New clause in South Africa’s advertising code for cryptocurrency

The Advertising Regulatory Board (ARB) in South Africa has introduced a new provision for the cryptocurrency business. This clause is intended to safeguard consumers against unethical advertising in the cryptocurrency industry.

A new clause was added to Section III of the advertising code for the nation of South Africa, and it stipulates that businesses and people in the country are required to comply by specific advertising standards relating to the offering of cryptocurrency-related goods and services.

‘Expressly and clearly’ stating that investments may result in the loss of cash “since the value is changeable and may go up as well as down” is something that all advertisements, including those for cryptocurrency offers, are required to do according to the first clause of the regulation.

In addition, advertisements indicating prospective investment losses must not contradict any cautions that are given.

It is essential that marketing communications for certain services and goods be presented in a way that is “clearly understood” to the target demographics.

Advertisements are required to provide statements that are fair and impartial on the returns, features, advantages, and dangers involved with the product or service being promoted.

Rates of return, predictions, or forecasts must also be fully supported, including a description of how they are computed and an explanation of what circumstances apply to the returns that are being promoted.

Any information referring to prior performance cannot be used to guarantee future performance or returns, and it should not be presented in a manner that generates “a favourable image of the marketed product or service.” [Case in point:]

It is inappropriate for advertisements placed by bitcoin service providers who are not also registered credit providers to promote the purchase of cryptocurrencies through credit.

Nevertheless, this does not stop service providers from promoting linked payment options that they provide to customers.

Additionally, it is going to be required of social media influencers and brand ambassadors that they will conform with particular advertising guidelines.

This includes the need that truthful information be shared, as well as the ban against giving advise on trading or investing in crypto assets and the prohibition against making claims of advantages or returns.

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Insider Trading and Cryptocurrency | Blockchain News

Particularly in light of the recent conviction of an ex-Coinbase manager’s brother for insider trading, the problem of insider trading has emerged as one of the most pressing concerns in the cryptocurrency ecosystem.

It was thought that the allegations of insider trading using cryptocurrencies were the first of their kind; however, a new set of wallet addresses with a transaction history that is related to Binance listings has now sparked suspicions.

The director of Coinbase, Conor Grogan, turned to Twitter in order to draw attention to the transactional behaviour of a few anonymous wallets over the course of the previous 18 months.

It is believed that the anonymous wallets purchased a number of unlisted tokens on Binance in the minutes leading up to the announcement of their listing and then dumped them immediately after the announcement.

The first case of this kind occurred with Rar tokens, and it included one of these wallets purchasing $900,000 worth of Rari just before offering them for sale and then selling them minutes later.

Another wallet beginning with 0x20 participated in the purchase of about 78,000 ERN between June 17 and June 21 and then sold them immediately after the listing notice.

A transaction known as a “token dump” occurred with the TORN token when one of the wallets that were mentioned purchased hundreds of thousands of these tokens and then sold them immediately after their listing announcement.

A similar trend was seen before the RAMP token was listed on Binance. Over the course of a few days, one of these wallets beginning with 0xaf purchased $500,000 worth of RAMP. Minutes after the listing announcement, the wallet sent the tokens to Binance.

The transaction resulted in a profit for the owner of $100,000.

The owner of the wallet dumped the freshly listed token on the market in the same manner as before, resulting in another $100,000 profit from Binance’s GNO listing.

The token dump that occurred shortly after Binance’s debut of the cryptocurrency resulted in these wallets making hundreds of thousands of dollars in profit.

Due to the correctness of the trade, it may be deduced that the owner of the wallet has access to confidential information about these postings.

Grogan hypothesised that this may have been the work of a “rogue employee related to the listings team who would have knowledge on fresh asset releases or a trader who discovered some kind of API or staging /test trade exchange breach.”

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Cardano Nodes Go Offline for Half an Hour

At least half of the nodes on the Cardano network fell down for a short period of time over the weekend, according to reports from stake pool operators (SPO) and users of the cryptocurrency. An abnormality caused fifty percent of Cardano nodes to disconnect and restart, according to a message that was published on January 22 and posted on the SPO for Telegram by Input Output Global, the engineering and research company that is responsible for the Cardano blockchain. The unexpected interruption was explained in a post by the statement that “This seems to have been caused by a transitory anomaly triggering two reactions in the node,” which said that some nodes had detached from a peer, while others had thrown an exception and resumed.

