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Australian Parliamentary Committee Sets Guidelines to Give Crypto Industry a Big Push

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Australia’s parliamentary committee on crypto-assets aims to bring concrete regulatory and policy changes to give a major push to the crypto industry in the country. The committee believes Australia needs a robust policy and regulatory changes to help it compete against the global leaders. The said committee released a draft report on 20th October outlining the need for encouraging investors and ensuring protection against frauds.

Some of the key recommendations in the draft report include,

  • Establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing, and responsible person tests under the Treasury portfolio
  • Establishing a custody or depository regime for digital assets with minimum standards under the Treasury portfolio
  • Conducting a token mapping exercise to determine the best way to characterize the various types of digital asset tokens in Australia

Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee said that the recommendations in the draft would help Australia set a new regulatory framework for the highly popular crypto industry which will, in turn, help Australia compete against the likes of Singapore and UK. He said,

“The draft recommendations are a big push to detail a cryptocurrency framework for Australia, which would allow us to compete with the U.K. and Singapore,”

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Crypto Market Has Become Too Big to Ignore

The Crypto market was primarily seen as a speculative ecosystem for the most past of its life, but that perception has changed quite fast over the past year. Governments have now realized that the crypto market has become too big to ignore as a fad. This is why the likes of El Salvador have made Bitcoin a legal tender, while Paraguay passed a law to legalize the use of Bitcoin and Ethereum in the financial market.

The United States’s policymakers who were adamant about keeping the crypto market at bay have finally approved the first-ever Bitcoin Futures ETF. This shows how the sentiment around the crypto market has changed as it became a $2.5 trillion industry again in October.

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MicroStrategy’s Michael Saylor Drops Important Announcement About Scams

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It seems that MicroStrategy’s Michael Saylor has an important announcement to make and he used his Twitter account to tell the following to his followers.

Check out his tweet below.

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Anthony Pompliano hopped in the comments and said: “We have also been reporting that specific video scam to no avail. Very frustrating.”

Someone esle wrote: ‘I have specifically reported this to @YouTube several times, and kept track of it afterwards, it was not taken down. But 10+ seconds of copy right music on your live stream and a robot will notify you…”

Another commenter said: “@YouTube are only great at shutting down legitimate accounts but are useless against scam accounts especially if you point it out to them. They do not have good intentions.”

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Saylor is praising Bitcoin

Not too long ago we were revealing that MicroStrategy’s Michael Saylor continues to support Bitcoin after his firm accumulates the king coin in all moments.

Check out the latest tweet that he shared about the king coin.

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At the moment of writing this article, BTC is trading in the green, and the coin is priced above $64k.

It’s been just revealed that the popular on-chain analyst Will Clemente thinks certain metrics indicate Bitcoin (BTC) is just now entering the main phase of the bull market.

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Here’s What’s Next for Polkadot, The Sandbox and Three Low-Cap Altcoins, According to Crypto Analyst

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A popular crypto strategist and trader is mapping out the levels where Polkadot, The Sandbox and three other low-cap altcoins could bounce and potentially carve out bottoms.

The crypto analyst known in the industry as Altcoin Sherpa tells his 152,600 Twitter followers that interoperable blockchain Polkadot (DOT) might see an influx of demand once it taps the 200-day exponential moving average (EMA), which is currently hovering at $32.

“DOT: More consolidation expected at the $30-$40 range. 200-day EMA should be support here.”

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Source: Altcoin Sherpa/Twitter

Next up is blockchain-based gaming ecosystem The Sandbox (SAND). According to Altcoin Sherpa, he’s looking for SAND entries around $5.

“Probably one to buy the dip on. The strongest coins get bought back up the fastest.”

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Source: Altcoin Sherpa/Twitter

The third altcoin is CRO, the cryptocurrency that powers the Crypto.com payment, trading and financial services platform. According to Altcoin Sherpa, a low timeframe support might provide some relief for CRO.

“CRO: patiently waiting for $0.60.”

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Source: Altcoin Sherpa/Twitter

Another coin on the trader’s list is Oasis Network (ROSE), a smart contract platform that prioritizes privacy for open finance. The crypto analyst says he’s expecting ROSE to carve out a bottom around $0.29.

“Good first reaction to the 0.618 [Fibonacci level]. It’s likely this makes a lower high if it continues up strongly. I would rather see this consolidate for a bit at 0.618 and then form a solid bottom for continuation.“

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Source: Altcoin Sherpa/Twitter

The last coin on Altcoin Sherpa’s radar is payments infrastructure platform COTI. The crypto analyst says that COTI is currently respecting the 200-day EMA as support ($0.37) but adds that a new sell-off event can push the token down to $0.30.

“First good tap of the 200-day EMA. I think that this one will find a short-term bottom around here. More support at the 0.618 [Fibonacci level] though.”

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Source: Altcoin Sherpa/Twitter

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Elon Musk’s Brother Claims Web3 Could Unlock $100 Billion Per Year for This Segment

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Restauranteur, chef and entrepreneur Kimbal Musk indicates yet another unusual use case for decentralized industry.

Innovator and visionary, baord member of Tesla Inc. and SpaceX, Kimbal Musk is certain that Web3’s ethos and practices can be of great use in philanthropy.

“$100,000,000,000 per year just in America”

Kimbal Musk has taken to Twitter to share that the implementation of Web3 in philanthropy could unlock twelve-digit funds for the philanthropy segment.

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This jaw-dropping sum can be added to the volume of money in this sphere just in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly advance its resource-efficiency.

Namely, Web3 tools are going to eliminate the unnecessary elements of bureaucracy from this trending sphere.

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Mr. Musk’s Twitter audience agreed with his statement, while some commentators added that Web3 instruments could eliminate corruption—not only bureaucracy—from philanthropy.

Crypto and charity: long road ahead

In 2021, numerous charity initiatives somehow utilize Web3 instruments. Typically, major charity foundations add mainstream cryptocurrencies as payment tools.

As covered by U.Today previously, DeFi project Munch created a purpose-made platform for The Giving Block charity conglomerate that features 200 non-profits.

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Also, many NFT products are conducting charity giveaways. Namely, Binance and Tron-backed APENFT co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.

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