Category: Crypto News

The native tokens of move-to-earn lifestyle app STEPN swung higher on news that they would be available to trade on Coinbase, a U.S.-based crypto exchange.

The price of STEPN’s governance token Green Metaverse Token (GMT) rallied by nearly 20% to reach over $4 in the past 24 hours, hitting as high as $4.50, its best level to date.

Similarly, the other STEPN token, called the Green Satoshi Token (GST), which players earn after walking, jogging and running outdoors with STEPN’s “NFT Sneakers,” gained 6.5% to about $6.25 on a 24-hour adjusted timeframe with a new record high of $7.20. 

STEPN ecosystem grows

The intraday rallies in GMT and GST markets are part of a broader uptrend that started in early March 2022. The growing hype around the so-called move-to-earn industry is boosting the value of these tokens, which are rewarded to active players.

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Move-To-Earn Token FITFI on Avalanche has achieved a 50x increase over the price of DAOMaker IDO ($0.0049) after it was launched on OKX and Bybit today. The public offering will release 10% after the launch. The mechanism is similar to Stepn. https://t.co/KVRVb1kDvL

— Wu Blockchain (@WuBlockchain) April 26, 2022

In particular, STEPN’s economic model, which involves selling nonfungible token (NFT) shoes and using the proceeds to buy back and burn GMT tokens, likely attracted speculators that see a lower supply-higher demand structure as bullish. GMT comes with a supply cap of 6 billion.

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Stepn $GMT nearly 2x since last tweet. Up 40x since first mention. I’m up a lot and Stepn app makes me money too. What a great investment https://t.co/CgheKBoMib

— MURO – won’t DM, beware of scam (@MuroCrypto) April 28, 2022

Meanwhile, GST, which comes with an unlimited supply cap, finds bullish cues from its underlying use-cases.

Notably, STEPN players use the token to mint, repair and level up their NFT sneakers — or even sell them on the app’s marketplace. As a result, if the number of STEPN users increases, it could lead to players limiting GST’s downside prospects by using it as an in-game currency.

Players have already been sharing screenshots of their STEPN profiles, which feature their physical activities and the GST rewards they earned for doing them. Meanwhile, leading NFT marketplace OpenSea has added STEPN’s sneakers collection, providing more avenues for STEPN NFT owners to resell their digital shoes. 

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How do I get a $STEPN activation code?

— KSICRYPTO (@ksicrypto) April 27, 2022

The hype for move-to-earn tokens appears similar play-to-earn projects such as Axie Infinity (AXS), which skyrocketed last year. 

GMT ascending triangle

GMT’s price eyes a return to $4.50 ahead of this week’s close, based on the “ascending triangle” setup on its shorter-timeframe charts, as shown below.

Ascending triangles appear when the price consolidates between a horizontal upper trendline and a rising lower trendline. They resolve after the price breaks out in the direction of its previous trend, and rise by as much as the maximum distance between the triangle’s upper and lower trendline.

Related: STEPN to new highs? GMT price painting first ‘bull flag’ toward $5 target

Interestingly, the triangle’s upside target near $4.50 also coincides with the 1.618 Fib line of the Fibonacci retracement graph drawn from $3.82-swing high to $2.75-swing low. 

GST descending triangle

Unlike GMT, GST is showing signs of breakdown as it forms a descending triangle pattern after topping out at $7.20.

GST’s price has been trending lower between a falling upper trendline and a horizontal lower trendline, which is considered bearish reversal after a strong uptrend. That said, the STEPN token now risks breaking below the triangle’s lower trendline, as illustrated below.

If this occurs, GST’s price will risk falling by as much as the triangle’s maximum height when measured from the breakdown point, resulting in the bearish target of $6.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Blockchain real estate platform Propy has partnered with Abra to allow customers to obtain home loans using their cryptocurrency holdings, potentially widening the financial use cases of digital assets. 

Propy customers can now put up digital assets as collateral for their real estate purchases through Abra Borrow, a cryptocurrency lending and borrowing service. Crypto collateral pledged on Abra is used to borrow United States dollars that can then be applied to home purchases.

The Propy blockchain records the entire transaction process, serving as the technical and legal framework for buyers and sellers. According to Propy, the blockchain records the transaction whether it’s made in crypto, nonfungible tokens (NFT) or traditional fiat currency.

Abra is a crypto-focused wealth management platform that has been around since 2014. The platform allows users to generate yield on their crypto, borrow dollars against their holdings and trade digital assets. Abra has received backing from several major companies, including Amex Ventures, the venture capital arm of American Express, which contributed to its $55 million Series C funding round in September 2021.

