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South Korea: Crypto Exchanges Must Register in 2 Months, Warns FSC

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The South Korean government’s top financial regulator warned Thursday that foreign cryptocurrency exchanges that target Koreans would risk banned access to their websites as well as criminal investigations unless they register with the country’s anti-money laundering authority. As per a new regulation aimed at preventing money laundering, all cryptocurrency exchanges utilizing Korean currency must register with the Korea Financial Intelligence Unit (KFIU) by September 24.

According to the Financial Services Commission (FSC), the KFIU notified 27 international cryptocurrency exchanges with commercial activities targeting Korean citizens about the new regulation’s need.

Additionally, the new legislation requires cryptocurrency exchanges to possess a South Korean information security certificate. According to FSC authorities, no foreign exchange has acquired such a certificate to date.

Mandatory Registration

Foreign exchanges that do not register with the KFIU would be prohibited from conducting business with Koreans beginning Sept. 25, the FSC stated in a statement. Domestic cryptocurrency exchanges will also be subject to the new rules.

“If they continue to operate without registration, they will be subject to up to five years of imprisonment or a maximum fine of 50 million won ($43,455),” the regulator said.

In accordance with the new rule, which took effect in March with a six-month grace period, banks are obligated to issue real-name accounts in line with stringent regulations in order to prevent money laundering. And per the new law, banks would also evaluate the transparency of a cryptocurrency exchange, as well as its economic risks and the likelihood of criminal activity.

There are reportedly about 100 little bitcoin exchanges in South Korea, with many of them utilizing opaque accounts to lure investors. Such accounts provide cryptocurrency exchanges the ability to use their own bank accounts to hold investors’ money.

Now, these cryptocurrency exchanges will be barred from withdrawing funds for cryptocurrency trading beginning September 25, if they do not have real-name bank accounts.

Even in the face of repeated warnings from politicians, Korean investors have poured money into virtual currency, believing it to be a lucrative asset during the pandemic. With housing prices soaring, younger people are investing in cryptocurrencies in hopes of good profits.

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Source: https://btcmanager.com/south-korea-crypto-exchanges-register-2-months-fsc/

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RippleX Grants $2 Million to Promote NFT Solutions on the XRP Ledger

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Ripple may not be the most beloved company in the crypto-verse, but its perseverance and desire to grow despite setbacks is something to be recognized. RippleX, Ripple’s branch focused on boosting the development of technologies around the XRP Ledger, has recently announced its first wave of XRPL grants, and it is embracing the NFT mania. 

According to an official announcement, RippleX distributed $2 million in total value among 25 chosen applicants from 10 different countries. 

NFTs Are The New Battlefront For Ripple’s XRP Army

The main focus of the applications was the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL. 

XRPL encompasses everything we currently consider the XRP ecosystem and is an evolution of the former Ripple Consensus Ledger (RCL). Ripple’s former products, xRapid, xCurrent, and xVia, were, in turn, merged into what is now known as the RippleNet, quickly gathering over 200 customers by 2019.

Although Ripple’s focus point has for long been to offer a fast and cheap payment network, it seems that developers are looking for ways to squeeze the potential out of this blockchain and adapt it to the new times. NFTs are an odd use case for the XRP ecosystem, despite their popularity.


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RippleX mentions that it received over a hundred proposals but the most interesting ones focused on the following topics:

  1. The development of NFTs for multiple industries (retail, art, music, sports, digital advertising, and carbon capture).
  2. Learning tools and platforms to build on and interact with the XRPL
  3. Data visualization tools
  4. Payment and security solutions

In the case of implementing compatibility with NFTs, XRPL could considerably increase its user base and could even start serving certain enterprise customers in strategic areas such as identity digitization, advertising models, supply chain, etc.

The Chosen Ones

These were the chosen projects. Each one received a different amount of money:

Aquarelle: This project seeks to build a metaverse on the XRP Ledger. The project aims to create an open-source NFT library, a web-based NFT marketplace, and a WebGL 3D virtual gallery to showcase and interact with NFTs.

Aquarelle is based in Australia but hopes to interact with content creators primarily from India.

