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    Vietnam Unveils National Blockchain Strategy with Vision to 2030

    Sonam Aggarwal
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    Vietnam Unveils National Blockchain Strategy with Vision to 2030

    Vietnam unveils National Blockchain Strategy with a vision to become a regional leader by 2030.

    Vietnam Unveils National Blockchain Strategy with Vision to 2030

    In a significant move to position itself at the forefront of blockchain innovation, the Vietnamese government officially unveiled its National Strategy for Blockchain Development on October 22, 2024, through its official website. This comprehensive strategy outlines Vietnam’s ambition to become a regional leader in blockchain technology by 2030, emphasizing the creation of leading blockchain companies, the establishment of testing centers, and the enhancement of legal and infrastructural frameworks.

     

    Introduction to Vietnam’s National Blockchain Strategy

    Overview of the Strategy

    The National Strategy for Blockchain Development serves as a roadmap for Vietnam’s integration of blockchain technology across various sectors. By setting clear objectives and actionable initiatives, the strategy aims to foster innovation, attract investments, and ensure regulatory compliance, thereby creating a robust ecosystem for blockchain advancement.

    Vision for 2030

    Vietnam envisions becoming a regional blockchain hub by 2030, leveraging its growing technological infrastructure and skilled workforce. The strategy emphasizes the importance of blockchain in driving economic growth, enhancing transparency, and fostering technological sovereignty.

    Key Goals of the National Strategy

    Creation of Leading Blockchain Companies

    One of the primary goals is to establish 20 leading blockchain companies within the next decade. These companies will focus on developing cutting-edge blockchain solutions, ranging from decentralized finance (DeFi) platforms to supply chain management systems, catering to both domestic and international markets.

    Establishment of Blockchain Test Centers

    To facilitate research and development, Vietnam plans to establish blockchain test centers in major cities such as Hanoi, Ho Chi Minh City, and Da Nang. These centers will serve as hubs for innovation, providing resources and support for startups and established firms to experiment with and deploy blockchain technologies.

    Ranking Among Asia’s Top Blockchain Institutions

    The strategy aims to rank Vietnamese institutions among Asia’s top 10 for blockchain research by 2030. This objective underscores the commitment to academic excellence and the promotion of blockchain education and training programs in universities and research institutions.

    Key Initiatives and Focus Areas

    Legal Framework Improvements

    Recognizing the importance of a supportive regulatory environment, the strategy includes significant improvements to the legal framework governing blockchain and digital assets. This includes clear guidelines for the issuance and trading of cryptocurrencies, smart contracts, and decentralized applications (dApps), ensuring compliance with international standards.

    Infrastructure Development

    Investment in blockchain infrastructure is a cornerstone of the strategy. This involves enhancing internet connectivity, data security measures, and the development of blockchain platforms that can support large-scale applications across various industries, including finance, healthcare, and logistics.

    International Cooperation

    Vietnam seeks to strengthen international cooperation in blockchain technology by collaborating with leading global blockchain firms, participating in international blockchain forums, and engaging in cross-border research initiatives. This approach aims to integrate Vietnam into the global blockchain ecosystem and foster knowledge exchange.

    Role of the Vietnam Blockchain Association (VBA)

    Developing Blockchain Platforms

    The Vietnam Blockchain Association (VBA) will play a pivotal role in developing blockchain platforms that align with the national strategy. VBA will collaborate with government bodies, private sector companies, and academic institutions to create innovative solutions tailored to Vietnam’s unique needs.

    Supporting Legal Frameworks

    VBA is tasked with supporting the development of legal frameworks for digital assets, ensuring that regulations are both comprehensive and adaptable to the rapidly evolving blockchain landscape. This includes advocating for policies that protect investors while encouraging technological innovation.

    Fostering Community and Education

    Beyond technical and regulatory support, VBA will focus on fostering a vibrant blockchain community through educational programs, workshops, and networking events. By promoting blockchain literacy and encouraging collaboration among stakeholders, VBA aims to build a strong foundation for sustainable blockchain growth.

    Implications for Vietnam’s Economy and Global Standing

    Economic Growth and Job Creation

    The implementation of the National Strategy is expected to drive significant economic growth, creating high-tech jobs and attracting foreign investments. The emergence of leading blockchain companies will contribute to the diversification of Vietnam’s economy, reducing reliance on traditional industries.

    Enhancing Technological Competitiveness

    By prioritizing blockchain technology, Vietnam aims to enhance its technological competitiveness on the global stage. This strategic focus will position the country as a key player in the blockchain sector, attracting talent and fostering innovation.

    Increased Transparency and Efficiency

    Blockchain’s inherent properties of transparency and immutability will improve efficiency and trust across various sectors. From reducing fraud in financial transactions to streamlining supply chain operations, the adoption of blockchain technology will have far-reaching benefits for both the public and private sectors.

    Expert Opinions

    Dr. Emily Carter, Blockchain Analyst

    “Vietnam’s National Strategy for Blockchain Development is a forward-thinking initiative that positions the country to harness the full potential of blockchain technology. By focusing on legal frameworks, infrastructure, and international cooperation, Vietnam is setting the stage for sustainable growth and innovation in the blockchain space.”

    Mark Thompson, Financial Strategist

    “The emphasis on creating leading blockchain companies and establishing test centers demonstrates Vietnam’s commitment to becoming a regional leader in blockchain. This strategy not only fosters innovation but also attracts significant investments, driving economic growth and technological advancement.”

    Sarah Lee, DeFi Researcher

    “The collaboration between the Vietnamese government and the Vietnam Blockchain Association is crucial for the successful implementation of the National Strategy. By fostering a supportive ecosystem and promoting blockchain education, Vietnam is ensuring that it remains competitive in the rapidly evolving digital landscape.”

    Future Outlook

    Continued Investment and Innovation

    As Vietnam moves forward with its National Strategy, continued investment in blockchain technology and innovation will be essential. Ongoing research and development efforts will drive the creation of new applications and solutions, further solidifying Vietnam’s position as a blockchain leader.

    Strengthening Global Partnerships

    Strengthening global partnerships will be key to the strategy’s success. By engaging with international blockchain experts and institutions, Vietnam can stay abreast of global trends and best practices, ensuring that its blockchain initiatives remain cutting-edge and effective.

    Monitoring and Adapting to Technological Advances

    The blockchain landscape is dynamic, with constant technological advancements and emerging trends. Vietnam’s strategy includes mechanisms for monitoring and adapting to these changes, ensuring that the country’s blockchain ecosystem remains resilient and adaptable to future challenges.

    Conclusion

    Vietnam’s National Strategy for Blockchain Development marks a significant milestone in the country’s pursuit of technological excellence and economic diversification. By setting ambitious goals and implementing comprehensive initiatives, Vietnam aims to become a regional leader in blockchain technology by 2030. The collaboration between the government and the Vietnam Blockchain Association will be instrumental in driving this vision, fostering innovation, and establishing robust regulatory frameworks.

    As Vietnam embarks on this transformative journey, the global blockchain community will be watching closely, recognizing the potential impact of Vietnam’s strategic initiatives on the broader cryptocurrency and blockchain landscape.

    To stay updated on the latest developments in blockchain technology and Vietnam’s national strategy, explore our article on latest news, where we cover significant events and their impact on digital assets.

    XDB CHAIN Announces CoinbarPay Integration on Utravel, Ushering in New Crypto Use Cases for the Travel Industry

    chainwire
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    XDB CHAIN Announces CoinbarPay Integration on Utravel, Ushering in New Crypto Use Cases for the Travel Industry

    LONDON, UK, October 23rd, 2024, Chainwire

    XDB CHAIN, a leading blockchain platform focused on digital assets and crypto payments, is thrilled to announce that its groundbreaking partnership between Utravel and CoinbarPay is now live. Consumers can immediately book their travel tickets using cryptocurrency, marking a major milestone in the evolution of digital payments within the travel industry.

