NFT⚡️TECH

2022-04-08 17:28:45 ​​Coinbase Starts Crypto Trading Services in India

The announcement was made at an event in India's tech hub Bengaluru.
Coinbase (COIN) has now made its crypto trading services available to users in India, the firm said on Thursday.
The exchange's app will now be active in the country, the firm said at an event in India's tech hub, Bengaluru. Coinbase is the world's second-largest exchange by trade volume.

Brian Armstrong, co-founder and CEO of Coinbase, who has been in India over the last few weeks announced that the company is making "a long-term investment" in India. The firm's Chief Product Officer Surojit Chatterjee later demonstrated user onboarding on the exchange.

The announcement comes at a time when India has announced stiff new crypto taxes. The law includes a 30% tax on profits from crypto transactions, which came into effect on April 1, and a controversial 1% tax deducted at source (TDS), which will be effective from July 1.

Armstrong acknowledged the regulatory challenge in promoting the technology to mass acceptance at a time when enthusiasm has dipped due to the new tax law. "We know it's not going to be a straight shot to bring this technology. We don't know exactly how it's going to evolve. But we're committed to working with bank partners, regulators and most importantly, the Indian people because they've shown a real spark of interest in cryptocurrency, and there's a real desire to get access to some of these services and products," he said.

The onboarding on Coinbase would require setting up a UPI payment method. UPI (unified payments interface) is an instant real-time payment system allowing peer to peer and person to merchant transactions, which is regulated by the Indian central bank.

Armstrong said, "India has shown a great willingness with UPI." Chatterjee explained how setting up UPI would be the first step in buying crypto. Chatterjee also said Coinbase has "invested over $150 million in over 10 companies in India" including "Polygon, CoinDCX, CoinSwitch."

Earlier this week, Coinbase announced its plans to hire 1,000 people in India at its tech hub by the end of the year. Открыть/Комментировать

2022-04-05 00:43:54 ​​U.K. Sees Positive Outlook on Industry as It Seeks to Become ‘Global Hub for Crypto Asset Technology’

Stablecoins, NFTs and crypto businesses
The government moved to recognize stablecoins as a valid form of payment in the country. The U.K. administration has also paved the way to mint its own non-fungible token (NFT), with FM Rishi Sunak pushing the issuance for summer.

Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.

This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK

— HM Treasury (@hmtreasury) April 4, 2022
Dynamic regulations
John Glen, Economic Secretary to the Treasury, stated in his address, “We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to.”

Glen added that the Treasury and regulators are working towards a dynamic regulatory landscape through a Cryptoassets Taskforce.

In addition, a Cryptoasset Engagement Group will also work more closely with the crypto industry. Furthermore, the announcement includes legislating a ‘financial market infrastructure sandbox’ to help businesses innovate in the sector.

New legislation announced today will allow us to deliver a Financial Market Infrastructure Sandbox by 2023.

This will enable firms to explore the potentially transformative benefits of the distributed ledger technology that underpins financial markets. pic.twitter.com/tSlmwwaLvo

— HM Treasury (@hmtreasury) April 4, 2022
In this regard, Glen specified, “Because we want this country to be a global hub – the very best place in the world to start and scale crypto-companies.” And with the statement, he sent the message that the U.K. is “open for crypto businesses.”

Therefore, the government has also stated that it is ‘exploring ways of enhancing the competitiveness of the U.K. tax system to encourage further development of the cryptoasset market.’

Chancellor of the Exchequer, Rishi Sunak said, “It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

He also said that the U.K. will explore the benefits of Distributed Ledger Technology (DLT) in U.K. financial markets.FM Sunak also added, “We want to see the businesses of tomorrow – and the jobs they create – here in the U.K., and by regulating effectively we can give them the confidence they need to think and invest long-term.”

The finance ministry also highlighted that the Bank of England would regulate “systemic” stablecoins.

