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Looking Ahead: What Should EU Regulations for Cryptocurrency Sector Look Like?

There is always a choice. The cryptocurrency industry has been built by the community of freedom-loving, tech-savvy people who wanted to make a tremendous impact on payments since the inception of the banking system. And they nailed it. Blockchain implementation made it possible to initiate advancements even beyond traditional finance, and many global companies benefit […]

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There is always a choice. The cryptocurrency industry has been built by the community of freedom-loving, tech-savvy people who wanted to make a tremendous impact on payments since the inception of the banking system. And they nailed it. Blockchain implementation made it possible to initiate advancements even beyond traditional finance, and many global companies benefit from it for their operations.

After the decade of development, filled with hopes, despair, and the emergence of new directions, the world has been divided into two camps. One always struggled for freedom while another party was high on appreciation of what has become known to some as a watchdog regime.

How can one acquire the most precise and truthful evaluation? Let’s analyze the pros and cons of regulations to realize the whole picture.

The Binary World

Back in the times immemorial, when Bitcoin was some questionable joke alike invention, people used by thousands to buy a few slices of pizza or even purchase a used car, no one thought it might ever grow in a trillion-worth industry.

Well, things are different now. Early adopters became billionaires, later ones – millionaires, and even casual investors enjoyed skyrocketing returns on investments as even stimulus checks from 2020 made some people rich. And we know well – where’s the money, there’s a fraud and a set of laws to protect people from it.

Last month, when BTC hit its new record, Coinbase CEO Brian Armstrong told CNBC that the regulation is one of the biggest threats to crypto. The chief executive of Coinbase explained that with the advent of the Internet, many countries also feared its development and tried to control the flow of information. China has gone very far in this regard, still trying to supervise the Internet to the best of its ability.

In fact, cryptocurrencies have spawned a new industry direction in the financial markets. Back in 2017, the capitalization of the global securities market peaked at $ 40 trillion. Thanks to the advent of computers and the Internet, capitalization in this area has increased significantly over 15 years, showing 10x growth!

The rising star of Bitcoin helped to popularize these assets among a wide audience. Among the first cryptocurrency exchanges was the Kraken exchange, founded in 2011 in San Francisco. Earlier in 2011, Mt. Gox (Mount Gox), a giant player of that time, began to operate with a share close to half of the volume of transactions in the Bitcoin network. Cryptocurrency exchanges differ in their principles from stock exchanges, but they have the same essence – providing services for trading assets.

Today, the stock exchanges are superior to cryptocurrency platforms when it comes to insurance of investor accounts and brokerage companies. However, when compared to the stock market and forex, cryptocurrency exchanges have an undeniable advantage in the form of access to data, high volatility, and easy accessibility to trading. However, since such exchanges are not regulated in any way when making a deposit, there is a risk of its complete loss!

Companies registered in the European Union or the United States provide insurance of customer deposits for tens of thousands of dollars in the event of bankruptcy of the organization and other unforeseen circumstances. Therefore, the state, not the company, is responsible for the safety of funds. Cryptocurrency exchanges cannot offer this so far. Hacker attacks, unscrupulous employees, and rug pulls are problems that have arisen before, and the risk still remains at large.

The examples of downfall are countless when it comes to funding losses in the crypto field. Mount Gox and Quadriga CX are just the tips of this iceberg of fallen investor’s expectations. At the same time, in the absence of regulation, becoming a client of such an exchange is possible simply by having only an email. To trade in the stock market or forex, one will be required to confirm his identity and place of residence by providing several documents. Naturally, government regulators must comply with such procedures, which to some extent creates an inconvenience. The profession of a trader is full of risks that a trader tries to minimize losses if trading is his main source of income. Therefore, it is unlikely that investors will actively invest in a new area before providing guarantees.

Volatility is still on the side of cryptocurrencies. Every day, new coins show up on the market and experience a level of growth that did not exist at all in the stock market or forex. The token market has weak liquidity compared to the stock market and forex, where capitalization is measured in trillions of dollars, which is ten times higher than the capitalization of cryptocurrencies. Therefore, as long as there is no such regulation in this market, liquidity, accordingly, will be at a low level, which will allow the price to make sharp jumps.