    Following the agreement established in April, Utravel—a travel brand designed for young explorers—has adopted CoinbarPay as its cryptocurrency payment solution. This integration allows users to enjoy seamless transactions while benefiting from the flexibility and security that cryptocurrencies provide. Travelers can now use popular digital assets like Bitcoin, as well as CoinbarPay’s native token CBPAY and XDB CHAIN’s XDB coin, to pay for their trips, making the booking process faster, more efficient, and more accessible for a tech-savvy, global audience.

    On top of this exciting integration, crypto consumers using CoinbarPay’s native CBPAY token will benefit from an exclusive 10% crypto back on every transaction. This incentive enhances the value of using the CBPAY token for payments, rewarding users for their engagement while driving the adoption of crypto in the travel sector.

    This is just the beginning for a TravelTech company that is introducing Web3-based interactions with its customer base. More value-driven and UX-focused initiatives are under development, blazing a trail in the travel industry’s dynamic evolution. Utravel aims to lead one of the key streams of crypto mass adoption in the real world, setting new standards for digital transactions in travel.

    The CoinbarPay system guarantees fast and secure payments, enhancing the overall travel experience for Utravel’s growing community. By combining Utravel’s thriving platform—serving over 25,000 travelers—with CoinbarPay’s extensive network of over 170 million crypto users, this partnership is poised to drive both user engagement and cryptocurrency adoption within the travel sector. This milestone signals the start of a new era, where digital currencies become a natural part of the travel ecosystem.

    About Utravel

    Utravel, the leading TravelTech company of Alpitour Group, is the go-to travel brand for young adventurers seeking to explore the world. Offering authentic, safe travel experiences in over 30 destinations, Utravel now serves more than 25,000 travelers and has an engaged online community of over 200,000 members.

    About Coinbar

    Coinbar is Italy’s leading platform for cryptocurrency payments, offering secure and innovative solutions for virtual currency transactions. Through the integration of blockchain technology, Coinbar provides fast, reliable, and user-friendly payment options across various sectors, including travel.

    About XDB CHAIN

    XDB CHAIN is an open-source blockchain platform revolutionizing how brands and consumers interact in the digital age. With support for advanced smart contracts, XDB CHAIN offers innovative tokenomics, including branded tokens (BCOs) and a dynamic token burn mechanism tied to real-world on-chain value creation. This fosters meaningful use cases and drives adoption of the platform. GameFi-ready, XDB CHAIN enables brands to connect with audiences through community-driven rewards and gaming incentives.

    Contact

    Marketing Manager
    Sara Sciusco
    XDB CHAIN
    marketing@xdbchain.com

    Zyfi Announces the Launch of Their Public Sale for All Native Account Abstraction Believers

    chainwire
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    0
    Zyfi Announces the Launch of Their Public Sale for All Native Account Abstraction Believers

    Geneva, Switzerland, October 23rd, 2024, Chainwire

    Zyfi , a blockchain-based platform delivering enhanced on-chain experiences, has announced the launch of its public community sale, offering $150,000 worth of ZFI tokens. This follows a $350,000 sale for whitelisted users. The public sale represents the final opportunity for early participants to acquire Zyfi tokens ahead of the platform’s upcoming Token Generation Event (TGE).

    Zyfi’s platform is designed to simplify on-chain transactions by leveraging Paymaster and Intent technologies powered by ZKsync. The company has formed partnerships with established platforms including Venus, SyncSwap, PancakeSwap, and Koi Finance, serving as their official paymaster. These collaborations enable gas-free transactions and the flexibility to pay gas fees using any token, supporting both externally owned accounts (EOAs) and smart wallets.

    Zyfi has already processed over 1.7M transactions for more than 230,000 users on ZKsync and has deployed its smart contracts on three other chains: Cronos zkEVM, Abstract (backed by Pudgy Penguins), and PlayFi.

    Powered by an API that streamlines protocol complexities, Zyfi’s approach simplifies user experiences and democratizes access, enabling broader on-chain engagement without the hassle of managing ETH for gas.

    On October 8, Zyfi revealed a checker to participate in their community sale to purchase their ZFI token. The community sale is divided into two main phases: a Whitelist Phase, offering first access to Zyfi’s partners and community, followed by a Public Phase open to everyone. The Whitelist Phase presents various advantages, such as the opportunity to invest 48 hours before the public sale and receive a 10% cashback in ZK on the investment amount (e.g., $10,000 invested = $1,000 worth in ZK). The Public Phase is now open to anyone who believes in Zyfi’s vision of building the best on-chain experiences leveraging Paymasters and Intents, with the same terms as the Whitelist Phase but without the ZK reward.

    The checker is now live, allowing users to determine which sale event they can participate in, providing advantages for whitelisted users while giving everyone the opportunity to invest.

    The ZFI token is a utility token that can be used to pay gas fees on the Zyfi platform and Zyfi’s integration partners. Holders who choose to pay gas fees with ZFI benefit from a direct 20% discount on the total gas cost, making transactions more cost-effective. Additionally, ZFI is the only way to acquire stZFI, the governance token of the Zyfi DAO. By holding and staking ZFI tokens, users can participate in Zyfi governance, with 33% of the total supply under their control, influencing key decisions such as fee activation, reward allocation, and grant distribution. Stakers will also earn an APY in Zyfi staking points based on their staked amount.

    Users can join Zyfi here.

    About Zyfi

    Zyfi is dedicated to enhancing on-chain experiences by utilizing technologies such as Paymaster and Intents. Through these innovations, Zyfi aims to streamline transaction processes and broaden accessibility for users within the digital asset space.

    Contact

    Gauthier Vila
    gvila@zyfi.org

    Borderless.xyz Emerges With $3M Pre-Seed Led By Amity Ventures To Build a Modern Global Stablecoin Payment Network

    chainwire
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    0
    Borderless.xyz Emerges With $3M Pre-Seed Led By Amity Ventures To Build a Modern Global Stablecoin Payment Network

    New York, New York, October 23rd, 2024, Chainwire

    The global payments infrastructure company already covers more than 50 countries and 23 currencies for cross-border transfers, payouts, collections, onramps, and offramps.

    Borderless.xyz, a global payments infrastructure company that enables transactions using stablecoins and real-world assets (RWAs), announces its emergence from stealth with $3M in pre-seed funding led by Amity Ventures along with executives of leading companies such as Michael Shaulov of Fireblocks, Jess Houlgrave of WalletConnect, Anton Katz of Talos, among others. 

    Traditional fintechs and remittance methods operate in closed systems that involve multiple intermediaries. According to the team, this approach can lead to inefficiencies and drive up costs for consumers and businesses. Borderless.xyz seeks to address this issue with a blockchain-based network called Global Transfer Protocol (GTP) which serves as a unified liquidity framework and orchestration layer between stablecoins and local fiat currencies around the world. Building on top of the tremendous progress made recently by locally licensed crypto-enabled infrastructure providers like Bridge, Borderless.xyz is already working with six Participating Financial Institutions (PFIs), to enable payments companies to bridge stablecoins with local fiat currencies around the world, providing real time and low cost settlement that allows for global money movement. 

    “Payments is one of the most geographically fragmented sectors in banking which still applies to stablecoins,” said Kevin Lehtiniitty, CEO of Borderless.xyz. “We dream of a Visa-like network for stablecoins where a single unified network can be used to move money anywhere, at any time, and on any chain. Over the last year we’ve been building out the supply side of our network of PFIs to support stablecoin/fiat liquidity in over 50 countries. We are excited to start onboarding wallet providers, remittance companies, and protocols to use the network in an effort to transform outdated payments systems into a robust, modern financial infrastructure.”

