Category Archives: Cryptocurrency
Institutional investors show growing confidence in cryptocurrency … – Cryptopolitan
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A recent survey conducted by Binance Research has provided new insights into the evolving attitudes of institutional investors toward cryptocurrencies. However, The survey polled over 200 global institutional investors, revealing a growing optimism in the crypto sector over the next 12 months and into the next decade. Growing confidence in the crypto sector According to Read more
A recent survey conducted by Binance Research has provided new insights into the evolving attitudes of institutional investors toward cryptocurrencies. However, The survey polled over 200 global institutional investors, revealing a growing optimism in the crypto sector over the next 12 months and into the next decade.
According to the survey, 63.5% of respondents indicated a positive outlook on the crypto sector over the next year, with this figure rising to 88% when the timeframe was extended to the next decade. This data signifies increasing confidence among institutional investors in the potential of cryptocurrencies, in stark contrast to the skepticism seen in the past.
The survey participants, a varied group of institutional investors with diverse experiences and assets under management (AUM), also provided details about their current crypto holdings. Over the past year, 47.1% of respondents maintained their crypto allocation, while 35.6% reported increased holdings. Looking to the future, half of the respondents expect to increase their crypto investments, while only 4.3% anticipate a decrease in the next 12 months.
The Binance Research survey also highlighted areas of focus among institutional investors. Infrastructure, as well as Layer-1 (L1) and Layer-2 (L2) sectors, were the most significant, indicating a shift towards the foundational aspects of cryptocurrency technologies. Specifically, 53.9% of participants found infrastructure important to their investments, followed closely by L1 and L2 sectors at 48.1% and 43.8%, respectively. In recent months, decentralized applications (dApps) were reported as the most widely used technology.
The survey respondents also pointed to real-world use cases and regulatory clarity as critical drivers for broader crypto adoption. Approximately 27% of those surveyed expressed a need for more real-world applications of cryptocurrencies, while 25.3% called for greater regulatory clarity. These factors, combined with increased participation from banks and other financial institutions, are perceived as key to the continued growth and adoption of cryptocurrencies.
These findings from Binance Researchs survey offer a valuable snapshot into the evolving attitudes and investment behaviors of institutional investors in the crypto sector. The increased optimism, focus on infrastructure and regulatory clarity, and expectation of growing allocations in the coming year all point to a significant shift in the financial landscape, with cryptocurrencies becoming an increasingly mainstream investment option.
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Institutional investors show growing confidence in cryptocurrency ... - Cryptopolitan
An American Revolution How US Crypto Policy Diverges From … – PYMNTS.com
There will be no fireworks for the digital asset sector this July Fourth.
Its looking like the course du jour being cooked on the grill this Independence Day could be the cryptocurrency industry itself, with the Securities and Exchange Commission(SEC) being sure to turn the heat up as high as possible.
Thats because the Gary Gensler-chaired agencyhas decided that pretty much every crypto token outside of bitcoin, all 25,000-plus of them, can be defined as a security and should therefore be regulated by the agency.
And rather than chase down each individual token, the SEC is going right for the jugular and targeting the major players that facilitate the exchange and trading of digital assets, as well as the sectors on-and-off ramps to traditional financial ecosystems.
After all, as popularized and promoted by many colonialist pamphlets during Americas 1776 revolution: Cutting off the head of the snake is the best way to kill it.
To date, around 70 cryptocurrency tokens are listed as part of the SECs wide net of enforcement lawsuits, including thehighly publicized suits filed against crypto exchanges Binance, Coinbase, and Bittrex, industry players Ripple Labs and Terraform Labs, as well as other sector actors meaning the tokens-slash-securities, among them many of the most popularly traded digital assets, are officially implicated in cryptos ongoing legal fight.
So, is it lights out for crypto in America? Possibly.
But things are a little different abroad, depending on where you turn something crypto firms based in the U.S. are scrambling to take advantage of, even as they try to fight things outon home soil.
Read more:Will SEC Suit Against Coinbase Land Heads or Tails for Crypto?
Crypto firms feeling burned in the U.S. are searching for greener pasturesabroad.
Hong Kong, the U.K., the European Union (EU), and Singapore are all increasingly being viewed as attractive jurisdictions by crypto players, given the hostile landscape in the U.S.
There are alsoisland nations, including the Bahamas, Bermuda and the British Virgin Islands. Beyond just offering attractive tax environments, these island havens allow companies to technically operate outside the purview of Americas regulatory and governmental bodies sometimes with disastrousconsequences.
