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Turkey’s regulatory authorities have received license applications from 76 cryptocurrency companies.

The influx of Turkish crypto business license applications follows the enactment of the “Law on Amendments to the Capital Markets Law” on July 2.

The law aims to establish a comprehensive regulatory framework for crypto asset service providers in Turkey.

The country has been at the helm of cryptocurrency activity, with a marked surge of companies eying to operate within its borders.

Turkish Crypto Business License Keeps On Expanding

Only recently has the list of firms applying for Turkish crypto business licenses been updated by regulatory authorities, expanding it from 47 to 76 companies. 

The already-approved list included major exchanges like Binance, Bitfinex, and OKX. Heavyweight additions in the new update include Coinbase, KuCoin, and Gate.io.

The wave of applications for a Turkish crypto business license occurred shortly after the promulgation of the “Law on Amendments to the Capital Markets Law,” which came into force on July 2. 

This law puts forward the creation of a regulatory framework for crypto asset service providers within the country of Turkey.

The capital markets board, which oversees that process, clarified that this list of applications does not amount to formal approval. Companies will have to get approval once they complete the requirements laid down by the regulations.

According to the CMB, some companies declared their liquidation, while others—whose applications were incomplete—were still under review. The list of licensed crypto businesses in Turkey will be updated further as the review process goes forward.

Turkey Turns into Global Leader in Cryptocurrency Trade

Although there isn’t any comprehensive law related to cryptocurrencies in force in Turkey, regulations do exist, including an April 2021 order from the Central Bank of Turkey prohibiting the use of cryptocurrencies to conduct payments and regulations from the Financial Crimes Investigation Board concerning the combating of money laundering.

Turkey represents the world’s fourth-largest crypto market, estimated at $170 billion in trade volume, ahead of countries such as Russia, Canada, and Germany in terms of volume. 

A final draft of local cryptocurrency legislation is needed, although it is likely to shape this industry.

Check Point Research (CPR) has uncovered Styx Stealer, a new malware capable of stealing browser data, cryptocurrency, and instant messenger sessions. 

Styx Stealer is a variant of Phemedrone Stealer and includes new features like auto-start and crypto-clipping. 

The malware was traced back to a developer linked to the Agent Tesla threat actor “Fucosreal.” During debugging, the developer made a critical mistake, leaking sensitive data, which allowed CPR to gather intelligence on clients, profits, and personal details. 

This slip exposed connections between Styx Stealer and the broader cybercrime network, including interactions with other cybercriminals like Fucosreal. 

CPR’s investigation revealed that Styx Stealer is based on an older version of Phemedrone Stealer, lacking some advanced features. 

The creator’s failure in operational security (OpSec) compromised the campaign, and CPR was able to identify the individuals involved, including their locations and personal details. Despite attempts to distribute the malware, the campaign largely failed.

In an attempt to “reset” the relationship of Vice President Kamala Harris with the crypto industry, the “Crypto For Harris” campaign convened a virtual town hall that featured a litany of Democratic heavyweights and tech influencers. 

Despite these efforts, the event, which was designed to articulate and promote a potential Harris-led “crypto reset,” largely missed the mark in rallying industry support, according to a FOX Business report.

NEW from me: 'Crypto For Harris’ town hall fails to sell industry on proposed 'reset'

I asked for viewer feedback on the @Crypto4Harris town hall and wrote about my findings — the good, the bad and the ugly.https://t.co/Wly7alrgj1

— Eleanor Terrett (@EleanorTerrett) August 16, 2024

The virtual conference, which lasted nearly 90 minutes, was attended by key Democratic figures including Senate Majority Leader Chuck Schumer (D-New York), Senators Debbie Stabenow (D-Michigan) and Kirsten Gillibrand (D-New York), along with California Congressman Adam Schiff. 

Mark Cuban, a well-known pro-crypto tech entrepreneur was also in attendance. However, notably absent was Vice President Harris herself, a gap that did not go unnoticed by the participants.

Crypto Industry Doesn’t Buy The ‘Reset’

More than 1,000 individuals reportedly streamed the event live, but feedback gathered from X paints a picture of dissatisfaction. Comments primarily centered around the absence of direct communication from Harris regarding her views and policies on crypto.