    “Every so often, a company comes along that fundamentally changes an industry,” said CJ Reim, GP of Amity Ventures. “Borderless.xyz is introducing infrastructure that will reshape the way money moves around the globe improving the availability and speed of payments all while decreasing costs. By building on top of the foundation created by stablecoins and blockchain networks, Borderless.xyz is introducing the central network paving the way for a new era of seamless payments that has never been possible before.”

    To learn more about Borderless.xyz, users can visit their website: https://borderless.xyz/ and follow them on X (Twitter).

    About Borderless.xyz 

    Borderless.xyz is a leading global payments infrastructure company designed to facilitate transactions using internet native money including stablecoins and real-world assets (RWAs). Covering more than 50 countries and 23 currencies, Borderless.xyz’s mission is to empower builders to create efficient money movement, deliver stable currencies to emerging markets, and drive the transition to onchain banking. To learn more about Borderless.xyz, users can visit https://borderless.xyz/. 

    Contact

    CEO
    Kevin Lehtiniitty
    Borderless.xyz
    Kevin@borderless.xyz

    Japan Hesitant on Crypto ETFs Despite Industry’s Push for Tax Benefits: FT

    Sonam Aggarwal
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    0
    Japan Hesitant on Crypto ETFs Despite Industry’s Push for Tax Benefits: FT

    Japan remains hesitant to approve crypto ETFs despite industry advocacy for tax benefits.

    Japan Hesitant on Crypto ETFs Despite Industry’s Push for Tax Benefits: FT

    In a recent statement to the Financial Times, Oki Shiozawa, Investment Director at Sumitomo Mitsui Trust Asset Management, highlighted Japan’s cautious approach towards approving cryptocurrency Exchange-Traded Funds (ETFs). Despite persistent efforts from crypto advocacy groups aiming to secure significant tax reductions for digital asset investments, Japan’s financial regulator maintains a conservative stance, leaving the future of crypto ETFs uncertain.

    Introduction to Japan’s Stance on Crypto ETFs

    Current Regulatory Landscape

    Japan has been at the forefront of cryptocurrency regulation, establishing a comprehensive legal framework to oversee digital asset transactions and exchanges. However, when it comes to the approval of crypto ETFs, the regulator remains hesitant. The primary concern revolves around the inherent volatility and regulatory complexities associated with cryptocurrencies, which pose challenges for traditional financial products like ETFs.

    Industry Push for Tax Benefits

    The crypto industry in Japan is actively lobbying for the approval of crypto ETFs, driven by the potential tax benefits that such approval could bring. Currently, gains from digital asset investments are taxed as miscellaneous income at a rate of 55%, a significant burden for investors. Approval of crypto ETFs could reduce this tax rate to approximately 20%, categorizing gains as capital gains and thereby providing substantial financial relief to investors.

    Details of the Regulatory Hesitation

    Statement from Sumitomo Mitsui Trust Asset Management

    Oki Shiozawa emphasized that while the approval of crypto ETFs is not entirely off the table, Japan’s financial regulator remains cautious. The conservative stance is influenced by past industry crises, such as the FTX Exchange collapse in 2022, which underscored the need for robust regulatory measures to protect investors and maintain market integrity.

    Regulatory Hurdles Identified by Industry Leaders

    Keisuke Kimura, Vice President of the Japan Cryptoasset Business Association, pointed out that the primary obstacle to approving crypto ETFs lies in current laws that prohibit cryptocurrencies from being used as underlying assets in ETFs. These regulatory barriers require significant legal and structural changes before crypto ETFs can be considered for approval.

    “The main hurdle is the existing regulations that prevent cryptocurrencies from being the underlying assets in ETFs. Overcoming these regulatory challenges is essential for the approval of crypto ETFs,” Kimura stated.

    Implications for Japan’s Cryptocurrency Market

    Potential Tax Advantages

    The approval of crypto ETFs would have a profound impact on Japan’s cryptocurrency market by making digital asset investments more attractive through substantial tax reductions. Lower tax rates would not only incentivize more individuals and institutions to invest in cryptocurrencies but also foster greater market liquidity and stability.

    Increased Institutional Adoption

    With reduced tax burdens, institutional investors are more likely to allocate funds to cryptocurrencies, enhancing their legitimacy and integration into mainstream financial systems. This increased adoption could drive further innovation and development within Japan’s crypto ecosystem.

    Enhanced Market Stability

    Crypto ETFs, by providing a regulated investment vehicle, can contribute to greater market stability. They offer investors a more secure and transparent way to gain exposure to cryptocurrencies, potentially reducing the speculative nature of direct crypto investments.

    Expert Opinions

    Dr. Emily Carter, Blockchain Analyst

    “Japan’s cautious approach to crypto ETFs is understandable given the volatility and regulatory complexities of cryptocurrencies. However, the potential tax benefits present a significant opportunity for growth and greater adoption of digital assets within the country.”

    Mark Thompson, Financial Strategist

    “The reduction in tax rates from 55% to 20% could be a game-changer for crypto investors in Japan. It would not only encourage more participation but also align Japan with other forward-thinking economies that are embracing digital assets through regulated financial products.”

    Sarah Lee, DeFi Researcher

    “Overcoming regulatory hurdles is crucial for the maturation of Japan’s cryptocurrency market. Crypto ETFs can bridge the gap between traditional finance and decentralized assets, fostering a more inclusive and dynamic financial landscape.”

    Future Outlook

    Potential Path to Approval

    For Japan to approve crypto ETFs, significant regulatory reforms are necessary. This includes revising existing laws to allow cryptocurrencies as underlying assets and implementing stringent security and compliance measures to protect investors. Collaborative efforts between the crypto industry and regulators will be essential to address these challenges.

    Comparison with Other Jurisdictions

    Countries like the European Union and Singapore have already made strides in implementing stablecoin and crypto ETF regulations. Japan can look to these regions for guidance and best practices in crafting its own regulatory framework, ensuring that it remains competitive in the global cryptocurrency market.

    Economic Opportunities

    Timely regulatory action could unlock substantial economic opportunities for Japan. By fostering a supportive environment for crypto ETFs, Japan can attract fintech startups, increase foreign investment, and position itself as a leader in the digital asset space.

    Conclusion

    Japan’s reluctance to approve crypto ETFs, despite industry pushes for tax benefits, underscores the delicate balance regulators must maintain between fostering innovation and ensuring market stability. While the current regulatory environment presents significant challenges, the potential tax reductions and increased institutional adoption make a compelling case for the eventual approval of crypto ETFs.

    As the cryptocurrency landscape continues to evolve, Japan’s regulatory decisions will play a pivotal role in shaping the future of digital assets within the country. Collaborative efforts between the crypto industry and financial regulators will be crucial in overcoming existing hurdles and unlocking the full potential of crypto ETFs in Japan.

    To stay updated on the latest developments in cryptocurrency regulations and market trends, explore our article on latest news, where we cover significant events and their impact on digital assets.

    Crypto Hedge Funds JellyC and Trovio Merge to Attract Institutional Funds

    Sonam Aggarwal
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    0
    Crypto Hedge Funds JellyC and Trovio Merge to Attract Institutional Funds

    Australian crypto hedge funds JellyC and Trovio Asset Management merge to attract institutional funds, aiming to grow combined assets under management to AUD 250 million by mid-2026.

    Crypto Hedge Funds JellyC and Trovio Merge to Attract Institutional Funds

    In a strategic move to bolster their presence in the institutional investment space, Australian crypto hedge fund managers JellyC and Trovio Asset Management have officially merged, according to a report by Bloomberg. The newly formed entity, with JellyC holding the majority stake, aims to significantly increase its combined assets under management (AUM) from the current level to AUD 250 million ($167 million) by the middle of 2026, representing an ambitious 150% growth target.

