Ari10 Weekly Newsletter #112 (Crypto Business Insights, Crypto Market News and Ari10 Company Update)

What happened this week in the crypto space?

GM! This is Mateusz Kara.

And you've just found the best place in the crypto space to know more about the blockchain industry. I'm also giving you updates on my biz.

In Today's edition:

1/ Important Update Regarding ETH ETFs

2/ We Know How Much and Which Cryptocurrencies Donald Trump Owns

3/ Will Argentina Follow in El Salvador's Footsteps?

4/ The US Wants to Regulate the NFT Market

+ Crypto Business Insights & Ari10 Company Update

Sounds interesting? I think so.

Let's dive deeper into the crypto rabbit hole:

1/ Important Update Regarding ETH ETFs

Let's start with the fact that last week SEC officials agreed to ETF creation. However, this did not involve S-1 applications (the process is two-stage). The S-1 application is the actual gateway for ETFs to appear on exchanges.

This week, BlackRock updated its S-1 document. What does this mean? It could be a sign that ETH ETFs are about to be introduced on exchanges. Bloomberg's ETF analyst, Eric Balchunas, suggests that other issuers are likely to follow BlackRock's lead. This means that ETFs could appear on exchanges as early as June.

2/ We Know How Much and Which Cryptocurrencies Donald Trump Owns

Donald Trump has become a pro-cryptocurrency politician. He promises that if he becomes president again, he will promote the development of the blockchain industry in the USA.

Now, we know about his cryptocurrency holdings. Arkham has published a report detailing how much and which tokens Trump owns. The politician possesses 579.2k TRUMP tokens valued at approximately $8.6 million USD. Additionally, he holds 463.3 ETH and tokens such as MVP, CONAN, and BABYTRUMP.

3/ Will Argentina Follow in El Salvador's Footsteps?

It has come to light that Argentine officials are in talks with El Salvador. The Argentine National Securities Commission (CNV) is consulting with El Salvador's National Commission of Digital Assets (CNAD). The goal? A debate on cryptocurrency adoption.

It seems likely that Argentina, currently led by President Javier Milei, may follow El Salvador's path. Will this mean recognizing BTC as legal tender or developing a Bitcoin ATM infrastructure? We may have to wait a few more months for concrete details.

4/ The US Wants to Regulate the NFT Market

The US Treasury Department has prepared a risk assessment report on NFTs.

"NFT tokens are highly susceptible to fraud and scams and can be stolen. The report determines that cybercriminals may use NFTs to launder proceeds from underlying crimes, often in combination with other methods to obscure the illegal source of proceeds," the document states.

Further, officials suggest that authorities should regulate the NFT market. However, no specific proposals have been made.

Crypto Business Insights ??

Virtual Currency vs. Foreign Exchange and Currency in Foreign Exchange Law

In the context of exchange office activities, it is also important to understand the difference between virtual currency and currency and foreign exchange as defined by the Foreign Exchange Law. These definitions help determine the obligations of entities establishing exchange offices and whether operating a cryptocurrency exchange office can be classified as such an activity.

The Foreign Exchange Law pertains to foreign exchange trading. According to Article 2, Section 1, Point 16 of the Foreign Exchange Law, this trade includes foreign exchange transactions with foreign entities and domestic foreign exchange transactions. Foreign exchange transactions with foreign entities can take three forms:

1. Entering into a contract or performing another legal action that causes or may cause financial settlements between a resident and a non-resident, or the transfer of ownership of foreign exchange values or domestic payment means between a resident and a non-resident, as well as executing such contracts or actions.
2. Entering into a contract or performing another legal action that causes or may cause the transfer of objects or rights acquired in foreign exchange transactions with foreign entities between residents, as well as executing such contracts.
3. Foreign exchange transactions with foreign entities can also take the form of exporting, transferring, and sending foreign exchange values or domestic payment means abroad, as well as importing, transferring, and sending them from abroad into the country.

In contrast, domestic foreign exchange transactions involve entering into a contract or performing another legal action that causes or may cause financial settlements in foreign currencies between residents or non-residents within the country, or the transfer of ownership of foreign exchange values within the country between residents or non-residents, as well as executing such contracts or actions.

