Lagging Behind the U.S., South Korea Unlikely to Push Out Crypto Regulation Soon

1. South Korea’s Financial Services Commission (FSC) has expressed concern over the country’s ambitious new legislation on cryptocurrencies that is currently under development.

2. Park Joo-young of FSC’s Financial Innovation Division said that it is important to create a regulatory framework that has international consistency.

3. Until international consistency is achieved, it will be difficult for Korea to create a regulatory system in solitary, Park said.

4. The comment by Park on Monday challenges South Korean president Yoon Suk-yeol’s initiative to institutionalize digital currencies expeditiously.

5. Yoon’s administration is reportedly planning to have the legislation by next year, set to go into effect in 2024.

6. Park further explained that without international consistency, various issues may emerge such as regulatory arbitrage by crypto firms that use gaps in a particular country’s laws to operate there, ultimately hurting the interests of investors not just in South Korea but globally.

bitcoin korean won Lagging Behind the U.S., South Korea Unlikely to Push Out Crypto Regulation Soon

3 September Crypto Price Analysis: BTC, ETH, XRP, DOT, VET, ADA

– The crypto market is currently in a consolidation phase, with some coins seeing price appreciation while others are facing selling pressure.

– There is a possibility of a breakout in either direction, depending on market conditions.

– Some of the top performers this week are Filecoin and Axie Infinity, while the losers are 1inch Network and Lido DAO.

– Next week might see some positive price action as the buyers attempt to push the prices higher.

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One Domino FallsCrypto On Edge As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

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– Bitcoin, ethereum and other major cryptocurrencies have swung wildly this week as the crypto market undergoes a radical shiftsparking a game-changing warning.
– The bitcoin price crashed under $20,000 per bitcoin as traders brace for a Federal Reserve bombshell while the ethereum price has lost almost 20% in the aftermath of its long-awaited upgrade (which some think could play havoc with crypto market dynamics).
– Now, after the world’s largest asset manager Blackrock “opened the floodgates for institutions to access bitcoin,” reports have emerged that investment giant Fidelity is weighing offering bitcoin trading services to its 34.4 million retail investor base.
– Fidelity Investments, which boasts $9.9 trillion in assets under administration as of June this year and began mining bitcoin as far back as 2015, is considering opening up the bitcoin and crypto market to its 34.4 million brokerage accounts.
– Earlier this year, Fidelity sent ripples through the crypto market when it said it would begin allowing its 401(k) retirement savings account holders to invest directly into bitcoin, sparking a backlash from regulators and lawmakers.
– News of Fidelity’s latest potential bitcoin support was teased by bitcoin bull and Galaxy Digital chief executive Mike Novogratz who said, “we are seeing this institutional march” toward bitcoin, it was reported by the WSJ.

0x0 26 One Domino FallsCrypto On Edge As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

AG Todd Rokita warns of rising crypto-related real estate scams

Some consumers have lost thousands of dollars in these scams.

Complicating efforts to catch perpetrators of these scams is the fact that it is easy to transfer cryptocurrency to a crypto wallet that is not easily linked with an individual identity.

Attorney General Rokita advises Hoosiers to follow these tips before engaging in any cryptocurrency payments in exchange for products or services:

– Exercise caution. If it sounds too good to be true it probably is.

– Be wary of social media advertisements for real estate listings.

– Only send cryptocurrency to trusted third parties. Search for publicly verifiable reviews or articles involving the recipient.

– Watch for grammatical errors and spelling mistakes in communications or on websites. Many scammers operate scams from overseas while pretending to be based in the United States.

 

A New Hope for Alameda Research? Crypto Lender Voyager Digital Seeks to ‘Unwind’ $200M Loan

– Sam Bankman-Fried, the billionaire crypto entrepreneur, founded Alameda.
– Alameda is a crypto exchange.
– FTX, another crypto exchange founded by Bankman-Fried, is in the lead to purchase Voyager’s assets through an auction taking place in its bankruptcy case.

