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Experts comment on approval of PL that regulates cryptocurrencies

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As reported by CriptoFácil, the special committee of the Chamber of Deputies, the Bill (PL) 2303/15, authored by deputy Aureo Ribeiro (SD-RJ). The bill is one of those that regulate the cryptocurrency market in Brazil.

Among the changes established by the commission are the removal of air miles from the project, as well as the creation of a specific regulatory body for the sector. Now, the bill will go to vote in the Chamber’s plenary.

Despite the changes, the project needs adjustments and community participation. That’s what Felipe Escudero, creator of the BitNada channel, and João Canhada, CEO of the Foxbit exchange claim. Both spoke exclusively to CriptoFácil about the new law.

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PL brings advances, but needs further discussion

First, the PL completed only one of the approval steps. After the special commission, the project may undergo changes during the vote in the Chamber. If approved, it will go to the Senate for consideration and, finally, for presidential approval.

One of the PL requirements establishes that exchanges can only operate in the country upon prior registration. This registration may directly affect brokerages operating in Brazil, but which do not have headquarters or local representations.

In this sense, the PL can still be the target of new modifications and, in Canhada’s view, it is still too early to analyze what impact it will have on the market. However, the CEO believes that legislation should be made based on the opinion of market participants

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“We hope that it is positive and that it sheds light on existing doubts about the regulatory view and comfort for investors who do not yet participate in the market due to these factors. We hope that the final text is observed aspects of the market and that investors and entrepreneurs are heard”, said Canhada.

Project belongs to the government, not the community

Felipe Escudero, on the other hand, praised the fact that they had withdrawn the travel miles, leaving the project focused exclusively on cryptocurrencies. However, the businessman stated that this is a government bill, which does not take into account the opinion of the community.

“The bill that regulates cryptoactives is not being discussed by people inside the market. It has been discussed only by the government. FEBRABAN serves the interests of banks. The association defends the interests of the represented brokers. But who defends the interests of investors?”, he asks.

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An example of the lack of community representation is in the hearings’ own requirements to discuss the PL. In application nº 1/2021, Escudero’s name was even included as one of the guests to go to Brasília. However, he claims he was never actually called.

Escudero also criticized the need for registration for exchanges to operate in Brazil. The rule, according to him, tends to cause monopolies and prevent the emergence or entry of new platforms.

“I understand that this only benefits established brokerages and the measure is a barrier to innovation, and mainly limits new companies from being able to consolidate”, he says.

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Also read: Bitcoin rises 8% and signals market recovery. AXS Token Reaches $86

Also read: Bankrupt: US government may run out of money on October 18

Read also: Vitreo, WayCarbon and ForFuturing raise R$51 million in Brazil’s first carbon credit FIP

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Here Are The 10 Best Performing Cryptocurrencies in November

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November was a very tumultuous month with a lot of volatility. Here are the top 10 performers out of the top 100 projects by market capitalization.

November was a month full of ups and downs. The total cryptocurrency market capitalization remained flat at around $2.65 trillion, but Bitcoin’s price is down a little more than 6% throughout the same period.

This means that altcoins stepped up, which can also be confirmed by the declining BTC dominance. Bitcoin’s share relative to that of the entire market is down about 3% in a month.

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With this in mind, we’ve decided to take a look at the top 10 best-performing cryptocurrencies from the top 100 projects by means of total market capitalization.

10. WAX (WAXP)

Data from TradingView reveals that WAX opened November’s candle at $0.407 and closed it at $0.68 for a total increase of 67%. It was a rollercoaster month for the cryptocurrency, which peaked at just slightly below $1.

Chart by CoinMarketCap
Chart by CoinMarketCap

WAX is a blockchain project released in 2017, and it’s designed to make e-commerce transactions faster and safer for everyone involved.

9. Voyager Token (VGX)

Voyager Token is up a considerable 83% in the past 30 days and is currently trading at $5, up another 20% for the past 24 hours alone.

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Interestingly enough, VGX is one of the tokens that reached their all-time high level during the ICO peak in 2017 – its ATH sits at $10 – exactly 100% from where it’s currently trading at.

