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Malta Investigated for ‘Lax Oversight’ on Crypto Transactions

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Malta has reportedly been singled out by the FATF for its lax oversight on cryptocurrency transactions, according to local media reports.

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The Times of Malta reports that approximately €60 billion in cryptocurrencies have moved through Malta. The country is a haven for cryptocurrency enthusiasts and businesses, as it has introduced several favorable regulatory frameworks for economic growth.

Malta under fire

The report notes that global experts have reviewed Malta’s anti-money laundering checks by the influx of crypto into the country has been deemed “problematic.” Officials from the Financial Action Task Force (FATF), a global body that deals with regulation to prevent financial crimes, said that the country should be on a list for not doing enough to counter financial crime.

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The FATF officials seemed to have flagged Malta as such because of its quick decision to become a cryptocurrency hotbed. Maltese officials have defended their decision, saying that all the necessary regulation has been put in place. Furthermore, they said that the monetary amount is only 2% of global annual transactions.

Sources told the publication that the FATF officials saw weaknesses in the country’s setup, while those from the country said that none of the cases in question were major. One key problem that was mentioned was the lack of oversight in the exchange of assets.

Malta’s decision to support the cryptocurrency industry by designing friendly regulations following the 2017 boom, led to it becoming known as the blockchain island. Many major names in the cryptocurrency industry have set up shop in the country, including Binance and OKEx — two of the world’s largest exchanges by trading volume.

Global regulation underway

The meeting between Malta and the FATF is proof that authorities are now working on a global plan to regulate cryptocurrency. For many years, authorities, even those from major countries like the United States, had been holding back on regulation. But landmark decisions and statements from high-level officials indicate that will all change in the coming years.

Most notably, the United States has hinted that it will develop a broad framework for cryptocurrency regulation, courtesy of the Biden Administration. Senator Elizabeth Warren has also spoken of CBDCs, which the U.S. is yet to officially announce.

Meanwhile, China is shutting down mining operations in various provinces while it gears up for the launch of its own CBDC, which is one of the most experimented with in the world. Europe, on the other hand, is seeing several countries develop their own CBDCs while the European Central Bank touts the benefits of a digital euro over private alternatives.

At the same time, securities regulators like the U.S. SEC and the Ontario Securities Commission are cracking down on projects and exchanges that may be violating securities laws. This comprehensive push for regulation is a sign that the market may be in for some stern consequences — but perhaps not draconian laws that could have a damning impact.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

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Source: https://beincrypto.com/malta-investigated-lax-oversight-crypto-transactions/

Blockchain

The Future of Blockchain Gaming

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blockchain gaming

Blockchain is a fundamental aspect of the future of financial technology. The incorruptible ledger system is gaining attention beyond the realm of cryptocurrency discussions. Though fundamental for hosting a decentralized banking system, blockchain can also be used by developers looking to incorporate detailed public records.

Unsurprisingly, some of blockchain’s most lucrative and popular iterations involve gaming. Though typically associated with Bitcoin and Ethereum, blockchain is now the backbone of the NFT trade. One of its key applications is in creating digital assets and facilitating their trade and collection.

Reuters’ latest report on the first half of 2021 tallied the global NFT market worth to be $2.5 billion—that’s up from $13.7 million in the first half of 2020. Now that NFTs have entered the market, more companies are looking to expand blockchain gaming enterprises.

Already, blockchain has been used to track in-game items, such as weapons, skins, and experience points. That way, these assets can’t be hacked and altered. Currently, most of these assets only have value in the game but could one day be bought and sold in an external marketplace like an NFT.

Another realm set for a blockchain overhaul is online gaming. PR News Wire reports that the market will reach a worth of over $72 billion by the end of the year. With big money and a growing incentive based on public demand, blockchain looks likely to become a standard feature among online gambling promotions from various sites in the future.

In addition to interest from gamers, casinos themselves would benefit from blockchain. Gaming companies are required to provide detailed reports to local regulatory and financial authorities. An incorruptible ledger would simplify this process, while also adding extra safeguards related to sensitive information of users and companies alike.

Building on CryptoKitties Success

One of the biggest players in blockchain gaming is Dapper Labs. The NFT company has helped produce some of the most successful blockchain enterprises, including CryptoKitties and the NBA’s Top Shot NFT business.

Back in 2017, Dapper Labs was new to the scene. The premise of the online game is simple: users spend Ethereum to purchase NFT cartoon cats. Each cat is unique and can be bred with other characters to create new, unique cats.

What began as a cult hit amongst Ethereum holders transformed into solid proof that NFTs were the future of digital collectibles. One of the first major NFT sales came from CryptoKitties, when a user shelled out $170,000, leaving Dapper Labs to collect a small cut related to transaction fees.

In February of this year, Dapp Radar reports that CryptoKitties had raked in $1.2 million in transaction volume since the year began.

Credits: unsplash.com

Creating Organic Value from Blockchain

NFTs are sure to be a major player in the future of blockchain gaming. However, NFTs are largely collectible items; CryptoKitties require minimal attention from gamers—and not everyone found the experience of raising and breeding CryptoKitties to be enjoyable.

