Crypto Lake

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Bitfinex Market Analysts Predict $3.2 Trillion Crypto Market Capitalization 🟥 ❕ Bitfinex analysts say the digital asset market capitalization could hit $3.2 trillion if bullish factors remain amid soaring prices towards the end of the year. 👉 In a new market report, the firm made market projections ahead of the new year with present market forces and indices highlighting the growth recorded so far amid regulatory challenges in several jurisdictions. ⚠️ According to the report, 2024 is met with a positive outlook from several quarters in the industry because of the drive of investors and asset prices pushing through despite a shaky start of the year. ✅ Market analysts at the company predict the total market capitalization to tap $3.2 trillion with present bullish sentiment trickling into the new year. With the current market cap at $1.6 trillion, an uphill run hinged on several factors including institutional inflows on the back of a spot Bitcoin ETF.

Blockchain Security Firm CertiK Warns OKX IOS Users to Update After Flagging Vulnerability 📌 📣 Blockchain security firm, CertiK has urged OKX users on IOS devices to update the software to the latest version after it identified a vulnerability with the potential of causing data and asset losses. In a post on X (formerly Twitter), the firm informed users of the discovery urging them to make the update immediately to avoid being victims of a potential security breach. 💬 “Earlier this month, we identified and reported a critical Remote Code Execution (RCE) vulnerability in the OKX iOS App, leading to potential compromise of sensitive data and crypto assets.” ➡️ The post also mentioned that the OKX team acted swiftly on the information and released an updated version today. The digital asset exchange thanked the security firm for the update adding that the upgrade has been completed and this is no longer an issue. 💬 “We’ve completed the relevant upgrade & this is no longer an issue. We have verified that this did not impact any customer assets.”

CFA Renews Accusations Against Circle ❓ ➡️ In an open letter addressed to Senators Elizabeth Warren and Sherrod Brown, CFA executive director Michelle Kuppersmith claimed that Circle’s CCTP “may be used to facilitate what appears to be the fastest growing vehicle for illicit finance in the digital asset space.” She pointed specifically to the protocol’s support for transfers to the Tron blockchain network. 💬 “Tron has been named in multiple law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities,” the letter stated. 📣 Kuppersmith argued that by allowing USDC stablecoin transfers to Tron, Circle is effectively enabling money laundering and criminal activity on the network. These accusations originally surfaced last month, when the CFA sent its first letter to the senators accusing Circle of inadequate anti-money laundering practices. ❗️ At the time, Circle’s head of public policy Dante Disparte strongly denied the claims in a blog post, stating that the allegations were based on unverified social media posts. Disparte emphasized that Circle actively monitors blockchain activity and suspends access to suspicious counterparties, while also reiterating that Circle no longer maintained any relationship with Justin Sun or his affiliated entities.

Russia Poised to Let Miners Sell Coins Abroad as ‘Exports’ 📣 🟢 Russian industrial miners may be given the right to sell cryptoassets as “export products,” the nation’s finance ministry said. Per RBC, the country’s Deputy Minister of Finance Ivan Chebeskov made the comments at a round table event named “Cryptocurrency and the Future of Digital Finance.” Chebeskov said that the ministry had prepared a bill that would allow miners to “export cryptocurrency as a product of mining activity.” He said: 💬 “We have special legislation for the export of gas, for example. Using such examples, we developed a concept. This will allow miners to export the product of what they have mined – namely, cryptocurrency. It could become an export product. This legislative initiative is being created in Russia.” ➡️ Russian politicians have previously launched several attempts to legalize crypto mining. But progress has stalled on each occasion. Part of the reason for this has been an impasse between government ministries including the Ministry of Finance and the Central Bank. The latter wants to enact a nationwide crypto ban, while the former favors a more progressive, pro-business approach to the sector.