While early crypto investors have generated significant wealth over the years, their access to traditional financial products such as mortgages remains limited. Decentralized finance, or DeFi, applications are attempting to fill the void. As Cointelegraph reported, a new homeowner in Austin, Texas recently purchased property through a mortgage obtained from USDC.homes, a crypto loan service based on Circle’s USD Coin (USDC).

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If you’re buying a home in the future, you’ll probably be using NFTs. Here’s how crypto is changing real estate in the meantime. https://t.co/jiLT9Uojvd

— Cointelegraph (@Cointelegraph) February 19, 2022

Related: Web3 solutions aim to make America’s real estate market more accessible

Fintech startup Milo is also offering crypto mortgages to homebuyers wishing to use their Bitcoin (BTC) as collateral. Meanwhile, decentralized mortgage lender Bacon Protocol launched a program in September 2021 that allows homeowners to exchange a lien on their property for an NFT that represents a percentage of the property they bought.

There’s a special bond between mothers and their sons. For pseudonymous Alan, a 28-year-old engineer, a Bitcoin (BTC) loan helped his mom to buy a house.

Alan told Cointelegraph that he took out a Bitcoin-backed loan in 2021 — serendipitously on his sister’s birthday — to gift his mom the tax-free money. She then used the funds to buy a house in North Yorkshire, England, while Alan kept his Bitcoin.

Alan first used Bitcoin in 2012, learning it was a useful currency to buy things on the internet. He used the peer-to-peer (P2P) service localbitcoins.com, whose team are regular Cointelegraph contributors, to buy Bitcoin.

Alan described the process of buying Bitcoin from real people as a “bizarre experience.” He explained that the experience 10 years ago is incomparable to using popular exchanges such as Coinbase, Kraken or Binance nowadays.

Over the course of his studies at university, Alan’s interest in Bitcoin waxed and waned until 2014 came round and the “less than 100 pounds,” or $130, that Alan had in Bitcoin had become a “couple of grand.” Alan explains the “transition” of Bitcoin the currency into something more:

“Bitcoin had actual utility, from buying things online to having actual value. I’ve now got this anonymous money, or ‘anonymous enough’ money, with actual value.”

Hodling onto Bitcoin over the long-term might make sense, as the P2P money created by Satoshi Nakomoto could be an investment tool or a store of value.

Fast forward to 2016, and the price per Bitcoin was around $753, or 600 pounds. Alan knew that it was “something worth buying,” but Alan was still a student and had his head down for exams:

“I didn’t have any cash, and any Bitcoin I did have I was using to buy things.”

Alan spoke to his dad, suggesting it might be worth “investing a couple of thousand” into the orange coin. Unfortunately, his father did not invest in 2016, but Alan hodled on.

The 2017 Bitcoin bull run swung around, and the price per Bitcoin reached almost $20,000. At the time of Alan’s second halving, the process whereby the Bitcoin miner reward halves, causing a supply shock, his Bitcoin was beginning to grow in monetary value.

In the summer of 2021, with the price in the $40,000s, Alan’s mom’s house negotiations came up in conversation. Alan knew how he could “help out,” and better yet, he knew he could take out a loan so he didn’t even have to sell.

He chose Celsius, a centralized finance platform dealing with decentralized cryptocurrencies to source cash. Despite interest in other cryptocurrencies and knowledge of decentralized finance (DeFi), Alan explained that using a centralized finance provider offers a “lower risk perception,” as they’re backed by venture capital:

“You expect they’d be slightly more resilient than DeFi protocols. Plus, the 25% loan to value is a good limit they put on me because otherwise, I’d probably liquidate myself.”

On his sister’s birthday, sometime in August 2021, Alan took out a 25% loan-to-value, 0% interest Bitcoin-backed loan with Celsius. He swiftly transferred the money to his mom to reach the total sum required for the new house.

He put up 2.08 BTC as collateral to generate $25,000 for the purchase at a loan term length of 36 months. Alan’s mother was overjoyed with his generosity, and upon learning that the money came from a Bitcoin loan, Alan says she commented, “That’s cool!”

Cointelegraph reached out to Alex Mashinsky, CEO of Celsius for comment. He explained that it’s “an honor to serve a community that wants to do good for others,” adding:

“We hear lots of great stories about clients who start businesses, build businesses, buy houses, care for others, even climb mountains by using Celsius loans.”

