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Glory Star Provides Operational Updates

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Glory Star New Media Group Holdings Limited, (“Glory Star“, the “Company” or “we”) (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that as of November 30, 2021, the total installed base of CHEERS ecosystem users reached 260 million, a 54% increase versus the 2020 installed base of 169 million users. Monthly Active Users (“MAU”) from January to November 2021 was 44 million users in average, a 20% increase from the same period in 2020 (36.7 million users in average); further highlighting the wide-spread consumer adoption of the CHEERS app in China.

The CHEERS e-mall had an installed base of over 11 million with November 2021 MAU of 3.4 million users. This equated to Gross Merchandise Value (“GMV”) of over RMB2.5 billion, a 260% increase from the same period in 2020. Additionally, the repurchase rate of users reached 35%.

The Company also announced an update to the last press release from December 8, 2021. In conjunction with the build-out of the Metaverse Experience Centers, The Company is developing its closed-loop business model within the CHEERS video platform (“The Platform”), to further monetize its assets by converting traffic into leads and sales. This is a widely applied strategy within the Chinese internet sector. The closed-loop model is a business process that changes from sequence to cycle; allowing users to stay within the eco-system. Through leveraging this model, Glory Star expects to further facilitate the Company’s long-term growth prospects, consolidate the e-commerce space, and enhance user experience to strengthen the Company’s core competencies.

As a growing and nimble technology company, Glory Star is looking to stay ahead of popular trends, especially within the growing live streaming segment. With the Company’s extensive content production experience, Glory Star plans to provide professional training for content creators to help them to continue to develop unique experiences for their viewers. The Company will also adopt NFT technology to help guard the copyrights of the platform’s original content.

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Live streaming e-commerce is emerging as one of the most innovative and monetizable tools for content creators. To protect the interests of Glory Star’s content creators, which is one of the values that the Company upholds in its ecosystem, the Company connects CHEERS e-Mall’s SAAS supply chain system to the Platform, allowing content creators to choose relevant products to sell on their platforms at their own discretion. Creators can earn commissions and receive related task rewards from their live streaming content. In addition, the Platform utilizes blockchain technology to ensure each transaction is correctly ledgered. Through these measures, the Company believes it has built a substantial closed-loop business model and created additional value for clients within its ecosystem and enhances user engagement, which should help the Company continue to expand its revenue potential on the CHEERS ecosystem.

Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “Based on our leading position in professionally generated content (“PGC”) video e-commerce and endeavors in the user generated content (“UGC”) market, we will continue to actively introduce high-quality IP, support high-quality content creators, retain more users through the content ecosystem to achieve a win-win situation for the Platform, content creators, and users in the closed-loop business model and accelerate our growth at scale. We will leverage the strategic advantages of UGC to stimulate the vitality of the system to a greater extent, build a benign development ecosystem, and consolidate the core competitiveness of the Platform to well-position the Company for the future growth.”

Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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