🔥 Catch this great price on $CROWD before the Coinstore listing tonight 🔥 The big DEX token pump is coming – and you’d better position yourself in some small caps like $CROWD CrowdSwap. This is $8 mil market cap now but could go to $100 mil, because: ✅ CrowdSwap has been going strong since 2021 ✅ Cross-chain ✅ Great farms ✅ Portfolio manager ✅ Launchpad 💎 The chart is shaping beautifully on the daily: $CROWD flipped the $0.038 resistance from July into support and is holding up great during the BTC dump. From here, there is nothing but thin air all the way to $0.12 – that’s over 200%. (chart) 💰 The current $0.038 entry on $CROWD is a real gift, because $CROWD will get listed on the Coinstore CEX later today (22:00 UTC+8). You know what this means, so try to catch it and DCA between $0.036 and $0.04 for the next green wave. Buy $CROWD on QuickSwap X (Twitter)

Segregation of Exchanges, Market Makers and Custodians Necessary for Crypto Businesses to Thrive 📌 ✅ The cryptocurrency sector may be advancing, yet industry experts are becoming aware that exchanges, market makers and custodians must act as separate entities in order for businesses to succeed. While it’s common to keep financial actors separated within traditional finance, this concept has often gone overlooked within the cryptocurrency industry. 🟢 Caitlin Long, chief executive officer and founder of Custodia – a chartered U.S. bank specializing in digital assets – told Cryptonews that many individuals within the cryptocurrency space are unaware of how unusual it is for market makers, exchanges and custodians to operate as the same entities. “This is a major problem the industry faces. I truly believe that, especially custodians, should be segregated so we don’t have shenanigans like FTX happening again,” she said. ➡️ To put this in perspective, Margaret Rosenfeld, chief legal officer at Cube.Exchange – a hybrid crypto exchange – told Cryptonews that the collapse of cryptocurrency exchange FTX occurred because financial actors were not kept as separate entities. She said: 💬 “The biggest issue with FTX was that the exchange acted as a custodian with its own market maker. When Alameda Research hedge fund began losing money – which was the market maker on the exchange – FTX accessed its customer assets in an attempt to solve the problem.”

Binance Withdraws Application for Abu Dhabi License, Reassessing Compliance Needs ✅ 🔴 Binance has officially withdrawn its application for a financial license in Abu Dhabi, according to Reuters. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements. 📌 The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds as per the details on the regulator’s website. According to a spokesperson for Binance, the move to retract the application was a strategic decision to align with the company’s reassessed compliance needs. 💬 “When assessing our global licensing needs, we decided this application was not necessary,” said the spokesperson. ➡️ This application, filed a year ago and officially retracted on November 7th, signals a potential shift in Binance’s operational focus and global strategy. Despite the timing, the decision to pull the license application was “unrelated” to the U.S. settlement, according to the spokesperson.

AXA, Generali Jump on the RWA Wagon Following Purchase of SocGen’s Green Bonds ⚠️ ➡️ AXA Investment Managers and Generali Investments have recently joined the growing bandwagon of companies purchasing tokenized green bonds as the digitalization of real-world assets (RWAs) gains momentum. ➡️ According to a press release by French banking giant Societe Generale, it issued its first digital green bond as a security token on the Ethereum blockchain. The tokenized security token registered as SG-FORGE came with a 10 million Euro ($10.8 million) price peg during its official launch on November 30, 2023. ❗️ Now, Societe Generale has revealed that AXA Investment Managers and Generali Investments have fully subscribed through a private placement. ⚡️ Providing details behind the tokenization of its green bonds, Societe Generale stated that it is geared towards increasing transparency and traceability as well as improving fluidity and speed in transactions and settlement. 🟠 The RWA green bonds are described as unsecured with a maturity window of three years. Upon reaching the majority window, the net proceeds will be allocated to finance the banking giant’s Eligible Green Activities, as defined in its Sustainable and Positive Impact Bond framework.