Senate Majority Leader Schumer tried to bridge this gap by advocating for balanced legislation. He emphasized the importance of fostering innovation while instituting “common sense guardrails.” 

Schumer warned of the risks of inaction, suggesting that the lack of US regulation could push the industry to relocate to countries with even less oversight. 

His remarks were well-intentioned but seemed to fall short of assuaging the attendees’ concerns about the broader Democratic stance on crypto

Feedback from industry insiders revealed a mix of disappointment and unmet expectations. 

“I was hoping to hear about Harris’s crypto policy and for the Democrats to address how they’re going to fix the issue of firms being de-banked,” stated Caitlin Long, CEO of Custodia Bank, highlighting a crucial industry issue still being pushed by Democrats.

Jake Brukhman, founder and CEO of investment firm CoinFund, critiqued the event’s format, which he felt did not facilitate an actual exchange of views as one might expect from a town hall. 

“I thought a town hall was for hearing people’s opinion, you know, people in the town. Instead we got a few lectures of the participants’ views of crypto and where it should go politically,” he remarked.

The event’s effectiveness was unfavorably compared to efforts by GOP presidential nominee Donald Trump, who has been vocal about his intention to implement a lighter regulatory framework for the industry.

Tyler Winklevoss expressed his discontent with the town hall’s format and Harris’s absence, tweeting, “Pre-recorded videos. Reading from scripts. Harris a no-show at her own event. What a clown show,” signaling a profound dissatisfaction that could sway industry support towards Republican candidates.

David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin conference, wrote via X: “Every day Kamala Harris ignores the public inquiry and her donors in regard to her crypto policy ‘reset’, she’s delivering the loudest message possible short of putting it in a press release: she plans to f*ck us.”

 

Top crypto exchanges like Coinbase, KuCoin, and Gate are seeking licensing pursuit in Turkey.

The country has clearer crypto regulatory rules than the US.

Many crypto trading platforms are looking to gain more global relevance with registrations in key market hubs.

Top digital currency trading platforms like Coinbase Global Inc., KuCoin, and Gate IO have joined the quest for licensing in Turkey.

With some of these businesses facing regulatory challenges in the United States, they now appear poised to move their businesses to more favorable terrain. The choice of Turkey for these exchanges hinges on clearer regulation in the country.

Will Turkey Emerge as a Hub for Crypto Operations?

Coinbase, KuCoin, and Gate are just three of the crypto exchanges pushing for acceptance in Turkey. The trio have filed for licensing and declared that they will conduct their businesses in accordance with the Turkish Temporary Article 11 of the Capital Markets Law No. 6362 (Law).

In a publication on the Capital Markets Board of Turkey’s website, these three crypto exchanges were among a “temporary list” of 76 other organizations seeking access to operate in Turkey. 

If granted, these entities will have to comply with the Turkish regulatory body’s laws, which they hope will favor their business operations compared to the challenges confronting them in the U.S.

Market experts say the US strain has prompted some exchanges to move to other countries, particularly those with more crypto-friendly dispositions and regulatory frameworks. 

In recent times, there has been an increasing expansion of crypto exchanges to other countries and regions not just to enjoy fairer laws but also to claim market dominance.

Binance, which was suspended from the Indian market earlier this year, has pushed for regulatory compliance with the Indian authorities to regain its market share in the Asian nation.

Competitiveness has also seen countries open up to digital assets and blaze the trail in terms of granting regulatory approvals for trade in crypto. 

Hong Kong, for instance, soared high in its status as a global financial hub for crypto assets when it gave the green light for spot Bitcoin and Ethereum ETFs. The approval of the spot Ethereum ETF came well before the U.S. SEC approved it.

The Coinbase and Uniswap Legal Strain in US

Coinbase, for instance, has been in a legal tussle with the U.S. Securities and Exchange Commission (SEC) since last year. It is in search of documents to understand the agency’s operations rules of the road guiding crypto. 

As per Coinbase’s argument, the U.S SEC has remained largely inconsistent and demonstrated a lack of coherence in its supervisory role over the crypto industry.

Notably, in 2023, the U.S. SEC also sued Coinbase for operating as an unregistered securities broker since 2019. The exchange is contending this allegation in court to date. 