In spite of a brief drop in performance, the Cardano network was able to recover without any assistance from outside sources.

In the article, it is stated that “such temporary difficulties” were taken into consideration during the node design and consensus process, and that “the systems operated precisely as predicted.”

During the anomaly, which took place between blocks 8300569 and 8300570, it was claimed that block production continued, although it was delayed for a few minutes. The “effect was minor, comparable to the delays that occur during regular operations,” according to the report. ” Depending on the SPO that was selected, the majority of nodes automatically recovered.

At the time this article was written, the underlying problem that led to the anomaly and the subsequent node disconnections and restarts was still being investigated. According to the official notice, “We are presently researching the underlying reason for this aberrant activity and adopting more logging measures alongside our normal monitoring methods.”

Tom Stokes, who is also a Cardano SPO and the co-founder of Node Shark, said in a post on January 22 that much over half of the nodes that were listed were impacted by the issue.

In addition to that, he presented a graphic that illustrated the point at which the network sync dropped from 100% to just slightly over 40% for more than 300 reporting nodes.

According to Stokes’ chart, following the decline in performance, the network sync was able to recover to a level of around 87%, but it did not instantly return to its original level of 100%. An other SPO reported similar concerns to Stoke in a post on January 22, but said that “several SPOs experienced no effect.” “Others experienced a restart of their relays and BPs.

The SPOs, Developers, and IOG are now debugging on Discord.

There is not a fundamental reason as of now “They said that.

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Australian crypto executives urge caution on regulation

Following recent remarks made by Australia’s assistant treasurer on the subject, cryptocurrency executives in Australia have cautioned against grouping all digital assets into the same category as financial goods. They say this is particularly important in light of recent regulatory developments.

In an interview with the Sydney Morning Herald that was published on January 22, 2018, Assistant Treasurer and Minister for Financial Services Stephen Jones provided an outline of the current position of cryptocurrency legislation in the nation.

According to the executive of a cryptocurrency exchange, he confirmed that the government was on track with its “token mapping” exercise that it was conducting this year to determine which crypto assets should be regulated. He also stated that a consultation process “to start soon” with the industry was planned. Jones, on the other hand, said that he was “not that drawn” to the idea of establishing a whole new set of laws for something that, in his opinion, functions primarily as a financial product. “I don’t want to make any assumptions about the results of the process of gathering feedback that we are going to undertake.

But I begin from the premise that if something walks like a duck, quacks like a duck, and looks like a duck, then it ought to be dealt with as if it were a duck “Jones remarked.

“Other currencies and tokens are basically being utilised as a kind of value storage in order to engage in financial speculation and investing. There is a compelling case to be made for treating them in the same manner as a financial instrument.”

According to the Sydney Morning Herald (SMH), the Australian Securities and Investments Commission (ASIC) and Commonwealth Bank, one of Australia’s “Big 4” banks, are both in favour of regulating cryptocurrencies as financial products. ASIC is Australia’s financial regulator. Commonwealth Bank is one of Australia’s four largest banks. However, players in the cryptocurrency sector have cautioned against taking a blanket approach to cryptocurrencies and their assets.

“The trick is to protect consumers without regulating away well-run domestic digital asset businesses and forcing people to use offshore exchanges subject to less rigorous checks and balances,” closing. “The phrase “the trick is to protect consumers without regulating away well-run domestic digital asset businesses” closes the loop. In the meanwhile, the Chief Executive Officer of a company that provides cryptocurrency on-ramps, named Holger Arians, expressed worry that excessive regulation might “seriously harm” the pioneering role that Australia has been playing in the cryptocurrency industry.

An “overly prescriptive approach” to regulation is something that should be avoided, according to Caroline Bowler, CEO of the Australian cryptocurrency exchange BTCMarkets. Because of this, our digital economy may fall behind in the future, which would suffocate our ability to compete internationally.