The Foreign Exchange Law mentions several concepts of currency and foreign exchange that require clarification. Polish currency consists of banknotes and coins that are legal tender in the country, as well as those withdrawn from circulation but still exchangeable. Foreign exchange values include foreign payment methods and foreign exchange for gold and platinum. Foreign currencies are banknotes and coins legal tender outside the country, as well as those withdrawn from circulation but still exchangeable. The Foreign Exchange Law also refers to the concept of foreign exchange, which includes securities and other documents serving as means of payment, issued in foreign currencies.

However, the Foreign Exchange Law definitions do not include cryptocurrencies. This concept is explained in another regulation, namely the Anti-Money Laundering and Counter-Terrorism Financing Act. The concept of virtual currency has already been described in previous chapters, so we will not reiterate what it is. Before the formal definition appeared in the Anti-Money Laundering Act, terms such as cryptocurrency, cyber currency, and internet currency were used interchangeably. Some people still use these terms colloquially. It is worth noting that the definition of virtual currency was intended to cover other means of payment for goods and services. Therefore, virtual currency can also include internet coupons or airline miles discounts.

The definition adopted in the Anti-Money Laundering Act unfortunately still does not resolve many disputes in various branches of law, particularly in tax law and various settlements related to cryptocurrency transactions, including PCC (civil law transactions tax), VAT (value-added tax), and income taxes PIT (personal income tax) and CIT (corporate income tax). Nevertheless, the adopted definition is sufficient to determine the obligations of entities operating cryptocurrency exchange offices. It also distinguishes this type of activity from traditional exchange office activities.

ARI10 COMPANY UPDATE ??

Mid-2024 is approaching, and with it, the Ari10 Event Attack recap! ??

Despite the digital nature of the crypto, nothing can replace IRL meetings. Knowing this Ari10 has attended so many conferences and here's an update:

? Franczyza Expo: A leading event gathering franchisees from all over the country, where we promoted Cryptoterminal at our own booth. Additionally, Magdalena Wczesna gave a sales lecture.

? ETHBratislava: The Ethereum community event in Slovakia gathered many participants. Our presence there was also prompted by the desire to expand into that market and establish relationships with builders there.

? Crypto Community Conference: Organized by KryptoEkipa, with whom we have collaborated for years. Our own booth and panel discussion with Mateusz Kara allowed us to revive relationships with Polish projects and build new ones.

? Crypto Expo Dubai: A major conference in the UAE, covering crypto-related topics from regulation to innovation. Ari10 was represented by Diana Stetiu, who gave a legal lecture there, and in turn, Jakub ?urawniski established new business relations.

? Crypto Expo Europe: The leading crypto conference in Romania, in which we actively participated in connection with the planned grand opening of Ari10's product offerings in that market. We gained a better insight into this market and established initial relationships.

? Community Meeting by Krypto Raport: Organized by a community friendly with Ari10 since its inception. This local event brought together many business areas, enabling us to showcase ourselves among people known in the stock market, real estate, and precious metals.

? Expo Invest Cuffs: The key conference brings together the entire Polish financial scene (old-school + new-school). Our booth, along with lectures from Mateusz Kara and Janusz Zielinski, and contests for attendees, gathered a lot of interest around us and helped us meet some TradFi entities.

? TOKEN2049 Dubai: The most important Web3 event in the world, gathering more than 10k attendees, giving Ari10 the opportunity to showcase itself among the largest industry giants. Even a sizable flood at the venue did not stop our team from establishing relationships with more than 20 respected projects.

? Next Block Expo in Warsaw: The largest Web3 conference in PL gathering numerous projects. As a sponsor, we gained high visibility and even had our own booth right in front of the entrance. Moreover, we participated in three speeches/panel discussions with Mateusz Kara, Grzegorz Wojtyniak, and Martin Hergovic, and hosted our own side-event topping the entire #NBX (+ we received an award for Fintech of the Year)

Finally, as part of our sport-events promotion, we'd like to highlight being a sponsor of Polonia Pi?a Speedway Club, actively supporting Biznes Boxing Polska, and most importantly, becoming a sponsor of a leading Polish MMA fighter - Piotr Kuberski.

Would you agree that it is appropriately called the Ari10 Event Attack? ??

And that’s all for today. Thanks for your time, investors & Crypto Geckos! ?? ????

Please rate this newsletter with a reaction

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Thanks for your feedback and see you next week!

Mateusz Kara