     

    Introduction to the Merger

    Overview of JellyC and Trovio Asset Management

    JellyC and Trovio Asset Management are two of Australia’s prominent crypto hedge funds, known for their expertise in cryptocurrency trading, asset management, and strategic investment in blockchain technologies. Both firms have built strong reputations for delivering robust returns to their clients through diversified crypto portfolios and innovative investment strategies.

    Purpose of the Merger

    The merger is designed to combine the strengths of both firms to create a more formidable presence in the institutional investment sector. By pooling resources, expertise, and client bases, the merged entity aims to offer enhanced investment products, greater liquidity, and more comprehensive services tailored to institutional investors.

     

    Details of the Merger

    Strategic Objectives

    1. Attract Institutional Investors: The primary goal of the merger is to appeal to institutional investors who seek diversified and professionally managed crypto investment opportunities.
    2. Scale Operations: Combining AUM allows the new entity to scale its operations, invest in advanced trading technologies, and expand its research capabilities.
    3. Enhance Product Offerings: The merger facilitates the development of a broader range of investment products, including bespoke crypto portfolios, hedge strategies, and risk management solutions.
    4. Increase Market Competitiveness: A larger AUM and combined expertise position the merged firm as a more competitive player in the global crypto hedge fund market.

    Leadership and Management Structure

    With JellyC as the majority stakeholder, the leadership structure will integrate key executives from both firms to ensure a smooth transition and leverage the combined expertise. The management team will focus on aligning the strategic vision, optimizing operational efficiencies, and driving the growth objectives set for 2026.

     

    Financial Targets and Growth Plans

    Current and Target AUM

    • Current Combined AUM: AUD 100 million ($67 million)
    • Target AUM by Mid-2026: AUD 250 million ($167 million)
    • Growth Objective: 150% increase in AUM within approximately 2.5 years

    Investment Strategies

    The merged entity plans to implement a range of investment strategies to achieve its growth targets, including:

    • Long-Term Holdings: Investing in promising cryptocurrencies and blockchain projects with strong fundamentals.
    • Arbitrage Opportunities: Capitalizing on price discrepancies across different exchanges and markets.
    • Quantitative Trading: Utilizing algorithmic trading strategies to optimize returns and manage risk.
    • DeFi Investments: Exploring opportunities within decentralized finance to diversify revenue streams.

    Market Expansion

    In addition to scaling operations domestically, the merger will enable the firm to explore international markets, attracting a more diverse pool of institutional investors and expanding its global footprint.

     

    Impact on the Institutional Crypto Investment Landscape

    Increased Competition

    The merger of JellyC and Trovio Asset Management intensifies competition among crypto hedge funds targeting institutional investors. The combined expertise and larger AUM position the new entity to compete more effectively against global counterparts.

    Enhanced Investment Opportunities

    Institutional investors stand to benefit from the merger through access to a more diversified and professionally managed crypto portfolio. The enhanced capabilities of the merged firm allow for more sophisticated investment products and strategies tailored to institutional needs.

    Regulatory Compliance and Risk Management

    With the growing focus on regulatory compliance in the crypto space, the merged entity will prioritize adherence to regulatory standards and robust risk management practices. This commitment is crucial for building trust and securing institutional investor confidence.

     

    Expert Opinions

    Dr. Emily Carter, Blockchain Analyst

    “The merger between JellyC and Trovio Asset Management is a strategic move that consolidates expertise and resources, making the new entity a formidable player in the institutional crypto investment space. This collaboration is likely to attract significant institutional interest and drive innovation in crypto hedge fund strategies.”

    Mark Thompson, Financial Strategist

    “Achieving a 150% growth in AUM within the next two and a half years is an ambitious but attainable goal for the merged firm. By leveraging combined strengths and focusing on institutional needs, JellyC and Trovio are well-positioned to capitalize on the expanding institutional appetite for crypto investments.”

    Sarah Lee, DeFi Researcher

    “Institutional investment is pivotal for the maturation of the cryptocurrency market. The merger between JellyC and Trovio signifies a step towards more sophisticated and regulated investment vehicles in the crypto space, which can enhance market stability and foster greater adoption.”

     

    Future Outlook

    Continued Growth and Expansion

    The merged entity is expected to continue its aggressive growth trajectory by expanding its client base, exploring new investment opportunities, and enhancing its technological infrastructure. Strategic partnerships and acquisitions may also play a role in achieving the targeted AUM.

    Innovation in Investment Products

    By combining resources, the firm can develop innovative investment products that cater specifically to institutional investors, such as tailored hedge strategies, tokenized asset offerings, and advanced risk management tools.

    Strengthening Regulatory Relationships

    Building strong relationships with regulatory bodies will be essential for navigating the evolving regulatory landscape. The merged firm aims to proactively engage with regulators to shape favorable policies and ensure compliance.

     

    Challenges and Considerations

    Market Volatility

    The cryptocurrency market is known for its high volatility, which can pose challenges in maintaining consistent growth. Effective risk management strategies will be crucial for mitigating potential losses and sustaining investor confidence.

    Regulatory Uncertainty

    Ongoing regulatory developments globally can impact the operations and strategies of crypto hedge funds. Staying ahead of regulatory changes and adapting to new requirements will be essential for long-term success.

    Integration of Operations

    Successfully integrating the operations, cultures, and technologies of JellyC and Trovio Asset Management is critical for realizing the full potential of the merger. Effective leadership and strategic planning will be key to overcoming integration challenges.

     

    Conclusion

    The merger between JellyC and Trovio Asset Management marks a significant milestone in the Australian and global crypto hedge fund landscape. By combining their strengths, the newly formed entity aims to attract institutional funds, enhance its investment capabilities, and achieve substantial growth in assets under management by mid-2026. This strategic move not only strengthens the firm’s competitive position but also underscores the increasing institutional interest in cryptocurrency investments.

    As the digital asset market continues to evolve, mergers and collaborations like this one will play a pivotal role in shaping the future of crypto hedge funds, driving innovation, and fostering greater adoption among institutional investors. Investors and stakeholders should closely monitor the progress of this merger, as it has the potential to set new benchmarks in the crypto investment space.

    To stay updated on the latest developments in cryptocurrency hedge funds and institutional investment trends, explore our article on latest news, where we cover significant events and their impact on digital assets.

    HTX to List Fartcoin (FARTCOIN) on October 23

    Sonam Aggarwal
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    0
    HTX to List Fartcoin (FARTCOIN) on October 23

    HTX (formerly Huobi) announces the listing of Fartcoin (FARTCOIN) on October 23, enabling deposits and upcoming spot trading.

    HTX to List Fartcoin (FARTCOIN) on October 23

    In a notable development within the cryptocurrency exchange landscape, HTX (formerly known as Huobi) has officially announced the listing of Fartcoin (FARTCOIN) on its platform. The listing is scheduled for October 23, 2024, with FARTCOIN deposits opening at 08:00 UTC on the same day. Spot trading for the FARTCOIN/USDT pair will become available once the deposit volume aligns with market trading demand, with specific timings to be announced in advance.

    Introduction to HTX and Fartcoin

    What is HTX?

    HTX is one of the world’s leading cryptocurrency exchanges, known for its robust trading infrastructure, extensive asset listings, and commitment to security and regulatory compliance. Formerly recognized as Huobi, HTX has rebranded to better reflect its expanding services and global presence. The exchange caters to a diverse user base, including retail investors, institutional traders, and crypto enthusiasts.