At the center of the SECs lawsuits is the allegation that among the hundreds of cryptocurrencies being traded across both Binances U.S.-based platform and Coinbases crypto exchange, at least 19 of them are securities.
And at least five of those tokens alleged to be securities by the SECs lawsuits have been approved for trading by the Hong Kong governments just-enacted crypto licensing rules, the Virtual Asset Trading Platform Operators Licensed by the SFC.
The rules went into effect June 1.
Asreportedby PYMNTS, Hong Kong has been taking strides to redevelop itself into a hub for cryptocurrencies, even as the digital asset sector and regulators butt heads elsewhere in Asia.
Still, crypto remains banned outright across mainland China, and a Chinese economist who once envisioned bitcoins corpse was recently elevated as top Communist Party official at thePeoples Bank of China (PBOC) an indication that the country isnt likely to soften its stance on cryptocurrency, which is that allcrypto transactions are illegal.
Coinbase hasexpanded its business in the U.K. as it looks to capture revenue outside of the U.S., and the EU was the first major economyto pass a crypto licensing framework,Markets in Crypto-Assets(MiCA), this spring.
This puts the EU at the forefront of the token economy, saidStefan Berger, lead MEP for the MiCA regulation. The European crypto-asset industry has regulatory clarity that does not exist in countries like the U.S.
See also:Crypto Continues to Serve as Case Study in Behavioral Economics
But is the SEC in the wrong, or has the crypto sector just gone too far a few too many times, leaving too many retail investors holding the bag as executives abscond with billions?
As PYMNTS wrote, after a 2022full of fraudulent evaporations and disastrous bankruptcies, as exemplified by the Novemberblowup of the crypto exchange FTXand therapid fall from grace of its founder, Sam Bankman-Fried, the federal regulator is likely feeling burned by the sector after trusting its let us innovate plea.
The crypto community believed and had a real conviction what they were doing was so new thatexisting lawscould not possibly apply,Amias Gerety, partner at QED Investors, told PYMNTS CEO Karen Webster in a June conversation.
This spirit of noncompliance has seen crypto firms consistently retreating in carefully noncompliant steps from accepting that they may be liable for adhering to certain existing regulations to the point where they are now quibbling over miniscule legal technicalities, is in part what has drawn the SECs ire, Gerety emphasized.
Thats why business as usual may just be the best choice for the embattled industry, because it could support their legal posture. And whats more American than that?
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An American Revolution How US Crypto Policy Diverges From ... - PYMNTS.com
Crypto Accounts with Most Fake Followers: Data – Analytics Insight
Data show crypto Twitter has a fake followers problem
Elon Musks takeover of Twitter prompted management to make changes, yet the problem of fake followers still exists. According to recent figures from dappGambl, up to 10% of crypto influencers and companies are fake.
Musk created Twitter Blue an US$8 monthly membership for verification in April 2023 to enhance the platforms income while making bots and false accounts unprofitable.
However, dappGambls analysis revealed months later that up to 10% of followers from the most followed crypto accounts are phoney.
Shiba Inu SHIB US$0.000008 had the fakest followers among the official accounts of cryptocurrency tokens and ecosystems, with 10.26% or 80,000 accounts. Avalanche AVAX US$13.23 came in second with 8.14% fake followers, and Polygon MATIC US$0.7047 came in third with 7.58% or 73,000 fake accounts.
DappGambl had a hunch that the popularity of the tokens was related to the link between Twitter accounts and their false followers. Following a social sentiment analysis of cryptocurrency profiles, dappGambl discovered that:
Dai (DAI) is the most loved (popular) coin on Twitter while XRP (XRP) is the most hated (unpopular).
According to dappGambl, the cryptocurrency community on Twitter views Dai DAI US$1.00 as the future of money, but it often associates XRP US$0.49 with swindles.
Samson Mow has the greatest rate of phoney followers among all cryptocurrency influencers and business owners. The 26,000 bogus accounts that follow Mow presently account for 10% of his Twitter followers.
Jack Dorsey, a co-founder of Twitter, has 560,000 (8.62%) phoney followers, while El Salvadors president Nayib Bukele and Vitalik Buterin, a co-founder of Ethereum, have about 6.5% of fake followers overall.
Other well-known individuals with a sizable number of false followers include, among others, MicroStrategy co-founder Michael Saylor (6.16%), CEO of Binance Changpeng Zhao (5.58%), and CEO of Tesla Elon Musk (4.76%).
