Category Archive : India

New York looking to criminalise crypto frauds

New York looking to criminalise crypto frauds

The state of New York aims to reinforce its position as a pioneer in the regulatory framework for cryptocurrencies with this latest bill. However, legislators in New York aren’t the only ones looking to pass crypto-related laws

By Shashank Bhardwaj


Image: Shutterstock

US Senator Kevin Thomas of New York has proposed a legislative amendment to establish new penalties for rug pulls and other scams involving “virtual token distribution, private key fraud, and fraudulent failure to disclose interest in virtual tokens.” Assembly Bill A8820, a related bill, was also introduced in the lower chamber of the New York State Legislature.

Senate Bill S8839m which establishes certain offenses relating to crypto fraud proposes identifying, punishing, and criminalising crimes directed against developers and projects that seek to defraud cryptocurrency investors. It is expected to give prosecutors more clarity on prosecuting crypto crimes while also minimising fraud by utilising the blockchain technology.

The bill proposes a legal change that would impose rug pull penalties on developers who sell “more than 10% of such tokens within five years from the date of last sale of such tokens.” It also defines private key fraud as the use or disclosure of another person’s private keys without authorisation. Developers who fail to reveal their personal crypto holdings on the main page of project websites may also be held liable for fraudulent failure to disclose a virtual token interest.

The state of New York aims to reinforce its position as a pioneer in the regulatory framework for cryptocurrencies with this latest bill. However, legislators in New York aren’t the only ones looking to pass crypto-related laws. Reps Norma Torres of California and Rick Crawford of Arkansas have also introduced bills to mitigate the risks associated with El Salvador’s adoption of Bitcoin, for example.

El Salvador’s decision to adopt Bitcoin was slammed by Rep….

Read more at www.forbesindia.com

US-Based Crypto Exchange ‘Kraken’ Steps Into Middle East, Bitcoin Falls

Kraken, a US-based cryptocurrency exchange has expanded into the Middle East and will open its regional headquarters in Abu Dhabi after obtaining a full license to operate a regulated trading platform in the UAE (United Arab Emirates), CNBC reported. 

“We’re incredibly excited to be able to set up our operations right in the ADGM (Abu Dhabi Global Market) itself to operate a virtual asset platform that finally offers Dirham pairs for investors in the region,” Curtis Ting, managing director of Kraken for Europe, Middle East and Africa, told CNBC. 

Incidentally, with this development, Kraken will become the first cryptocurrency exchange to present direct funding and trading in UAE a against Bitcoin (BTC), Ether and a range of other virtual assets, after attaining regulatory approval from the ADGM and Financial Services Regulatory Authority for its local launch.

Elsewhere, Unicas, a crypto financial institution with physical branches, has announced the opening of a branch in Janakpuri, in New Delhi. Unicas has created a one-stop solution platform to invest, earn, and borrow cryptocurrencies. Earlier they had launched a branch at Connaught Place in central Delhi in February. The brand is now expanding in other parts of the capital, starting with the new branch in Janakpuri. 

Says Kumar Gaurav, founder & CEO of Cashaa, a crypto bank: “Contrary to the popular speculations in regard to crypto, we have witnessed a handsome response for the physical branches. We noted how this has helped us to facilitate awareness on technology and innovation, along with introducing the finest banking infrastructure. We aspire to take this way ahead, and the new branch is the step in the same direction.” 

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 2.94 per cent in the last 24 hours, and it was trading at $38,661.16 at 4:45 pm IST. Its dominance in the crypto market is currently at 41.27 per cent, up by 0.32…

Read more at www.outlookindia.com

Blockchain-Based ‘Cricket Star Manager’ Aims To Become India’s Top-10 Game By 2023

Cricket Star Manager (CSM), a Solana (SOL) Blockchain-based ‘play to earn’ (p2E) gaming platform is set to launch its initial dex offering (IDO) on the Star Launch platform on April 25, 2022.

