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ENS Head Developer Unstoppable Domains Restrict Trade Web3

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Hashkey Exchange — one of the first regulated crypto exchanges in Hong Kong — has announced insurance coverage for clients’ assets stored in its hot and cold wallets accounts. The policy will cover 50% of Hashkey’s digital assets in cold wallets and 100% of digital assets in hot wallets, paying out from $50 million to $400 million in the event of a claim.

Hashkey’s partnership with fintech OneDegree will also see the pair co-develop novel crypto security solutions for the exchange to manage server downtime, data back-up, and load control. 

“Getting insurance cover from OneInfinity by OneDegree not only fulfills the Securities and Futures Commission requirements, we believe the collaboration can also enhance our financial, technical, and service infrastructure to provide our customers with comprehensive protection,” said Livio Wang, chief operating officer of Hashkey Group.

Wang also disclosed that the exchange plans to submit four major altcoins for listing approval to the Hong Kong Securities & Futures Commission. Since its license was approved in August, Hashkey has grown to over 120,000 customers with a cumulative trading volume surpassing $10 billion. 

BC Technology Group, the owner of another licensed exchange, OSL, has announced a $91 million strategic investment from BGX crypto group. 

BGX CEO Patrick Pan called the investment “a strategic move that reflects our belief in the immense potential of the digital asset market.” Last month, Bloomberg reported that BC Technology Group was seeking to spin off the OSL exchange for $128 million, which the company denied at the time.

While Hong Kong crypto exchanges are gaining traction, the barrier to entry for users and token developers alike appears to be high. In an announcement on Nov. 15, Hashkey stated that token developers must pay a non-refundable application fee of $10,000 for listing their coins or tokens on the exchange.

Hashkey also warned that developers should expect a total cost of $50,000 to $300,000 for the listing process, if approved, in addition to due diligence or advisory fees.

The Block Gets A Fresh Start

Crypto media publication The Block has received a $60 million investment for 80% of its equity from Singaporean venture capital firm Foresight Ventures but will still operate as a separate company.

As told by CEO Larry Cermak on Nov. 13, the deal “gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East.”

Forrest Bai, CEO of Foresight Ventures, told Cointelegraph that “the purchase of The Block marks a crucial milestone, substantially strengthening Foresight Ventures’ position in the cryptocurrency sector.”

The Block became embroiled in the FTX scandal last year when it came to light that former CEO Mike McCaffrey took millions of dollars in loans from FTX founder and convicted felon Sam Bankman-Fried. Much of the capital was used to buy out his shares. The Block reportedly laid off 33% of its staff due to the overall market downturn and fallout from the incident.

No Civil Protection For Crypto In China 

A third Chinese court has voided a crypto investment contract on the basis that cryptocurrencies contravene the spirit of its crypto ban and, therefore, are not protected by law, at least in civil disputes.

As narrated by the Liaoning Zhuanhe People’s Court on Nov. 14, the plaintiff, Wang Ping, lent the equivalent of $552,300 Tether (USDT) to a friend, Zhao Bin, for the purposes of investing in altcoins in 2022. The transaction resulted in heavy losses for Wang, leading them to subsequently file a lawsuit demanding the return of the principal. The defendant, Zhao, refused.

At trial, the presiding judge ruled that the plaintiff had no right to judicial relief as transactions between cryptocurrencies are classified as “illegal activity.” Therefore, all “virtual currency and related derivatives violate public order and good customs, and the relevant civil legal actions are invalid, and the resulting losses shall be borne by them.”

Read Also: Stealing NFTs and Digital Collections Becomes A Crime In China

“Virtual currency does not have the same legal status as legal currency. Virtual currency-related business activities are illegal financial activities. It is also an illegal financial activity for overseas virtual currency exchanges to provide services to residents in my country through the internet.”

The ruling follows other precedents set by Chinese civil courts earlier this year. However, recently, the Chinese government has clarified that certain criminal acts pertaining to digital currencies, such as theft of nonfungible tokens, are prosecutable under the penal code. China has enforced its crypto ban since 2021.

Philippines To Issue Tokenized Bonds 

The Philippines’ Bureau of Treasury (BTr) is seeking to raise the equivalent of $180 million from its domestic capital market through the issuance of tokenized bonds.

As announced on Nov. 16, the tokenized bonds are one-year fixed-rate government securities that pay semi-annual coupons offered to institutional investors starting next week. The bonds will be issued in the form of digital tokens and maintained in the BTr’s distributed ledger technology (DLT) registry. 

Read Also: The Philippines Plans To Tokenize Treasury Bonds, Is This An Innovative Financial Venture?

“As part of the National Government’s Government Securities Digitalization Roadmap, the maiden issuance of TTBs aims to provide the proof-of-concept for the wider use of DLT in the government bond market,” the institution said.

In July, it was reported that the Blockchain Council of the Philippines partnered with the Department of Information and Communications Technology (DICT) to foster Web3 adoption in the Southeast Asian country. The organizations will be working to educate and collaborate with local stakeholders within the Philippine blockchain ecosystem, including government bodies, Web3 developers, and civil societies.



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Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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