The legal team of the exchange hopes to push back on what some in the ecosystem consider the “high-handedness” of the regulatory commission.

Aside from Coinbase, another key player in Decentralized finance (DeFi), Uniswap also recently received a Wells Notice from the SEC. The platform has challenged the SEC to contest its categorization of UNI and other supported assets as securities.

With these exchanges’ push for licensing in Turkey, they can plot a more ambitious growth trend.

The Clay County Prosecutor’s Office, located in Liberty, Missouri, is intensifying efforts to combat the rise in cryptocurrency-related scams.

Recognizing the growing threat posed by scams related to cryptocurrencies like bitcoin and ethereum, the office is organizing a specialized training program for local law enforcement agencies. 

This initiative aims to equip detectives and officers with the necessary skills to track and apprehend scammers. 

The training will cover the specific terminology and technology used in these scams, emphasizing the importance of early intervention to protect potential victims.

Community members can also participate in the training by registering online. 

The goal is to enhance law enforcement’s ability to hold perpetrators accountable and reduce the impact of these increasingly prevalent crimes.

Dubai Court agrees to allow salary payments in cryptocurrency.

The ruling signifies a new, progressive stance on cryptocurrency in UAE labour laws.

The Dubai Court of First Instance has officially recognized the validity of cryptocurrency payments in employment contracts. 

It may be seen to be a rather momentous decision that depicts a shift in the United Arab Emirates’ legal stance on digital currencies.

Dubai Court Endorses Salary Payments in Cryptocurrency

The case involved an employee who did not receive the cryptocurrency portion of their salary for six months. The court made a ruling in favor of the employee on the grounds that the contract had mandated salary payments in cryptocurrency. 

This is also greatly departing from a similar case in 2023 where the court rejected a claim because of the unclear valuation of cryptocurrency.

According to the 2024 ruling, wages are a natural right that every employer must respect the contractual obligations of his employees in its entirety, whether it includes some form of cryptocurrency or otherwise.

UAE Labor Laws Embrace Digital Currency

Whereas an earlier ruling dismissed a case over EcoWatt tokens because of the lack of a clear method to determine their fiat value, this new ruling compels the latter to contractually agree on salary payments in cryptocurrency without converting into fiat currency, demonstrating wider acceptance of digital assets.

Dubai embraced cryptocurrency early on through its 2016 Blockchain Strategy. It has since become a central destination for some big crypto players, such as Binance and Crypto.com. 

More specifically, the latest decision by the court recognized crypto as a valid means of payment, hence becoming a precedent for many future employment contracts within the UAE.

Chinese regional banks, once vital for processing Russian payments, are now rejecting these transactions due to concerns about secondary sanctions.

This has led to the rise of alternative methods such as cryptocurrency and barter to maintain trade between Russia and China.

The smooth flow of Russian-Chinese trade is now disrupted as Chinese regional banks halt yuan-based transactions from Russia. 

This change, reported by Izvestiya, follows a pattern of banks pulling back due to fears of being hit by secondary sanctions. Ekaterina Kizevich from Atvira confirmed her bank notified her of a payment suspension in July.

Russian firms are exploring options like using Russian bank branches in China, though this can increase costs by up to 5%. Barter trading is also being considered, though it’s not feasible for all goods.

Cryptocurrency is emerging as a key solution, with stablecoins being used by Russian metal producers for transactions with Chinese suppliers since June. 

As new laws regulating crypto payments come into effect, their use in bypassing traditional financial systems and potential sanctions may become more prevalent.

Attorney Johnsson confirms US Marshal Service and Coinbase agreement to sell Silk Road Bitcoins.

He said that the official confirmation of selling Silk Road Bitcoins will come in the January report.

Industry leaders say that the US govt. BTC transfers don’t align with Kamala Harris’s crypto reset promise.

As the US government moved a total of 10,000 Bitcoins worth $600 million earlier this week to crypto exchange Coinbase Prime, many suggested that this might be for deposit purposes. 

However, attorney Scott Johnsson has uncovered the truth stating that the US Marshal Service (USMS) is certainly selling the BTC as per the previous agreement with crypto exchange Coinbase.

US Silk Road Bitcoins And Coinbase Agreement

Confirming that the US Marshal Service is selling the Silk Road Bitcoins, Attorney Scott Johnsson stated that the USMS entered into a terms of service agreement with Coinbase earlier this year in June. 