Staying on the side of right

The cryptocurrency sector is booming globally, but acceptance and regulation are different in the parts of the world. Why is it crucial for the EU to have the regulation for crypto on the supranational level?

There is no denying that European Union is very strict and conservative to innovations. Some views, such as expressed by the head of the Eurobank Christine Lagarde, mentioning that ECB won’t issue Digital Euro in less than five years, prove that the state is lagging in cryptocurrency adoption.

On the other hand, fraudsters have fewer chances for their illicit schemes to operate and fool the clients. By shaping new AMLD frameworks every few years, the EU watchdogs aim to make the continent the safest harbor for digital asset clients.

One of the most successful players in the EU league is currently STEX, a fully compliant spot crypto exchange supporting all European AML standards. This platform offers convenient solutions and extensive trading pairs to provide an unmatched trading experience. STEX is currently supporting more than 400 different cryptocurrencies and users can buy digital assets using Visa and MasterCard and SEPA, Bancontact iDEAL payment systems. The platform operates under the license of the Estonian regulator and complies with KYC / AML procedures.

“The world has seen way too many examples of extremely devastating activity on unregulated platforms. Emerging industry required regulation in order to mature and attract more clients: mainstream user along with financial heavyweights will be more eager to step in knowing that their funds and privacy is better protected ”, – the CEO and platforms founder Vadym Kurylovych stated commenting on the development of legal frameworks in the EU.

VK also warns that due to the fact that many exchanges are not regulated in any way when making a deposit, there is a risk of its complete loss, while there is no insurance.

The last examples of the crypto world hurdles perfectly show that there is less room for cybercriminals in the modern world. The importance of regulations will grow since this activity is aimed to shelter clients from various growing cases of fraud. Everybody wants safety when it comes to the critical point and there’s only one way to achieve that. No matter what, the industry’s fines have already chosen their way, and no other variants will appear over time. Do your best for yourself and make the right choice. Stay on the side of light.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/looking-ahead-what-should-eu-regulations-for-cryptocurrency-sector-look-like/

Blockchain

World-Renowned Photographer Christina Jansen to Release First Muhammad Ali Digital Collectibles with dMerch.io

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Never Before Seen Photos of “The Greatest” Available for Digital Collection on the WAX Blockchain

The Worldwide Asset eXchange (WAX) is partnering with world-renowned photographer Christina Jansen and Dublin-based NFT agency, dMerch.io to bring to life the Muhammad Ali Series 1 digital collection. The collection contains 136 unique digital collectables, all showcasing the vibrant personality of Ali himself and will be available on WAX blockchain starting on August 10, 2021 at 1pm EST / 10 am PST.

Throughout his iconic 21-year professional career, Ali was unconventional and incredible for the world to watch. He was an Olympic gold medalist, accumulated 56 victories, and was the first boxer in history to claim the heavyweight championship belt three times.

In 1986, Jansen and Ali met for the first time at a commercial shoot at Fulham Studios. Instantaneously, the duo connected, and Jansen admired Ali’s humble nature. Since her encounter with Ali, Jansen has gone on to photograph celebrities, athletes, and fashion icons.

“Photographing Muhammad Ali was one of the most inspiring jobs I have ever had. Over a period of two weeks on and off the set I witnessed how he treated everyone who approached him the same. It didn’t matter to Ali where you came from or what you did. I felt so blessed to have the chance to talk to him and get to know this great man like a close friend.  Ali told me his Philosophy in life – If you reach for the moon you might end up next door, but if you reach for the stars you will get to the moon. He encouraged me and others to reach for their goals and not be afraid to take risks in life,” said Jansen.

Adam Bouktila, COO for dMerch, praised Christina’s photographs which have not been seen by a wider audience:

“This collection is amazing for the close connection between Ali and his photographer. These are not paparazzi shots taken at random. These are beautifully crafted images taken over a two-week period where subject and artist forged a close and powerful connection. The connection makes the images come alive.