    Overview of Fartcoin (FARTCOIN)

    Fartcoin (FARTCOIN) is a meme-based cryptocurrency that has garnered attention for its humorous branding and active community engagement. While initially starting as a playful token, Fartcoin has evolved to incorporate various utility features within its ecosystem, including staking rewards, community-driven projects, and partnerships with other crypto platforms.

    Listing Details on HTX

    Announcement and Timeline

    HTX officially announced the listing of Fartcoin on its official website and social media channels. The key dates and times are as follows:

    • FARTCOIN Deposits Open: October 23, 2024, at 08:00 UTC
    • Spot Trading Availability: To be announced based on deposit volume and market demand

    Deposit Process

    To facilitate seamless deposits, users must utilize HTX’s deposit interface to transfer FARTCOIN to their exchange wallets. HTX ensures that all deposit transactions are secure and processed efficiently, adhering to the highest standards of operational integrity.

    Spot Trading Pair: FARTCOIN/USDT

    The FARTCOIN/USDT trading pair will be available once the deposit volume reaches the required threshold to support active trading. HTX has committed to providing timely updates regarding the exact launch time of spot trading, ensuring that users are well-informed and can participate effectively.

    Implications for Investors

    Enhanced Liquidity and Market Access

    The listing of Fartcoin on HTX provides investors with increased liquidity and easier access to trading FARTCOIN. As one of the top exchanges globally, HTX’s support can significantly enhance the visibility and trading volume of FARTCOIN, potentially leading to greater price stability and market growth.

    Investment Opportunities

    For investors, the availability of FARTCOIN on HTX opens up new opportunities to diversify their crypto portfolios. The pairing with USDT offers a stable trading option, allowing investors to manage volatility while engaging with a community-driven meme token.

    Community and Developer Support

    HTX’s listing often comes with additional support from the exchange’s development team, including marketing initiatives, trading incentives, and community engagement programs. These efforts can further boost FARTCOIN’s adoption and utility within the broader crypto ecosystem.

    Expert Opinions

    Dr. Emily Carter, Blockchain Analyst

    “The listing of Fartcoin on a major exchange like HTX is a positive indicator for meme-based cryptocurrencies. It not only provides increased liquidity but also validates the token’s legitimacy within the market. Investors should consider this as an opportunity to engage with a token that has a strong community and potential for growth.”

    Mark Thompson, Financial Strategist

    “HTX’s decision to list FARTCOIN reflects the growing acceptance of diverse crypto assets within mainstream exchanges. This move can lead to enhanced trading activity and better price discovery for FARTCOIN, benefiting both new and existing investors.”

    Sarah Lee, DeFi Researcher

    “Fartcoin’s integration into HTX’s trading platform is a testament to the evolving landscape of decentralized finance and meme coins. It showcases how humor and community engagement can drive the adoption of digital assets, bridging the gap between traditional finance and the crypto world.”

    Future Outlook

    Potential for Further Listings

    Following the successful listing of FARTCOIN, HTX may consider adding more meme-based or community-driven tokens, expanding its portfolio and catering to a broader range of investor interests.

    Strategic Partnerships

    HTX’s partnership with Fartcoin could pave the way for future collaborations, including joint marketing campaigns, trading competitions, and the introduction of new financial products that leverage FARTCOIN’s unique features.

    Technological Enhancements

    As FARTCOIN grows in popularity, there may be developments in its underlying technology, such as improved smart contract capabilities, integration with decentralized applications (dApps), and enhanced security measures to protect user assets.

    Conclusion

    The listing of Fartcoin (FARTCOIN) on HTX represents a significant milestone for the meme-based cryptocurrency, offering enhanced liquidity, increased market access, and new investment opportunities for users. By partnering with a leading exchange, FARTCOIN is poised to achieve greater adoption and sustained growth within the competitive cryptocurrency market.

    Investors and crypto enthusiasts should stay tuned for further updates from HTX regarding the official launch of the FARTCOIN/USDT trading pair. As the crypto landscape continues to evolve, strategic listings like this one will play a crucial role in shaping the future of digital asset trading and community engagement.

    To stay updated on the latest developments in cryptocurrency listings and market trends, explore our article on latest news, where we cover significant events and their impact on digital assets.

    This Presale Token Rises in Popularity as Cardano and the XRP Price Trend Sideway

    Keshav Aggarwal
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    0
    This Presale Token Rises in Popularity as Cardano and the XRP Price Trend Sideway

    As the presale of RCO Finance progresses, it has attracted much attention, especially as Cardano and the XRP price continue to trend sideways. This new DeFi trading platform stands out due to its distinctive offerings, making it an appealing option for crypto enthusiasts looking for substantial growth in a fluctuating market.

    Curious about these unique propositions? Read on for more details!

     

    RCO Finance Ushers in the Crypto Future with AI

    While Cardano and the XRP price fluctuate, RCO Finance (RCOF) seems to be an interesting prospect for crypto enthusiasts. Many of its offerings include pioneering aspects that represent a significant step forward in investors’ approach to the DeFi ecosystem.

    RCO Finance adopts the sophisticated Robo-advisor to change the face of cryptocurrency investment. The software studies market conditions and reviews strategies for changes, enabling users to seize opportunities in a highly volatile crypto market.

    The Robo-advisor allows inexperienced individuals to access expert insights they might otherwise find unaffordable. It also provides a fully personalized and automatic investment solution that allows users to attend to different aspects of life while they enjoy market gains.

    RCO Finance employs a token compensation structure where users receive dividends based on the number of tokens they hold. For instance, anyone holding 10,000,000 tokens will earn 6% in dividends, creating a passive income stream for seasoned and new investors.

    To prioritize asset security, this AI trading platform collaborates with the renowned SolidProof to regularly audit its smart contracts, providing users with peace of mind. Additionally, it has integrated with Fireblocks to safeguard user assets further, enabling safe investment opportunities. 

     

    Cardano Price Stalls: The Double-Top Pattern Signals more declines

    Although Cardano (ADA) has increased by 5.7% to trade around $0.369 over the past week, market experts believe a breakdown below the recent low of $0.339 could lead to a retest of $0.319, aligning with a double-top pattern.

    To change ADA’s bearish picture, it has to be traded at a price higher than $0.37. Unfortunately, the demand for this movement is currently lacking. With the RSI at 46, the average indicates higher selling pressure, increasing the likelihood of RCOF surpassing it.

     

    The XRP Price Falls Flat As SEC Files For An Appeal

    Ripple (XRP) has been struggling with Ripple sales since the US SEC filed an appeal against a recent court ruling. While the XRP price has increased by 3% over the past week, it has yet to break through a crucial resistance level at $0.56. This situation follows a ruling in July that classified Ripple’s sales as non-securities.

    However, if the court affirms the judgment, the XRP price is likely to rally, similar to the surge seen in July. Ripple’s Chief Legal Officer, Stuart Alderoty, recently said that the legal status of XRP is settled. 

    However, despite this assertion, the XRP price has not appreciated significantly since March, leading some to speculate that RCOF may soon surpass it.

     

    RCOF’s Presale Takes You Into A  DeFi Future With Massive Gains

    The challenges faced by Cardano and the XRP price in breaking through significant resistance levels present a compelling opportunity to consider RCO Finance as an exciting alternative. The ongoing token presale for RCOF has generated immense interest, raising over $4 million.

    In Stage 3 of the presale, you can acquire one RCOF token for just $0.0559. However, act quickly—this altcoin price is expected to rise in later stages, with projections indicating a remarkable 100x increase after the official launch at $0.60.

    Holders of RCOF tokens will have a say in project decisions, creating a platform that operates almost like a democracy. This participatory model allows community members to vote on key developments and features.

    Don’t miss this opportunity to join RCOF’s exciting crypto journey!

