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UK financial watchdog reminds crypto firms of October deadline for marketing compliance
Companies operating in the U.K. will have only “four routes to lawfully communicate crypto-asset promotions” in order to be in compliance with the FCA’s regime.
The United Kingdom’s Financial Conduct Authority, or FCA, has announced that all crypto asset firms marketing to users in the country must be in compliance with its financial promotions regime by October 2023.
In letters dated July 4, the FCA said starting on Oct. 8, companies operating in the U.K. will have only “four routes to lawfully communicate crypto-asset promotions” in order to be in compliance with the financial watchdog’s regime. These legal avenues included having an authorized party approve or communicate a promotion, having a promotion created by a business registered with the FCA, or having a promotion that qualifies as exempt under the U.K.’s Financial Services and Markets Act.
According to the financial watchdog, promotions included “websites, mobile apps, social media posts and online advertising,” which were “capable of having an effect in the UK” and not limited to firms based in the country. Jayson Probin, crypto financial promotions lead at the FCA, suggested in a July 4 LinkedIn post that firms’ failure to comply could result in criminal charges. Read More
Decoding The Poly Network Exploit
The DeFi world was rocked recently as Poly Network, a decentralized finance protocol that facilitates asset transfers across various blockchains, fell prey to its second major hack. This incident is a stark reminder of the critical role of smart contract security in the rapidly evolving DeFi and crypto industry.
On July 2nd, a breach affected Poly Network, with the exploit potentially impacting as many as 57 different asset types across 10 blockchains. According to security analysts, hackers allegedly leveraged a vulnerability in the smart contract system that allowed them to mint an unlimited amount of tokens. An estimated $42 billion worth of tokens were minted, although only about $5 million have been reportedly cashed out.
Poly Network isn't alone in its security woes. The DeFi and Web3 space has been marred by a series of similar exploits, with millions of dollars worth of digital assets lost to hackers. Many of these attacks, like the one against Poly Network, have leveraged vulnerabilities in smart contract systems. These programmable agreements, which execute transactions automatically when predetermined conditions are met, are a cornerstone of the DeFi ecosystem but also a prime target for cybercriminals. Read More
South Africa to mandate crypto exchange licenses by end of 2023: Report
South Africa reportedly becomes the first country on the continent to require digital asset exchanges to be licensed.
South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg.
Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana stated that the agency had received approximately 20 license applications since its recent opening and expected more before the Nov. 30 deadline, Bloomberg reported.
Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines or the closure of noncompliant firms, according to the report.
The report quoted Kamlana as saying that introducing a regulatory framework for crypto products is a sensible approach due to the potential risk of serious harm to financial customers. He also expressed the need for time to determine the effectiveness of the measures, and assured ongoing collaboration with the industry to refine and implement necessary changes. Read More
TON Foundation Unveils Encrypted Messenger to Enhance User Security
TON users will able to retain the ability to send messages via the decentralized blockchain in the event of an “apocalypse,” according to a core dev.
The TON Foundation – the non-profit association behind The Open Network (TON) – announced the integration of messenger encryption on the network. The move aims to enhance user privacy by deploying necessary safeguards in a text sent with a transaction.
The new feature uses end-to-end encryption. This essentially guarantees that only the sender and recipient are able to view the message, thereby improving levels of security for TON’s user base. Read More
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues with its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience.
CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. Read More
On-chain derivatives are DeFi’s next boom opportunity — Apollo Crypto
With centralized exchanges coming under increasing scrutiny, Henrik Andersson has touted the promise of decentralized derivatives.
On-chain derivatives are set to become the next big growth sector in the decentralized finance (DeFi) space, says Henrik Andersson, the chief investment officer of Australian crypto investment firm Apollo Crypto.
In a wide-ranging interview with Cointelegraph, Andersson said he thinks the increasing popularity of decentralized spot trading will inevitably lead to outsized demand for decentralized derivatives.
“The first decentralized spot exchanges were launched roughly six years ago. Decentralized perpetuals and futures trading is much newer, so there is a high growth opportunity to be had with on-chain derivatives.”
Andersson explained decentralized spot exchanges have continuously gained market share from centralized exchanges — a trend that has only increased since the collapse of FTX in November last year. Read More
dYdX exchange launches testnet for ‘fully decentralized’ version 4
The crypto exchange launched a testnet featuring an on-chain order book and matching engine, doing away with the centralized components found on the mainnet version.
Crypto exchange dYdX has launched a public testnet of its “v4” iteration, according to a July 5 announcement from the exchange’s development team. This marks the completion of “milestone 4” out of five, paving the way for a future v4 mainnet launch.
Once implemented on mainnet, v4 is expected to allow for “full decentralization” of the exchange.
The dYdX exchange is built on the Ethereum and StarkEx networks. Because it does not take custody of users’ funds, it is generally considered to be a decentralized exchange (DEX). However, it does feature a centralized order book and matching engine that allows market makers to place limit orders. This contrasts with automated market maker DEXs like Uniswap that employ on-chain pricing algorithms to match buyers and sellers. Read More
New UK Bill Could Seize And Freeze Crypto
The UK parliament has passed a bill that could help the authorities to seize and freeze cryptocurrencies that have been used for crime.
Cryptos Can Be Seized Under New Bill?
In a significant move to combat cryptocurrency-related crime, the UK House of Lords has passed a bill that empowers authorities to seize and freeze digital assets involved in illegal activities. The legislation aims to address the growing concern of cryptocurrencies being exploited by criminals for money laundering, fraud, and other illicit purposes. The bill, titled “Economic Crime and Corporate Transparency Bill,” received overwhelming support from the House of Lords on Tuesday.
Under the provisions of the bill, authorities will have the power to freeze and seize cryptocurrencies suspected to be linked to criminal enterprises. The bill had been previously amended to include terrorism cases. The legislation also mandates exchanges and custodian services to cooperate with law enforcement agencies, providing them with access to relevant transactional information. Read More
Demystifying Bitcoin ETFs – A Beginner’s Guide to Understanding the Hype
Bitcoin enjoyed a keen price surge recently due to the buzz around the prospect of a Bitcoin ETF. In the space of a few days, it broke through the $30,000 mark after rallying by almost 25%.
Yet, it wasn’t to be. The filing was turned down, the price dropped back below $30,000 and hopes of a sparked bull run were parked once again.
So, why the excitement? Just what is a Bitcoin ETF? And how likely are we to see one?
On the last question, most pundits believe it is highly likely before long. One application has already been refiled at the time of writing.
For the reasons outlined below, a Bitcoin ETF represents a major milestone in crypto adoption. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