Solomon Islands and Soramitsu Unveil Partnership To Launch CBDC Pilot 📣 ⚠️ The Central Bank of Solomon Islands has revealed a partnership with Japanese blockchain Soramitsu to launch a proof-of-concept for a CBDC named Bokolo Cash. 🟢 In a Keynote speech on Tuesday, Solomon Islands Prime Minister Manasseh Sogavare said his country was embarking on the CBDC journey with the goal of leveraging technology as “a catalyst for inclusive and sustainable development, ultimately fostering shared prosperity across our beautiful nation.” ➡️ Bokolo Cash will be equivalent to one Solomon Islands dollar, and citizens will be able to use it for transactions in retail environments within the capital city of the island nation, Honiara, as well as for person-to-person transfers. ⤵️ Commercial banks will test wholesale transfers, along with simulated cross-border payments and remittances. Additionally, users will be subjected to a “two-tier” Know Your Customer verification process, according to Soramitsu. 📌 Bokolo Cash is set to run on a specifically tailored blockchain built on Hyperledger’s Iroha, while will also integrate with Soramitsu’s public Sora blockchain. Through this connectivity, users will have the ability to conduct transfers using QR codes and leverage the self-custody Fearless Wallet, a product developed by Soramitsu.

Ukrainian Lawmakers Mull Two Crypto Tax Bills 🟢 🟥 Ukrainian lawmakers are set to debate two crypto tax bills, as Kyiv looks to raise money from crypto traders. Per Minfin and PSM7, Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, confirmed that the regulator was the author of one of the bills. 🔔 Boyko said he assumed that “specialists from the Ministry of Finance and the State Tax Service worked on” the second bill. This bill’s author is MP Anton Shvachko, and the text was drafted, at least in part, by the Ministry of Digital Transformation. ✅ Mykhailo Fedorov, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation, said: 💬 “We expect parliament to support this draft law and help develop new digital industries. Business support will be the foundation of Ukraine’s economic growth.” ⚡️ Meanwhile, the regulator, which is yet to reveal the full details of its own proposal, said that it had worked with EY (Ernst & Young) and the USAID Financial Sector Reform Project on the draft. The bills are now in the consultation stage. Boyko noted that “almost 200 comments” had been made on the commission’s draft law.

Hong Kong’s Victory Securities to Offer Digital Asset Services in Retail Markets 📣 🔔 Hong Kong’s investment management firm, Victory Securities has obtained approval to offer digital asset services to retail clients expanding the country’s number of cryptocurrency licences. ♾ In a Nov 24 press release, the company made the announcement that it obtained a license from the Securities and Futures Commission (SFC) to offer digital asset services adding that this development makes it the first licensed corporation to offer those associated services to clients. 💬 “Victory Securities… which has been rooted in Hong Kong for 50 years, has made significant progress in the field of virtual assets and became the first company in Hong Kong to obtain approval from the Hong Kong Securities and Futures Commission (“SFC”) to provide retail investors with A licensed corporation for virtual asset trading and advisory services.” 📌 According to the statement, Victory Securities will integrate virtual assets with the traditional finance ecosystem and allow retail clients to participate in the model getting and trading assets seamlessly. ✅ The company also hailed the commitment of the Hong Kong authority as it sets itself to become the destination of the International Virtual Asset Center. 📌 Seeking to connect both branches of finance, the firm wants to create a platform where users can flexibly allocate assets and offer investment advice to retail users including periodic research reports.