This agreement shows that the USMS assets remain segregated and thus any transfers to Coinbase Prime and other exchanges definitely signal that the sale has already happened or is imminent, said Johnsson.

Besides, the Attorney also stated that the official confirmation of these transactions would come in the Department of Justice’s Asset Forfeiture Program FY2024 report in January, if not before. 

He also suggested that the recent activity might have accelerated following Donald Trump’s huge support to the Bitcoin industry.

Attorney Johnsson also said that it was ironic that the transfers came during the Crypto for Harris meeting earlier this week, scheduled with the goal of working on a crypto reset between Kamala Harris and the crypto industry.

Yes, US Marshal Service (USMS) is almost certainly selling silk road bitcoin. Joey is right (at least in the present). USMS has been sending BTC to a custodial address required by the terms of the servicing agreement that USMS entered into with Coinbase in June. Given the…

— Scott Johnsson (@SGJohnsson) August 16, 2024

Over the last month, the US government has moved a total of 40,000 Bitcoins seized from the Silk Road route. Interestingly, these transfers began soon after the German government liquidated all of their BTC through a rampant BTC selling spree last month in July. 

As per the Arkham Intelligence data, the US government still holds 203,239 BTC value at $12.420 billion as of the current BTC price.

BTC As A Reserve Asset

Former President Donald Trump has said that he would consider making Bitcoin a reserve asset for the US if re-elected to power in the 2024 US Presidential Elections. 

Many crypto industry veterans have also backed this idea while calling out that the US government’s Bitcoin transfers are not in tune with Kamala Harris’s crypto reset promises.

Besides, crypto industry players called the recent town hall meeting a clown show. Many called it a missed opportunity for Kamala Harris to showcase her support for the crypto industry. 

Other crypto industry leaders said that they don’t trust Harris and would continue to support Donald Trump.

Senate Majority Leader Chuck Schumer said that crypto is a bipartisan issue and that the US cannot wait on the sidelines for crypto regulations, and lose the opportunity to other countries. He also assured of having firm crypto regulations in the US by the year-end.

Donald Trump’s latest financial report reveals he owns around $5 million in cryptocurrencies and has earned over $7 million from NFTs through a deal with NFT INT.

This disclosure, which was shared by Citizens for Ethics, highlights Trump’s shift from initial skepticism about crypto to a more supportive stance.

The records show Trump’s cryptocurrency investments are largely in Ethereum, with estimated holdings between $1 million and $5 million.

Arkham Intelligence further details that Trump’s portfolio includes $3.55 million in Ethereum, wrapped Ethereum, and USDC, along with some meme coins like MAGAA and FIGHT. His crypto assets peaked at $18 million in June during a surge in the TRUMP meme coin’s value.

Trump has also gained $7.15 million from NFT projects, including trading cards and a limited-edition sneaker. Looking ahead, Trump and his team are working on new crypto and NFT initiatives, with Eric Trump teasing a project that may involve digital real estate.

Trump’s involvement in crypto has led to increased risks for his supporters, exemplified by the recent RTR coin scam, which falsely advertised itself as an official Trump-related token. Despite this, there remains strong interest in authentic Trump-associated crypto projects.

A newly created wallet withdrew 533.5 Bitcoin (BTC) worth $31 million from Binance.

As the cryptocurrency market continues to struggle, whales have increased their buying activity.

On the 16th of August, a newly created wallet withdrew a significant 533.5 Bitcoin (BTC) worth $31 million from Binance, the world’s biggest cryptocurrency exchange at the 58,188 level, per Spot On Chain.

A fresh whale withdrew 533.5 $BTC ($31M) from #Binance at an average price of $58,188 in the past 5 hours!

Note that fresh whales seem to be actively accumulating #Bitcoin this week, with 6 whales withdrawing 4,046 $BTC and $WBTC ($239.5M) from CEXs.

Don’t want to miss the new… pic.twitter.com/4h3qnHy7Br

— Spot On Chain (@spotonchain) August 16, 2024

Whales’ Interest in Bitcoin

This post has gathered significant attention from the crypto community. The market is down, and whales are seeing this price decline as an opportunity. 

