Tag Archives: amidst

Cardano’s NFT Market Resilience Amidst “Ghost Chain” Reputation

Cardano’s NFT Market Resilience Amidst “Ghost Chain” Reputation

Despite a decline in unique NFT buyers on Cardano, labeled the “ghost chain,” recent data from Forkast Labs reveals surprising resilience in the blockchain’s NFT market, outperforming Ethereum, Solana, and Polygon in June.

 

Cardano’s “Ghost Chain” Reputation:

In October 2021, Cardano reached a peak of 254,383 monthly unique NFT buyers, but in June, this figure dropped to 13,559, marking a 10.12% decrease from May.

 

Market Performance Metrics:

Forkast CAR NFT Composite: The index measuring Cardano’s NFT market performance fell by 3.84% to 982.01 in June, reflecting losses for NFT traders in top collections on Cardano.

 

Comparative Losses Across Blockchains:

While the “ghost chain” narrative persists, data indicates that Cardano’s NFT traders suffered fewer losses compared to Ethereum, Solana, and Polygon in June.

 

Ethereum (ETH): Traders on Ethereum experienced an estimated loss of 14.41%.

Solana (SOL): Solana’s NFT market fell by 14.71%.

Polygon (POL): Polygon’s NFT market slumped by 13.49%.

Overall NFT Market: The Forkast 500 NFT Index, representing the overall NFT market, dropped by 16.14%.

 

Cardano’s Position and NFT Ecosystem:

Despite being the world’s eighth-largest cryptocurrency, ADA’s market capitalization is around US$10.4 billion. Cardano ranks sixth in blockchain NFT trading volume, with US$597 million in sales. Despite occasional claims of Cardano’s NFT ecosystem demise, some supporters and projects remain optimistic.

 

Moosa Zaidi, CEO of NFT Hive Club, acknowledges the die-hard Cardano supporters and projects, emphasizing the potential impact of a market bull run.

 

Creators and Enthusiasts:

Despite the decline in buyers, creators continue to release NFT collections on Cardano. Digital artist Mulga’s MulgaKongz NFT collection, launched on June 23, sold out within 48 hours, demonstrating ongoing interest.

 

Challenges and Community Engagement:

Several top Cardano NFT projects remain active, but some have gone silent on social media, sparking discussions within the community about supporting genuine builders.

 

Market Analysis and User Experience:

Anndy Lian, author of “NFT: From Zero to Hero,” highlights Cardano’s user-friendly experience, low transaction fees, and scalability, making it attractive for cost-conscious NFT enthusiasts.

 

Challenges Across Blockchains:

Lian notes that low market liquidity affects NFT market performance across all blockchains, making it challenging for holders to find buyers at desired prices.

 

Community Perspective and Future Outlook:

Despite challenges, Count Stackula, a Space Budz NFT holder, emphasizes Cardano’s overall healthy NFT ecosystem, with developers focusing on building robust infrastructure.

 

While Cardano faces challenges and skepticism, its NFT ecosystem remains active, driven by committed developers and community engagement. The “ghost chain” moniker may not fully capture the blockchain’s ongoing contributions to the NFT space.

 

 

 

Source: https://www.coinlive.com/news/cardano-s-nft-market-resilience-amidst-ghost-chain-reputation

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Worldcoin is amidst a World War. Here’s How it Can Fight Back

Worldcoin is amidst a World War. Here’s How it Can Fight Back
  • The project that scans the users’ iris to validate their identity is facing significant regulatory battles in many countries.
  • Worldcoin must provide concise information outlining how data will be collected, used, and stored.

Worldcoin, an innovative project with a vision of establishing a global identity and financial network, aims to revolutionize the way we perceive digital identity and currency. Founded on the ambitious goal of granting majority ownership of this network to humanity, Worldcoin endeavors to unleash economic potential, ensure online privacy, enable democratic processes, and even lay the foundation for a Universal Basic Income funded by AI.

At its core, Worldcoin comprises two crucial elements: World ID, a privacy-focused digital identity network utilizing ‘proof of personhood’, and WLD, its digital currency. The World App serves as the main interface to World ID and the Worldcoin Protocol, developed by Tools for Humanity (TFH).

‘Proof of personhood’ forms the heart of Worldcoin’s concept, verifying individual human status and uniqueness. Successful implementation of World ID could set a global standard for validating personhood and overcome challenges in online voting as well as value distribution.

Worldcoin’s foundational principles include emphasizing ‘proof of personhood’ in the AI era, aligning network incentives for genuine human involvement, and drawing parallels with Bitcoin and Ethereum’s security models. However, challenges arise, particularly regarding the collection, handling, and privacy of biometric data.

World ID, backed by the Orb biometric device, offers a privacy-focused way to verify individual identity. While it promises enhanced security through unique biometric markers, it raises concerns about data storage and ethical usage. The diversity of data privacy regulations worldwide adds complexity, prompting concerns and regulatory scrutiny in countries like Kenya, the United Kingdom, India, and the United States.

