Blockchain
IDEG launches Flagship Institutional Digital Assets Summit 2022 to foster conversations about the shifting crypto landscape
IDEG Asset Management Limited (IDEG), a professional digital asset manager, held its flagship Institutional Digital Assets Summit 2022 to share valuable insights on the digital assets market. Topics covered include the trends, opportunities and challenges that institutional investors are looking at and strategies to navigate the shifting crypto landscape.
Themed “Seize the Times“, the summit was hosted over two days from 26 to 27 May 2022 at Fairmont Singapore. Reflecting the summit’s thematic focus, speakers highlighted the changing nature of the digital asset ecosystem, and how it was yielding opportunities despite the risks. Better regulation and stronger institutional support have boosted adoption of digital assets, speakers said.
The summit received over 200 participants, including industry leaders and experts from crypto-native firms, traditional financial institutions and regulatory bodies. Across the two days, guest speakers from industry leaders, including the Monetary Authority of Singapore (MAS), PWC, BlockFI, Fireblocks and COINBASE, discussed the most pressing issues and megatrends shaping the crypto world today—from Web 3.0 to NFTs, the metaverse to De-Fi—as well as the upcoming big moves impacting institutional investors.
Raymond Yuan, Chairman of CTH Group, the supporting group of IDEG, said: “Web 3.0 is inevitable. It is the next Internet era that is creating a completely new economic paradigm. We will witness true globalization enabled through decentralization, rules-based permissionless governance models, as well as new models such as ‘X-to-earn‘ that will redefine people’s jobs. While we are seeing increased investments in this space, there remain unanswered questions on ‘what’s next?‘ for the road ahead. Our inaugural Institutional Digital Asset Summit 2022 aims to encourage dialogue on how institutions and Web 3.0 technology leaders can navigate, collaborate, and thrive in this brave new world.”
The MAS shared during a panel discussion that the crypto ecosystem is a potentially transformative technology. It enables high-value assets to be fractionalized and this can unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services. The MAS added that its approach is to be adaptive, continually evolving and consultative as this is a fast-moving space.
On the topic of crypto becoming mainstream, Rishi Ramchandani, Head of APAC at BlockFI, opined, “Crypto is now in a validated state, and our team is working hard to reduce the friction to encourage institutional partners to move into the crypto space.”
Stephen Richardson, Head of APAC at Fireblocks, added, “We have noticed that the market is adopting a more cautious take on upcoming crypto projects and the infrastructure, as compared with past deals where there was more enthusiasm over the rapid crypto expansion. We see investors doing more homework and due diligence, in preparation for a tough market ahead.”
Wilson Cheng, APAC Lead in Institutional Sales at COINBASE, shared his views on digital asset adoption in the traditional financial world. He opined, “while it is exciting to see so many financial institutions recognising crypto as a real asset class, we anticipate that more time will be needed to educate the broader market about the crypto universe.”
David Shin, Head of Global Adoption at Klayton, also opined on the role that NFTs will play in the coming years: “We see Web 3.0 to be driving a lot of the NFT adoption in the next five years. Interestingly, the second-level adoption of NFTs is becoming more functional and dynamic, and there are vast opportunities for us to bring outside data in, to the creation of NFTs, and we believe this will ultimately drive change in this industry.”
To wrap up the two-day summit, Kevin Loo, Head of Investment Insights and Managing Director at IDEG, said, “Despite the uncertainty in the digital asset markets, the market sees both short-term and long-term opportunities emerging. Further, this cycle is different from past crypto winters. With more institutional involvement compared to 2018, the ‘reaction function’ for recovery will be stronger, meaning digital asset recovery will be quicker than we have experienced in prior cycles. As a professional assets manager, we continue our mission of growing the market with best-in-class compliance and value-add diversification strategies and services. This event firmly showcases IDEG’s corporate reach and influence across digital asset verticals and horizontal services, an indication of the strong advocacy of institutional standards and growth for the long term.”
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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