The Unchained Web Daily Crypto News #89

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/

UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law

The Financial Services and Markets Bill in the U.K., which grants regulators the authority to oversee cryptocurrency and stablecoins, has received royal assent from King Charles. This finalizes the bill's transition into law. The Act aims to bring crypto and stablecoins under regulatory oversight and control the financial services rulebook post-Brexit. The bill, introduced in July 2022, expands regulators' authority over the financial system and includes provisions for treating all crypto as a regulated activity and supervising crypto promotions. The Treasury, Financial Conduct Authority, Bank of England, and Payments Systems Regulator will have the power to establish and enforce regulations for the sector. The U.K. government aims to establish itself as a crypto hub and could introduce specific rules for the crypto sector within a year. Click here for more.

Binance Crypto Custody License Application Denied by German Regulator BaFin

Germany's financial watchdog, the Federal Financial Supervisory Authority (BaFin), has reportedly decided not to grant a custody license to cryptocurrency exchange Binance. The denial of the license was either a formal decision or an expressed intention in ongoing discussions. Binance expressed its commitment to complying with BaFin's requirements and stated that it is confident in its team and measures. BaFin declined to comment on individual companies. Recently, Binance withdrew its application for regulatory approval in Austria, gave up its registration with Cyprus' securities regulator, and decided to exit the Netherlands. It was also ordered to cease operations in Belgium and faces allegations from the U.S. securities regulator. Binance stated that it is streamlining its European strategy in preparation for the new EU crypto regulation, aiming for regulatory approval in one market to operate throughout the single market. The exchange remains focused on becoming fully compliant with the EU's crypto-assets rules. Click here for more.

FTX Customers Have Until End-September to Submit Bankruptcy Claims

Former customers of crypto exchange FTX, along with Alameda Research and affiliated companies, have until September 29 to submit claims and vote on the Chapter 11 restructuring plan. The claims must specify the type of asset (cryptocurrency, fiat, or NFT) and be denominated in U.S. dollars. Each customer will receive an email with a link to the Customer Claims Portal. The bankruptcy estate includes debtor companies, but FTX's European and Japanese entities are notably absent as they maintained segregated accounts. Japan, in particular, provided a favorable regulatory environment for FTX customers due to its requirements for third-party custodianship. Click here for more.

Decentralized Exchange PancakeSwap Goes Live on Polygon zkEVM Blockchain

Decentralized exchange PancakeSwap plans to launch on the Polygon zkEVM network as part of its expansion strategy to increase its user base and generate more protocol revenues. PancakeSwap operates as a DEX, utilizing smart contracts to facilitate trading, lending, and lottery services across the BNB Chain, Ethereum, and Aptos blockchains. With over $1.54 billion worth of tokens held, PancakeSwap is a significant player in the DeFi space. By deploying on the Polygon zkEVM network, PancakeSwap aims to offer users lower fees and faster transactions compared to other networks. The Polygon zkEVM network has already attracted more than $28 million in total value locked (TVL) since its beta mainnet launch and operates as a privacy-focused layer 2 blockchain built on top of the Polygon blockchain. Click here for more.

Slovakian parliament votes to approve lower crypto taxes

The National Council of the Slovak Republic has voted to approve lower taxes on cryptocurrencies and additional measures for cryptocurrency holders. The amendment reduces personal income tax on profits from the sale of cryptocurrencies held for at least one year to a flat rate of 7%, significantly lower than the current rates of 19% or 25%. Cryptocurrency payments up to 2,400 euros will be exempt from taxation. The amendment also excludes crypto income from health insurance contributions. The Ministry of Finance estimates a financial impact of approximately 30 million euros per year due to this amendment. Slovakia, as a member state of the European Union, has been actively monitoring developments in the crypto industry. The EU recently signed the Markets in Crypto-Assets (MiCA) regulations into law, aimed at establishing Europe as a hub for digital asset activity. The regulations provide regulatory clarity, which has been welcomed by companies in the crypto space. In contrast, other major markets like the United States are still in the process of implementing comprehensive guidelines. Click here for more.