In light of the FTX catastrophe in November, Australian lawmakers and their worldwide colleagues have sensed a greater urgency for action. However, the Australian financial authorities have not yet publicly formulated their regulatory framework.

According to Jones, the failure of FTX “puts beyond question” the need for cryptocurrency regulation.

Fred Schebesta, an Australian entrepreneur and investor in the cryptocurrency space, issued a warning in September that accelerating the process of mapping tokens might be harmful for the business.

The complexities of token mapping are not entirely understood, and it is essential for Australia’s “nascent” cryptocurrency economy to “align with the other main markets and their legislation,” as he explained further.

The cryptocurrency advocacy organisation Blockchain Australia shared this sentiment, claiming at the time that if all crypto assets were considered as financial products, it would be detrimental to the investment and innovation of the cryptocurrency sector and lead to the loss of employment associated to the business.

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Kraken NFT’s Behind the Build: The NFT frontier

At its core, Kraken NFT is a product built for the people by the people. 

Building Kraken’s NFT product brought together a collaborative team across the company. It is also one of the biggest projects Kraken has ever completed, with thousands of hours focused on developing a dynamic marketplace in a little over a year. 

Kraken NFT isn’t your average digital art marketplace. It will be a cornerstone product for Kraken as we lay the roadmap for the future of Web3. In our Behind the Build series on Kraken NFT, we’ll explore the ideas and technology that went into building this product.


Kraken Co-founder and CEO Jesse Powell has been a supporter and founder of arts-focused businesses for years. 

In 2001, Jesse founded Lewt, Inc., a marketplace for virtual goods to use in virtual worlds and massively multiplayer online role-playing games. In 2007, Jesse further fell into art culture by founding the Verge Gallery and Studio Project, one of Sacramento’s largest contemporary art galleries he ran until 2010. Jesse then founded the Verge Center for the Arts, where he remained a board member until 2021. 

Around the same time, in 2011, Jesse started Kraken as a global digital asset exchange with the mission to bring crypto to the masses. 

Now that Kraken has just celebrated 11 years as one of the top exchanges in the world, it made sense that the company would build a first-in-class Kraken NFT marketplace.  

“Exchanges can continue to play a similar role they have over the last decade — to be that super easy onramp for people coming into the space,” said Jesse in a 2021 Yahoo Finance interview. “They’re the shepherds … they can help people get through that first stage before they go on to do more advanced things in DeFi.”

Over the past few years, NFTs captured mainstream consciousness alongside a massive crypto bull run. 

“[NFTs are] relatable to people because the kids who grew up over the last 20 years really are familiar with this idea of a digital store of value … virtual clothes, virtual gear for your virtual avatar,” Jesse said.

As a HODLer of NFTs, Jesse doesn’t see NFTs as something to flip and sell. 

“I have no intention of selling my NFTs. In fact, I tend to be a hoarder of things. I have over a thousand domains and I get attached to these things. I’m the same with NFTs and art in general.”

Kraken NFT creates accessibility on all levels.

“I think of it as supporting artists and their work,” said Jesse. “If you’re not one of the top globally known artists, the industry can be a really tough one to make money in. I buy NFTs to support the space while letting artists know that this is a lucrative avenue for them to monetise their work.” 

NFTs are evolving for mixed use cases every day. 

For example, musical artists can connect with their fans, give people revenue shares for their support, or obtain sponsorship for a new album — these are all opportunities being explored. For visual artists, everyday people can own artwork and support artists without needing to confront an inaccessible gallery process.

“NFTs are good for other things, too,” Jesse said. “You can have concert tickets or proof of ownership of anything as an NFT. You’ll see more of that as a commercial application.”

“I think a lot of people are going to come in through [NFTs] — not through Bitcoin or looking for a replacement to their national currency — but through things that we’ll start to do in everyday life,” Jesse said. “We want to be there to help people to enable those use cases.”

 


These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. For more information, please see our Terms of Service.

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DeFi revolution and the case for decentralized identity

  • Introduction to decentralised identities, or DIDs and the non-fungible token (NFTs) space.
  • Decentralised identity and use of zero-knowledge proof (ZKP) innovation.
  • Other benefits, including protection for the regular user.