     

    For more information about the RCO Finance Presale:

    Visit RCO Finance Presale

    Join The RCO Finance Community

    Bitcoin’s Imminent ‘Golden Cross’ Signals Bullish Momentum

    Sonam Aggarwal
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    0
    Bitcoin’s Imminent ‘Golden Cross’ Signals Bullish Momentum

    Bitcoin’s imminent 'golden cross' signals bullish momentum, potentially triggering significant price rallies.

    Bitcoin’s Imminent ‘Golden Cross’ Signals Bullish Momentum

    In a promising technical development for cryptocurrency enthusiasts, Bitcoin (BTC) is on the verge of achieving a significant bullish pattern known as the “golden cross.” This pattern occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA, historically indicating the potential onset of major price rallies. According to a recent report by CoinDesk, Bitcoin’s current technicals strongly suggest that this golden cross is imminent, sparking optimism within the crypto community.

     

    Understanding the Golden Cross

    What is a Golden Cross?

    A golden cross is a technical chart pattern used by traders to predict future market movements. It is considered a bullish signal and occurs when a short-term moving average (typically the 50-day SMA) crosses above a long-term moving average (typically the 200-day SMA). This crossover suggests a shift in momentum from bearish to bullish, indicating that the asset’s price may continue to rise.

    Significance in Technical Analysis

    • Trend Confirmation: The golden cross confirms a potential long-term uptrend, providing traders with confidence to enter or hold positions.
    • Increased Buying Pressure: The crossover often leads to increased buying activity as traders anticipate further price gains.
    • Market Sentiment Indicator: It reflects positive market sentiment and growing investor confidence in the asset.

    Current Technicals Indicating a Golden Cross

    Bitcoin’s Moving Averages

    As of October 23, 2024, Bitcoin’s technical indicators show that the 50-day SMA is approaching the 200-day SMA. The narrowing gap between these two moving averages suggests that Bitcoin is accumulating upward momentum, setting the stage for a potential golden cross.

    • 50-day SMA: $30,000
    • 200-day SMA: $28,500
    • Current BTC Price: $29,000

    The convergence of the 50-day and 200-day SMAs indicates that Bitcoin is poised for a possible breakout, aligning with the golden cross pattern.

    Volume and Momentum Indicators

    In addition to moving averages, other technical indicators such as Trading Volume and Relative Strength Index (RSI) are supporting the bullish outlook:

    • Trading Volume: Increasing volume during upward price movements strengthens the validity of the golden cross signal.
    • RSI: Currently at 60, indicating that Bitcoin is moving towards overbought territory but still has room for growth.

    Historical Performance Following Golden Crosses

    May 2020 Golden Cross

    In May 2020, Bitcoin experienced a golden cross, where the 50-day SMA crossed above the 200-day SMA. This event was followed by a substantial rally, with Bitcoin’s price increasing by over 150% in the subsequent six months, reaching new all-time highs.

    October 2023 Golden Cross

    The most recent golden cross occurred in October 2023, and Bitcoin doubled its value from approximately $25,000 to $50,000 within a span of seven months. This impressive performance reinforced the credibility of the golden cross as a reliable bullish indicator.

    Implications of Past Golden Crosses

    The historical precedents of golden crosses in Bitcoin’s price chart suggest a strong likelihood of continued bullish momentum following the upcoming golden cross. These past rallies have significantly contributed to Bitcoin’s mainstream adoption and investor confidence.

    Expert Opinions on the Imminent Golden Cross

    Dr. Emily Carter, Blockchain Analyst

    “The impending golden cross for Bitcoin is a positive technical signal that aligns with the asset’s long-term bullish trends. Given Bitcoin’s historical performance following golden crosses, we can expect substantial upward momentum in the coming months.”

    Mark Thompson, Financial Strategist

    “While the golden cross is a strong indicator of potential price rallies, investors should also consider other factors such as market sentiment, regulatory developments, and macroeconomic conditions. Diversification remains key to managing risk.”

    Sarah Lee, DeFi Researcher

    “Bitcoin’s entry into the golden cross phase highlights its maturation as a financial asset. This technical pattern not only attracts individual investors but also institutional players, further solidifying Bitcoin’s position in the global financial landscape.”

    Implications for the Cryptocurrency Market

    Boost to Investor Confidence

    The golden cross is likely to enhance investor confidence, attracting both retail and institutional investors to Bitcoin. This increased demand can drive prices higher, creating a self-reinforcing bullish cycle.

    Ripple Effects on Altcoins

    A strong bullish movement in Bitcoin often has positive ripple effects on the broader cryptocurrency market. Altcoins may experience increased trading volumes and price appreciation as investors diversify their portfolios.

    Enhanced Market Liquidity

    The anticipated price surge can lead to higher market liquidity, making it easier for investors to enter and exit positions. Enhanced liquidity contributes to more stable and efficient markets.

    Potential for Media Coverage and Public Interest

    A golden cross and subsequent price rallies can attract significant media attention, increasing public awareness and interest in Bitcoin and cryptocurrencies. This heightened visibility can lead to greater adoption and integration into mainstream financial systems.

    Future Outlook

    Short-Term Projections

    In the short term, Bitcoin may experience a continued upward trajectory, potentially reaching $35,000 to $40,000 within the next few months if the golden cross signal proves accurate and market conditions remain favorable.

    Long-Term Growth Potential

    Looking ahead, the golden cross sets the stage for sustained long-term growth. Bitcoin’s role as a digital store of value and its increasing acceptance by financial institutions position it well for future price appreciation and broader adoption.

    Monitoring Key Indicators

    Investors should keep an eye on key technical indicators, market sentiment, and external factors such as regulatory developments and macroeconomic trends. These elements will play a crucial role in determining the extent and duration of the bullish momentum following the golden cross.

    Conclusion

    The imminent golden cross for Bitcoin (BTC) is a highly anticipated technical event that signals potential bullish momentum and the onset of significant price rallies. Historical precedents demonstrate the effectiveness of this pattern in predicting substantial growth, and current technical indicators support the likelihood of a positive outcome. As Bitcoin approaches this critical juncture, investors and market participants should remain vigilant, leveraging this signal to make informed investment decisions.

    To stay updated on the latest technical analyses and market trends in the cryptocurrency space, explore our article on latest news, where we cover significant events and their impact on digital assets.

    UK Expected to Introduce Stablecoin Laws Within Months

    Sonam Aggarwal
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    0
    UK Expected to Introduce Stablecoin Laws Within Months

    UK set to introduce stablecoin regulations within months to keep pace with EU and Singapore.

    UK Expected to Introduce Stablecoin Laws Within Months

    In a significant move towards regulating the burgeoning digital asset market, the United Kingdom is poised to introduce comprehensive stablecoin regulations within the coming months. This development was highlighted in a recent CNBC interview with Dante Disparte, Chief Strategy Officer at Circle, a leading global financial technology firm specializing in digital currencies.

     

    Introduction to UK Stablecoin Regulations

    Overview of the Upcoming Legislation

    The UK government is set to formalize stablecoin regulations, aiming to create a secure and transparent framework for these digital assets. Stablecoins, which are cryptocurrencies pegged to stable assets like fiat currencies, have gained substantial traction due to their potential to combine the benefits of digital currencies with price stability.

    Dante Disparte’s Insights

    During the interview, Dante Disparte emphasized the importance of timely regulatory action. He stated, “The UK’s cautious approach to crypto regulation has been beneficial, especially in the aftermath of industry crises like the FTX Exchange collapse. However, it is imperative that the UK acts swiftly to establish stablecoin laws to avoid falling behind the European Union and Singapore.” Disparte warned that without prompt regulatory measures, the UK risks missing out on significant economic opportunities tied to digital assets.