6TP2ZTPNXFBR3PUTZ2X3KN2VDQ A New Hope for Alameda Research? Crypto Lender Voyager Digital Seeks to 'Unwind' $200M Loan

New Lending Pool for Crypto Miners Could Attract Borrowers

-Icebreaker Finance and Maple Finance have launched a lending pool that offers interest rates between 15% and 20% to bitcoin miners.
-The pool has an initial capacity of $300 million and loans are collateralized by assets such as mining rigs, power transformers, and digital assets.
-The setup targets institutional credit investors and capital allocators as lenders, including high net-worth individuals, digital asset funds and traditional credit funds.
-The loans in the pool carry a term of 12 to 18 months.
-Maple has issued nearly close to $1.8 billion of loans since launching its first pool in May 2021.
-The terms for miners seem to be pretty onerous, according to Chase White, a senior research and policy analyst for Compass Point Research and Trading.
-Argo Blockchain, for example, inked a $70.6 million equipment-backed financing agreement with NYDIG in May that matures in 24 months on a 12% interest rate.
-Some miners in need of cash have resorted to selling their holdings of late, or using its bitcoin as collateral for loans.

crypto mining New Lending Pool for Crypto Miners Could Attract Borrowers

The Ethereum Merge is Over: What’s Next for Bitcoin and the Crypto Market?

– The Ethereum Merge came and went, leaving investors to ponder what the next trending development in the market could look like.
– In a Cointelegraph Twitter Space with Capriole Fund founder Charles Edwards, the analyst mentioned that excitement over the Ethereum Merge and its bullish price action had somewhat been holding up hope across the market.
– Now that the event has come and gone, the crypto market has been selling off, with Bitcoins (BTC) price trading below $20,000 and Ethers (ETH) under $1,500.
– Eventually, new narratives and market trends will emerge, and if the fundamentals are right, traders will rotate funds as these new leaders emerge.
– Some possible new trends include:
– Miners moving to different chains
– The Cosmos ecosystem continuing to expand
– Buy the rumor and sell the news, or buy the dip?
– Bitcoin remaining range-bound

The Ethereum Merge is Over: What's Next for Bitcoin and the Crypto Market?

New Crypto Exchange Aims to Bring Wall Street Intermediaries to the Crypto World

Jamil Nazarali is The CEO of EDX Markets, a New crypto exchange.
-The exchange is aimed at institutional investors and Wall Street intermediaries.
-The exchange offers a number of features that are designed to appeal to these groups, including a user-friendly interface, a wide range of assets, and a variety of payment options.
-Nazarali believes that The traditional crypto philosophy of being an asset class without a middleman is unlikely to last, and that EDX Markets can provide a more institutional-friendly option for those looking to invest in The space.

ZJOOIPM5VVCZ5B37EEMVZID37Y New Crypto Exchange Aims to Bring Wall Street Intermediaries to the Crypto World

Queen Elizabeth II Dies, Lives On as Cryptocurrency

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* In the days following the queen’s passing, more than 40 types of meme coins were minted, industry data and media reports show.

* These virtual forms of currency are often created by anonymous people with access to coin-creating websites and an idea for a clever name.

* And they are notorious for wild swings in value.

* Even bitcoin, a cryptocurrency that has been around for more than a decade and is considered more mainstream, is prone to steep swings in value.

* Meme currencies are often limited in value, with many going for less than a fraction of a penny.

* Their value has limited financial underpinnings and is often based on the belief that “other people will buy it from you for more than you paid for it,” said crypto critic and web3 blogger Molly White.

* “If it goes viral, that’s the best-case scenario because … people see that it’s going massively up in price and so they want to buy it,” she said.

* Cryptocurrency creators are on the lookout for viral moments to make a quick buck.

* Experts said most of these coins are typically a joke or a scam rather than legitimate forms of payment or even akin to gambling in the new decentralized world of the internet, known as web3.

* “People who hold these tokens are trying to get other people to hold these tokens [and] believe that the token will go up for some reason,” White said. “That’s in [their] best interest.”

* White, who writes the blog Web3 Is Going Just Great, said viral cryptocurrencies have significant consumer protection flaws.

* “With these meme tokens and things like that, there’s no level of disclosure or transparency around who’s behind it, what their goals are, or who they even are,” she said.

27RZKZ2H4RGPJATKXQY2QD37GU Queen Elizabeth II Dies, Lives On as Cryptocurrency