“And with NFT technology we can now share these images with the world. As a Mohammed Ali fan this is a huge privilege for me to be involved in this project.”

Since his passing in 2016, Ali’s life and love for mentoring others will be revealed through Jansen’s intimate, never-before-seen photographs for fans to collect and enjoy as digital collectibles on the WAX Blockchain. In her very first WAX collection, Jansen will offer the proceeds of an extremely special “Boxing Futures” pack featuring a single, ultra-rare Muhamad Ali digital photograph to aid Boxing Futures, an organization that aims to help disadvantaged youth by providing a safe space for them to improve their physical and mental health through boxing all while learning to build relationships and find motivation.

“This collection is both a personal and professional triumph that allows us to give back to a deserving group and pay homage to Muhammad Ali’s legacy,” says Jansen.

The intimate photos of the boxing superstar will be available in six (6) ring-worthy rarities, including:

  • Classic
  • Negative
  • Gallery
  • Photographer
  • Championship
  • Behind the scenes

As a special thank you for their support of the collection, Championship card buyers will be automatically entered into a randomized drawing for a chance to claim one (1) of (3) unique physical prints.

The Muhammad Ali Series 1 digital collection will feature 5,000 Classic Packs, 3,000 Photographer Packs, and 1,000 Boxing Futures Packs and are available in the following sizes:

  • Classic Packs containing 5 digital collectibles for $19.99
  • Photographer Packs containing 25 digital collectibles for $49.99
  • Boxing Futures containing 1 digital collectible for $9.99

There will be a “stress test” prior to the official launch day on August 9 at 1pm EST / 10 am PST. Fans can sign-up through the official WAX Discord and will receive a free promo-pack as a “thank you” for participating.

About WAX
The Worldwide Asset eXchange™ (WAX), is the world’s #1 blockchain, as measured by number of users and transactions, according to Dappradar.com. WAX’s mission is to bring digital collectibles to the mass market in the safest, most secure, environmentally friendly, and easy-to-use marketplace in the world. WAX is also the leading entertainment digital collectibles network — in 2018, WAX introduced vIRLs®, giving consumer product companies the ability to directly link digital collectibles to physical consumer products. Co-founded in 2017 by William E. Quigley and Jonathan Yantis, WAX has facilitated the trade of more than 100 million digital collectables including Major League Baseball (via Topps MLB collectables), Capcom’s “Street Fighter,” and world-renowned entertainers Deadmau5 and Weezer. For more information, please visit https://wax.io and follow along on Twitter and Discord.

About Boxing Futures
Boxing Futures is a dynamic charity which works to improve the physical and mental health and wellbeing of disadvantaged young people. We empower young people by building positive relationships, developing core soft skills and increasing confidence and motivation.

###

Media Contact:

[email protected]

Source : Plato Data Intelligance

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Blockchain

Meat Food Production Giant Oscar Mayer Auctions Disposable Packaging “Hot DOGE” Wiener

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An American meat and cold cut production company Oscar Mayer, owned by the American food giant Kraft Heinz, used the eBay e-commerce platform to auction a single package of “Hot Doge Wieners” worth 10,000 Dogecoins. (Read More)
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://Blockchain.News/news/meat-food-production-giant-oscar-mayer-auctions-disposable-packaging-hot-doge-wiener

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Blockchain

NFT Trading Platform Giant MakersPlace Completes $30M in Series A Financing

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Non-Fungible Token (NFT) trading platform MakersPlace announced the completion of a $30 million Series A financing jointly led by Bessemer Venture Partners and Pantera Captial. (Read More)
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/nft-trading-platform-giant-makersplace-completes-30m-series-a-financing

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Blockchain

Burberry Cooperates with Mythical Games to Launch the First NFT in Blankos Block Party Game

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The famous British luxury brand Burberry cooperated with Mythical Games to launch its first non-fungible token (NFT) series that provide players with the verification of ownership and real rights. (Read More)
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/burberry-cooperates-mythical-games-launch-the-first-nft-blankos-block-party-game

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