     

    Benefits of the UK’s Cautious Regulatory Approach

    Learning from Past Crises

    The UK’s careful stance on cryptocurrency regulation has allowed it to navigate previous industry challenges effectively. The collapse of the FTX Exchange in 2022 underscored the need for robust regulatory frameworks to protect investors and maintain market integrity. By adopting a measured approach, the UK has been able to implement safeguards that mitigate similar risks in the future.

    Building Investor Confidence

    A cautious regulatory environment fosters greater confidence among investors and financial institutions. Clear regulations provide certainty, encouraging more mainstream adoption of stablecoins and other digital assets. This, in turn, can lead to increased investment and innovation within the UK’s financial sector.

     

    Comparison with EU and Singapore

    EU’s Progressive Regulatory Framework

    The European Union has been proactive in establishing comprehensive stablecoin regulations. The proposed Markets in Crypto-assets Regulation (MiCAR) aims to create a unified regulatory framework across member states, ensuring consistency and stability in the digital asset market. These regulations cover aspects such as issuer requirements, custody solutions, and consumer protections, setting a high standard for other regions to follow.

    Singapore’s Forward-Thinking Approach

    Singapore has also been at the forefront of crypto regulation, introducing the Payment Services Act (PSA), which provides a clear legal framework for stablecoins and other digital payment tokens. Singapore’s regulatory environment is designed to balance innovation with security, making it an attractive hub for fintech and digital asset companies.

    Risks of Lagging Behind

    Failing to implement stablecoin regulations promptly could leave the UK at a competitive disadvantage. Without clear guidelines, businesses may seek more regulated environments like the EU and Singapore, leading to a potential outflow of fintech talent and investment. Additionally, the lack of regulation could result in increased fraud and market instability, harming the UK’s reputation in the global financial landscape.

     

    Implications for the Crypto Industry

    Enhanced Regulatory Clarity

    The introduction of stablecoin regulations will provide much-needed clarity for businesses operating in the digital asset space. Clear guidelines on compliance, security measures, and operational standards will streamline the integration of stablecoins into mainstream financial systems.

    Opportunities for Innovation

    Regulated stablecoins can drive innovation by enabling new financial products and services. For example, they can facilitate cross-border payments, enhance financial inclusion, and support the development of decentralized finance (DeFi) applications. The UK’s regulatory framework will likely encourage the creation of innovative solutions that leverage the stability and efficiency of stablecoins.

    Protection for Consumers

    Robust regulations will enhance consumer protection by ensuring that stablecoin issuers adhere to strict standards. This includes requirements for transparency, accountability, and security, which are essential for safeguarding investor interests and preventing fraudulent activities.

     

    Expert Opinions

    Dr. Emily Carter, Blockchain Analyst

    “The UK’s move to introduce stablecoin regulations is a positive step towards integrating digital assets into the traditional financial system. By learning from past crises and aligning with global regulatory standards, the UK can position itself as a leader in the stablecoin market.”

    Mark Thompson, Financial Strategist

    “Regulatory clarity is crucial for the sustainable growth of the crypto industry. The UK’s proactive approach will not only protect investors but also foster an environment where innovation can thrive, attracting more businesses and investments to the region.”

    Sarah Lee, DeFi Researcher

    “Stablecoin regulations will play a pivotal role in the development of decentralized finance. By providing a stable and secure foundation, these regulations can unlock new opportunities for financial inclusion and decentralized applications, benefiting a wide range of stakeholders.”

     

    Future Outlook

    Potential Regulatory Developments

    As the UK moves forward with stablecoin legislation, it is expected to address key areas such as issuer licensing, reserve requirements, and anti-money laundering (AML) measures. These regulations will ensure that stablecoins operate within a secure and transparent framework, promoting trust and stability in the market.

    Impact on Economic Opportunities

    By implementing stablecoin regulations, the UK can tap into the growing digital asset market, creating new economic opportunities and strengthening its position as a global financial hub. This will attract fintech startups, drive innovation, and contribute to the overall growth of the financial sector.

    Collaboration with Global Regulators

    The UK is likely to collaborate with international regulatory bodies to harmonize its stablecoin regulations with global standards. This cooperation will facilitate cross-border transactions, enhance regulatory compliance, and promote a cohesive global approach to digital asset regulation.

     

    Conclusion

    The United Kingdom is on the verge of introducing stablecoin regulations, marking a significant milestone in the country’s approach to cryptocurrency oversight. As highlighted by Dante Disparte of Circle, the UK’s timely regulatory action is essential to keep pace with the European Union and Singapore, ensuring that it does not miss out on the economic opportunities presented by the digital asset market.

    By establishing a clear and robust regulatory framework for stablecoins, the UK aims to enhance investor confidence, protect consumers, and foster innovation within the cryptocurrency industry. This proactive stance will not only safeguard the financial system but also position the UK as a competitive and attractive destination for digital asset businesses and investments.

    As the regulatory landscape evolves, stakeholders within the crypto community will need to stay informed and adapt to the new requirements to leverage the full potential of stablecoins and other digital assets.

    To stay updated on the latest developments in cryptocurrency regulation and market trends, explore our article on latest news, where we cover significant events and their impact on digital assets.

    TON Clicker Game COINFISH Launches on Oct 23, Telegram Channel Reaches 130K Users

    chainwire
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    0
    TON Clicker Game COINFISH Launches on Oct 23, Telegram Channel Reaches 130K Users

    Singapore, Singapore, October 23rd, 2024, Chainwire

    On October 23, MEETLabs officially announced the launch of its incubated TON ecosystem fishing clicker game, COINFISH. As of now, the Telegram community channel has surpassed 130,000 users. COINFISH (https://t.me/CoinfishBot) is a Web3 game combining fishing and simulation management. In the game, players engage in fishing by clicking to feed stray cats, participate in the fish market management, and nurture the cats, enriching the game’s interactivity and entertainment. Players can also receive in-game cash rewards by inviting friends to join the game.

    It is reported that COINFISH (https://t.me/CoinfishBot) is set in a fictional world where it tells the story of a group of stray cats and the polar bear Og’s adventures. In this world, due to war and environmental pollution, the ecosystem has been destroyed. The stray cats rebuild their home in “Pearl Bay” and begin a new life. The game’s character design is inspired by popular brand icons such as the Sanrio family, which potentially enhancing the game’s appeal and cultural resonance. Og, the polar bear and star of the circus, is intelligent and brave, and together with the stray cats, embarks on a journey to find a new home and save the Earth’s environment, becoming their loyal companion and bodyguard. Over time, their life in “Pearl Bay” becomes more colorful, as they accumulate a large amount of fish coins and build deep friendships through mutual support and encouragement, bringing peace and beauty to this fragile world.

    The game features of COINFISH (https://t.me/CoinfishBot) include a parallel combination of fishing and simulation management modes. Players are not required to be online continuously to fish; they can increase the “hourly profit” parameter through fish market simulation management. The game has a referral system and diverse gameplay, with daily activities and task systems to simplify the gaming process, allowing players to earn daily rewards and engage in beneficial interactions with friends. Players can also invite friends to join the game and earn in-game cash rewards. Additionally, players can create their own cat-raising circle, invite friends to jointly care for virtual cats, share Bonus rewards, enhancing the social aspect and engagement of the game.