Cricket Star Manager has successfully raised $2 million from a clutch of investors, including Stakely.VC, Maven Capital, Paribus Ventures, Vorto Gaming, Genesis Block Ventures (GBV), Ethernal Labs, Banter Capital, Spark Digital Capital, Solidity Ventures, Oddiyana Ventures, Prometeus Labs. The funds will now be utilised for expanding the market outreach for CSM and further develop its decentralised Blockchain gaming goals. 

Click here to read about decentralised gaming and web 3.0

Five Uses of Web 3.0 Which Can Disrupt Consumer Internet Landscape

That said, the government has also clarified that emerging technologies like Blockchain, Augmented Reality, Metaverse and Web 3.0 will not be taxed, at present.

Daniel Thomas, co-advisor for SouthEast Asia region, CSM, said that “CSM has a strong focus to become one of the leaders in mainstream p2E adoption, with managers able to play the game without having to pay any form of entry fee or buy a certain token to get started, which is different from many other Blockchain games.”

How Will It Work?

CSM aims to rope in prominent cricketers for its gaming ecosystem. Players of CSM can build and manage their own cricket team and play in leagues, just like in the real world.

CSM will not require hefty licensing fees to acquire and renew new and existing team players.

Playing cards in the form of non-fungible tokens (NFTs) will be available, and it will feature both competitive (player vs player) and non-competitive (player vs computer) mode of gameplay.

All the NFT based in game assets, like cricket player cards and others can be traded in the game’s native marketplace, called Cricket Star Manager P2P marketplace.

Players will win a share of the in-game currency, $CRIX crypto tokens….

Read more at www.outlookindia.com

To Empower Innovators, Seedify Emerges As A Blockchain Gaming-Focused Incubator

With NFTs and crypto gaining traction in industries outside of the blockchain space, many companies are constantly working towards the technology’s adoption in new markets. Seedify is a blockchain gaming-focused incubator and launchpad that empowers innovators and project developers through access to funding, community, and partnership building to bring innovative opportunities to consumers. Also included is a comprehensive support system to aid in advancing gaming and blockchain technology. Its ecosystem also comprises Seedify NFT Space, the industry’s first gaming-and-metaverse-asset-centric NFT marketplace and an NFT launchpad for gaming and metaverse assets.

Initial Game Offerings (IGOs) are provided and supervised by this launchpad, which promotes pioneering blockchain games, ensures project finance, assists in developing a gaming community, and develops marketing strategies. As a result, the Seedify community has access to tokens from new games before they are launched on exchanges.

Talking about the launchpad, Founder & CEO of Seedify, Levent Cem Aydan said, “Stakeholders can engage in initial NFT offerings (INOs) and initial metaverse offerings (IMOs) on Seedify’s NFT Launchpad, in addition to IGOs. Staking $SFUND also allows holders to obtain tokens from Seedify’s incubation program’s selected and sponsored projects.”

He added, “We are dedicated to bringing the benefits of blockchain gaming and the play-to-earn concept to billions of people worldwide. We’ve built a comprehensive support network for blockchain gaming and metaverse entrepreneurs at Seedify by establishing critical ties with various VCs and industry peers.”

Seedify, an IGO launchpad with a tiered allocation process, allows $SFUND holders to stake their tokens and receive staking incentives while obtaining access to high-quality blockchain gaming projects via private sales and initial game offerings. There are nine tiers in the launchpad’s tier system….

Read more at www.outlookindia.com

Unicas – Crypto Friendly Financial Institution Launches It’s New Physical Branch in Janak Puri, Delhi

The new branch shall allow users to transact INR and crypto through one account

Unicas, the world’s first crypto financial institution with physical branches, announced opening another branch in JanakPuri, West Delhi. The new branch is located amidst the hustle-bustle of the commercial district of West Delhi, across the Janakpuri District Center.

In the last year of operations, Unicas has created a one-stop solution platform to invest, earn and borrow cryptocurrencies. With its branches, Unicas is able to bridge the gap between traditional banking and the digital age of investment and allow a seamless transition to its users. Following the overwhelming response at the central Delhi branch in Connaught Place, the brand is now expanding in other parts of the capital starting with the new branch in Janakpuri.