Kenya suspended Worldcoin’s activities due to security, privacy, and financial issues, raising questions about data handling, ownership, and legality.

Additionally, The Information Commissioner’s Office, the U.K.’s data protection regulator, has said that it is “examining” the project and “making further inquiries” about its data collection practices. While India’s central bank, The Reserve Bank of India, has warned that Worldcoin is not legal tender and that using it as a payment instrument is illegal. Also, The U.S. Securities and Exchange Commission has not yet commented on Worldcoin, but some experts believe it could be classified as a security, subjecting it to stricter regulations.

In a world embracing digital transformation, Worldcoin’s proposal signifies a paradigm shift in identity and finance. However, the controversial aspects surrounding biometric data and regulatory challenges highlight the need for transparency, robust safeguards, and respectful adherence to privacy laws.

As Worldcoin strives to redefine the digital landscape, its journey underscores the intricate balance between innovation and ethical responsibility. The project’s success hinges on its ability to address concerns, collaborate with regulators, and ensure data security, providing a future where digital identity and financial networks coexist harmoniously on a global scale.

Vigilant in Avoiding Exploitation

To address privacy and data collection challenges, the project should prioritize enhanced transparency regarding its data collection and usage practices. Worldcoin must provide clear and concise information that outlines how data will be collected, used, and stored. It should obtain informed consent from individuals prior to collecting their biometric data is essential. Ensuring that individuals fully comprehend the implications of data sharing and voluntarily provide consent is paramount.

Worldcoin must be vigilant in avoiding any exploitation of vulnerable populations. The project’s marketing and recruitment strategies should adhere to ethical principles and avoid targeting those who may be more susceptible.

Also, collaboration with regulatory bodies is imperative. By engaging with regulators transparently and cooperatively, the project can effectively address any concerns raised and ensure compliance with relevant regulations.

Apart from tackling privacy concerns, Worldcoin can also strengthen its industry footprint to boost legitimacy. It can collaborate with organizations specializing in privacy and data protection that could aid in developing and implementing robust best practices for data collection and utilization.

Additionally, it should create a framework for data governance that would reinforce responsible and ethical data use, further safeguarding individuals’ information. Another step could be prioritizing investments in robust security measures is essential to prevent unauthorized access and misuse of sensitive data. And educating the public about the project’s objectives, practices, and safeguards is crucial for building trust and fostering understanding among potential users.

Casting a Shadow

The emergence of Worldcoin presents a captivating vision of a globally connected identity and financial network underpinned by innovative concepts like ‘proof of personhood’ and biometric authentication. The potential benefits encompass economic opportunities, enhanced online security, and even transformative social initiatives like a Universal Basic Income funded by AI.

Nevertheless, the project has encountered its share of controversy, primarily revolving around collecting and managing sensitive biometric data. While using biometric markers for identity verification holds promise, concerns about data privacy, security, and ethical considerations have cast a shadow over Worldcoin’s ambitious goals.

Source: https://www.financemagnates.com/cryptocurrency/worldcoin-is-amidst-a-world-war-heres-how-it-can-fight-back/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Hong Kong Emerges As An Attractive Hub For The Virtual Asset Industry Amidst Regulatory Scrutiny

Hong Kong Emerges As An Attractive Hub For The Virtual Asset Industry Amidst Regulatory Scrutiny

The virtual asset industry is facing increasing scrutiny and regulatory clampdowns worldwide, leading to the emergence of new hubs for the industry. Hong Kong is one such hub that has proposed rules allowing retail investors to trade certain “large-cap tokens” on licensed exchanges, contrasting with mainland China’s ban on crypto-related transactions. Although the Securities and Futures Commission of Hong Kong has not specified which tokens would be allowed, industry insiders believe Bitcoin and Ether are likely to be among them.

China’s crackdown on crypto trading aimed to protect individual investors from speculative activity. However, the crypto industry’s increasing bankruptcies and layoffs may justify their actions. Despite this, the industry continues to attract investment and talent, making it hard to imagine Beijing sitting idly by while the rest of the world develops new building blocks that could potentially spark a new wave of innovation as big as the current internet itself.

As a result, many of China’s web3 startups have set up new bases in more crypto-friendly locations such as Singapore and Dubai. However, with Hong Kong’s more relaxed regulatory environment for cryptocurrencies, some Chinese-founded web3 companies in exile may consider returning home. Hong Kong’s proposal stipulates that all centralized virtual currency exchanges operating in the city or marketing services to the territory’s investors must obtain licenses from the securities and futures authority.