The core concept behind the Voyager Token is to provide cryptocurrency brokerage services to investors through a secure access point when it comes to trading. It’s built towards both retail and institutional investors.

img1_vgx
Chart by CoinMarketCap

8. Avalanche (AVAX)

Avalanche is undoubtedly one of the hottest projects throughout the past couple of months, not just in November. Many in the industry are praising it for the quick transactions and scalability, even though the network experienced a huge load that it couldn’t immediately handle, and the project’s CEO asked the community for understanding as it was the first time something of this kind happened to them.

In any case, the hype around Avalanche’s growing ecosystem also had a positive effect on its price, which is up 90% in the past 30 days.

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img1_avax
Chart by CoinMarketCap

The coin painted a fresh all-time high at $146.22 and is currently trading 14% below it for total gains of 90% in the past month.

7. Livepeer (LPT)

Livepeer is an open-source protocol and aims to become an economically efficient alternative to some of the existing centralized solutions when it comes to broadcasting.

In November, the project saw considerable growth in terms of market cap as its LPT token is up just over 100%. At the time of this writing, LPT is changing hands at $53.25 for a 2% daily loss.

Its all-time high came on November 9th, 2021, and it stands at $100.24, meaning that it’s currently trading 47% below it.

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img1_lpt
Chart by CoinMarketCap

6. IoTeX (IOTX)

IoTeX has the purpose of empowering open economics for machines and, in a sense, creating an ecosystem where users and machines can interact through free will, guaranteed trust, and under proper incentives.

Its native token, IOTX, is up 122% in a month, and it currently sits at $0.1561 with a total market capitalization of almost $1.5 billion.

IOTX’s all-time high also came on November 13th, when it peaked at $0.2611, meaning it’s trading at around 40% below that.

img1_itx
Chart by CoinMarketCap

5. Kadena (KDA)

Kadena has grown to be the 65th largest project with a total market cap of about $2.7 billion. This comes after a month filled with excitement which saw the cryptocurrency increase in value by more than 150%.

At the time of this writing, it’s trading at around $17. It managed to hit an all-time high on November 11th this year – at $28.25, according to CoinMarketCap.

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img1_kda
Chart by CoinMarketCap

4. The Sandbox (SAND)

The Sandbox is also one of the most commonly discussed projects in November, and it came to prominence largely thanks to the massive hype around play-to-earn and metaverse projects.

Thanks to this, it has become one of the biggest projects in the industry and even managed to chart a new all-time high at $8.51. It is trading 23% below this point at the time of this writing, but it’s still up 203% in the past month.

img1_sand
Chart by CoinMarketCap

3. CryptoCom Coin (CRO)

CryptoCom was the large-cap that took the market by storm in November. It’s up a whopping 260% during the month, and it is currently changing hands at $0.76.

It peaked at $0.97, which is also the current all-time high level of the cryptocurrency. The epic run in November was seemingly propelled by the $700 million deal the company struck with the famous Staples Center in Los Angeles. The venue, which is also home to the LA Lakers, will be renamed to CryptoCom Arena.

img1_cro
Chart by CoinMarketCap

2. Loopring (LRC)

Loopring’s LRC is up more than 270% in the past 30 days. It is currently trading at around $2.8, and its all-time high was reached on November 10th – at $3.83.

LRC is an ERC20 token, and it underpins the Loopring protocol, which is designed to build decentralized cryptocurrency exchanges.

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img1_lrc

1. Gala (GALA)

The absolute winner and top performer during November from the top 100 cryptocurrencies by market cap is none other but GALA.

It’s up almost 600% in the past 30 days and sits on a market capitalization of $4.4 billion on the 44th spot. At the time of this writing, GALA trades at $0.63, whereas its all-time high was achieved just a few days ago, on November 26th, at $0.83. It’s interesting to see if the cryptocurrency will take another shot at it any time soon.

img1_gala
Chart by CoinMarketCap

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Facebook’s Head of Crypto Quits Weeks After Meta Rebranding

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Facebook, now known as Meta, has only begun its development, post the commencement of the company’s rebranding. However, shockingly, one of the core team members, i.e., the head executive of the cryptocurrency department, David Marcus has announced his departure from the company by the end of this month.