Additionally, Spot On Chain noted that six whales have accumulated a significant 4,046 BTC and WBTC worth $239.5 million from centralized exchanges (CEXes) this week.

However, in the last 24 hours and over the past seven days, BTC’s exchange reserves have declined by 0.37% and 0.47%, respectively.

On the other hand, due to the high volatility, the number of active addresses has dropped by 27.6% in the last 24 hours, according to the on-chain analytic firm CryptoQuant.

How is BTC Faring?

At press time, Bitcoin was trading near the $58,430 level, having remained stable over the last 24 hours. Its trading volume has increased by 6% during the same period, indicating higher participation of investors.

Additionally, BTC’s Open Interest rose by 2% in the last 24 hours, signaling increased curiosity among traders during this time.

According to Bitcoinworld’s technical analysis, BTC looked bearish, as it was trading below the 200 Exponential Moving Average (EMA) on a daily time frame.

Also, the king coin has given a breakdown of the consolidation zone between $61,800 and $58,500. Following this breakdown, there is a high possibility that BTC could fall 6.5% to the $54,6000 level soon. 

As of press time, the two major liquidation levels were near $56,850 on the lower side and $59,000 on the upper side, according to the on-chain analytic firm Coinglass.

If the bearish sentiment continues and the price falls to the $56,850 level, nearly $721 million worth of long positions will be liquidated.

Conversely, if the sentiment changes and the BTC price rises to the $59,000 level, nearly $581.3 million worth of short positions will be liquidated.

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Central Bank Digital Currencies (CBDCs) are digital forms of national currencies that central banks issue. They are different than cryptocurrencies like Bitcoin or Ethereum, which operate on decentralized networks, full faith of the issuing government back and centralize CBDCs. 

With the world becoming more digitized, many countries are exploring or even adopting CBDCs to enhance their financial systems. This blog will explore the potential impacts of CBDCs on the global financial system, with a focus on CBDC adoption, digital currency regulation, and monetary policy. 

Understanding CBDCs 

We call digital representations of a nation’s fiat money CBDCs, but do not confuse them with cryptocurrencies, although both share some technological similarities. A country’s central bank issues and regulates CBDCs, ensuring their value remains stable and recognized as legal tender. CBDCs fall into two main categories: 

Retail CBDCs: These are designed for use by the general public, similar to how cash or bank deposits are used today. 

Wholesale CBDCs: These are intended for use by financial institutions and banks to facilitate interbank transactions and settlements. 

CBDCs offer the potential to improve financial inclusion, streamline payment systems, and enhance monetary policy efficiency. However, they also bring challenges that could reshape the global financial landscape. 

The Global Push for CBDC Adoption 

As of 2024, several countries are at different stages of CBDC adoption. China’s Digital Yuan (e-CNY) is one of the most advanced, with millions of transactions already processed. Other countries, like Sweden and the Bahamas, have also launched their own CBDCs, while the European Central Bank and the U.S. Federal Reserve are in the research and development phases. 

Factors Driving CBDC Adoption 

Enhancing Payment Systems: CBDCs can make payment systems more efficient by reducing transaction times and costs. 

Financial Inclusion: CBDCs can provide financial services to unbanked populations, especially in developing countries. 

Countering Cryptocurrencies: Governments see CBDCs as a way to maintain control over the monetary system, countering the rise of decentralized cryptocurrencies. 

Response to Declining Cash Use: As societies move towards cashless transactions, CBDCs can offer a government-backed alternative to private digital payment solutions. 

Impact on Global Finance 

The widespread adoption of CBDCs will have significant impacts on global finance. These impacts can be both positive and negative, depending on implementation and management of CBDCs. 

1. Cross-Border Payments 

One of the most significant potential benefits of CBDCs is the improvement of cross-border payments. Traditional cross-border transactions are often slow, expensive, and involve multiple intermediaries. CBDCs could streamline this process by enabling direct, instant transactions between countries, reducing costs and enhancing efficiency. 

However, the implementation of CBDCs on a global scale could also lead to challenges: 

Currency Competition: Countries with strong CBDCs could see their digital currency being preferred in international transactions, potentially undermining weaker currencies. 

Geopolitical Tensions: The dominance of certain CBDCs could exacerbate geopolitical tensions, especially if a CBDC from one country becomes the de facto global digital currency. 

