Blockchain Press Releases
Norskecasinopanett reveals the downside of the state monopoly on gambling in Norway
OSLO, Norway, Aug. 8, 2023 /PRNewswire/ — “I deeply regret the impact my mistakes have had on others, including the wonderful people in the fields of culture and gender equality, my colleagues in the government, and everyone I’ve disappointed.” With these words of remorse, Anette Trettebergstuen ended her tenure as Minister of Culture in the Norwegian government. She called a press conference in Oslo on June 23 to apologize and announce her resignation.
During her time as Minister of Culture, Anette Trettebergstuen appointed two of her former colleagues from the Norwegian constituency of Hedmark Ap to the board of Norsk Tipping, showing an unfair bias in their favor. Thomas Bryn became a board member in April 2022, while Sylvia Brustad took over as chair in April 2023. These board positions were given to party members whom Minister of Culture Anette Trettebergstuen had known for more than two decades, with remuneration of NOK 280,000 and NOK 150,000 respectively.
In addition, she has appointed another former colleague from Hedmark Ap as deputy chairman of the board of Norway’s Rikstoto, entitling him to a fee of NOK 150,000.
Commenting on Anette Trettebergstuen’s conduct, Prime Minister Jonas Gahr Støre said, “Annette has on several occasions offered and appointed good friends to board positions and other positions related to her (ministerial) portfolio.” He acknowledged that she admitted to being biased and therefore unable to act objectively on the basis of merit.
“We couldn’t help but mention the conflict-of-interest scandal involving former Culture Minister Anette Trettebergstuen, because now the activities of state-owned gambling companies will be under increased scrutiny,” says Lars Hansen, gambling industry expert from Norskecasinopanett.
When a government official, such as Minister of Culture Anette Trettebergstuen, appoints close friends to influential positions with substantial fees, it raises concerns about unfair bias and nepotism. Such actions undermine the principles of transparency and meritocracy, as positions that should be filled based on qualifications and expertise are instead given to acquaintances without due consideration. This type of favoritism undermines public trust in government and can lead to perceptions of corruption or abuse of power.
It’s important to remember that Norsk Tipping and Norsk Rikstoto are state-owned gambling companies, managed by the Ministry of Culture, which have a monopoly on the gambling market in Norway. The exclusive right for Norsk Tipping is justified by concerns about the potential social problems of gambling for customers, and there is a broad political consensus on the need for strict state regulation of gambling to protect consumers. The debate over this exclusive right is a recurring one, with some advocating the introduction of more players through licensing. In a 2015 study, the Norwegian Lottery Authority concluded that the exclusive rights model is likely the best approach to prevent gambling-related problems, while another government study suggested that liberalizing the market may not lead to more profits for the government.
Notably, Norway is the only country in Europe to have implemented a payment ban in 2010, requiring Norwegian banks and credit institutions to stop all transfers to foreign competitors of Norsk Tipping and Norsk Rikstoto. On May 7, 2018, the Storting (the Norwegian Parliament) decided to restrict Norwegian players’ access to foreign online gaming platforms in order to protect Norsk Tipping from foreign competition.
In addition, both Norsk Tipping and Norsk Rikstoto have refused to provide data and statistics on Norwegian gambling behavior.
In 2012, the Ministry of Culture commissioned Norsk Tipping to launch online games to channel Norwegians’ desire to gamble in a safer environment. Since unregulated gambling companies generate significant revenues each year, the goal was to offer similar types of games within a safe framework and restrictions. In addition, the profits will be channeled to good causes, similar to Norsk Tipping’s other revenues. The latest profit data available on the company’s official website is for 2021 and amounts to NOK 6.28 billion.
If Norway were to open its gambling market, there could be several consequences. On the positive side, it could lead to increased competition and innovation within the gambling industry, potentially offering consumers a wider range of options. It could also generate additional revenue for the government through licensing fees and taxes.
On the other hand, the Norwegian government’s current complete monopoly on the gambling market, controlled by Norsk Tipping and Norsk Rikstoto, has its own advantages. By maintaining this monopoly, the government can exercise strict control over the industry to prevent gambling-related problems and protect consumers. Profits from Norsk Tipping’s operations are channeled into charitable causes such as sports, culture and humanitarian organizations, making a positive contribution to society. The Government and the Ministry of Culture allocate these funds according to a distribution formula set out in the Gaming Act.
