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US Financial Watchdogs Moving Towards Robust Regulatory Framework

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Financial watchdogs around the world have been making great efforts to identify loopholes in the crypto market, with the aim of developing a robust regulatory framework. The US authorities have also been brainstorming on the best strategies that can be adopted to protect investors and make the crypto sector safe for everyone.

The US Federal Reserve Chief, Jerome Powell, recently made remarks about how cryptocurrencies were posing a risk to financial stability. To curb this, more regulations needed to be implemented especially in the light of this year’s frenzied popularity of cryptocurrencies.

In addition, the US Treasury also expressed concerns about wealthy individuals turning to cryptocurrencies to avoid taxation. To address this, the Treasury has proposed that crypto exchange firms in the US report large transfers to the relevant regulators.

Speaking to the Financial Times this week Michael Hsu, the acting comptroller of the currency, said that he was hopefully expecting US officials from the various regulatory bodies to come together to create what he described as a “regulatory perimeter” for crypto.

Critical Time for Regulations

The regulatory proposals come at a time when Bitcoin is experiencing wild price movements. The currency lost nearly 50% of its value in May when the token crashed to almost $30,000 after hitting an ATH of $63,500 in April.

Jerome Powell relayed his concerns about cryptocurrencies and the threat they posed to financial stability. He also expressed guarded support in the Federal Reserve exploring the launch of its own digital fiat, that might mark a significant step in the US creating a central bank digital currency. Powell also expressed worry about how crypto innovations were risky to both investors and the entire financial sector.

The remarks by Powell show that the Federal Reserve has been looking at ways they can deal with the popularity of cryptocurrencies and their affect on traditional financial models. Creating a comprehensive framework for the crypto industry would lay the ground for launching the CBDC.

Bitcoin Chart 1 June

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The Federal Reserve and the Treasury have been considering how to regulate crypto for some time but have been moving slowly. Now they appear to be worrying that the industry could get too big for them to regulate properly unless they start to get serious.

The question of whether to regulate crypto is a different one to whether crypto has intrinsic value. However, even after the market cap of cryptocurrencies reached $2.6 trillion in May, the two agencies remain unconvinced that cryptocurrencies have a great value. The authorities still view the tokens as art, gold, and other assets solely used for speculation.

However, the Federal Reserve believes that a CBDC is a safer tool as a holder has a claim to the central bank, which is similar to paper currencies. Powell also stated that regulators would release a discussion paper within the summer talking about digital currencies as well as the benefits and risks that these tokens have. The relevant stakeholders would also seek public participation in the matter.

With the tough regulatory framework looming in the US crypto sector, it means that cryptocurrencies should be ready for substantial change, although there may be lengthy deliberations before the rules are definitively put in place. While the change may be difficult at first, it will ultimately be beneficial for the market in ending uncertainty and setting up clear rules of the road for all market and ecosystem participants.

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US Financial Watchdogs Moving Towards Robust Regulatory Framework

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/us-financial-watchdogs-moving-towards-robust-regulatory-framework/?utm_source=rss&utm_medium=rss&utm_campaign=us-financial-watchdogs-moving-towards-robust-regulatory-framework

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Portugal Grants First Crypto Exchanges Operating Licenses

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For the first time ever, Banco de Portugal has approved operating licenses to regional cryptocurrency trades.

Recently, the central bank gave out the statement that Portuguese-based trades “Mind the coin” and “Criptologia” are now enlisted as virtual assets service providers.

The central bank has issued only these two names in the list on their official website. Banco De Portugal took around nine months to finalize the decision. In September 2020, Criptojola was reported to perform its initial registration to give out its services as a virtual assets provider.

 Mind the Coin and Criptoloja have been given permission to perform crypto exchange services between fiat currencies and different virtual assets within the Portuguese region. Furthermore, they are also allowed to cover various transfer services, safeguarding, and administration works for such assets.

Banco De Portugal has been awarded as one of the most crypto-friendly nations in entire Europe, and the whole continent seems to be proud of it.

In May 2021, Jean Galea, a well-known investor, and blogger said that Portugal is becoming a haven for all the individuals involved in the crypto world in one of his write-ups. Cryptocurrency income continues to be immune from capital gains taxes and VAT in Portugal unless the income is associated with professional trading activity.

Which other European countries are involved in Crypto exchanges?

Nonetheless, Portugal isn’t the only European country to accept crypto trading and services with a warm welcome.

In the final week of May 2021, The Malta Financial Services Authority (MFSA) granted “XCoins,” a country-based leading exchange provider,  the license to class 3 VFA (Virtual Financial Asset). 

