The Unchained Web Daily Crypto News #86

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

‘Keep Australia safe’: Dystopian draft bill against ‘misinformation’ unveiled

The Australian government has introduced a draft bill that threatens tech and social media giants with significant fines if they fail to remove misinformation from their platforms. The bill empowers the Australian Communications and Media Authority (ACMA) to require platforms like Google and Facebook to maintain records of misinformation and disinformation and hand them over upon request. The ACMA can also enforce an industry-wide "code of practice" to combat misinformation. Violations of the standard could result in fines of up to AUD 6.88 million ($4.6 million) or 5% of global turnover for tech giants. The bill aims to hold digital platforms accountable and ensure online safety. Critics express concerns about potential impact on freedom of speech and question the interpretation of the bill's definitions of misinformation and disinformation. Public consultation on the draft bill will conclude on August 6. The Australian government has been actively pursuing regulatory measures against tech giants in recent years. Click here for more.

The question here becomes, who defines misinformation and do they become the ministry of truth?

Binance eyes United Arab Emirates as ‘focal point’ for future operation

Binance, the cryptocurrency exchange, is turning its focus to the United Arab Emirates (UAE) as a strategic location amidst regulatory challenges in the United States. Binance Dubai's general manager, Alex Chehade, highlighted the UAE's favorable stance towards digital assets and its goal to establish the region as a hub for Web3 technologies. The clear crypto regulations in the UAE, particularly through the Virtual Assets Regulatory Authority (VARA), make it an attractive destination for exchanges seeking stability and predictability. The influx of young people moving to the UAE is also seen as a factor that could drive faster adoption of cryptocurrencies in the region. The regulatory landscape and detailed compliance guidelines provided by VARA have been praised by industry experts. Click here for more.

Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury

Canadian Bitcoin mining company Hut 8 Mining has secured a $50 million credit facility from Coinbase Credit, a subsidiary of the US-based cryptocurrency exchange Coinbase. The credit agreement involves Hut 8's subsidiary, Hut 8 Holdings, as the borrower. The loan proceeds will be used for general corporate purposes, providing Hut 8 with financial flexibility, particularly in light of the upcoming Bitcoin halving. The credit facility includes options for additional term loans totaling $35 million. Hut 8 has maintained a "long-standing HODL strategy" and held 9,133 self-mined Bitcoin as of March 31, 2023. Click here for more.

Crypto adoption in Cyprus beefed up by Bybit license approval

Crypto exchange Bybit has obtained a license to operate as an exchange and custody service in Cyprus. The exchange, which is the world's third most visited, plans to offer trading between crypto and fiat currency pairs as well as other crypto-related financial services. By expanding its global presence, Bybit aims to tap into the growing crypto market in Cyprus, which has shown interest in embracing blockchain technology. While the Cypriot central bank has previously warned against cryptocurrencies, the country has taken steps to position itself as a hub for disruptive technologies. Bybit's license acquisition demonstrates its belief in the immense potential of the Cyprus market and its commitment to growing the local cryptocurrency ecosystem. Click here for more.

Japanese Crypto Issuers Won't Pay Taxes on Unrealized Gains, Govt. Clarifies

The National Tax Agency of Japan has issued a notice clarifying that crypto issuers in the country will not be required to pay capital gains taxes on unrealized gains. This decision aligns with a proposal approved by the ruling Liberal Democratic Party (LDP) tax committee in December, which aimed to exempt crypto startups from paying corporate taxes on unrealized gains. The change in tax treatment is a response to concerns that heavy tax burdens were driving crypto companies away from Japan. The new exemption applies to token issuers and also includes unrealized gains from holding applicable cryptocurrencies continuously or implementing measures to prevent their transfer. Industry associations in Japan are advocating for further tax reforms, such as taxing crypto gains at the same rate as stocks and taxing individuals only when crypto gains are converted to fiat currency. Click here for more.

NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asia

The NEAR Foundation, the organization behind the NEAR protocol, has partnered with Alibaba Cloud, the computing and storage arm of Chinese tech giant Alibaba, to promote Web3 growth in Asia and the Middle East. Through this partnership, the NEAR Foundation gains access to Alibaba Cloud's developer ecosystem, allowing them to attract more developers to build on the NEAR protocol. Developers will be able to launch new NEAR validators using Alibaba Cloud's infrastructure. The partnership also includes the offering of remote procedure calls (RPC) as a service and multi-chain indexing to provide data-query API to developers. The price of NEAR experienced an 8% increase following the announcement. This partnership is seen as significant for Web3 developers and validators in Asian markets, as they can leverage Alibaba Cloud's infrastructure. Click here for more.

Australia’s token mapping to be ‘tech agnostic,’ says Treasury official

The Australian Treasury's approach to token mapping of digital assets will be "tech agnostic" and "principles-based" to define crypto assets, according to Trevor Power, an Australian Treasury assistant secretary. The framework aims to classify tokens based on their function and purpose and draw on principles that can accommodate different tokens. Power expects crypto-specific legislation to be introduced in 2024, depending on its reception by lawmakers. Crypto assets that evolve in function and utility over time may be subject to review and regulation. The token mapping exercise is crucial for understanding the interaction between the crypto ecosystem and Australia's financial regulatory frameworks. The Treasury's approach is not influenced by recent regulatory actions in the United States. Power hopes the framework will align more closely with the European Union's Markets in Crypto Assets (MiCA) regulation. The Treasury encourages digital asset firms, including those from the United States and abroad, to consider the Australian market and comply with the token mapping framework, which aims to balance innovation and consumer protection. The Treasury conducted a consultation process to gather input on the token mapping framework. Click here for more.

Crypto Travel Rule implementation ‘remains relatively poor,’ says FATF

The Financial Action Task Force (FATF) has renewed its call for countries to implement the "Travel Rule" to combat money laundering and terrorism financing facilitated by cryptocurrencies. The FATF stated that "many" member states have not yet implemented this rule, which aims to prevent funds from being transferred to sanctioned individuals or entities. The organization urged countries to promptly implement Anti-Money Laundering and Counter-Terrorism Financing measures on crypto-related activities to close regulatory loopholes that criminals exploit. A survey conducted by FATF in March 2022 revealed that only 29 out of 98 jurisdictions had passed the required travel rule requirements at that time. The FATF will publish a report on June 27 highlighting the need for member countries to implement its recommendations and addressing illicit activities involving virtual assets, including North Korea's alleged funneling of stolen funds into its Weapons of Mass Destruction program. The report will also cover emerging risks such as stablecoins, decentralized finance, nonfungible tokens, and peer-to-peer transactions. Click here for more.

US lawmaker calls for info from Treasury and SEC on crypto market structure bill

California Representative Maxine Waters, ranking member of the House Financial Services Committee, has called on Treasury Secretary Janet Yellen and Securities and Exchange Commission (SEC) Chair Gary Gensler to provide information on the potential impact of the "Digital Asset Market Structure" bill. Waters requested that Gensler discuss how the proposed framework could affect the SEC's authority in protecting crypto investors, while Yellen should address any conflicts with existing recommendations on digital assets from the Financial Stability Oversight Council. The deadline for their response is June 30, and they may be asked to address the committee if necessary. The discussion on regulating digital assets in the US continues amid ongoing lawsuits and criminal cases involving regulators and private firms. Click here for more.

Singapore central bank reports on tokenized asset network models after trials

The Monetary Authority of Singapore (MAS) and 11 financial institutions have explored infrastructure models for tokenized asset trading in a report called Project Guardian. The report emphasizes the need for open and interoperable digital asset networks to unlock the full benefits of tokenization. The report examined three use cases, including over-the-counter (OTC) foreign exchange transactions, trade finance, and OTC-structured notes. It highlighted collaborations between DBS Bank and SBI Digital Asset Holdings, Standard Chartered Bank's asset-backed securities tokenization, and a network created by HSBC, Marketnode, and United Overseas Bank. The report concludes that tokenization can bring greater efficiency and broaden investor access to real economy assets. Project Guardian will continue to explore other themes such as Trust Anchors and Institutional DeFi. Click here for more.