According to the total number of followers, Musk is being followed by over 6.7 million phoney accounts while working to end the issue. Checking the accounts creation date, looking into the profile photo, account bio, and tweets the account has sent out, and looking into the accounts followers and whom it is following, are some ways to spot phoney accounts.
Musk just suspended Explain This Bob, a well-known Twitter bot, for being a hoax.
The bot, developed by Indian citizen Prabhu Biswal, utilized OpenAIs GPT-4 model to understand and reply to tweets that tagged the account. Musk just suspended Explain This Bob, a well-known Twitter bot, for being a hoax.
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Crypto Accounts with Most Fake Followers: Data - Analytics Insight
Lawmakers in Canada Push Government To Promote Use of Blockchain and Cryptocurrency – The Daily Hodl
Canadian lawmakers from the House of Commons say that the government should embrace blockchain technology and crypto following a comprehensive study of the digital assets industry.
In a new report, the members of the Standing Committee on Industry and Technology say that the testimonies they gathered indicate that blockchain technology is already changing the digital landscape of Canada.
They also recommend that the government recognize blockchain as an emerging industry that offers significant long-term economic and job creation opportunities.
The Committee heard about the real contributions that blockchain technology is making to the Canadian economy and the potential for it to provide substantially greater value in the future.
The lawmakers recognize the risks and challenges of digital assets, including the volatility of crypto prices and the use of digital assets in criminal activities, but they assert the protection of consumers rights to use crypto.
[T]he government of Canada should, in its efforts to improve consumer protection and regulatory clarity to the emerging and innovative field of digital assets, be guided by the principle that individuals right to self custody should be protected and that ease of access to safe and reliable on and off ramps should be defended and promoted.
The legislators say that the government can clarify its regulatory approach by establishing a national blockchain strategy following consultations with stakeholders.
Regulatory improvements can, and should, be made to ensure that Canada continues to be a leader in cryptocurrencies, and the blockchain industry more broadly.
Generated Image: Midjourney
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Lawmakers in Canada Push Government To Promote Use of Blockchain and Cryptocurrency - The Daily Hodl
ADAMANT CoinOptimus: Open-source Self-Hosted Cryptocurrency Trade Bot for Non-Professional Traders – EIN News
The CoinOptimus bot trades with a 3% price step
You can see orders placed and maintained with the Ladder strategy
ADAMANT have launched CoinOptimus, a self-hosted cryptocurrency trade bot designed specifically with non-professional traders.
Yan Brale, the Head of BD
ADAMANT CoinOptimus repository.
Who is CoinOptimus For? CoinOptimus has been developed to cater to a wide range of users: * Non-professional traders: CoinOptimus is ideal for those who want to dabble in the world of crypto trading without getting entangled in intricate setups and exhaustive analysis tools * Privacy-conscious traders: Given the rising concerns about data privacy, CoinOptimus offers the unique advantage of being self-hosted, allowing traders to maintain complete control over their trading keys * Casual crypto enthusiasts: For those who trade infrequently but want to automate their trading process, CoinOptimus provides a handy tool to simplify and optimize their transactions * Crypto project owners, market makers, and exchanges: With the Optimal ladder/grid trade strategy, CoinOptimus can help fill order books, improve market depth, and enhance liquidity
The CoinOptimus bot with Ladder/Grid strategy shows the best results in a volatile market, buying lower than selling, and selling higher than buying.
Unique Features
CoinOptimus offers a plethora of features that make it stand out: * Self-hosted bot: With CoinOptimus, you don't have to trust third-party tools. It's a self-hosted bot, giving you complete control over your trading. * User-friendly setup: CoinOptimus is easy to install and configure, making it perfect for non-professional traders * Modular structure: The bot offers exchange support and a modular structure for different trading strategies and exchange support * Optimal Ladder/Grid trade strategy: CoinOptimus uses an optimal ladder/grid trade strategy to optimize transactions * Managed via ADAMANT Messenger: You can conveniently manage your bot using commands through ADAMANT Messenger. The commands include placing orders and getting user and market information. * Real-time Notifications: CoinOptimus sends you real-time notifications about your transactions to ADAMANT Messenger, Slack, and Discord
From the first version, the bot supports Binance, Bitfinex, P2PB2B, Azbit, and StakeCube exchanges
How CoinOptimus Works
CoinOptimus operates using Node.js and runs continuously on your server/VPS. Initially, you set up a config specifying the exchange and the pair you want to trade. CoinOptimus uses API keys obtained from your crypto exchange and your crypto balances on your exchange account. To manage the bot, you send commands via ADAMANT Messenger, and it responds accordingly, running your trading strategy and placing orders.