The proposed requirements cover key areas such as safe custody of assets, know-your-client, conflicts of interest, cybersecurity, accounting and auditing, risk management, anti-money laundering/counter-financing of terrorism, and prevention of market misconduct. Centralized crypto exchanges must ban Hong Kong IP addresses until they obtain the relevant permits to operate in the city. The regulatory requirements are open for consultation until March 31, and the new licensing regime will take effect on June 1. This move by Hong Kong is strategic, as it can attract crypto companies and investments to the city. Implementing clear regulatory frameworks would help the industry gain mainstream adoption and bring in more institutional investors.

AML Crypto Regulations In Hong Kong

The Legislative Council passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (AML/CTF Amendment Bill 2022) on December 7, 2022. This bill introduced a licensing regime for virtual asset service providers (VASPs) and imposed anti-money laundering (AML), counter-terrorism financing (CTF), and investor protection obligations upon these actors.

VASPs that are licensed in Hong Kong are subject to a number of AML, CTF, and investor protection obligations. These include:

  • Customer Due Diligence (CDD): VASPs must conduct CDD on their customers, which includes identifying and verifying the identity of the customer, the beneficial owner, and any other person who exercises control over the customer. VASPs must also assess and understand the nature and purpose of the business relationship with the customer.
  • Ongoing Monitoring: VASPs must monitor their customers’ transactions on an ongoing basis to ensure that they are consistent with their knowledge of the customer, the customer’s business, and the risks associated with the customer.
  • Record-Keeping: VASPs must maintain adequate records of their customers, their transactions, and their risk assessments. These records must be kept for a period of at least five years.
  • Reporting: VASPs are required to report suspicious transactions to the Joint Financial Intelligence Unit (JFIU) of Hong Kong. Suspicious transactions include those that are inconsistent with the customer’s profile, those that have no apparent economic or lawful purpose, or those that involve the proceeds of crime.
  • Investor Protection: VASPs must also put in place measures to protect their customers’ assets. This includes measures such as segregation of customer assets from the VASP’s own assets and insurance against losses.
  • Penalties for Non-Compliance: VASPs that fail to comply with the new regulations are subject to a range of penalties, including fines, suspension or revocation of their license, and criminal liability. Individuals who are found guilty of money laundering or terrorist financing may face imprisonment of up to 14 years and fines of up to HKD 5 million.

The new regulations also provide for the imposition of sanctions by the United Nations Security Council or by Hong Kong in respect of breaches of international sanctions.

Licensing And Registration Requirements For VASPs In Hong Kong

Anyone who engages in a virtual asset exchange business in Hong Kong must apply for a license with the SFC. The AML/CTF Amendment Bill 2022 also introduced regulations for VASPs to comply with the Crypto Travel Rule.

The HKMA will only grant licenses to VASPs that meet certain criteria, including:

  • The company must be incorporated in Hong Kong.
  • The company must have a permanent place of business in Hong Kong.
  • The company must have adequate financial resources.
  • The company must have appropriate AML/CTF systems and controls in place.
  • The company must have a compliance officer responsible for ensuring the company’s compliance with the new regulations.

VASPs that fail to obtain a license will be prohibited from providing virtual asset services in Hong Kong.

Complying With The Crypto Travel Rule In Hong Kong

The Crypto Travel Rule will be effective in Hong Kong as of June 1, 2023. The new regulatory regime will provide industries with a grace period to prepare for compliance until that date. In Hong Kong, Travel Rule requirements apply regardless of the transaction amount.

The scope of data to be exchanged varies depending on the threshold of the transaction. For virtual assets that amount to HKD 8,000 or more, the following information needs to be shared: name, account number, and address of the originator, as well as the beneficiary’s name and account number. For virtual assets that amount to less than HKD 8,000, only the name and account number of the originator and beneficiary are required.

There are no differences in customer personally identifiable information (PII) requirements for cross-border transfers and transfers within Hong Kong. However, for wire transfers, the information recorded must include the number of the originator’s account or a unique reference number assigned to the wire transfer by the financial institution.

Non-custodial or self-hosted wallet transactions do not have any specific requirements in Hong Kong. The AML/CTF Amendment Bill 2022 defines virtual asset transfers subject to Crypto Travel Rule requirements as transactions for transferring virtual assets carried out by an institution on behalf of an originator, with a view to making the virtual assets available to the originator or another person at an institution, which may be the ordering institution or another institution.

To sum up, Hong Kong’s plan to permit retail investors to trade large-cap tokens on licensed exchanges is a significant advancement for the worldwide crypto industry. While China’s crackdown on crypto trading was meant to safeguard individual investors from speculative behavior, Hong Kong’s proposed regulatory framework is more lenient and has the potential to lure more crypto companies and investments to the city. The establishment of clear regulatory frameworks would aid in the industry’s adoption by the general public and attract more institutional investors. I hope to witness a harmonious balance between the two approaches.

 

Source: https://www.benzinga.com/23/03/31340390/hong-kong-emerges-as-an-attractive-hub-for-the-virtual-asset-industry-amidst-regulatory-scrutiny

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j