The founder and CEO of XCoins, Rob Frye, stated that Xcoins is dominating the space of digital assets worldwide by standing as one of the earliest cryptocurrency platforms to reach this benchmark implies that they are completely capable of paving the path for an additionally secured and organized industry. 

This is another such authorization the Malta Financial Services Authority has consented to a crypto trade this year. The firstest crypto platform to obtain a VFA authorization of a similar degree was “Crypto.com.” By earning the milestone of receiving the license a couple of weeks before XCoins, the company called this achievement a historic moment for the cryptocurrency world.

Moreover, Crypto.com had previously made a plea to the MFSA to serve as a licensed financial institution, but the plea didn’t get approved. Again this year, the company has presented its plea to the Maltese authority; however, the regulator’s verdict is still not finalized. 

European countries like MFSA and Portugal are surpassing the crypto exchange milestone!

Conclusion 

Further, Criptoloja is currently seeking to bring Portuguese folk together who are interested in investing in crypto assets. However, the service provider company is not confident enough to start accounts in out-of-country trades. Nevertheless, investors say that the tremendous adoption of cryptocurrencies in Portugal is forming a new era of traders.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council

Portugal Grants First Crypto Exchanges Operating Licenses

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/portugal-grants-first-crypto-exchanges-operating-licenses/?utm_source=rss&utm_medium=rss&utm_campaign=portugal-grants-first-crypto-exchanges-operating-licenses

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Should you consider EOS for your blockchain development?

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Codezeros

The world has witnessed a massive technological advancement. People dealing in digital currencies demand a safe and secure environment. But the traditional forms of blockchain development have some loopholes. And the latest technologies are thus being introduced in the market. One such platform is EOS.

We will discuss everything you must know about EOS in this article so that you can ensure whether to consider EOS for your blockchain development or not.

What is EOS?

In short, EOS is a cryptocurrency. The smart contract platform of EOS blockchain development removes transaction fees and its potential to conduct millions of transactions every second. This particular fact is helping it to earn the blockchain investors’ trust.

Its primary objective was to offer a straightforward interface for facilitating blockchain development. Another attractive feature of EOS was that it eliminates the gas fees for transaction processing.

Should you consider EOS for your blockchain development?

Features of EOS:

The few features that make EOS preferred are given below:

  • Convenience:

EOS offers convenience in several aspects of developing blockchain, including EOS wallet development. The bare-bone interface is useful for developing DApps. It can also be used to deploy private, public, permissionless, and permissioned infrastructures of blockchain. The EOS smart contracts allow you to make custom business logic and programmable governance.

  • Performance:

It offers top-notch TPS rates. Thus, it is the best for developing mission-critical blockchain apps. EOS is also proved to show superior performance and eliminates the latency rate of sub-second block time. It also keeps the accuracy intact.

  • Upgradability:

EOS allows the developers to change and upgrade the code besides improvising it. This feature of EOS contributes to flexibility. The developer-friendly nature of EOS is another side that makes it a blockchain software that is preferred for expanding tools, products, and features.

  • Measurability:

It is proved that EOS can potentially process and measure millions of transactions every second. It is made possible by the incorporation of advanced DPOS technology that further enhanced the efficiency of the framework of EOS. Even with having a massive user base, there are no performance issues.

  • Consensus protocols:

The correct algorithms furnished with EOS give it an upper hand. DPOS mechanism in EOS enhances its functionality.

  • Parallel processing and Multiprocessing:

EOS successfully reduces the excessive load on a program, as there exist multiple processors. Horizontal measurability improves transaction speed. And vertical measurability boosts the processing power. Asynchronous communication fuels time management assets and smoothens communication.

The end-to-end encryption contributes to the security of EOS. All the verification standards and safety norms are used while developing EOS. Trouble-shooting is also added to the blockchain platform.

How does EOS work?

A validator’s coin or EOS token gets locked up as stakes. Then, the validation starts, and the betting system is activated.

The validators now think about the blocks that are possible to add to the chain and put a bet on them. If the block gets added, based on their bets, validators are rewarded.

Role of DPOS in EOS blockchain:

DPOS (delegated proof-of-stake) is a consensus system for seamlessly channelizing cryptocurrency transactions. Additionally, it is backed up with speed and security. In cases of malfunctions, it entertains the longest chain automatically.

DPOS protects blockchain as it depends on the voting process. Being a decentralized framework, it contributes to feasibility both for the business and the user. Besides being usable and reliable, it is faster, cheaper, and more efficient, making it ideal for a decentralized system.