Trade Strategies
At present, CoinOptimus primarily employs the Optimal Ladder/Grid Trade Strategy. In this approach, the bot places multiple orders to buy and sell tokens, with prices starting from the spread. Once the closest order to the spread gets filled, the bot adds a similar order on the opposite side, following the principle "buy lower than you sell, and sell higher than you buy". This strategy is especially effective in a volatile market.
As the world of cryptocurrency continues to grow, tools like CoinOptimus are key to empowering non-professional traders and making the world of digital currency more accessible to all.
See full command reference in the CoinOptimus Wiki.
Yan BraleADAMANT Foundationpr@adamant.imVisit us on social media:Twitter
You can see orders placed and maintained with the Ladder strategy
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ADAMANT CoinOptimus: Open-source Self-Hosted Cryptocurrency Trade Bot for Non-Professional Traders - EIN News
Cryptocurrency Price Today: Bitcoin Remains Above $30,000 Mark As Compound Becomes Top Gainer – ABP Live
Bitcoin (BTC) and Ethereum (ETH) two of the most valued crypto coins managed to rise above the $30,000 and $19,000 marks, respectively, on early Monday morning. Other popular altcoins including the likes of Dogecoin (DOGE), Litecoin (LTC) landed in the positive as overall prices saw minor gains across the board. Compound (COMP) emerged to be the biggest gainer, seeing a 24-hour jump of over 28.29 percent. UNUS SED LEO (LEO), on the other hand, turned out to be the biggest loser.
At the time of writing, the global crypto market cap stood at $1.21 trillion, registering a 24-hour gain of 1.43 percent.
Bitcoin price stood at $30,733.00 seeing a 24-hour gain of 0.69 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 26 lakhs.
ETH price stood at $1,915.54, marking a 24-hour gain of 0.24 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.63 lakhs.
DOGE registered a 24-hour gain of 1.65 percent as per CoinMarketCap data, currently priced at $1,947.07. As per WazirX, Dogecoin price in India stood at Rs 1,67,880.0.
Litecoin saw a 24-hour gain of 4.99 percent. At the time of writing, it was trading at $112.61. LTC price in India stood at Rs 9,680.01.
XRP price stood at $0.4836, seeing a 24-hour loss of 1.01 percent. As per WazirX, Ripple price stood at Rs 41.1302.
Solana price stood at $19.53, marking a 24-hour gain of 2.53 percent. As per WazirX, SOL price in India stood at Rs 1,668.00.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Compound (COMP)
Price: $66.5224-hour gain: 28.29 percent
The Graph (GRT)
Price: $0.125124-hour gain: 17.48 percent
Filecoin (FIL)
Price: $4.7324-hour gain: 17.06 percent
Flow (FLOW)
Price: $0.745924-hour gain: 14.70 percent
BitDAO (BIT)
Price: $0.472624-hour gain: 11.91 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
UNUS SED LEO (LEO)
Price: $3.8424-hour loss: 7.14 percent
Ripple (XRP)
Price: $0.483624-hour loss: 0.98 percent
Axie Infinity (AXS)
Price: $6.2624-hour loss: 0.62 percent
USD Coin (USDC)
Price: $0.999924-hour loss: 0.02 percent
USDD (USDD)
Price: $0.998724-hour loss: 0.01 percent
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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Cryptocurrency Price Today: Bitcoin Remains Above $30,000 Mark As Compound Becomes Top Gainer - ABP Live
YOMAEX Leading the Way in Compliance in the Cryptocurrency … – GlobeNewswire
NEW YORK, THE UNITED STATES, June 29, 2023 (GLOBE NEWSWIRE) -- YOMAEX, a leading global cryptocurrency trading platform, has recently achieved a significant breakthrough in the area of compliance. Perry Schmidt, the Head of Market at the exchange, announced this news, drawing widespread attention in the global digital asset industry.
"We hold a significant position in the global digital asset market, attracting millions of users for trading," said Perry Schmidt. As an exchange committed to compliance operations, YOMAEX has been dedicated to providing users with a secure and stable trading environment.
Over the past few months, the YOMAEX team has collaborated extensively with industry experts and regulatory bodies to thoroughly study the legal and regulatory requirements worldwide, enhancing the platform's compliance and security. Through strengthening risk control systems, refining the Know Your Customer (KYC) process, and establishing efficient anti-money laundering mechanisms, YOMAEX has successfully elevated its compliance standards.