Alan caveats his Bitcoin-backed loans experience by explaining that he has taken out further Celsius loans to buy other things, but in a word of caution: “Sometimes it’s good, sometimes it’s shit.”

Related: The 1M euro Bitcoin retirement plan reaches 200K: ‘It’s not too late to invest’

Ultimately, Alain explained that while “Bitcoin gets a bad ride in the press, the more good things people do with it, the better.” Furthermore, he’s proved you don’t necessarily need to sell your Bitcoin to be generous.

“A lot of people have gotten incredibly lucky to turn small amounts of money into ludicrous piles of wealth. So yeah, give a bit back somewhere nice. Whether it’s family or just general charity.”

Alan concluded that everyone should “buy your mum a house,” or, better yet, he jokes, “buy my mum another house.” 

Bitcoin (BTC) has reentered its most significant lifelong consolidation zone but could still crash to a “macro bottom,” new research warns.

In a Twitter thread on April 27, on-chain analytics platform Material Indicators shone a light on the importance of $38,000 for BTC price action.

Bitcoin circles all-important point of control

After lingering near liquidity at or above $37,700 on intraday timeframes, data from Cointelegraph Markets Pro and TradingView shows, BTC/USD has yet to make a clear move up or down, and traders have been left guessing which way the market will go.

Macro factors are demanding further downside, as the impact of inflation and geopolitical strife is clearly felt on equities markets.

At the same time, on-chain signals are anything but bearish, led by miners and their ever-increasing investment in hash rate.

Whether short or long timeframe, however, $38,000 forms a critical historical price for Bitcoin.

“Since the breakout from $20k in Dec ’20, BTC has consolidated in this range more than any other,” Material Indicators explained.

It added that the “point of control” — essentially the price level with the highest volume — now sits at “precisely” where spot price is currently acting.

Where Bitcoin could go from here, however, is not obvious given this month’s price trend. Analyzing the 3-day chart, Material Indicators noted both bullish and bearish patterns repeating themselves this week alone.

These involve the 50-period, 100-period and 200-period moving averages on the 3-day chart.

“Zooming in slightly to the 3 Day chart reveals that 3-Day 50MA crosses below the 100 3-Day MA have triggered rallies and interaction with the 3-Day 200 MA has either led to a rally or breakdown to the macro bottom,” it noted.

“BTC has checked all of those boxes this week.”

Lost moving averages stack up

Regardless of direction, volatility is all but guaranteed thanks to the upcoming monthly close. At present, BTC/USD is set to close April $6,000 lower than where it started.

Related: Ex-BitMEX CEO explains how Bitcoin will have hit $1 million by 2030

As Cointelegraph previously reported, the weekly chart produced the first four-period red candle set since June 2020 on last Sunday’s close.

Two key weekly moving averages meanwhile repeated a rare trend, which twice sparked a 50% BTC price drawdown this week.

Concluding, Material Indicators brought whales into the picture. In addition to now lying below all three aforementioned moving averages, whale buying and selling behavior at this crucial point is key to determining future trajectory.

“Until BTC reclaims the key moving averages these are considered distribution rallies used to sell the rip or add to short positions,” it wrote.

“Expect more volatility coming into the Monthly close/open. Will look for a new Trend Precognition signal on the Monthly chart then.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month.

As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) worth more than $612 million at the time.

Earlier this month the Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it fired off a warning to other crypto and blockchain organizations.

Ronin announced its platform changes via a post-mortem report published yesterday, noting that all user funds are in the process of being restored as it vowed to make sure this “never happens again.”

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We have put together a postmortem regarding the Ronin exploit that occurred on March 23rd.

• Why it happened
• What we’re doing to make sure this never happens again
• Ronin bridge re-opening updatehttps://t.co/FfwCtCG84E

— Ronin (@Ronin_Network) April 27, 2022

The hack run down

The hack was the result of a spear phishing attack on a former Sky Mavis employee (developers of Axie Infinity). The bad actor was able to leverage the employee’s credentials to access Sky Mavis’s four validator nodes out of a total of nine in the Axie/Ronin ecosystem.

This by itself was not enough to do any damage, but “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

“This traces back to November 2021 when Sky Mavis requested help from the Axie DAO to distribute free transactions due to an immense user load. The Axie DAO allowlisted Sky Mavis to sign various transactions on its behalf. This was discontinued in December 2021, but the allow list access was not revoked,” the report reads.

Following the hack, big changes are being implemented at both Sky Mavis and the Ronin Network.