Cashaa, a global banking platform, launched Unicas in India, to enable users to transact in fiat and crypto through a single account with ease.

The new branch is operational, and allows users to avail facilities including high yield savings interest of up to 13% p.a., instant loans against crypto assets, and an exchange service.

The financial institution-Unicas accepts the CAS token as its native crypto asset. Users with the higher portfolio balance in CAS get additional banking services along with a lower rate of interest for loans along with higher earnings on saving balance.

“Contrary to the popular speculations in regard to crypto, we have witnessed a handsome response for the physical branches. We noted how this has helped us to facilitate awareness on technology and innovation, along with introducing the finest banking infrastructure. We aspire to take this way ahead, and the new branch is the step in the same direction,” said Kumar Gaurav- Founder & CEO of Cashaa

“The user base for just the physical branch at Unicas is growing month-on-month. Following the same we have decided to widen our reach at the grassroots levels. We wish to penetrate to…

Read more at www.indianweb2.com

Coinbase launches a Web 3.0 social marketplace for NFTs in beta

US-based and Nasdaq-listed crypto exchange Coinbase announced the launch of a Web3 social marketplace for non-fungible tokens (NFTs) in beta on its Twitter account on April 20. The crypto exchange said in the tweet, “Today we kick things off with a full-access experience for some of our waitlist friends. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT”.
Sanchan Saxena, VP of Product, Ecosystem Products at Coinbase elaborated the details about the project in a blog on Coinbase website:
– In the Web 3.0 marketplace, the exchange will allow beta testers to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether it’s Coinbase wallet or any other.
*Beta testers are real users who conduct their testing in a production environment running on the same hardware, networks, as the final release.
– The exchange will also not charge any transaction fees for a limited time.
– However, it will add fees later, aligned with the Web3 industry standards and keep the users informed before making any changes.
– The first version of the Coinbase NFT collection on the Ethereum blockchain can be checked and explored by anyone at the Coinbase NFT website.
– Saxena further explained that Coinbase would invite a small group of beta testers based on their position on the waitlist of the exchange.
* The ones in the the top of the waitlist would be invited first and then gradually it will open up and allow access to more people.
– With the launch of NFTs in Beta , Coinbase aims to develop a place that entails much more than merely buying and selling.
– It aims to make the crypto exchange a place that helps creators and collectors build and engage their communities.
– Coinbase had started working on the project based on the inputs form the NFT community, since October 2021.
* The feedback from the people helped the exchange to ascertain that people don’t just want better tools to purchase and sell…

Read more at timesofindia.indiatimes.com

Inflation will probably surprise us on the upside… could lead to higher interest rates: Prashant Jain

Prashant Jain, ED and CIO of HDFC AMC — the longest-serving fund manager in the country — on the impact of global events on Indian economy and markets, surge in the number of new retail investors, new-age companies and the way ahead for investors. The session was moderated by Sandeep Singh, Resident Editor, Mumbai. Excerpts:

Sandeep Singh: Over the last few months, markets have been impacted by several events — Fed tapering followed by rate hike, inflation, FPI outflows, Russia-Ukraine war, and now the RBI moving to tackle inflation. How should one see the markets and what should investors expect? 

Probably no one has a good answer to this. The nature of markets is that in the short to medium term, they’re extremely hard to forecast. You may spend as much time in markets, but the short term is very uncertain. Markets in India are reasonably valued, but I think they will deliver reasonable returns in line with nominal GDP growth over three to five years. The economic outlook has improved post-COVID compared to what it was pre-COVID. The profit growth cycle has clearly reversed and there has been a fairly broad-based recovery in profitability across all manufacturing sectors.