The value blockchain brings to gaming revolves around creating a micro-economy within the game itself. This economy is driven by player interest. In other words, the value of a skin or a weapon is based on demand from other users, not what game creators have assigned.

The future of blockchain gaming will rely heavily on this internal economy. However, the precise implications of these economies aren’t yet clear—will it provide more power amongst gamers to influence how and why the game is played? Will creators spend more time integrating collectibles into games, and at what point do they evolve from a standard NFT collectible?

For now, it’s likely video game developers will avoid blockchain. Not only are most studios conservative in approach, but recent concerns about blockchain’s environmental effects have stalled many groups’ interest in the technology.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/the-future-of-blockchain-gaming/

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Blockchain

The Future of Blockchain Gaming

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on

blockchain gaming

Blockchain is a fundamental aspect of the future of financial technology. The incorruptible ledger system is gaining attention beyond the realm of cryptocurrency discussions. Though fundamental for hosting a decentralized banking system, blockchain can also be used by developers looking to incorporate detailed public records.

Unsurprisingly, some of blockchain’s most lucrative and popular iterations involve gaming. Though typically associated with Bitcoin and Ethereum, blockchain is now the backbone of the NFT trade. One of its key applications is in creating digital assets and facilitating their trade and collection.

Reuters’ latest report on the first half of 2021 tallied the global NFT market worth to be $2.5 billion—that’s up from $13.7 million in the first half of 2020. Now that NFTs have entered the market, more companies are looking to expand blockchain gaming enterprises.

Already, blockchain has been used to track in-game items, such as weapons, skins, and experience points. That way, these assets can’t be hacked and altered. Currently, most of these assets only have value in the game but could one day be bought and sold in an external marketplace like an NFT.

Another realm set for a blockchain overhaul is online gaming. PR News Wire reports that the market will reach a worth of over $72 billion by the end of the year. With big money and a growing incentive based on public demand, blockchain looks likely to become a standard feature among online gambling promotions from various sites in the future.

In addition to interest from gamers, casinos themselves would benefit from blockchain. Gaming companies are required to provide detailed reports to local regulatory and financial authorities. An incorruptible ledger would simplify this process, while also adding extra safeguards related to sensitive information of users and companies alike.

Building on CryptoKitties Success

One of the biggest players in blockchain gaming is Dapper Labs. The NFT company has helped produce some of the most successful blockchain enterprises, including CryptoKitties and the NBA’s Top Shot NFT business.

Back in 2017, Dapper Labs was new to the scene. The premise of the online game is simple: users spend Ethereum to purchase NFT cartoon cats. Each cat is unique and can be bred with other characters to create new, unique cats.

What began as a cult hit amongst Ethereum holders transformed into solid proof that NFTs were the future of digital collectibles. One of the first major NFT sales came from CryptoKitties, when a user shelled out $170,000, leaving Dapper Labs to collect a small cut related to transaction fees.

In February of this year, Dapp Radar reports that CryptoKitties had raked in $1.2 million in transaction volume since the year began.

Credits: unsplash.com

Creating Organic Value from Blockchain

NFTs are sure to be a major player in the future of blockchain gaming. However, NFTs are largely collectible items; CryptoKitties require minimal attention from gamers—and not everyone found the experience of raising and breeding CryptoKitties to be enjoyable.

The value blockchain brings to gaming revolves around creating a micro-economy within the game itself. This economy is driven by player interest. In other words, the value of a skin or a weapon is based on demand from other users, not what game creators have assigned.

The future of blockchain gaming will rely heavily on this internal economy. However, the precise implications of these economies aren’t yet clear—will it provide more power amongst gamers to influence how and why the game is played? Will creators spend more time integrating collectibles into games, and at what point do they evolve from a standard NFT collectible?

For now, it’s likely video game developers will avoid blockchain. Not only are most studios conservative in approach, but recent concerns about blockchain’s environmental effects have stalled many groups’ interest in the technology.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/the-future-of-blockchain-gaming/

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Blockchain

Industries Currently Being Transformed by Cryptocurrencies

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H.G Wells famously wrote about the need to “adapt or perish”. It’s a saying that makes perfect sense when it comes to cryptocurrencies because when it comes to the blockchain, companies either need to get on board or risk complete destruction.

Some industries are already being threatened with extinction if cryptos continue to rise, but others are embracing the changes and creating an almost symbiotic relationship with the world’s biggest digital coins.

Here are a few of the industries that are benefiting the most from the implementation of blockchain technology.

Online Casinos and Sportsbooks

For most people, their first experience of the internet was dodging banners and popup ads for online casinos and poker rooms. The chaos was caused by affiliates and not by the casinos themselves, but it still gave them a somewhat negative reputation. Over the years, Google has made that worse by penalizing sites that associate with gambling companies.

But times have changed. Not only is online gambling more widespread than ever before—embraced by most countries around the world—but it’s also driving some massive technological innovations, including cryptocurrencies.