According to the Ministry of Culture, 100% of Norsk Tipping’s profits are reinvested in society each year. In 2022, for example, NOK 518.3 million of the profit was donated to voluntary emergency organizations, including Redningsselskapet, the Red Cross and Norwegian People’s Aid. In 2023, 18% of Norsk Tipping’s gambling profits must be distributed to social and humanitarian organizations by September of that year. The government’s current stance on the monopoly seeks to prioritize social responsibility over profit-seeking, with the goal of preventing gambling problems and protecting vulnerable individuals.
“Whether the monopoly is an advantage for Norway depends on the government’s overall goals.” – says Lars Hansen. If the primary goal is to minimize the negative effects of gambling while supporting social causes, then the existing monopoly is in line with these intentions. However, if the priority is to promote the growth of the industry and generate additional profits, it may be justified to consider alternative models. Striking a balance between these objectives is crucial for effective regulation and the overall welfare of Norwegian citizens.
It is unlikely that there will be any radical changes in the policy of monopolizing the gambling industry that Annette Trettebergstuen has pursued during her time in the ministry. It is not for nothing that she has appointed people to the positions of trustees in Norsk Tipping and Norsk Rikstoto who have worked with her for a long time in the Norwegian constituency of Hedmark-Up and who are most likely her associates.
View original content:https://www.prnewswire.co.uk/news-releases/norskecasinopanett-reveals-the-downside-of-the-state-monopoly-on-gambling-in-norway-301894753.html
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
Republican Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act of 2023, a controversial bill he initially co-sponsored with Senator Elizabeth Warren and others. This bill, reintroduced in the Senate on July 27, 2023, aimed to bring the cryptocurrency industry into alignment with existing anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Key Provisions of the Bill
The legislation proposed stringent regulations on digital asset providers, including unhosted wallet providers, miners, and validators, by classifying them as financial institutions under the Bank Secrecy Act (BSA). It mandated these entities to adhere to BSA compliance requirements, which include extensive reporting and monitoring responsibilities. Additionally, the bill called for the Financial Crimes Enforcement Network (FinCEN) to establish regulations for reporting significant foreign digital asset holdings and to create compliance measures to address risks associated with anonymity-enhancing technologies.
Senator Marshall’s Shift
Marshall’s withdrawal from the bill comes as a surprise, particularly given his earlier criticisms of cryptocurrencies, which he has described as a “threat to national security.” This includes concerns over stablecoins like Tether potentially facilitating illegal activities and circumventing U.S. sanctions. Despite his earlier stance, Marshall’s departure from the legislation suggests a reconsideration of the bill’s implications or an alignment with broader political and industry perspectives on cryptocurrency regulation. His office has not provided a comment on the reasons for his withdrawal.
Political and Industry Reactions
The bill had garnered significant bipartisan support, with 18 co-sponsors, reflecting a broader concern in Congress over regulating the rapidly growing cryptocurrency market. However, it has also faced criticism for potentially imposing impractical compliance burdens that could stifle innovation and push crypto activities offshore. Critics argue that the bill’s stringent requirements could inadvertently drive users toward unregulated platforms, thereby undermining its intent to enhance security and regulatory oversight.
Broader Context
The withdrawal comes at a time when cryptocurrency regulation is a highly contentious issue in U.S. politics. Former President Donald Trump has promised to relax crypto regulations if elected, contrasting with the current administration’s more stringent stance. Under President Joe Biden, the Securities and Exchange Commission (SEC) and other regulatory bodies, led by figures like Gary Gensler, have taken a more rigorous approach to regulating the sector, which has drawn criticism for being overly restrictive.
Senator Marshall’s decision to step back from the Digital Asset Anti-Money Laundering Act reflects the complex and evolving nature of cryptocurrency regulation in the U.S. While the bill seeks to bring greater oversight and security to the crypto industry, it also raises concerns about regulatory overreach and its potential negative impact on innovation and privacy. As the debate continues, the U.S. legislative and regulatory landscape for cryptocurrencies remains in flux, balancing the need for security with the desire to foster technological innovation.
Source: decrypt.co
The post Marshall Becomes First US Senator to Walk from Controversial Crypto Bill He Co-Sponsored appeared first on HIPTHER Alerts.
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