There is still a lot of “wild west” in decentralised finance (DeFi) today. There is no clear rule of law since there are so many competing factions, each with its own set of claims and goals.

As a result, some users have had unfavourable experiences after venturing into the ecosystem for the first time. Users’ faith is shaken when they hear accounts of scams and “rug pulls,” and when algorithmic processes fail due to unfavourable market conditions. In spite of the best efforts of the people working on DeFi projects, many users still find the technology intimidating and risky.

Many people are still wary of the cryptocurrency world due to the dangerous services and unregulated atmosphere. Individual and institutional investors alike are frightened of and confused by DeFi. The burning question now is how and when non-Degens will be able to fully embrace DeFi.

Ingress of decentralised IDs

DeFi’s foundational technology also happens to be the key to bypassing the problem at hand. Decentralised identities, or DIDs, are the answer. DIDs can provide reliable data to legislators by utilising blockchains, smart contracts, plus non-fungible tokens (NFTs), all while protecting users’ independence and anonymity.

The cryptographic infrastructure allows for this, and NFTs in particular, is vital to making this a reality. In its role as an asset, an NFT is verifiably distinct from all other commodities and comes with its own history, which can contain any kind of information. No one can forge or change an NFT because of the underpinning decentralised protocols.

As expected, more is required for a fully realised digital persona. In addition, there must be transparency and clarity regarding who owns which DIDs. To this end, a person’s DID can be connected to their physical identity verification processes. 

This could be accomplished in a variety of methods, for as by using biometric data, real-world papers, or other confirmations that can be independently verified. A profile that cannot be faked has been developed by combining all these data in an NFT.

The usage authority 

Privacy activists might reject the notion on the grounds that it is overly stringent and comprehensive. When all is said and done, an accurate account of a person’s data being stored on a bitcoin ledger for all of eternity does not sound particularly private, does it? The next advantage of DIDs comes into play in this context, in tandem with using zero-knowledge proof (ZKP) innovation.

Using ZKP technology, information can be validated once by a third party that is not involved in the verification process, and then it can be used to verify someone’s credentials. 

As a consequence of this, an individual will be able to demonstrate their access, records, or background without necessarily disclosing their name or any other personally identifiable information to the person conducting the verification.

In this paradigm, individuals would have full control over their own information and would be able to provide rights to verifiers over what can be viewed and when it may be seen. 

The information included on IDs would no longer have to be a free-for-all for companies and governments to exploit whenever they see fit. 

These objectives not only contribute to the preservation of individual rights, but they also bring with them a variety of potential applications in the real world. 

In addition to that, click here and get further details regarding trade assistance bots to further get enlightened about advanced trading rights.  

The paragon of trust

This method may make the DeFi revolution accessible to everyone, from first-time investors to multinational conglomerates. A DID could be crafted in such a way that it is always compliant with the law in a particular jurisdiction, so satisfying the authorities and preventing any violations. 

As a result, all types of financial and commercial transactions might be conducted more efficiently, with a corresponding decrease in fraud. 

The best part is that regular people might be able to take charge of their data and safeguard themselves from harm.

Instant realisation 

What needs to be acknowledged is the fact that this is not merely an interesting concept; rather, it is already a reality. Decentralised mechanisms have been created to cater to exactly such types of IDs, and people are already being utilised in several businesses. 

These IDs are becoming increasingly common. Soon, more companies will begin using comparable solutions for their consumers, which will ultimately result in increased safety and tranquillity for everyone.

Role of regulators 

Although it is true that the acts of regulators will play a part in assisting risk-averse investors in taking the plunge into this new arena, it is also true that the actions of regulators alone will not be sufficient. 

This is due to the fact that freedom and responsibility both need to be balanced. Decentralised Identification offers what is required now and will continue to offer for a significant amount of time into the future of DeFi, regardless of where this fascinating new business takes us.

Conclusion: Is the DeFi usage spectrum broadened? 

Bringing this discussion back around to DeFi, it is becoming more apparent how DIDs might be used to introduce transparency and confidence into this sphere without compromising decentralisation or privacy. 

Customers and service providers are both able to make use of these profiles, which creates knowable entities on decentralised platforms without necessarily revealing the identity of the consumer. 

