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Thai regulator shifts focus to DeFi sector

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Thailand’s financial market regulator has taken a keen interest in decentralised finance

According to a story reported earlier today by The Bangkok Post, the Thailand Securities and Exchange Commission is set to turn its attention towards the country’s DeFi space. The commission released a statement on Sunday saying that any DeFi-related activities may soon have a compulsory license requirement imposed by the regulator.

“The issuance of digital tokens must be authorised and overseen by the Securities and Exchange Commission, and the issuer is required to disclose information and offer the coins through the token portals licensed under the Digital Asset Decree,” the regulatory agency said.

The announcement essentially means that any DeFi projects involving the issuance of virtual tokens may require approval from the SEC. The regulator’s action was prompted by a DeFi project named Tuktuk Finance that recently debuted on the Bitkub Chain. The Bangkok Post reports that the price of the platform’s native token TUK surged to ‘several hundred US dollars’ upon launch before crashing to $1 within a matter of minutes.

The erratic market activity witnessed on Sunday is said to have alarmed the commission. It is worth noting that this is the first time the regulator has formally addressed a DeFi-related issue. Thailand’s DeFi sector has largely been quiet as there has been uncertainty on which regulatory body has authority over the market.

The reaction to the announcement has been calm and positive so far, with one key industry player describing it as reasonable. Niran Pravithana, chief executive of AVA Advisory, is among the few that have commented on the matter, saying that the move is welcomed considering there are criminal parties out there, issuing fraudulent tokens and even manipulating the prices of tokens.

Tokenine founder Dome Charoenyost praised the action from the agency, noting that some sections of DeFi were not appropriately regulated. He added that the decision was legal as the law dictates that the commission has oversight authority on token issuance.

DeFi regulation has been a stumbling block in many countries beyond Asia because of the various underlying emerging financial technologies. There are concerns that the regulation of the sector in Thailand won’t necessarily provide adequate investor protection. The majority of DeFi transactions in the country are not managed by local firms. In addition, most Thai DeFi developers are operating anonymously at present.

Source: https://coinjournal.net/news/thai-regulator-shifts-focus-to-defi-sector/

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Charles Hoskinson hits back after billionaire calls Cardano a ‘cult’

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Galaxy Digital CEO Mike Novogratz said over the weekend that he was ‘shocked’ over Cardano’s valuation while calling the community a weird cult.

“And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult,” he said.

Cardano, the number five cryptocurrency has a market cap of just under $50 billion and is within striking distance of Binance Coin (BNB). The high-speed blockchain logged one of the highest ‘commits’ on GitHub last week, but some bigwigs remain unimpressed.

Novogratz picked up on a common criticism of the project. That is, how can a half-complete network with no operational smart contracts be valued so highly?

While there is some validity to this point, the “weird cult” comment has drawn a barrage of disapproval from Cardano supporters. Input Output Global (IOG) CEO Charles Hoskinson himself waded into the controversy by accusing Novogratz of bitterness.

“Let me translate the billionaire speak for you guys. He’s saying that he doesn’t see a backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins,” Hoskinson tweeted.

Novogratz says Cardano is all show and no go

Novogratz dropped the bombshell speaking to Yahoo Finance Anchor Zack Guzman, in which he remarked that value is no longer derived from code. Instead, it’s a “social construct,” or as he made more explicit, all about the branding.

Hoskinson has addressed the issue of the lack of smart contracts on several occasions, saying they are on the way. But to accuse IOG and Cardano of criminality is a step too far and grossly misrepresenting the situation.

More recently, addressing the differences between Cardano and Ethereum, Hoskinson said Cardano’s slow and steady “scientific method” is, in his mind, the best way to counter system failure.

“The way we do things is a bit more mature and responsible because the way that we do things results in a better assurance that the systems we build won’t fail,” he said in a recent video.

The question is, is Novogratz’s anti-Cardano stance coming from a pro-Ethereum perspective? Or does he sincerely believe Cardano is all fluff?

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Source: https://cryptoslate.com/charles-hoskinson-hits-back-after-billionaire-calls-cardano-a-cult/

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Bitcoin Made Americans More Than $4.1 Billion In 2020, New Data Reveals

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During the peak months of COVID, interest in bitcoin and cryptocurrencies skyrocketed in the United States, and now many traders in the country are profiting from it. According to Chainalysis, an analytical firm specializing in blockchain technology, Americans have seen their bitcoin assets return more than $4 billion.

Bitcoin Made People Rich

While bitcoin is currently trading at a loss, it has recently completed what is likely the currency’s largest and longest bull run in its 12-year history. The coronavirus epidemic started wreaking havoc on global financial markets in March of 2020. As the economy was forced to shut down, stocks and many businesses fell to historic lows around the world.

The digital coin was purchased by notable investors such as Stanley Druckenmiller and Paul Tudor Jones; corporations like as Square, Tesla, and MicroStrategy incorporated bitcoin to their balance sheets; and regular traders joined institutional investors in swarming the market.

As a result, a large number of Americans benefited. According to a new research from software startup Chainalysis, investors in the United States generated an estimated $4.1 billion in realized bitcoin gains in 2020.

According to Chainalysis, this is more than three times as much as the next largest country, China, where investors made $1.1 billion in profit.