The payment system in EOS:

EOS is a cryptocurrency of EOS.IO. Free transactions, a popular advantage of EOS for being a preferred software.

The holder’s EOS coin owns a network instead of any transaction fees or renting virtual machinery. For instance, if you possess EOS’ 3% of coin stakes, you own 3% of network strength for processing the transaction, thereby allowing free transactions. Just like any other crypto, one can possess, get, or give away funds among digital EOS wallet ledger.

Business application of EOS:

Blockchain can be beneficial to your business. And blockchain technology can be used in different ways in business. Some of the business applications of EOS are described below:

  • Cryptocurrency:

You can use EOS as a tool for investment in a cryptocurrency or crypto space. The proof-of-stake system provides mining power to the blockchain. Because of no transaction fee, it is popular among developers.

  • High-end transactional DApps:

EOS blockchain can be applied in DApps that require a massive capacity of transaction. EOS stabilizes user authentication at different levels. And thereby, it allows anyone to develop a DApp, run it, and authorize it while sharing data among users.

Conclusion:

EOS comes with countless features. And, this makes it one of the most assured blockchain platforms in the world of cryptocurrency. Opt for EOS development services for developing efficient apps.

Moreover, the business applications of EOS have already popularized it across the world. We can expect EOS to expand more in the foreseeable future and will overpower the traditional applications of blockchain.

Should you consider EOS for your blockchain development?

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/should-you-consider-eos-for-your-blockchain-development/?utm_source=rss&utm_medium=rss&utm_campaign=should-you-consider-eos-for-your-blockchain-development

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Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

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Generating momentum and attracting investor attention can be a challenge during the best of times in the cryptocurrency market and it is an even bigger challenge when the markets are choppy like the entire crypto ecosystem has been the past couple of months. 

Despite the recent downturn, Perlin (PERL), which has managed to rally 140% from a low of $0.052 on June 8 to a high of $0.134 on June 18 as its average 24-hour trading volume surged from $3 million to $122 million.

PERL/USDT 4-hour chart. Source: TradingView

Three reasons for the increase in price and demand for PERL include the release of the PERL.eco registration ledger, the launch of PerlinX on the Binance Smart Chain and attractive staking options allowing token holders to earn a yield on various cryptocurrencies.

Tokenizing real-world biological assets

PERL’s rally on June 6 and June 14 came in response to the release of PERL.eco, the “Planetary Ecosystem Registration Ledger” which enables the tokenization of real-world bioecological assets.

According to the project’s blog page, PERL.eco is an “attempt to democratize the biosphere economy through liquidity pools and tokenization of biodiversity and carbon credits to decentralized finance.”

As an added incentive to hold PERL, airdrops of tokenized carbon credits will be distributed to wallets holding PERL which can be used by token holders to “offset their carbon footprint or trade on the liquidity pool when the token is released.”

PERL will also be used as the governance token of the DAO, enabling holders to vote on the distribution and fee model as well as participate in other important decisions that affect the ecosystem.

Binance Smart Chain integration leads to lower fees

A second driver of increased momentum for PERL was the mid-April launch of the protocols DeFi interface platform PerlinX on the Binance Smart Chain (BSC), a move that was done in an effort to help lower transaction fees.

Operating on BSC also allowed PerlinX’s liquidity pools to be listed on PancakeSwap and helped to increase the number of farming opportunities available to the PerlinX community.

As a further bonus for PERL liquidity providers, yields earned on PancakeSwap are paid out in the protocol’s native CAKE token which can then be redeposited in the Perlin pool to earn PERL as a form of compound interest.

For PERL holders who wish to remain on the Ethereum (ETH) network, the PerlinX platform offers several options to earn a yield including simple staking as well as liquidity pools between PERL and Wrapped Ether (WETH), Binance USD (BUSD), Balancer (BAL), Dai (DAI) and USD Coin (USDC).

According to data from Cointelegraph Markets Pro, market conditions for PERL have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. PERL price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for PERL has been in the green for the majority of the past 7 days and registered a score of 67 on June 14, roughly ten hours before the price increased 100% over the next two days.

With the green energy movement and concerns related to the increasing amount of carbon dioxide in the atmosphere at the forefront of global discussions, blockchain projects that offer working solutions like Perlin and its PERL.eco platform could possibly receive increased attention.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Perlin (PERL) price gains 100% as the focus on green energy solutions intensifies

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/perlin-perl-price-gains-100-as-the-focus-on-green-energy-solutions-intensifies/?utm_source=rss&utm_medium=rss&utm_campaign=perlin-perl-price-gains-100-as-the-focus-on-green-energy-solutions-intensifies

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