What are the worries? I think retail is a very big participant in these markets. Whenever retail participation is very high, it is not a good sign. In stock markets, the majority is seldom right over long periods. If you look at the retail flow of savings into equities, roughly $40 billion a year is coming to mutual funds. Maybe, $15 billion net flows into the insurance industry and another $10-15 billion is coming through the EPFO and the NPS. If you assume direct participation in stocks to be another $10-15 billion, it adds up to $80-100 billion per year. India’s pool of household financial savings is about $300-350 billion; 10 per cent of the GDP. This suggests that almost 30 per cent of household financial savings is now getting into equities. Easy money conditions in the world…

Read more at indianexpress.com

India is demanding cryptocurrency with marketing regulations: WazirX’s Rajagopal Menon

Indian cryptocurrency exchange WazirX, which is part of the Binance group, regulates trading of cryptocurrencies in across 180 countries. The cryptocurrency trading company claims to have conducted six-seven million transactions in a single month, when the crypto prices were bullish. In conversation with FE.com’s Ritarshi Banerjee, Rajagopal Menon, vice-president, WazirX, talks about the blockchain technology’s impact on cryptocurrencies, and about the company’s future prospects. (Edited Excerpts)

How has blockchain technology impacted the fintech industry, especially towards cryptocurrencies?

 The fundamental problem of digital money is its duplicatability, which results in double-spending. By the creation of bitcoin, problems of double-spending have been solved. A digital ledger was created which is connected to multiple computers of the world, and the creation of miners helped validate transactions happening across this chain by checking wallet addresses for coins to be exchanged on a real-time basis. The miners are incentivised to protect the chain by solving complex algorithmic problems, and after it’s solved, the solution gets flashed across the network which continues. The ledgers across the world also get updated. Its transparency lets everybody know about the wallet balances present worldwide. So, Bitcoin’s creation led to the store and transfer of value. There are only 21 million bitcoins which can’t be increased. People say that blockchain is good and cryptocurrency is bad, whereas, cryptocurrency is the incentive that one gets for securing the blockchain. 

How does WazirX instil faith towards Indian markets which lack regulations and policies?

India is demanding cryptocurrency with regulations because people want to invest, but they are not able to because of the lack of regulations. With respect to the current tax regime, we want regulations because it’ll make people believe in it and they’ll have a sense of trust towards the…

Read more at www.financialexpress.com

crypto: Crypto Fraud Now Hits Social Media | Kolkata News

Kolkata: Beware of cryptocurrency frauds in the city, especially while using social media like Facebook and Instagram. In the fourth such instance in the past one year, a student of a leading hotel management institute in Kolkata reportedly spotted a lucrative offer on Instagram on April 16 and was duped by an offer of major earnings and high returns from cryptocurrency.
“According to the complaint, the student, Shahbaz Akhtar (20), had come across a fake profile where one of the accused introduced himself as an expert Shanaya Chauhan. The profile had close to 9000 followers which made him confident to invest. The user claimed to multiply his money in 30 days by investing if he invested in the crypto market,” said DC (Port) Zafar Ajmal Kidwai.
The student invested Rs30,000. “The accused, following a pre-planned trick, impersonated Chauhan, a crypto currency expert, over Instagram account and induced the complainant to invest in Crypto currency. The complainant transferred Rs30,000 in the account of the accused person through an e-wallet transfer,” said Kidwai.
However, after a few days, the Insta-profile vanished. Neither did the money double nor was it returned. Shocked, Akhtar contacted the Port division police and a FIR was lodged at Rajabagan police station under different sections of cheating and criminal conspiracy. The Port division’s cyber cell then intervened, and a detailed investigation was launched.
“We could track the money trail and finally reach the accused persons. On Saturday morning, all three were arrested. They have been identified as Sk Riyazufddin alias Tabrez (18), Adnan Hossain (21) and Adnan Hossain(21). While the first two hail from Mominpore, the third is from a condo in Batanagar,” said Kidwai.


Read more at timesofindia.indiatimes.com

#Tesla and #SpaceX CEO #ElonMusk on Sunday Sent a Short and Crypto Tweet, … – Latest Tweet by IANS India

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