Anchain.AI – CISO™ Integration for the XRPL: This project focuses on using NFTs in cybersecurity to develop artificial intelligence used by governments for compliance solutions. AnChain is based in the United States.

Bithompt: An XRPL explorer and toolkit that will be updated to have compatibility with NFTs. Bithomp is located in Sweeden.

CarbonLand Trust ESG NFTs = CO2 Bonds + Forest Conservation: A project that seeks to create NFTs that represent rights on future carbon credits. It is based in the United States.

Clever.Gallery: An NFT gallery and marketplace with NFT explorer functionality. It is based in the USA.

CryptoIso20022 Interop: A startup that seeks to automate the transformation of fiat to crypto payments. It is located in Switzerland.

Cryptum / Blockforce: This project seeks to develop an API/SDK platform for integrating the XRP Ledger with apps. It is located in Brazil.

DART: A digital art platform compatible with NFT on the Ripple Net. It also uses the XRP token as a means of payment in transactions. It is located in Sweeden.

Galaxy: An advertising platform built on the XRPL. It is located in the UK.

Go4Zerps: A Golang SDK to create applications on the XRP Ledger. It is located in the UK.

Ledger City: A 3d visualization platform compatible with tokens on the XRP Ledger. Located in the USA.

Ledger: An initiative that seeks to create an XRP Ledger analysis tool for research, compliance, and risk management. Located in the Netherlands.

NFT Terrace: A platform that seeks to offer football clubs the ability to create NFTs on XRPL. Located in the UK.

Audiotarky: A Music streaming platform compatible with XRP. It will use the NFTs to distribute revenues. Located in the UK.

Peerkat: An NFT platform built on the XRP Ledger. Located in the UK.

Scratch2Hooks: An initiative of the University of Luxembourg to develop smart contracts for the XRP Ledger. Located in Luxembourg.

Trustline: A startup that uses the Flare Network to transfer products between different blockchains. Located in the USA.

Wallery.me: An NFT marketplace. Located in Switzerland.

Xchange Retail Payments: A DEX / XRP Ledger Gateway. Located in the UK.

xPay: A startup that facilitates XRP transactions through iMessage. Located in the USA.

Node-RED: A Visual programming tool focused on XRPL solutions. Located in the UK

XRPL Rosetta: An XRPL explorer. Located in Chile.

XRP Wallet Tools: a WebApp with support for the creation of NFTs in XRPL. Located in the Philippines.

ZerpCraft: A plugin that will allow the creation of NFTs to represent virtual Real Estate in Minecraft. Located in the USA

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Source: https://cryptopotato.com/ripplex-grants-2-million-to-promote-nft-solutions-on-the-xrp-ledger/

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MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

Rate this post MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA. Past Performance of Decentraland On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75. https://www.tradingview.com/x/X0L58OoJ/ MANA Technical Analysis Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement: Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel. The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token. The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone. Day-Ahead and Tomorrow The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805. The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

The post MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA.

Past Performance of Decentraland

On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75.

TradingView Chart

MANA Technical Analysis

Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement:

Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel.

The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token.

The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone.

Day-Ahead and Tomorrow

The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805.

The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

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Source: https://www.cryptoknowmics.com/news/mana-technical-analysis-expect-the-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-0-655-soon/

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Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.”

Pat Toomey crypto crackdown

Rate this post With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry. China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey According to tweets by U.S. Senator Pat Toomey, China’s ongoing crackdown on cryptocurrencies is a big opportunity for the United States. “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.” Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges. The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000. Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” American Crypto Regulation Appears Still Unclear In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom” Recently our own SEC has been pretty hostile to economic freedom. — McChadald’s CEO (@mcchadald) September 24, 2021 For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan. In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.” Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

The post Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.” appeared first on Cryptoknowmics-Crypto News and Media Platform.

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With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry.

China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey

“China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges.

The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000.

Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

American Crypto Regulation Appears Still Unclear

In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom”

For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan.

In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

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Source: https://www.cryptoknowmics.com/news/pat-toomey-calls-chinas-crypto-ban-a-big-opportunity-for-the-u-s/

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