Ronin

The Ronin Network hopes to have its bridge open again by mid to late May, with Binance providing support until then with withdrawal and deposit infrastructure for Axie users.

The team is about 80% through upgrading Ronin bridge smart contracts, they’ll be reworking the backend, migrating all pending withdrawals and launching a validator dashboard that “allows for approving large transactions and adding/removing new validators.”

“The Ronin Network bridge is currently being redesigned and will open once we are confident that it can stand the test of time. We initially expected to be able to deploy the upgrade by the end of April, but this is not a process that we can afford to rush.”

Related: Binance recovers $5.8M in funds connected to Ronin bridge exploit

Sky Mavis

Sky Mavis will ramp up its security measures by seeking the help of “top tier security experts,” conducting contract audits and implementing stricter internal procedures such as training courses to “combat external threats.”

Notably, it will also be significantly upping its node count to help decentralize the project. Having already increased from nine to 11, Sky Mavis intends to get that number up to 21 within three months. Longer-term, the project is eyeing more than 100 nodes.

Sky Mavis will also be launching bug bounties of up to $1 million for any white hat hackers who are able to find further vulnerabilities.

“We recognize the importance and value of security researchers’ efforts in helping keep our community safe. Sky Mavis is offering bounties of up to $1 million to encourage responsible disclosure of security vulnerabilities.”

Major United States-based payment processor PayPal will reportedly be closing its office in San Francisco, while the headquarters in nearby San Jose will remain available to employees.

According to a Wednesday report from TechCrunch, the payments firm will be closing its offices in downtown San Francisco with its Xoom arm — the division responsible for international digital money transfer services. At the time of publication, PayPal has several job listings for San Francisco as well as 17 other locations across the United States, and 32 international locations.

A PayPal spokesperson reportedly hinted the closure was aimed at the company evaluating its “global office footprint.” Another person at PayPal familiar with internal happenings at the firm said displaced San Francisco employees would also have the option of working remotely.

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PayPal shuttering its San Francisco office https://t.co/XEQvXwYVYH by @bayareawriter

— TechCrunch (@TechCrunch) April 27, 2022

PayPal released its earnings report for the first quarter of 2022 on Wednesday, reporting the firm had a total payment volume of $323 billion and transaction revenues totaling roughly $6.5 billion. The latter included fees from facilitating “the purchase and sale of cryptocurrencies.”

Since announcing it would accept cryptocurrency payments in 2021, PayPal has made inroads into the digital asset space by exploring the development of a stablecoin. In addition, the payments firm established an advisory council in February aimed at supporting endeavors related to crypto, blockchain and digital currencies.

Related: Demand for PayPal’s crypto offering exceeded all expectations, CEO says

The San Francisco Bay Area is home to many major crypto and tech companies, but some firms have made an exodus in recent years, possibly due to staff willing to accept remote working conditions amid the pandemic. Major crypto exchange Coinbase announced in May 2021 that it would be closing its San Francisco headquarters in 2022 as part of its commitment to “being remote first.”

Kraken CEO Jesse Powell also said in April that the firm had shut down its global headquarters in the city by the bay following reports several of its employees had been “attacked, harassed and robbed on their way to and from the office.”

Michael Hsu, the acting head at the United States Office of the Comptroller of the Currency, said stablecoins need standards comparable to the early internet.

In a written statement following his appearance at the Artificial Intelligence and the Economy event in Washington D.C. on Wednesday, Hsu said stablecoins lacked “shared standards,” were “interoperable,” and needed standards similar to those set by the Internet Engineering Task Force and World Wide Web Consortium. According to the OCC head, representatives from the crypto industry as well as within the U.S. government — including the OCC and National Institute of Standards and Technology — could work toward such goals.

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Acting Comptroller Issues Statement on Standards for Stablecoins https://t.co/QthxNECOo9

— OCC (@USOCC) April 27, 2022

As the U.S. government bureau tasked with supervising federally licensed banks, the OCC is one of the regulators in the country whose purview crosses into the digital asset space, in addition to the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. On April 22, the OCC issued a consent order against Anchorage Digital due to its “failure to adopt and implement a compliance program” in accordance with anti-money laundering requirements agreed upon by the bureau in January 2021.

Related: Regulators are coming for stablecoins, but what should they start with?