PancakeSwap Introduces New Voting System ‘Gauges’ for Governance Token Holders 🟥 ➡️ Decentralized crypto exchange Pancakeswap has launched a new voting system called “Gauges” and “veCAKE,” a new vote-escrowed system that allows users to vote on governance proposals and determine CAKE emissions allocations. ➡️ According to a Nov. 22 blog post, PancakeSwap, the third-largest decentralized exchange by total value locked (TVL), has unveiled two new features, Gauges Voting and veCAKE, designed to enhance governance influence for CAKE holders. These features aim to stimulate liquidity across pools and increase rewards for CAKE staker. 🟢 PancakeSwap wrote in the blog: 💬 “We’re excited to introduce two transformative features: Gauges Voting and veCAKE, revolutionizing our governance system for CAKE Emissions. This strategic update is designed to empower CAKE holders with increased governance influence, boost liquidity across our pools, and supercharge rewards for CAKE stakers.” ⚡️ PancakeSwap’s governance token, CAKE, is distributed as rewards to liquidity providers and is governed by a decentralized autonomous organization called CakeDAO, consisting of all CAKE holders. The platform currently boasts over $1.4 billion in TVL, making it a prominent player in the decentralized finance (DeFi) space.

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Islamic Coin is now available for trading and deposit on KuCoin!🟢 ⤵️The official listing of $ISLM has launched recently on KuCoin. This is only a first exchange of the list where the token is launched, but we can expect more listings on other top-tier CEX and DEX platforms soon. It might help ISLM bring new liquidity and raise the value of a token. ➡️In addition, partnerships have been established with Sushi, one of the world's largest decentralized exchanges, and Pyypl, a prominent payment app in the Middle East. These collaborations will empower Islamic Coin's global community with benefits like liquidity provision, staking assets, and earning tokens during the liquidity mining phase. 🔔 Islamic Coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). ISLM developers believe that if at least 3% of this audience holds their token, the capitalization will be comparable to BTC. And they already have the biggest Twitter account among crypto Muslim community with 1.3M followers. 📣 Join Islamic Coin Official Telegram Channel not to miss any community rewards announcement and other on-chain activities. Explore KuCoin to trade and deposit ISLM.

China Asset Management Signs MoU with Hashkey Exchange to Promote Web3 in Hong Kong ⚡️ 🟥 China Asset Management’s Hong Kong branch has entered into a memorandum of understanding with Hashkey exchange and HamsaTech Hong Kong. The collaboration aims to jointly foster and develop Web 3.0 initiatives within the asset management sector in Hong Kong. ➡️ The importance of seizing the “golden opportunity” of Web 3.0 was emphasized in the 2023-2024 Budget by the Government of Hong Kong. ‼️ The Financial Services and the Treasury Bureau (FSTB) announced significant initiatives for fintech development during the Hong Kong FinTech Week 2023, including a focus on real economy applications and innovations in the digital assets and Web3.0 sector. 🔔 The Securities and Futures Commission (SFC) introduced new regulations to protect investors and encourage innovation in the virtual assets sector. 🔴 SFC also issued circulars on intermediaries engaging in tokenized securities-related activities and tokenizations of SFC-authorized investment products, providing clarity on regulatory expectations for investor protection. ➡️ China Asset Management (HK), as a prominent asset manager in Hong Kong, has been at the forefront of transforming the traditional asset management industry.

GOP Candidate Ramaswamy Would Reduce Govt Involvement in Crypto If Elected 📌 ➡️ The 2024 United States presidential candidate, Vivek Ramaswamy, has disclosed his plans to curb the Securities and Exchange Commission’s (SEC) control and government involvement in the crypto space if elected. ➡️ In an exclusive interview with CoinDesktv earlier today, Ramaswamy stated his commitment to ousting most SEC officials and facilitating an environment for digital assets to thrive as commodities. 📌 Ramaswamy, representing the Republican party, also known as the Grand Old Party (GOP), is currently the only candidate with a comprehensive crypto policy framework. 👌 Called “Three Freedoms of Crypto” the framework will protect software developers and create more blockchain freedom. 🟥 This policy includes protecting developers from prosecution based on their codes, preventing federal agencies from creating rules that restrict self-hosted wallets, and ensuring the freedom for blockchain projects to thrive. 💬 “Any unconstitutional regulation the US Congress did not explicitly give the SEC to will be null and void. This will apply to most regulations governing the crypto industry,” he added.

🚨#JustIn: 🇦🇪 Crypto.com secures Dubai license 🪪 👉 Read more