A huge number of online casinos and sportsbooks now accept Bitcoin, Ethereum, Litecoin and Cardano, to name just a few. It means that they are helping to facilitate the transfer of millions of digital assets every single day. 

There are still many gambling sites that don’t accept these currencies, but developers and white label providers are steadily taking note and most sites will accept them before long. 

Take a look at this list of Coinbuzz casinos for an insight into how online gambling is supporting cryptocurrencies.

Banks and Financial Institutions

The whole point of cryptocurrencies was to create something that didn’t rely on banks and centralized exchanges. If they continue to grow and become part of our daily lives, the future of major banks will be in jeopardy. 

Not only is that bad news for investors everywhere, but it puts many major economies at risk, as well. The good news is that they’re not rejecting cryptocurrencies outright and hoping that they will go away.

Many major banks are experimenting in introducing cryptos, including Credit Suisse, who partnered with massive blockchain firm Paxos.

JP Morgan has its own alt coin and Citigroup and Goldman Sachs have also dipped their toes into the crypto sector. Banks will certainly be disrupted by cryptocurrencies, but it seems that they are ready to ride the wave and profit from the growth of the blockchain.

Insurance Companies

The insurance sector may seem like an odd one to embrace the blockchain, but these companies rely on data and efficiency, and if investing in blockchain technology means that they can reduce costs and increase speed, it’s a perfect fit.

Major insurance companies are already investing in the blockchain to improve payout speeds and the efficiency of incoming payments. It could also help them to develop additional products and services, such as insurance policies related to digital assets.

The Hospitality Industry

The hospitality sector is looking to blockchain technology as a way of reducing commissions and ensuring that more of the customer’s money actually goes to the hotel.

Most customers go through third-party booking sites when they book rooms. These sites charge a hefty commission, and it’s one that’s often much larger for independent establishments.

It means that they are forced to increase their prices, putting an additional financial burden onto the customers.

By utilizing blockchain technology, they can skip the middleman and keep all the money for themselves. They still need networks that perform these roles, but blockchain platforms are already springing up to provide cheaper commissions and faster booking.

Online Retailers

Every time you purchase an item online, you will be directed through a third-party payment processor. The network will take your payment details, process the payment, and handle everything on behalf of the website. It means that the retailer doesn’t need to deal with all the financial aspects and can provide their customers with a safe and secure way to pay.

But those merchants aren’t free, and they often charge a fee of between 1% and 5%, depending on the type of service they provide. That might not sound like much, but it all adds up, and for retailers processing millions of dollars a day, it’s a pretty hefty sum.

The blockchain could help these customers to process payments quickly and cheaply, allowing them to avoid the middleman, cut out the costs, and keep more of the profits for themselves.

The result is that retailers will have more cash and more freedom, and that could potentially lead to cheaper products and services.

 

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Blockchain

A Golden Cross is Underway for Bitcoin Price! Here’s when it’s set to happen

bitcoin

The post A Golden Cross is Underway for Bitcoin Price! Here’s when it’s set to happen appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin’s price action this week has been highly volatile, it has swung in the fairly large range of  $34K to $40K multiple times. Hodlers are split on whether this is a beginning of a bullish breakout or a fakeout due to the high volatility.  Popular Analyst Micheal Van De Poppe, in his recent video has …

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Bitcoin’s price action this week has been highly volatile, it has swung in the fairly large range of  $34K to $40K multiple times. Hodlers are split on whether this is a beginning of a bullish breakout or a fakeout due to the high volatility. 

Popular Analyst Micheal Van De Poppe, in his recent video has weighed in on BTCs price trajectory moving forward and the possibility of a Golden Cross formation.

He says the flagship crypto is still acting in resistance. As the price has made a steep surge, breaking above resistance instantly is not possible. Hence a consolidation before continuation is inevitable. 

With regards to Golden Cross, Poppe recalls the timeline of the death cross Bitcoin faced around $35K and prevented a major fall to $20K levels as predicted highly. This is where the road to Golden Cross begins.

Historically after every death cross, a golden cross has followed suit. Be it 2019, 2020 the pattern is a staple, – the price starts dipping, a death cross happens, price consolidates, and a new golden cross forms.

Hence, a Golden Cross should be underway now. Now that BTC has surged, the 50day MA will start moving upwards and the 200 days MA will follow and make a Golden Cross formation tentatively during August or September. 

He further adds that The Golden Cross will most likely happen after Bitcoin finishes this run. 

But First, 

While the Golden Cross is in the near future, BTC now needs to start forming higher lows to catapult to higher highs as it maintains a bullish uptrend. Says the analyst. 

According to him, BTC is set to retreat and form a high in the $34.5K – $36K range, perhaps at the $32.6K level. If this plays out as predicted, a continuation to the upside will follow and higher highs will be formed at the $48K to $51K levels.

Making a similar case is another popular analyst Crypto Capo. In his recent tweet, he says that he is looking at the $35K – 36K levels for a higher low.

He predicts that BTC price will retest the $41K level and when it consolidates above the range high, 100K plus for Bitcoin will be a clear possibility. 

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coinpedia.org/bitcoin/bitcoin-golden-cross/

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