In the United States, both lawmakers and government agencies have been grappling with how to handle stablecoins on a regulatory level in a type of legislative tug-of-war. In November 2021, ​​the President’s Working Group on Financial Markets released a report suggesting that legislation on stablecoins was “urgently needed” and issuers should be subject to “appropriate federal oversight” akin to that of banks. House of Representatives member Patrick McHenry has proposed a state-centered regulatory approach for stablecoins, while Senator Pat Toomey drafted a bill in April suggesting “payment stablecoins” be exempt from many U.S. securities regulations.

Bitcoin (BTC) remains a slave of the U.S. dollar on April 27 as the greenback spells fresh misery for risk assets across the board.

BTC faces off with the support zone to hold

Data from Cointelegraph Markets Pro and TradingView showed a precarious picture of BTC markets on April 27 as bulls battled for control of short-term support levels.

After dipping to $37,700 on April 26, Bitcoin saw a relief bounce that culminated in a rebound to $39,200 — a zone th is now critical to flip back to support, one trader says.

In his latest YouTube update, Cointelegraph contributor Michaël van de Poppe highlighted the area around $39,300 as a springboard for BTC/USD to attack short-timeframe resistance. Flip it, he said, and the pair could then target $42,600.

“If we lose this one, I think we are looking for short opportunities,” he explained, with possible confirmations of a bottom coming below $37,000.

“If we lose this level as support, I think it could be nosediving as we’re going to trigger liquidity below the lows and then we might be testing some lower levels in which ultimately, if the markets are really ready to nuke, I’m looking at $30,000 as the ultimate bottom for the markets.”

Van de Poppe is far from alone in calling for a $10,000 step down. In recent weeks, several figures have given $30,000 as a target, among them former BitMEX CEO Arthur Hayes and Bloomberg Intelligence chief commodities strategist Mike McGlone.

In his latest blog post, meanwhile, Hayes expanded on his short- to the mid-term view of asset prices, forecasting a dramatic renaissance in both Bitcoin and gold, which he says will hit $1 million and up to $20,000, respectively, by 2030.

XAU/USD traded at $1,887 at the time of writing, having almost hit $2,000 on April 18.

Dollar checks rise as crucial resistance nears

As throughout this week, everything hinges on the U.S. dollar currency index (DXY).

Related: Purpose Bitcoin ETF adds 1.1K BTC as data hints investors want to ‘buy the dip’

Reaching 103.28 on April 27, DXY is attempting to match and break above its highs from March 2020, something that would mean multi-decade highs should it succeed.

Van de Poppe flagged 103.77 as the level to watch, while a break in the upside would reduce pressure on Bitcoin and other risk assets.

“If the DXY is finding itself a top — which is most likely going to be above those highs — and take the liquidity there, I think you’ll want to be long Bitcoin,” he added, predicting a “serious run” for BTC should a DXY retracement come in tandem with BTC/USD reclaiming support.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

In his monthly crypto tech column, Israeli serial entrepreneur Ariel Shapira covers emerging technologies within the crypto, decentralized finance (DeFi) and blockchain space, as well as their roles in shaping the economy of the 21st century.

The impending Metaverse dominates crypto headlines as analysts almost obsessively race to predict what innovations the new digital world will bring. Facebook’s rebranding to Meta seems to be the tip of the iceberg, as Microsoft — and some other Big Tech companies — announce their plans to integrate into the Metaverse.

The hype around the Metaverse is only natural. There’s no question the humans of the future will spend more of their time than some would care to admit wearing a VR headset. But the keyword here is future — most Metaverse developments are building a digital world for which the vast majority of humans won’t have use for many years to come. It’s important to save energy and attention for the developments coming out of mainstream crypto/DeFi because they are already massively transforming economic incentives.

Take Ripple (XRP), which was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly offering an illegal securities offering through sales of its cryptocurrency token, XRP. The company that steered the advantages of blockchain away from the “let’s overthrow the banks” crowd to the “let’s work with them” crowd has come a long way from the days in which many thought a Federal lawsuit would be the last nail in the coffin of crypto as an industry, recently having taken an upper hand in the lawsuit. Several thousand miles south of the United States, Bitcoin (BTC) has become the focal point of a city in El Salvador.

Related: SEC vs. Ripple: A predictable but undesirable development

These two symbolic developments highlight the magnitude of blockchain-based finance and its stride toward mass adoption, and it’s worth taking a closer look at them, as well as other major blockchain successes looking forward. Just as many crypto investors lock in their gains periodically rather than holding forever, so too must the industry.