Perry Schmidt reiterated YOMAEX's stance, saying, "We are committed to providing users with a secure, transparent, and compliant digital asset trading environment. We adhere to all laws and regulations and maintain close cooperation with regulatory bodies to ensure the safety of users' funds and transaction information."
YOMAEX's groundbreaking progress serves as a demonstration and guidance for the entire digital asset industry, prompting deeper reflections on the security and compliance of digital asset trading. In the rapid development of the digital asset industry, regulatory environments and frameworks have been a crucial issue. YOMAEX's successful experience will have a positive impact on the industry as a whole.
YOMAEX not only focuses on enhancing the platform's compliance but also actively promotes further development and innovation in the digital asset industry. "We offer a diverse range of trading options to meet the investment needs of different users. We conduct rigorous project audits and evaluations to ensure the sustainability and investment value of the listed digital assets," Perry Schmidt explained the operation of the YOMAEX platform in detail.
Looking ahead, Perry Schmidt stated, "We will continue to strengthen the platform's compliance and security, providing users with efficient and convenient trading experiences. We will maintain close cooperation with regulatory bodies and industry partners to drive the healthy development of the digital asset industry."
With the global popularity of digital assets and the expansion of their applications, compliance has become a core competitive advantage for digital asset trading platforms. YOMAEX's compliance breakthrough not only demonstrates its commitment to user safety but also sets a new benchmark for the entire industry. This leads users to prioritize the platform's compliance level and security when choosing a digital asset trading platform, making YOMAEX their preferred choice.
YOMAEX's breakthrough in compliance opens up new avenues for the global digital asset industry. This advancement not only elevates the platform's compliance standards but also provides users with a more reliable and secure trading environment, which will have a positive impact on the entire digital asset industry, driving its healthy development.
YOMAEX exchange's announcement of its breakthrough in compliance establishes it as a safety leader in the digital asset industry. Through cooperation with regulatory bodies and a series of effective measures, YOMAEX has enhanced its compliance standards, providing users with a more reliable and secure trading environment. In the future, YOMAEX will continue to uphold compliance operations, offering users an efficient and secure digital asset trading experience, and becoming a fortress of security and an innovator in digital asset trading.
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YOMAEX Leading the Way in Compliance in the Cryptocurrency ... - GlobeNewswire
Scot hopes film based on her falling victim to cryptocurrency scam will help others – Daily Record
A woman who was conned in a global cryptocurrency scam has said she hopes her expos of the schemes founder will stop others becoming victims.
Jen McAdam, whose story is to be turned into a movie, lost about 9000 to the OneCoin Ponzi scheme which defrauded up to 4billion from people worldwide.
She also persuaded family and friends to put in about 220,000, before realising they were not going to get it back.
Jen, 52, from Glasgow, is campaigning for justice for those conned and is set to publish her book Devils Coin, which details how she fought back against OneCoin boss Ruja Ignatova.
The rights to Devils Coin, which will be released next month by Ad Lib, were snapped up by studio MGM and Oscar-winner Kate Winslet has been tipped to play her.
Jen said: After years of overcoming establishment obstruction and legal hurdles, Im so grateful Ad Lib is publishing Devils Coin and the voices of the victims are being heard.
Its important for everyone to know the truth and not become victims themselves.
Millions of us know how easy it is to be betrayed and robbed and that hurts, especially when those you look to for help turn their backs. For some my story, and the telling of it, was too much trouble. My heartfelt thanks to Ad Lib for taking the trouble.
Missing cryptoqueen Ignatova disappeared in 2017 and is on the FBIs 10 Most Wanted list.
The 43-year-old, from Bulgaria, vanished after bugging a flat belonging to her US boyfriend and learning he was working with the FBI on their probe into OneCoin.
The film of Jens book will be directed by Scott Z Burns who will also write the screenplay. He previously scripted The Bourne Ultimatum and Contagion.
Burns said: In the 1990s, Erin Brockovich showed what a difference one smart, angry woman can make in a world that marginalised her.
Jen McAdam stepped forward in our time to shut down a diabolical fraud that preys on those most desperate.
Devils Coin will be published on August 8
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Scot hopes film based on her falling victim to cryptocurrency scam will help others - Daily Record
Australian Authorities Apprehend Two Individuals in Cryptocurrency … – TCU
Australian authorities apprehend individuals and seize assets in a cryptocurrency fraud case, highlighting the need for caution in crypto transactions and ongoing efforts against scams.