BoE concerns
Interestingly, the announcements also come right after Bank of England Governor Andrew Bailey raised crypto concerns once again. Speaking at a “Stop Scams” conference organized by the U.K. central bank, Bailey said that crypto is the new “front line” of criminal scams. He said,

“You only have to ask the question: What do people committing ransom attacks usually demand payment in? The answer is crypto,” Открыть/Комментировать

2022-03-29 23:15:09 ​​Mahindra and Mahindra open auctions for first-ever Thar NFTs

Mahindra and Mahindra recently announced their foray into the NFT (Non-Fungible Token) with four Mahindra Thar based NFTS. This makes the company the first in the Indian automotive space to enter the NFT realm. Today, Mahindra and Mahindra has taken the wraps off of the four NFTs that will be auctioned

The auctions opened at 11 AM today (March 29) and will be on till 7 PM followed by a gap of 30 minutes for subsequent NFT auctions. The bidding starts at a minimum of Rs 1 lakh and all the amount collected from the winning bids will be donated to ‘Project Nanhi Kali’ for the education of underprivileged girls. Apart from acquiring these NFTs the winners will also be invited to the Adventure Academy for Training Off-road Drivers
(Igatpuri, Maharashtra) or to experience driving their 4x4s at the Mahindra SUV Proving Track (MSPT, Chennai).

The collection of the four NFTs are called the MetaThar collection and each follows different themes all showcasing the Mahindra Thar’s prowess in exploring the unknown. The four NFTs are called Standing Tall, Born of the Earth, Taking Flight and Exploring the Impossible. The owners of the NFT will also be able to sell it or display it To sell it the owner can use their Crypto Wallet ID on any 3rd party market place that supports the Polygon platform.

Commenting on the launch, Veejay Nakra, Chief Executive Officer, automotive division, M&M Ltd., said, “Mahindra & Mahindra has always been a pioneer in adopting new-age digital innovations to enhance the customer experience. The launch of NFTs is another exciting step for us to leverage the next frontier of digital marketing. We will be able to offer a whole new set of experiences to our customers, build communities for our brands, and also increase brand awareness and loyalty. With our entry into the NFT space, we are all set to harness the countless possibilities of interacting and adding to the Mahindra brand and all our nameplates, and there is no better brand for this debut than the Thar.” Открыть/Комментировать

2022-03-27 20:24:29 If you missed out on Tomb Finance you want to read this

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Discord: https://discord.com/invite/4dKYNuEvgU Открыть/Комментировать

2022-03-26 15:32:18 ​​Beeple accounted for 42% of art NFT sales in 2021

Sales by artist alias of Mike Winkelmann led Christie's to dominate the NFT art market

The non-fungible token (NFT) market was dominated by Beeple and major auction house Christie’s in 2021 – with the United States enjoying a 93% market share while Hong Kong generated 6% of global sales, according to the Art Market in 2021 report.

The non-fungible token (NFT) market was dominated by Beeple and major auction house Christie’s in 2021 – with the United States enjoying a 93% market share while Hong Kong generated 6% of global sales, according to the Art Market in 2021 report.

The non-fungible token (NFT) market was dominated by Beeple and major auction house Christie’s in 2021 – with the United States enjoying a 93% market share while Hong Kong generated 6% of global sales, according to the Art Market in 2021 report.

Last year, French online art price database Artprice listed just under 300 NFT lots sold at regulated auctions for a total value of $232m (£177m, €211m). Of the global art market, NFTs accounted for 1.6% of it in 2021 – more than the well-established photography segment, which accounted for 1% of sales.

However, in 2022 digital creations seem to be finding value through NFTs. “Faced with the immense possibilities offered by this technology, traditional artists are launching their first ‘drops’, major museums are creating digital counterparts to their masterpieces and the gallery world is getting organized as well,” said the report.

“The year 2022 could see the offers multiply at the risk of diluting the market. The curatorial choices of auction houses and the educational work they conduct can guarantee the construction of a healthy and exciting marke.”

Christie’s and Beeple dominating the space, Sotheby’s innovating
According to the report, Beeple alone accounted for 42% of the total regulated auction turnover on NFTs in 2021, while Christie’s dominated the segment, recording turnover of $139m.