The Ripple effect

The recent change of tides in the landmark SEC case against Ripple could amp up the momentum for crypto adoption. Two years ago, the SEC sued Ripple for allegedly raising “over $1.3 billion through an unregistered, ongoing digital asset securities offering.” The case stirred fear in the hearts of similar projects, as well as investors concerned about the implications of their investments. But the tables have turned, and Ripple claimed “a very big win,” when the judge denied the SEC’s request to reconsider shielding key documents.

Should Ripple fend off the SEC lawsuit, the world’s lone superpower could be well on its way to taking a friendlier stance on crypto, and that would open the floodgates. And that doesn’t necessarily mean that the most radical crypto purists would be emboldened. Ripple’s work toward arming outdated banks and traditional financial infrastructure with the blockchain-powered tools already being used by DeFi platforms could give legitimacy to the idea of updating the centralized financial system, rather than replacing it with the libertarian DeFi dream.

Related: ​​It is time for the US to create a ‘Ripple test’ for crypto

This would have serious economic implications for the future of the global economy that analysts should spend at least some of the time they think about NFTs deliberating.

Making DeFi accessible

And while Ripple makes waves and Bored Apes populate Twitter, what of DeFi? The market is currently valued at 207 billion, compared to slightly above 104 billion on April 25, 2021. DeFi is actively opening traditional investment opportunities to retail investors across the globe. At a time in which inflation is rising, and housing becomes less affordable across the globe, access to investment opportunities for retail investors, aka average people, can be a lifesaver.

And that’s what critics often miss about crypto as an industry. Those who argue blockchain is a technology looking for a use case miss developments by companies such as Levana, which actually will introduce crypto investors to DeFi through games that teach them how to use leverage with lore about a dystopian future of a Mars populated by humans. Such an approach, known as the gamification of investing, is spreading like wildfire, as is the industry as a whole. The DeFi world is projected to explode by around 70% by 2026.

Related: DeFi gaming: A catalyst to mainstream adoption of decentralized finance

Government collaboration

As Ripple makes headway in nudging the United States toward greater crypto openness, countries ranging from Germany to Singapore are pushing crypto regulation forward. Of course, there’s also the high-profile case of El Salvador adopting Bitcoin as legal tender as the prime example of a country experimenting with crypto to attempt to innovate its path out of financial ruin. Other countries, too, are taking steps to leverage blockchain to their advantage.

The Philippines government is actively partnering with a company called Oz Finance to offer economic opportunities through special economic zones (ecozones). The idea is to empower individuals and companies to operate virtually or physically in tax-free, privacy-protected, decentralized application (DApp)-friendly zones powered by Oz’s utility token TOTOz.

Blockchain is becoming so intertwined with the average person’s life that universities such as Harvard and MIT are offering courses in blockchain, showing how the world is shifting towards mainstream adoption even among academics.

While it’s constantly expanding, the blockchain industry as a whole only has so many resources to deploy at a given moment, especially with developer shortages across the globe. As such, it’s important to keep things in perspective and pay attention to initiatives improving the financial lives of average people here, in this physical world, before we all ape into the Metaverse with the rest of the Degens.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading. 

On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country’s financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory.

The regulation, crafted by a special working group that included both government officials and  industry experts, sets operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant virtual asset holdings, publication of information that could be aimed at generating false or misleading market signals, and to investigate whether algorithmic-based systems are being used to generate deceptive data around transaction volumes.

The regulation also requires crypto companies to seek and prevent any insider trading activities and to inform the public of any relevant information “as soon as possible.” Proposed trading standards also include putting in place measures to reduce the liquidity providers and market makers’ capacity to significantly alter asset prices.

Albert Isola, Gibraltar’s Minister for Digital and Financial Services, expressed his confidence that the introduced measures will help the jurisdiction maintain its already strong relationship with the crypto sector. Isola commented to Cointelegraph:

“The introduction of the 10th Principle, with a significant input from industry, will develop further our regulatory framework. It provides permissioned firms with clear guidance on the standards that are required of them as well as providing consumer and jurisdictional protection.”

One of the leaders of the working group, fintech lawyer Joey Garcia, commended Gibraltar’s push to comply with FATF recommendations:

“It is great to see […] Gibraltar lead in setting standards, particularly when the FATF has cited market integrity and prudential requirements as factors that jurisdictions should consider when developing regulatory requirements for the space.”

A home to the population of roughly 34,000 people, Gibraltar emerged as an attractive location for crypto in recent years. ​​Following approval from the GFSC, crypto exchange Huobi had reportedly moved its spot trading operations to its Gibraltar-based affiliate.