For instance, certain functionalities or dApps may require the use of DIDs that have been appropriately verified in order to gain access to them. Nevertheless, the necessary service might not be necessary in order to validate the identity of the holder.

The DeFi services themselves may have their very own DIDs, which operate in a manner analogous to that described above. These DIDs serve as an instant and irreversible history and evidence of repute. 

When put into place, a system like this would serve to deter harmful actions by producing consequences that have real-world significance for people who take part in them. All of this might be carried out without the holder being subjected to intrusive surveillance or having their full knowledge.

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Hunting Sats Contest Announcement – Bitcoin Magazine

Wasabi Wallet, along with 12 other bitcoin projects and companies including Blockstream, BTCPay and Trezor, are working together to organize a Bitcoin world treasure hunt called “Hunting Sats.” 

For a full week starting on January 23, 2023,, the entities involved will be revealing seed words of a bitcoin wallet that contains 3,454,811 sats. The companies invite all Bitcoiners to attempt to crack that bitcoin wallet and claim all of its sats.

The announcement sent to Bitcoin Magazine describes how brute forcing will be the method that will allow participants to crack the seed, saying “For this game, brute-forcing a bitcoin wallet means finding the seed words and a passphrase, in this case, arranging them in the right order and using the resulting backup as a way to recover the wallet’s funds. There are many ways to achieve this and general knowledge about bitcoin wallets, script types, derivation paths, checksums, passphrases and BIP-39 seed words will be helpful … As more words are revealed, brute-forcing gets easier, so time is ticking as people from around the world compete to crack the wallet.”

A 12-word, passphrase-protected bitcoin address (BIP39) generated a BTC address which now holds the sats up for grabs. Each word from the wallet, including the passphrase, were shared with the 12 partners. Over the week starting with January 23, each partners will share their word using the hashtag #HuntingSats. At the end of the week, if no one has successfully accessed the bitcoin, more hints will be shared.

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Coinbase CEO urges Bitcoin legal tender for Brazil, Argentina — Reaction

As Brazil and Argentina started preparatory work for a potential common currency, Coinbase CEO Brian Armstrong floated the idea of the two countries moving to Bitcoin (BTC). This sparked various discussions over the viability of BTC as a national currency. 

On Jan. 22, the two South American countries announced their preparations to discuss a plan for a common currency that will run parallel with the Argentine peso and the Brazilian real. The move could potentially create the second-largest currency bloc in the world.

As the news broke, Armstrong took to Twitter to suggest that BTC may be the right choice for the project. The Coinbase CEO described BTC as the “right long-term bet” and wondered if the two countries would consider it.

Global Macro Investor founder and CEO Raoul Pal opposed the idea. According to Pal, having a national currency that “declines 65% in the down part of the business cycle and rises 10x in the up cycle” is not ideal. The executive pointed out that businesses would have difficulties in planning and hedging in this situation.

A few community members supported Pal’s sentiment and argued against Armstrong’s idea. According to a Twitter user, the only use case for BTC is a store of value like gold. They tweeted:

Meanwhile, one Twitter user brought up the speed of transactions in the BTC network and argued that it would take too long to have BTC for daily use. However, this was immediately countered by another community member who argued that with the Bitcoin Lightning Network, BTC becomes the “best medium of exchange.” 

Armstrong’s suggestions may be based on El Salvador, another Latin American country, recognizing BTC as a legal tender back in 2021. The move brought various benefits to the country like a surge in tourism in 2022, where 1.1 million people visited the country. In addition, El Salvador was able to build schools and a veterinary hospital using profits from its Bitcoin purchases.

Related: El Salvador’s Bitcoin decision: Tracking adoption a year later

Brazil and Argentina are no strangers to digital assets. On Nov. 29, Brazil’s Chamber of Deputies approved a law that legalizes crypto as a payment method in the country. The country’s president also signed the bill in December and is expected to take effect in June 2023. While the new law recognizes crypto as a payment method, it doesn’t make any crypto a legal tender within the country.

On Dec. 16, a province in Argentina has approved legislation to issue a stablecoin pegged to the United States dollar. The token will be available to persons over 18 years old and will be 100% collateralized by the province’s assets.