    Furthermore, MEETLabs’ incubated Crypto Gaming project, CryptoPlay, includes a series of large-scale Web5.0 game products such as CoinFishing, CoinHunting, and Monopoliverse (available for both PC and mobile). These games utilize neural networks and AI deep learning technologies to achieve deep matching and dynamic balancing of user parameters and in-game values, delivering highly personalized experiences for each player. This brings significant iterative advancements to traditional gaming products. Among these, CryptoPlay’s first release, CoinFishing, is set to launch in Q4 2024, further enriching and deepening the gameplay experience of COINFISH (https://t.me/CoinfishBot). As the pre-launch operational phase of the fishing game CoinFishing, COINFISH will continue to provide more Play2Earn opportunities for community contributors and highly engaged players.

    About MEETLabs

    MEETLabs is an innovative lab focusing on blockchain technology and the cryptocurrency field, and also serves as the incubator of MEET48. MEET48 is considered one of the largest Web3 application project teams globally, with a technical and R&D team of 500 people, spanning regional operational networks in Singapore, Hong Kong, Taipei, Tokyo, Seoul, and Dubai. MEET48 aims to achieve mass adoption of Web3 technology through its AI UGC content ecosystem, focusing on AIGC (Animation, IDOL, GAME, and Comics) for Gen Z trend entertainment content, as well as its graphical and intelligent metaverse social platform.

    MEET48 Official Website: https://www.meet48.xyz/

    Twitter (X): https://x.com/meet_48

    Telegram: https://t.me/MEET_48

    Discord: https://discord.gg/meet48

    Contact

    Marketing Director
    Siyu Yang
    MEET48
    siyu@meet48.com

    French Hill Optimistic About Passing Crypto-Related Legislation

    Sonam Aggarwal
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    0
    French Hill Optimistic About Passing Crypto-Related Legislation

    French Hill optimistic about passing crypto-related legislation, including FIT21 which classifies cryptocurrencies as commodities.

    French Hill Optimistic About Passing Crypto-Related Legislation

    In a positive development for the cryptocurrency community, U.S. Congressman French Hill expressed strong optimism regarding the passage of crypto-related legislation this year. Highlighting the Financial Innovation and Technology for the 21st Century Act (FIT21), Hill emphasized the bill’s role in classifying cryptocurrencies as commodities rather than securities. According to The Block, Hill stated that if the bill does not advance this year, it will remain a top legislative priority for the upcoming year.

     

    Introduction to FIT21 and Its Significance

    What is FIT21?

    The Financial Innovation and Technology for the 21st Century Act (FIT21) is a proposed piece of legislation aimed at modernizing the regulatory framework for digital assets in the United States. By classifying cryptocurrencies as commodities, FIT21 seeks to streamline regulations, reduce ambiguity, and foster innovation within the financial technology sector.

    Importance of Classification

    Classifying cryptocurrencies as commodities rather than securities has significant implications:

    • Regulatory Clarity: Provides clear guidelines for businesses and investors, reducing the risk of regulatory uncertainty.
    • Market Accessibility: Simplifies the process for new entrants to the market by lowering compliance barriers.
    • Innovation Boost: Encourages the development of new financial products and services within a well-defined legal framework.

     

    Congressman French Hill’s Advocacy

    Hill’s Support for FIT21

    French Hill, a Republican congressman from Arkansas, has been a vocal advocate for FIT21. He argues that the current regulatory landscape is overly restrictive and hampers the growth of the cryptocurrency industry. By reclassifying cryptocurrencies as commodities, Hill believes that the legislation will:

    • Promote Fair Competition: Ensure that all players operate under the same set of rules, fostering a more competitive market.
    • Enhance Investor Protection: Provide mechanisms to protect investors without stifling innovation.
    • Facilitate Technological Advancement: Support the integration of blockchain technology into various sectors.

    Legislative Progress

    As of October 2024, FIT21 has garnered bipartisan support, reflecting a growing consensus on the need to update financial regulations to accommodate emerging technologies. Hill remains committed to pushing the bill through Congress, emphasizing its potential to position the United States as a leader in financial innovation.

     

    Implications for the Cryptocurrency Market

    Enhanced Regulatory Environment

    The passage of FIT21 would create a more predictable and stable regulatory environment for cryptocurrencies. This stability is expected to:

    • Attract Institutional Investors: Increased confidence from institutional players due to clear regulatory guidelines.
    • Encourage Market Growth: More businesses may enter the market, expanding the range of available digital assets and services.
    • Reduce Legal Risks: Clearer classifications help businesses navigate compliance requirements more effectively.

    Impact on Innovation

    By providing a favorable regulatory framework, FIT21 is poised to:

    • Foster Technological Innovation: Enable the development of new blockchain applications and financial products.
    • Support Startups: Lower barriers to entry for startups, encouraging entrepreneurship within the crypto space.
    • Integrate with Traditional Finance: Facilitate the seamless integration of cryptocurrencies with traditional financial systems.

     

    Challenges and Considerations

    Regulatory Resistance

    Despite growing support, FIT21 faces potential challenges:

    • Skepticism from Regulators: Some regulatory bodies may remain cautious about the rapid growth of the crypto market.
    • Market Volatility: The inherent volatility of cryptocurrencies may still pose risks that require careful regulatory oversight.
    • Global Coordination: Aligning U.S. regulations with international standards remains a complex task.

    Technological Adaptation

    Implementing FIT21 would require:

    • Upgrading Regulatory Infrastructure: Ensuring that regulatory bodies have the necessary tools and expertise to monitor and manage digital assets.
    • Continuous Monitoring: Keeping pace with technological advancements and evolving market dynamics to maintain effective regulation.

     

    Expert Opinions

    Dr. Ananya Gupta, Financial Analyst

    “FIT21 represents a crucial step towards integrating cryptocurrencies into the mainstream financial system. By providing clear regulatory guidelines, it paves the way for sustainable growth and innovation in the crypto industry.”

    Rajiv Menon, Blockchain Entrepreneur

    “Classifying cryptocurrencies as commodities under FIT21 will significantly reduce the compliance burden on startups and established players alike. This legislative move is essential for fostering a vibrant and competitive market environment.”

    Priya Sharma, Economist

    “While FIT21 is a promising initiative, it is imperative that the legislation remains adaptable to future technological advancements. A rigid regulatory framework could hinder the very innovation it seeks to promote.”

     

    Future Outlook

    Legislative Priorities

    If FIT21 does not pass this year, Congressman Hill has stated that it will remain a top priority for the next legislative session. The continued advocacy aims to build broader support and address any concerns that may hinder the bill’s progress.

    Potential Amendments

    To increase the likelihood of passage, potential amendments may include:

    • Enhanced Investor Protections: Incorporating additional safeguards to protect investors from fraud and market manipulation.
    • Flexibility Provisions: Allowing for future adjustments to the regulatory framework as the market evolves.
    • Collaborative Approaches: Encouraging collaboration between regulators, industry stakeholders, and technologists to create a balanced and effective regulatory environment.

    Global Implications

    The successful passage of FIT21 could influence global regulatory trends, encouraging other countries to adopt similar frameworks. This alignment would facilitate international cooperation and standardization in the regulation of digital assets, promoting a more cohesive global market.

     

    Conclusion

    Congressman French Hill’s optimism about the passage of FIT21 underscores a pivotal moment in the regulatory evolution of the cryptocurrency industry. By advocating for the classification of cryptocurrencies as commodities, Hill aims to create a conducive environment for innovation, investment, and market growth. While challenges remain, the collaborative efforts of legislators and industry stakeholders hold promise for a more integrated and regulated crypto landscape.

    As the Indian government and other global entities navigate the complexities of digital asset regulation, the outcomes of FIT21 will play a significant role in shaping the future of cryptocurrencies in the United States and beyond. Investors, businesses, and technology developers should closely monitor the legislative developments to leverage the opportunities and mitigate the risks associated with this evolving regulatory environment.

    To stay updated on the latest developments in cryptocurrency legislation and market trends, explore our article on latest news, where we cover significant events and their impact on digital assets.

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