Day: October 18, 2023

Reddit to Discontinue Blockchain-Based Community Points Program

In a bid to prioritize scalable reward programs, Reddit is terminating its blockchain-based Community Points program, a decision that has garnered significant attention in recent days, according to Techcrunch. The system, conceived to incentivize positive engagement among users, will cease operation by early November 2021. Program Overview Launched in 2020, Community Points were awarded to users who actively contributed to certain subreddits, thereby encouraging enriched content and dialogue. The points, essentially Ethereum tokens, were stored in Reddit’s Vault, a designated cryptocurrency wallet. Once rewarded, these points were immutable, neither Reddit…

Top Crypto Firms Refer to ‘Major Questions’ Doctrine in Legal Battle with Regulators

Crypto firms have been using the “major questions” doctrine to defends themselves against the enforcement actions of the regulations. However, it has its own flaws in place. Over the last year, multiple firms in the crypto space have engaged with regulators on different issues. These companies have been boldly questioning the regulatory stands against crypto firms. In order to curb the “government overreach”, a major question doctrine recently established a legal precedent. Typically, Congress writes the rules while agencies like the US SEC and the CFTC follow them. This also…

ASML Reports Strong Q3 2023 Profit but Forecasts Flat Revenue for 2024

ASML is taking a conservative view of 2024, with revenue projections similar to 2023. ASML Holding NV (NASDAQ: ASML), one of the world’s leading semiconductor firms has reported a significant year-on-year rise in profit for the third quarter of 2023, exceeding analyst expectations. However, the company forecasts that its revenue in 2024 will remain flat. This comes as the semiconductor industry experiences a period of uncertainty, with ASML CEO Peter Wennink acknowledging the ongoing challenges faced by the market in a recent report. ASML Third Quarter Q3 Profit In the…

Real Reason Behind Ethereum Founder’s Massive ETH ‘Sales’ Exposed

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A crypto wallet owned by the Ethereum founder Vitalik Buterin has seen a series of transactional activities lately, piquing the interest of crypto community members at a time when Ethereum selling pressures are rising.  Following this, Buterin has taken the initiative to address the concerns regarding his recent transfer of digital assets to multiple exchanges.  Ethereum Co-Founder Discloses Truth Behind Multi-Transfers In a recent post on Warp Cast, a decentralized social network, Russian-Canadian computer programmer and founder of Ethereum, Vitalik Buterin publicized the real reason behind the latest ETH transfers…

(One Part of) SBF’s Defense Strategy Starts Paying Off

“Did you have a view that Alameda could borrow, so long as borrows weren’t in excess of assets?” Cohen asked Singh, clearly hoping for some variation of a “yes” answer. Singh, however, seemed to sense a trap. He answered obliquely: there were many “scenarios” where Singh didn’t think Alameda’s borrows were “appropriate,” he told Cohen. The lawyer let out an audible “sigh,” looked down and spent the next several moments leafing through the pile of papers on his podium. While we’re finally starting to see glimmers of Bankman-Fried’s defense strategy,…

Middle East regulatory clarity drives crypto industry growth — Binance FZE head

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Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager. Alex Chehade, who heads Binance’s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players: “What stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai: VARA [Virtual Assets Regulatory Authority]. We have ADGM [Abu Dhabi Global Market] with its virtual asset framework,…

IMF director urges ‘financial inclusion’ via digitalization

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During her opening speech at the International Monetary Fund’s (IMF) seminar on financial inclusion in Marrakesh, Morocco, IMF Managing Director Kristalina Georgieva said digitalization is “the most important way” to scale up financial inclusion.  “It is digital that moves help to people, investment and ability of the economy to accelerate,” Georgieva said, citing digital cash transfers in the African nation of Togo put in place during the COVID-19 pandemic. She urged for comprehensive national strategies for financial inclusion but reminded the audience about the financial stability risks, which often correlate…

BC Technology Refutes $128M Crypto Exchange Sale Rumors Amid Stock Market Turbulence

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In response to recent claims made by Bloomberg, BC Technology, the parent company of OSL, has vehemently denied reports of a pending $128 million sale of its cryptocurrency exchange. The company filed an official statement with the Hong Kong Stock Exchange, asserting that Bloomberg’s report is “factually inaccurate and highly misleading.” Initially, Bloomberg had reported that OSL was being offered for sale with a valuation of 1 billion Hong Kong dollars ($128 million). BC Technology, however, has dismissed these assertions, emphasizing the misinformation surrounding the alleged transaction. BC Technology, along…

OSL owner denies reports of selling crypto business in Hong Kong

BC Technology says statements in Bloomberg’s article are ‘factually inaccurate and highly misleading.’ Hong Kong’s BC Technology Group Ltd. has denied recent reports saying that the company is exploring the sale of its licensed crypto platform OSL. In a recent Hong Kong stock exchange filing, the firm said that the “contents and statements” made in Bloomberg’s article are “factually inaccurate and highly misleading,” the South China Morning Post reports. In the article that surfaced on Oct. 16, Bloomberg said, referring to people familiar with the matter, that BC Technology Group…

Council of Europe adopts DAC8 crypto tax reporting rule

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The eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule, was formally adopted by the Council of the European Union on Oct. 17. The regulation will enter into force after it’s published in the Official Journal of the EU.  DAC was sanctioned in May 2023 following the enactment of the Markets in Crypto-Assets (MiCA) legislation. The inclusion of the number “8” in the revised program’s name signifies its eighth version, with each previous directive dealing with distinct aspects of financial supervision. DAC8 aims to grant…