On the other hand, Sotheby’s, which has been rapidly developing the NFT segment and constantly innovating, sold more NFTs than its direct competitor – 114 versus 80 – achieving approximately $86m in turnover, while the Asian auction house Phillips sold 19 NFTs for a total of $5.3m.

Major auction houses seem to be working hard on their client portfolios as NFT sales have been attracting millions of viewers – 22 million people connected to follow Beeple’s Everydays: The First 5,000 Days auction – the majority of whom were new customers under the age of 40.

“Full of enthusiasm and rich in cryptocurrencies, new collectors have strongly supported the NFT market throughout the year, generating an exceptional sale rate of 88% – well above the global average of 68% – as well as 25 results above the million-dollar threshold for digital works, which, until then, had no resonance on the regulated auction market whatsoever,” stated the report.

The US dominates the NFT scene
Currently, the global share of the NFT market is divided between the United States, which boasts a 93% market share, and Hong Kong, which generated 6% of global NFT auction turnover, mainly thanks to Asian collectors actively participating in NFT auctions conducted across the world.

The situation is quite different in Europe where there is no clear regulation concerning NFTs. For example, France is facing legal obstacles hampering NFT auctions because, said the report, “the marketing of intangible goods is not regulated there and therefore prohibited”. However, it noted some auction houses have found a way around this by selling their first NFTs accompanied by “physical works”.

“The Aguttes company tested the market in June, selling seven works by the New French Touch collective associated with their NFTs for more than $550,000 in total. A success testifying to a nascent but already dynamic demand,” added the report. Открыть/Комментировать

2022-03-23 18:24:04 ​​Binance Informs Canadian Regulator It's 'Committed' to Ceasing Crypto Trading Services in Ontario

Cryptocurrency exchange Binance has informed the Ontario Securities Commission (OSC) that it is committed to ceasing opening new accounts for Ontario residents and winding down certain services to comply with regulations.

Binance Promises to Increase Efforts to Comply With Regulation
Cryptocurrency exchange Binance sent a letter to the Ontario Securities Commission (OSC) Wednesday.

In the letter, Binance listed a few commitments to the OSC, including “ceasing opening new Ontario accounts,” “ceasing trading in existing Ontario accounts, with exceptions to protect investors, along with winding down its businesses in certain products,” and “providing fee waivers and offering fee reimbursement to certain Ontario users.”

In addition, Binance will also make reports to OSC staff and retain an independent third party to ensure the effectiveness of its efforts to implement its commitments.

Binance decided to withdraw its services from Ontario in June 2021. The exchange told Ontario users in the same month that they will need to close all active positions by Dec. 31, 2021.

Binance detailed in its letter that on Dec. 31 last year:

Binance confirmed to Staff that the trading restrictions were in place for Ontario accounts, and would remain so, including (a) no trading by existing Ontario users, (b) no new Ontario users, and (c) no marketing targeted at Ontario users.

However, on Dec. 29, Binance notified Ontario users that it was allowed to continue its operations in Ontario. The Canadian regulator said at the time: “Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable.” Binance has acknowledged this announcement was not correct.

Binance acknowledged in its letter that “Despite the representations made to OSC staff and investors, Ontario investors were able to continue to trade after the restrictions were supposedly in place.”

In addition, Binance admitted that its customer service team “tweeted inaccurate information, informing an Ontario user that they could trade after January 1, 2022, as normal if their account was already open, which Binance now acknowledges was not correct.”

Binance has informed the regulator that it is committed to pursuing a regulatory path to ensure compliance with Ontario securities law. Открыть/Комментировать

2022-03-21 15:52:22 Открыть/Комментировать

2022-03-18 11:17:52 ​​Zuckerberg Announces Instagram Will Incorporate NFTs

Zuckerberg hopes users will be able to mint NFTs on the platform

Facebook founder Mark Zuckerberg confirmed earlier reports that video and photo-sharing app Instagram plans to add non-fungible tokens (NFTs) to the platform. The Meta Platforms Inc. (FB) CEO told Shark Tank’s Daymon John at the South by Southwest conference in Austin, Texas, on Tuesday that the popular social media app plans to offer NFTs shortly.

