidentally transferred $25.8 million to the wrong address, resulting in an irrecoverable loss of funds. This incident highlights the importance of carefully checking details before sending large sums of money. ⚡ Most institutional investors plan to increase investments in cryptocurrencies The influx of institutional money is boosting cryptocurrency rates, making mining more profitable. ⚡ The body of a missing cryptoblogger is found in a Montreal park The body of well-known cryptoblogger Benedict Arthur was found in a Montreal park a few days after his disappearance. Police speculate that his activities in the cryptocurrency industry may have been the cause of the crime. ⚡ Bitcoin's correlation with gold has fallen to its lowest in 11 months The correlation between bitcoin and gold has reached a level of -0.36, indicating an opposite movement in the prices of these assets. This is a signal to miners that bitcoin is becoming less dependent on traditional assets, strengthening its value in the market. ⚡ Chinese tech giant Nano Labs has started accepting bitcoins as payment Nano Labs, a major technology company in China, has started accepting bitcoins as payment for its goods and services. This is a step towards widespread adoption of cryptocurrencies in business. See you next week! 

Here's a summary of the main cryptocurrency news from this week: Bitcoin and Ethereum Market Movement: Bitcoin's price surged to $69,000 before experiencing a slight correction. Ethereum is also seeing positive momentum with its price around $3,297 (CoinDesk) (Cryptonews). Crypto Regulation Developments: The European Union has passed the Markets in Crypto Assets (MiCA) regulation, which is set to standardize crypto regulations across member states. This significant legislative move aims to provide a clearer framework for crypto operations within the EU (InvestorPlace). OneCoin Fraud Case: Irina Dilkinska, the former compliance chief of OneCoin, was sentenced to four years in prison for her involvement in the $4 billion Ponzi scheme. This case highlights ongoing enforcement actions against fraudulent activities in the crypto space (CoinDesk). Stablecoin Innovations: Ripple, the company behind XRP, is launching a new stablecoin that is 100% backed by US dollar deposits and short-term US government treasuries. This move aims to strengthen Ripple’s position in the stablecoin market and enhance its financial offerings (CoinDesk). NFT and DeFi Updates: Yuga Labs, creators of the Bored Ape Yacht Club, have acquired the CryptoPunks NFT brand, promising more engagement and benefits for NFT holders. Additionally, the Solana-based DeFi platform Kamino is offering exceptionally high yields, drawing significant interest from investors (InvestorPlace). These stories reflect the dynamic nature of the cryptocurrency market, with significant developments in regulatory frameworks, legal actions, market prices, and innovations in DeFi and NFT sectors. For more detailed updates, you can refer to sources like CoinDesk, Crypto News, and InvestorPlace.

Hello Folks, A big update is coming from the 𝐦𝐚𝐫𝐤𝐞𝐭. Get ready for a major shift in the cryptocurrency landscape. 𝐁𝐢𝐧𝐚𝐧𝐜𝐞, the global cryptocurrency exchange giant, is significantly returning to 𝐈𝐧𝐝𝐢𝐚 after a four-month ban. This move, which involves a $2 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 fine for non-compliance, is a game-changer in the industry. The news was first reported by The 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐓𝐢𝐦𝐞𝐬, a leading Indian business publication. 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 will be the second overseas crypto exchange, following 𝐊𝐮𝐂𝐨𝐢𝐧, to re-enter the Indian market after the country's financial regulatory body blocked access to several crypto platforms for failing to comply with the nation's Anti-Money Laundering Act. In January, the Indian Ministry of Finance's Financial Intelligence Unit (𝐅𝐈𝐔) blocked access to nine foreign crypto exchanges, including 𝐁𝐢𝐧𝐚𝐧𝐜𝐞, for not adhering to the country's anti-money laundering regulations. The impact of 𝐁𝐢𝐧𝐚𝐧𝐜𝐞'𝐬 return cannot be overstated. Prior to the ban, the platform accounted for a staggering 𝟗𝟎% of India's crypto trading volume. This clearly indicated Indian users' preference for foreign platforms like 𝐁𝐢𝐧𝐚𝐧𝐜𝐞, which offered a way to bypass the government's tax impositions. Now, with the introduction of a 𝟏% tax at source (𝐓𝐃𝐒) by foreign crypto exchanges like 𝐊𝐮𝐂𝐨𝐢𝐧, the landscape is set to change once again. 𝐁𝐢𝐧𝐚𝐧𝐜𝐞'𝐬 journey in 𝐈𝐧𝐝𝐢𝐚 has been tumultuous, with the exchange initially believed to have acquired the local crypto exchange 𝐖𝐚𝐳𝐢𝐫𝐗 in 𝟐𝟎𝟏𝟗, only to claim later that the deal has yet to materialize. While 𝐊𝐮𝐂𝐨𝐢𝐧 and 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 have opted to become 𝐅𝐈𝐔-registered entities, 𝐎𝐊𝐗, another leading crypto exchange among the nine blocked platforms, has shut down operations, citing regulatory burdens. 𝐈𝐬𝐧'𝐭 𝐢𝐭 𝐚 𝐛𝐢𝐠 𝐮𝐩𝐝𝐚𝐭𝐞? What do you think about 𝐁𝐢𝐧𝐚𝐧𝐜𝐞'𝐬 plans to make a significant comeback and its preparation to stay compliant with regulations set by 𝐅𝐈𝐔? Are they aware that a considerable portion of the population is interested in 𝐜𝐫𝐲𝐩𝐭𝐨 𝐭𝐫𝐚𝐝𝐢𝐧𝐠? What's your view? Share your thoughts