U.S. Judge Rejects Binance.US Complaint Over SEC Press Release

A federal judge has rejected Binance's request to limit the SEC's use of language regarding Binance.US' management of customer funds in press releases. The judge stated that the court's role is not to intervene in the wording of public statements from either party. Binance had filed a complaint about the SEC's press release, claiming it contained misleading statements that could harm Binance's customers and taint the jury pool. The judge gave Binance until September 21 to respond to the SEC's allegations, while the SEC's reply is due on November 7. Binance is currently facing a lawsuit from the SEC, which alleges violations of federal securities laws. The SEC has taken legal action against several prominent crypto companies in recent months to protect investors from risks in the industry. Click here for more.

Dogecoin Investors Decry 'Dirty Tactics' by Elon Musk Lawyers in Insider Trading Case

Lawyers representing Dogecoin investors who are suing Elon Musk have filed a court document requesting the disqualification of Musk's attorneys for alleged misconduct. The plaintiffs argue that Musk's lawyers have engaged in "deprecating and oppressive misconduct" throughout the case. They specifically point to a letter written by one of Musk's lawyers that demanded the withdrawal of an amended complaint accusing Musk of manipulating the price of DOGE. The plaintiffs claim that the letter was an attempt to unfairly discredit one of their lawyers. They are asking the judge to dismiss Musk's attorneys and impose financial penalties on them. The legal battle between Musk and the Dogecoin investors began in June 2022, with the investors accusing Musk of being involved in a racketeering scheme to promote the cryptocurrency. Musk denies any wrongdoing. Click here for more.

Super Mario Game Is Loaded With Crypto Malware That Can Steal Your Coins

A fan-made PC game called Super Mario 3: Mario Forever, inspired by Nintendo's Super Mario franchise, has been found to contain malware that can compromise users' crypto wallets and secretly install crypto mining software. Researchers at Cyble Research & Intelligence Labs discovered that the game's legitimate installer also carries malicious software that can steal data from infected computers and use their resources for crypto mining, particularly for Monero (XMR). Additionally, the game installs an information-stealing tool called Umbral Stealer, which can capture passwords, private information, webcam images, and crypto wallet details, with a focus on Ethereum, Zcash, Bytecoin, and Atomic Wallets. This is not the first time the game has been associated with malware, and despite being an unofficial fan game, its enduring popularity could still lead to unsuspecting users downloading and installing it. Softendo, the website associated with the game, has not responded to requests for comment. Click here for more.

Cross-border stablecoin payments testing underway at SAP

SAP, a multinational software company, is conducting tests on the Ethereum Goerli testnet for cross-border payments using USDC (USD Coin). The test is open to interested businesses globally and aims to address the slowness and high costs associated with traditional cross-border payments. Participants in the test will receive USDC on the test network to make payments and receive payments from predefined test business partners. SAP plans to integrate blockchain-based payment processes into its mid-market enterprise resource planning (ERP) solutions, enabling seamless invoicing and payment execution with digital currencies. The company is also exploring other cryptocurrency solutions for various payment scenarios beyond cross-border payments. Click here for more.

Binance withdraws license application in Austria: FinanceFWD

Binance, the cryptocurrency exchange, has withdrawn its license application with the Financial Market Authority of Austria and is no longer pursuing licensing in the country. The company has been cutting down its presence in various European markets recently, including the Netherlands, Cyprus, and the UK. Binance cited its commitment to compliance with regulatory obligations and stated that its focus in Europe is on ensuring compliance with the requirements of the Markets in Cryptoassets (MiCA) regulations. Binance has faced regulatory challenges in multiple jurisdictions, including ongoing legal battles in the United States. Click here for more.