Marcus took to Twitter yesterday, unveiling the end of his seven-year long tenure at Meta. The market is raging with speculations that Marcus’ exit is because of Meta’s Hit-and-Miss, to launch its own cryptocurrency for cross border online payments via Facebook products.

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Did Crypto Executive Quit in lieu of Failure to Launch Native Crypto?

After serving as PayPal’s President, Marcus joined Meta in 2014. He worked at Meta’s popular online messaging application, Messenger, and eventually moved on to the financial department of the company. Under Marcus’ leadership, Meta announced two cryptocurrencies one after another. Both, the Libra blockchain currency and the Calibra digital wallet were expected to go live in the year 2020. However, neither succeeded in lieu of global backlash from policymakers and regulators. At present, Meta’s digital currency Diem, is run by an independent entity, separate from its digital wallet project, Novi. Furthermore, currently serving as the VP of product at Novi, Stephane Kasriel, will now be replacing Marcus as the head of crypto at Meta.

“While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it…I find comfort and confidence in knowing that they will continue to execute our important mission well under @skasriel’s leadership, and I can’t wait to witness this from the outside.”, Marcus tweeted in the thread containing his exit from Meta announcement. 

Towards the end of October, Facebook, the world’s largest social media platform, confirmed rebranding after changing its name to Meta. The name change was in line with the company’s focus on building the world’s first true metaverse.

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Police seize cryptocurrencies from financial pyramid suspects in Goiás

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The Civil Police of the State of Goiás (PCGO) launched an operation with the objective of dismantling a supposed financial pyramid scheme that promised high returns with investments in cryptocurrencies and other investments.

In “Operation Octopus”, held last Friday (27), agents carried out the first seizure of cryptocurrencies “on site”.

In a statement, the PCGO informed that it had effected the judicial blockade of approximately R$ 20 million from the gang.

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“Operation Octopus” seizes cryptocurrencies

In all, the police carried out 15 kidnappings of values ​​in the investigated accounts at conventional financial institutions and cryptocurrency exchanges.

PCGO did not specify in the statement the amount seized in cryptocurrencies. But the delegate responsible for the case, Webert Leonardo, told the G1 that the value was R$ 2 thousand.

Although the amount is low, especially considering the total confiscated, the seizure was cause for celebration by the corporation.

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That’s because the action will help in the modernization of investigation and apprehension techniques in virtual financial crimes.

“We seize and convert virtual values ​​directly at the stage of the stagecoach, through intelligence knowledge breaking account passwords. The amount is converted to a judicial account linked to the investigation”, explained the delegate.

Leonardo also pointed out that this seizure is different from a court account blocking. After all, if the police don’t act quickly, suspects can run out of money in no time.

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In addition to seizing the cryptocurrencies, the agents served 4 temporary arrest warrants, 11 search and seizure warrants and 2 hijackings of luxury vehicles. Police also found electronic devices, documents, cash and three firearms.

About the supposed financial pyramid

According to the investigations, which have lasted three months, the target group of the operation – whose name was not revealed – worked in the city of Bela Vista (GO).

The police discovered that the criminal organization had an organized structure and a division of tasks. And “company” attacked on two fronts: intermediation of bets on sports games and investments in cryptoactives.

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In both cases, the group promised a certain profit of 50% per month at the beginning of activities (first half of 2020) and 30% in the most recent period.

The police action was supported by the PCGO’s Anti-Money Laundering Technological Laboratory, as well as by the Cryptoactive Operations Center of the General Coordination for Combating Organized Crime of the Ministry of Justice and Public Security and the PCGO’s Intelligence Operations Management .

It was due to the support of the nucleus focused on cryptoactives that the police were able to track financial resources and link people.

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The accused can be held liable for the crimes of criminal organization, money laundering and crimes against the popular economy.

Also Read: Ethereum Whales Are Buying 3 Altcoins As Market Recovers

Also Read: Bitcoin Mining Difficulty Falls and Breaks Biggest Bullish Sequence since 2018

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Read also: Analyst predicts Bitcoin movement after 8% recovery

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