“We’re working on bringing NFTs to Instagram in the near term," Zuckerberg said.

KEY TAKEAWAYS
• Mark Zuckerberg confirms Instagram plan to add NFTs to the platform in the near term.
• To move aligns with parent company Meta’s vision of integrating with the virtual world, known as the metaverse.
• NFTs are Meta's second attempt at launching a crypto-related product, after the 2019 effort to initiate a dollar-pegged cryptocurrency called Diem.
• A growing number of social media companies are testing NFT integration on their platforms.

Zuckerberg hopes users would be able to mint their own NFTs on the platform within the coming months, Platformer newsletter writer and crypto influencer Casey Newton tweeted to his 152k followers. Last December, Instagram—which has more than a billion monthly active users—said it was actively exploring bringing NFT technology to a wider audience.

“I think it’s an interesting place that we can play and also to hopefully help creators,” Adam Mosseri, Instagram's head of programming, posted to the platform. Открыть/Комментировать

2022-03-13 10:15:16 ​​Remarks at the IAA Investment Adviser Compliance Conference

William Birdthistle
Director, Division of Investment Management

March 3, 2022
Good morning. Thank you, Karen, for your kind introduction and for inviting me to speak today. I am delighted to join you for my first public address as the Director of the Division of Investment Management.
Let me begin, if I may, by making clear that my remarks today are my own and do not necessarily reflect the views of the Commission, the Commissioners, or the SEC staff.

Just over two months ago, I was both an academic and a student, studying the economic history of post-bellum America, a time when the country emerged from war to confront income inequality, concentrated wealth, and social and political upheaval, all while heading toward a global pandemic.
I’ve been tempted to wonder whether I can bring any of those learnings into my new job, but nothing dismayed my history professors more than anachronistic presentism and ahistorical comparisons among different eras. So I will leave the Gilded Age behind and focus instead on our own period of economic history: what Daniel Rogers calls the Age of Fracture2 and Jonathan Levy calls the Age of Chaos. “Fracture” and “chaos” certainly don’t sound like cheery adjectives, and those historians make some persuasive claims about the trials of our time.
But while I’m loath to contradict eminent scholars, I’m also mindful of another concept emphasized heavily in the study of history: contingency. What another historian, Joanne Freeman, defines as “the importance of remembering that people in the past were living in their present, unaware of future outcomes.”4 What we as participants in our economic life possess that historians don’t is an ability to change those future outcomes. The challenge for those of us living, advising, and regulating in a moment of profound innovation is finding ways to marry dynamism with integrity, and creativity with order.
Today, I would like to share thoughts about the tests posed by modern markets for the millions of Americans who face the task of navigating them. Открыть/Комментировать

2022-03-05 22:05:12 ​​Calls for controls after ‘comically bad’ Pixelmon NFT scheme

There are calls for a "legal precedent" after a "comical" NFT launch by a New Zealand man, although the Government says its not an area it regulates.

This comes after Kiwi man, Martin van Blerk, was revealed to be behind an NFT game called Pixelmon which raised $104m after selling NFTs.
But many investors said the artwork and hype around the game didn't match the "comical" art reveal and feel ripped off.
"There needs to be a legal precedent set to prevent this from happening again," said one Pixelmon online community member.

Van Blerk apologised for the art reveal, but said it was being improved and committed to making the game.
1News approached various Government agencies about this, and what people could do if they felt they had not been treated fairly when trading products like NFTs.

The minister for digital economy and communications, David Clark, said the Government did not regulate NFTs.
"However I note that cryptocurrencies, NFTs, and other emerging trends are being looked at internationally, and there are a number of different approaches being taken," he said.
"We are watching this space."
The Commerce Commission was responsible for enforcing the Fair Trading Act which prohibited traders from "engaging in misleading conduct and making unsubstantiated, false or misleading representations about the supply of goods or services". Открыть/Комментировать