Highlighting Points
In a successful operation against cryptocurrency crime, Australian authorities have apprehended two individuals and recovered high-end cars and valuable timepieces following a thorough investigation by the Financial Crimes Squad detectives.
Australian Crypto Scammers Face Charges in $5.5M Fraud Case; Luxury Vehicles, Including $600K Ferrari, Seized#webgtr #btc #bitcoin #binance #eth #bnb #Ferrari #Australia #Crypto #Scammer #CryptoScammer #Prigozhin #Tiger3 #MetatimeCoin #RussianCivilWar #RussiaIsCollapsing pic.twitter.com/rICLdEHpoE
The investigation, conducted by the State Crime Commands Financial Crimes Squad, focused on a cryptocurrency hoax that defrauded two companies of over $5.5 million. It is reported that the scam occurred in 2021, leading to the creation of Strike Force Scotland in March 2023. The diligent efforts of the strike force culminated on Friday, June 16, 2023, when detectives intercepted a vehicle and successfully apprehended the 39-year-old driver who was the sole occupant.
Following the arrest, three search warrants were executed at a residence and warehouse in Cromer linked to the suspect, yielding significant findings. These included the seizure of six luxury and classic cars, 11 motorcycles, seven luxury watches, cryptocurrency wallets, and relevant documents associated with the ongoing investigation. The total estimated value of the confiscated vehicles is approximately $2.7 million.
On Saturday, June 21, 2023, police discovered and seized a red Ferrari valued at $600,000 from a car dealership in Marrickville, further strengthening the case against the accused. They also apprehended a 67-year-old man on the same day and charged him with dealing with the proceeds of crime exceeding $100,000.
The arrested individual was charged with dishonestly obtaining a financial advantage through deception and knowingly dealing with the proceeds of crime to conceal. As per the statement, the police plan to allege in court that the younger man defrauded the companies using a cryptocurrency scam, while the older man authorized the funds and arranged the disposal of the Ferrari on behalf of the younger man to avoid police detection. https://www.youtube.com/watch?v=iCk_9l1tFm0
Confirming the arrests, Detective Superintendent Gordon Arbinja, Commander of the State Crime Commands Financial Crimes Squad, issued a timely reminder to exercise caution and due diligence when engaging in cryptocurrency transactions. Arbinja emphasized the importance of responsible handling of cryptocurrency to avoid scams.
Arbinja further recommended using AUSTRAC-approved digital currency exchanges and thoroughly scrutinizing transaction details during cryptocurrency buying or selling. He also urged individuals who suspect a scam has targeted them to contact ScamWatch and local law enforcement for assistance promptly.
This is not the first time Australian authorities have conducted successful arrests and recovery of assets in prominent cryptocurrency fraud cases. Last December, police apprehended four individuals following a $100 million scam involving fraudulent cryptocurrency and forex investment investments.
However, the prevalence of investment scams remains a global concern, and Australia has not been spared. Recent data compiled by Scamwatch reveals that Australians lost over AU$ 113 million within the initial five months of 2022.
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Australian Authorities Apprehend Two Individuals in Cryptocurrency ... - TCU
‘Increased vigilance’ of cryptocurrency planned – RNZ
Photo: 123RF
The Reserve Bank of New Zealand is backing off any moves to regulate cryptocurrencies anytime soon, but said it is increasing surveillance of the sector.
The central bank said it had taken on board the prevailing view of public submissions on its study into crypto assets and stablecoins as part of its research into the future of money.
"We agree with the balance of submitters that a regulatory approach isn't needed right now, but increased vigilance is," Ian Woolford, RBNZ director of money and cash, said.
However, the RBNZ is collecting data and monitoring to understand risks and opportunities would be pursued, including information sharing with relevant overseas authorities, over the coming year.
"The submissions reinforce our view that there are significant risks and opportunities from stablecoins and other private money innovations, but also significant uncertainties about how the sector will develop and where the optimal balance will lie.
"We agree that caution is needed, which also reinforces the need for enhanced data and monitoring to build understanding."
The RBNZ said another reason for caution was to watch international developments on regulation, which could ultimately lead to harmonising cryptoasset regulation.
Stablecoins are cryptoassets which are tied to an existing currency or asset such as the US dollar or gold.
The RBNZ is also working on the development of a possible digital currency in New Zealand.
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'Increased vigilance' of cryptocurrency planned - RNZ