Decentralized finance is beginning to embrace a hot new phrase: “real yield.” It refers to DeFi projects that survive purely on distributing the actual revenue they generate rather than incentivizing stakeholders by handing out dilutionary free tokens. Where does this real yield come from? Are “fees” really a sustainable model for growth at this early…
Read more
Kraken is the latest cryptocurrency exchange to restrict accounts of Russian users on its platform in compliance with sanctions from the European Union. On Oct. 19, Kraken sent out email statements to its Russian clients to announce that the exchange is halting services to its Russian customers. “Due to the new European legislation, we have…
Read more
Bitcoin (BTC) worth over $600 million moved for the first time since the last bear market on Oct. 18, analysis has revealed. In a Twitter thread, monitoring resource Whalemap flagged a transaction involving 32,000 BTC. Buyer could be “willing to acquire” 32,000 BTC at $19,000 In the latest sign that current spot price is affecting…
Read more
Some cryptocurrency exchanges continue onboarding Russian nationals despite the latest Western sanctions against Russia, but not without certain restrictions. In late September, Kazakhstan’s President Kassym-Jomart Tokayev witnessed the nation’s first regulated fiat-to-crypto purchase by a local commercial bank, the Eurasian Bank. The transaction involved a local crypto exchange called Intebix, which allows retail clients to…
Read more
Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter. The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses…
Read more
Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s (BTC’s) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to “its propensity to outperform most assets.” In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin’s ever increasing hash…
Read more
A new draft of the Digital Commodities Consumer Protection Act (DCCPA) bill has started to circulate online, with some commentary suggesting it could be positive for decentralized finance (DeFi) and crypto. A prior draft version of the bill drew heavy criticism from industry representative bodies for containing too broad a definition for a “digital commodity…
Read more
The lack of regulation and good governance in the crypto sector is more than a hindrance to businesses and lack of protection for users, it is an existential threat, Bank of England Financial Policy Committee external member Carolyn Wilkins said in a talk on Oct. 19. Decentralized finance (DeFi) would be a good place to…
Read more
The Financial Sector Conduct Authority (FSCA), South Africa’s financial regulator, published a notice Oct. 19 indicating that the country’s 2002 Financial Advisory and Financial Intermediary Services Act (FAIS) has been updated to include a definition of crypto assets. A decision of this type has been expected for several months. It brings crypto assets under regulation…
Read more
Reducing the amount of hacking by improving cybersecurity should be considered a top priority for the crypto industry, said Kim Grauer, director of research of blockchain intelligence firm Chainalysis. As pointed out by the firm, this year could outpace 2021 in terms of crypto stolen through hacks. The vast majority of these exploits have been…
Read more