In a recent interview, Kim Grauer, director of research at Chainalysis, stated that one of the big contributing factors to such a large number was the fact that several institutions based in America found themselves quickly attracted to BTC. Kim states:

We know from past research that there is growing institutional investment in crypto assets, notably in the U.S. Institutional investors work with large quantities of cryptocurrencies and have been stockpiling bitcoin over the past year. The gains in the U.S. mostly came in toward the end of the year and, therefore, we suspect many institutional traders who fit this profile took in gains as the price rose in late 2020.

Source: Chinanalysis

Chainalysis stated that the quoted figures are estimations based on transaction data it collects, and that due to the blockchain’s decentralized design, it is impossible to know for certain where parties are situated.

Related article | Bullish for Bitcoin: Data Reveals Spike in Activity from New BTC Investors

China Was Always The First

Though China historically has the one of the highest cryptocurrency transaction volumes, Chainalysis reports, U.S. exchanges saw “huge inflows” in 2020.

“We know from past research that there is growing institutional investment in crypto assets, notably in the U.S. Institutional investors work with large quantities of cryptocurrencies and have been stockpiling bitcoin over the past year,” Kim said.

In addition, “the gains in the U.S. mostly came in toward the end of the year and, therefore, we suspect many institutional traders who fit this profile took in gains as the price rose in late 2020.”

After China, investors in Japan earned the next highest amount, with an estimated $929 million in realized bitcoin gains. After that, U.K. investors realized $829 million, Russian investors realized $632 million and German investors realized $607 million.

“We can start to see country-level variation in the way gains are taken,” Grauer says. “For example, we know that certain countries with a robust cryptocurrency ecosystem, such as Vietnam, took in outsized gains given the overall size of the economy.”

BTC/USD just breached $40k. Source: TradingView

Related article | Why Crypto Investors Withdrawing BTC En Masse From Exchanges is Optimistic

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/bitcoin-made-americans-more-than-4-1-billion-new-data-reveals/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-made-americans-more-than-4-1-billion-new-data-reveals

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French Football Partners With Sorare To Release NFT Cards For Men’s National Team

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Sorare announced a new licensing agreement with the French Football Federation (FFF) this morning for the issuance of non-fungible tokens (NFTs).

French National Team To Release NFTs

With the Euro 2020 tournament currently underway, blockchain-based fantasy soccer game Sorare has announced a licensing arrangement with a national sports body to create nonfungible tokens of its players.

Prior to the team’s match against Germany on Tuesday, Sorare announced that the France Football Federation, or FFF, had introduced its own line of player nonfungible tokens, or NFTs. The French National Team is currently competing in the 2020 Union of European Football Associations European Football Championship, dubbed “The Blues” due to the color of their jersey. Due to the epidemic, the Euro 2020 event was postponed last year.

The national squad’s new digital cards will join more than 140 other licensed teams that Sorare has secured such as Bayern Munich, Juventus, Liverpool, Paris Saint-Germain, and Real Madrid.

The addition of national teams to the NFT collection is a logical next step for the digital collectible platform. The platform has a large international fan base to draw from, with approximately 100,000 active monthly users from 140 countries. France was an obvious option to be the first national team to partner with, given that they are the reigning world champions.

France is one of the first national football associations to enter into a licensing arrangement for official digital artifacts, having won the European Football Championship in 1984 and 2000. Sorare, on the other hand, stated that it was “in active discussion” with other associations throughout the world.

Sorare’s CEO, Nicolas Julia, stated that: “Today is an historic day for Sorare as we release the World Champions to the game through our unique collaboration with the French Football Federation!”

“The team is on fire and much more is coming soon to bring you the best of the world of football,” he added.

Related article | Thailand’s SEC Has Banned NFTs And Meme-Based Tokens

Sorare Will Tokenize French Players

The licensing agreement will allow NFT digital cards of the French men’s team to be created for the Euro competition. The cards will be useful in the same way that the club versions of each player’s card are useful. Each NFT is also included in the current supply of each player’s 111-card 2020 season release.

For the 2020 season, the company will tokenize France national team players such as Antoine Griezmann, Paul Pogba, and Hugo Lloris into digital cards. Player cards for the fantasy football game will have varied scores and rarity based on their performance stats stored on the blockchain.

Top players from ongoing Global Nations competitions will be issued National Team cards beginning in Game Week 174, and their numbers will grow as teams are eliminated from play. The top three finishers in each event will automatically get a random FFF Super Rare card.

Sorare said it had sold more than $70 million in digital cards since January and currently has 90,000 monthly active users from 140 countries. Residents of more than 200 countries play football — or soccer, as it’s called in the United States and a few other nations.

“We’ve onboarded the World Champions: the French team,” said Sorare CEO Nicolas. “It is the first of many football associations that will be joining us in the coming weeks and months.”

ETH/USD may rise above $3k this week. Source: TradingView

Related article | NFTs In A Nutshell: A Weekly Review

Featured image from Pixabay, Charts from TradingView.com

Source: https://bitcoinist.com/french-football-partner-with-sorare-to-release-nft-cards-for-mens-national-team/?utm_source=rss&utm_medium=rss&utm_campaign=french-football-partner-with-sorare-to-release-nft-cards-for-mens-national-team

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