Shaheena A. Carrim what about your corrupt politicians who have laundered $ 65 B to Dubai to buy real estate properties ? Binance as a scapegoat. What Nigerians politicians Operation Rescue Naira: FG plans strict rules for $57bn. he Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States of America-based international blockchain analysis firm.

3% of the Indian population owns a crypto account, a far smaller figure than other developed and growing economies. And that's a wrap! Below is a detailed report on the nature of cryptocurrency regulation in India, concluding our legislative tour of Asia! We found a rather complex framework here, from historic disapproval of the crypto industry to the gradual adoption of more hospitable regulations. An interview with Sumit Gupta, the founder and CEO of CoinDCX, suggests that the government is happy to endorse the industry, but firms taking part must "respect the laws of the land, ensuring that AML, KYC and CFT guidelines" are being followed. Over the next few years, we could see the Indian crypto industry flourish. For more information on the region's regulatory landscape and to learn more about the future of the industry, read our latest guide below 👇 https://lnkd.in/eY4q_WQE #cryptoregulation #cryptoindia #cryptoasia

What were crypto industry participants talking about this week? Former CEO Arthur Hayes said that it is necessary to quickly develop norms for regulating the digital asset market because of the fact that the new government will have more pressing problems after the U.S. elections. According to the expert, crypto coins and tokens need to be categorized as speech protected by free speech laws. “The capital needed to support laws aimed at developing cryptocurrencies could be diverted to more pressing foreign policy issues. So regulatory clarity should be sought now, before the political landscape changes after the election,” Hayes said. The head of the Central Bank of Brazil Roberto Campos Neto spoke about the introduction of cryptocurrency and plans tokenization of the banking sector. According to the politician, the main obstacle in launching the CBDC is the scaling issue. “The main question was how to ensure the adoption of the digital real nationwide without jeopardizing the privacy of the participants in the settlement. The dilemma is that there is no solution yet: how to ensure the decentralization, programmability and privacy of the CBDC at the same time,” explained the president of the Bank of Brazil. Ferrari will accept payments from customers of European offices in bitcoins. The company allowed the introduction of the BTC-payment scheme by the end of this year in the states where crypto-assets are legally used in the sale and purchase of goods. Such countries include El Salvador, Canada and Australia. “Most dealers in Europe have already transitioned or are in the process of transitioning to the new bitcoin payment system,” the company said. CryptoQuant founder Ki Young Ju believes bitcoin is going through an accumulation phase as large investors are very active in transferring the cryptocurrency to their wallets. In July, about 358,000 BTC were sent to the wallets of long-term owners of the digital asset. “These addresses are not exchange addresses, are not owned by miners and have no outflows. They are mostly wallets of long-term owners of cryptocurrencies. Right now, bitcoin is in the accumulation phase,” said Ki Young Ju.

Binance’s Altcoin Listing Policy Undergoing Significant Changes According to Bloomberg, the cryptocurrency exchange Binance will now start adhering to different listing policies. Binance is said to have tightened its token listing process in an effort to enhance investor protection. This move comes as regulatory authorities around the world continue to oversee the operations of cryptocurrency exchanges. According to anonymous sources, cryptocurrency projects looking to list their tokens on Binance now have to adhere to stricter rules. This includes agreeing to a longer “difficult period” during which no tokens can be sold, allocating more tokens to market makers, and providing a security deposit. These changes have been in effect since the end of last year. Despite the stricter regulations, Binance’s market share has begun to recover after a year-long decline. However, some executives involved in listing on Binance have expressed concerns that the new requirements may reduce profits and make listing new tokens more burdensome. An administrator is said to have forwarded their complaint to Binance’s management board. Cryptocurrency exchanges have long faced criticism for loose oversight of listings. Bader Al Kalooti, head of Binance in the Middle East, Africa, South Asia, and Turkey, acknowledged in a February interview that “listing tokens is a double-edged sword.” He emphasized that having more tokens can drive user growth, but Binance currently prioritizes user safety and security over growth. In the “difficult period” Binance requires, a certain percentage of the total supply will be locked in a “smart contract.” Binance now requires projects to accept a “difficult period” of at least one year, up from a maximum of six months. In some cases, the exchange also requires a significant amount of tokens to be reserved for market makers to ensure sufficient liquidity. Binance also confirmed that some projects are required to make a deposit before listing their tokens. These deposits, often worth millions of dollars, may be held by Binance if a company fails to meet listing requirements. The exchange stated that these deposits are a preventive measure to handle extreme situations and primarily protect the interests of investors. The post Binance’s Altcoin Listing Policy Undergoing Significant Changes appeared first on xe.today.