Coinbase seeks dismissal of SEC suit, claims extraordinary abuse of process

Coinbase, the American cryptocurrency exchange, has filed a motion to dismiss the complaint brought against it by the United States Securities and Exchange Commission (SEC). In the legal filing, Coinbase raised concerns about the SEC's interpretation of securities laws and argued that the agency was overstepping its legal authority. The motion to dismiss asserts that even if the allegations in the lawsuit are true, the SEC does not have a valid legal claim. Coinbase's legal team argues that the SEC's claims go beyond existing law and violate the company's due process rights. The SEC's lawsuit accuses Coinbase of facilitating unregistered trading of 12 digital tokens classified as securities. Coinbase contests this claim and argues that the SEC's application of securities laws to these tokens deviates significantly from established legal frameworks. The company's lawyers also point out that the SEC approved Coinbase's registration statement in 2021, allowing the company to sell its shares to investors during its public listing. This approval involved extensive review and discussions with Coinbase, which enabled the exchange to trade many tokens, including the ones now in dispute. Click here for more.

Canadian committee proposes measures to support blockchain, crypto

The Canadian House of Commons' Standing Committee on Industry and Technology (INDU) has released a report expressing support for blockchain technology and cryptocurrencies. The report includes 16 proposals, recommending the government recognize blockchain as an emerging industry, prioritize individual self-custody rights, establish a national blockchain strategy, pursue international cooperation, promote regulated cryptocurrency custodians, and provide banking and insurance services for blockchain firms. The report also suggests launching a public awareness campaign, exploring blockchain adoption in supply chains and democratic processes, and examining equity between provinces in applying tax regulations to crypto mining. Click here for more.

Binance to lose support of its euro banking partner

Cryptocurrency exchange Binance has notified its users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange. Euro support will end after September 25, 2023, and Binance will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer. Users will need to update their banking details and accept new terms and conditions to continue using SEPA services. However, the change in euro payments is not related to Binance's recent exit from several European Union countries. Binance has faced regulatory challenges worldwide, leading to cessation of operations in various countries, including the Netherlands, Belgium, and Australia. Meanwhile, Binance Dubai sees the United Arab Emirates as a favorable destination for crypto businesses due to regulatory clarity and openness to digital assets. Click here for more.

North Carolina House passes bill to commission study on holding Bitcoin

The North Carolina House of Representatives has passed a bill that calls for a $50,000 study to assess the feasibility and benefits of the state holding Bitcoin and gold bullion. The study will examine the potential impact of crypto and gold holdings on hedging against inflation, reducing volatility, and increasing portfolio returns. It also considers the establishment of a state-administered depository for crypto assets, with the state serving as the custodian. The bill now needs to pass the Senate before it can become law or be vetoed by Governor Roy Cooper. Click here for more.

Italy’s central bank calls for framework to prevent stablecoin runs

Italy's central bank has released a report calling for a robust regulatory framework for stablecoins to prevent risks such as a "run" on stablecoin issuers. The bank emphasizes the need for synchronized policy interventions on stablecoins and decentralized finance (DeFi) due to their interconnection and potential to spur new waves of DeFi innovation. It highlights the instability of stablecoins, citing the collapse of Terra's algorithmic stablecoin as an example. The bank also calls for greater accountability in decentralized protocols and suggests bringing them under traditional business structures for operating in the regulated financial sector. Additionally, the bank stresses the importance of international cooperation in establishing an international regulatory framework for blockchain technology. Click here for more.

US Regulators’ War on Crypto Will Hasten Exodus of Talent, Warns MIT Professor

Yida Gao, an MIT professor and general partner at Shima Capital, believes that it could take decades to establish the ideal regulatory approach for cryptocurrencies. He criticizes the United States for its negative stance on the crypto industry and suggests that regulators should listen to industry participants. Gao acknowledges the positive sentiment towards Bitcoin among some US presidential candidates but remains uncertain about the future direction of crypto regulation. He notes that despite concerns about the regulatory environment, the grass may not be greener in other jurisdictions. Gao also discusses the inevitability of future crises in the crypto industry and emphasizes the need for individual accountability rather than collective blame. He believes that compliance and following best practices will contribute to the long-term success of the industry. Despite some pessimism, Gao sees a positive trend in the markets and anticipates stability in the coming months. 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)