Riot inks MicroBT deal to build bitcoin miners in US — not China

Riot Platforms, a US-based bitcoin mining company, has partnered with Chinese bitcoin miner manufacturer MicroBT to secure a domestic supply chain and potentially triple its hash rate. The partnership aims to bolster the bitcoin mining industry in the US. Riot will purchase MicroBT machines for its Corsicana facility in Texas, with an initial order of 33,280 machines and an option to buy an additional 66,560 machines. The machines will be delivered starting in December, and deployment is expected in the first quarter of next year. The partnership with MicroBT will help Riot improve logistics and access US-manufactured miners. The deal could significantly increase Riot's hash rate in the next two years, allowing it to expand its operations. Click here for more.

Nigeria’s Crypto Tax Signals Slow Walk to Official Recognition—But Will People Pay Up?

The lack of clarity regarding the status of cryptocurrencies in Nigeria could pose challenges for collecting newly-introduced taxes, according to experts. Nigeria's Finance Act of 2023 implemented a 10% capital gains tax on profits from the disposal of digital assets. However, experts believe that enforcing the tax will be difficult due to the inability to monitor cryptocurrency transactions like traditional bank transactions. The uncertain regulatory environment, exemplified by the central bank's ban on crypto-related banking services, further complicates the situation. The tax policy has raised concerns among stakeholders who believe that without a long-term plan, it could hinder the growth of the digital asset market in Nigeria. However, it also presents an opportunity for negotiations between the government and industry stakeholders to create a more favorable environment for the market to thrive. Click here for more.

HSBC Hong Kong now lets customers trade bitcoin and ether ETFs

HSBC Hong Kong, the largest bank in the region, now allows its customers to trade bitcoin and ether exchange-traded funds (ETFs) listed on Hong Kong's stock exchange. This makes HSBC Hong Kong the first bank in the region to offer trading in crypto ETFs. The available ETFs on HSBC's platform include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. Hong Kong has been taking steps to attract more crypto firms and has introduced a licensing regime for crypto platforms. The Hong Kong Monetary Authority is also reportedly pressuring other banks, including Standard Chartered and Bank of China, to accept crypto exchanges as clients. It remains to be seen if other banks in Hong Kong will follow HSBC's move in listing crypto ETFs. In the US, there is a race to launch a bitcoin ETF, with several filings and refilings from companies like BlackRock, Invesco, and WisdomTree. Click here for more.

ChatGPT plugin goes live for Hedera network

A convergence has occurred between ChatGPT, an AI language model, and Hedera Hashgraph (HBAR), a blockchain network. The integration allows ChatGPT to securely interact with the Hedera network, accessing its tools such as the Hedera Consensus Service, Hedera Token Service, and Smart Contract Service. With the help of a plugin, users can retrieve HBAR and token balances from Hedera accounts, simplifying asset monitoring and management. This integration streamlines the interaction between ChatGPT and the blockchain, providing verifiability and integrity to AI-generated content. It also paves the way for decentralized applications that combine the strengths of blockchain and AI technologies. Click here for more.

Why Reddit Moderators Are Protesting, Gaining Support from Crypto Communities

Reddit is facing protests from its moderators and communities due to planned changes in the site's data access policy, particularly related to charging third-party developers for API access. Thousands of subreddits went private in protest, including major ones like r/music and r/gaming. The changes have also sparked an alliance between Reddit's cryptocurrency communities and the protesting moderators. Crypto-centric subreddits joined the blackout in solidarity, while some other crypto-related subreddits remained online. The protests have led to discussions shifting to platforms like Twitter and Discord. Reddit CEO Steve Huffman's response has been met with skepticism, and the changes are set to go live on July 1. The support from crypto communities highlights Reddit's significance for cryptocurrency discussions. Click here for more.

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Brought to you by Alexandros Dolgov CBA? (Study/Bitcoin)