2. Financial Stability 

CBDCs could enhance financial stability by providing central banks with better tools to manage monetary policy. For instance, central banks could adjust interest rates directly on CBDC holdings, providing more precise control over economic activity. This could be particularly useful during economic crises when rapid monetary adjustments are needed. 

However, there are also risks to financial stability: 

Bank Disintermediation: If people prefer holding CBDCs over bank deposits, commercial banks might face liquidity issues, reducing their ability to lend and potentially leading to a credit crunch. 

Cybersecurity Risks: CBDCs could become prime targets for cyberattacks, posing significant risks to national and global financial stability. 

Digital Currency Regulation 

The rise of CBDCs will necessitate new forms of digital currency regulation. Existing regulatory frameworks cannot handle the unique challenges that CBDCs pose, so regulators must create new regulations to ensure their safe and effective use. 

1. Regulatory Challenges 

Privacy Concerns: CBDCs could enable governments to track every transaction made by individuals, raising significant privacy concerns. Balancing transparency with privacy will be a key regulatory challenge. 

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): CBDCs must comply with AML and CTF regulations, requiring robust monitoring systems to prevent illegal activities. 

Cross-Border Cooperation: As CBDCs are adopted globally, there will be a need for international cooperation on regulatory standards to ensure seamless cross-border transactions. 

2. Potential Regulatory Approaches 

Centralized Control: Some countries may choose to exert strict control over CBDCs, ensuring that they are used in line with national interests. This approach could involve strong monitoring and tracking mechanisms. 

Decentralized Approaches: Other countries might adopt a more decentralized approach, giving users more control over their CBDC holdings while maintaining regulatory oversight through smart contracts and automated systems. 

Impact on Monetary Policy 

CBDCs offer central banks new tools for conducting monetary policy, potentially making it more effective and responsive to economic conditions. 

1. Interest Rate Implementation 

With CBDCs, central banks could implement negative interest rates more easily. By directly charging interest on CBDC holdings, central banks could encourage spending during economic downturns, stimulating economic activity. 

2. Direct Monetary Interventions 

Central banks could use CBDCs to implement direct monetary interventions, such as helicopter money, where they distribute funds directly to citizens to stimulate the economy. They could do this quickly and efficiently through CBDC platforms. 

3. Data-Driven Policy Making 

CBDCs could provide central banks with real-time data on spending patterns, enabling more data-driven monetary policy decisions. This could lead to more effective interventions and better economic outcomes. 

The impact of Central Bank Digital Currencies on the global financial system will be profound and multifaceted. CBDCs have the potential to revolutionize payments, enhance financial stability, and provide central banks with new tools for monetary policy. However, they also bring significant challenges, including the need for new regulations, potential risks to financial stability, and geopolitical tensions. 

As more countries move towards CBDC adoption, it will be crucial to carefully consider these impacts and design CBDCs that maximize benefits while minimizing risks. The future of global finance may very well be digital, and CBDCs could be at the heart of this transformation. 

Among many inventions in these digital times, social tokens have emerged as a powerful tool for changing the creator economy and fostering stronger community engagement. These tokens, rooted in blockchain technology, give creators and communities more control over their relationships and value exchange.  

They represent a significant shift towards decentralized ownership and community-driven economies, transforming how we interact with online communities and creators. 

What Are Social Tokens? 

Social tokens are digital assets issued by creators, communities, or individuals. They are built on blockchain networks, making them decentralized, secure, and transparent. By holding these tokens, fans or community members can unlock special access to content, rewards, or even governance rights within a tokenized community. The goal is to align the interests of creators and their supporters, fostering deeper connections through shared value. 

Key Characteristics of Social Tokens: 

Ownership and Control: Creators can maintain ownership of their content and revenue streams, reducing reliance on third-party platforms. 

Community Engagement: Fans can invest directly in the success of their favorite creators or communities. 

Incentive Structures: Tokens can be used to reward community members for their contributions, such as promoting content or participating in discussions. 

The Rise of the Creator Economy 

The creator economy refers to the ecosystem of digital creators who produce content, services, or experiences for online audiences. This economy is booming, with influencers, artists, musicians, and streamers leading the charge. However, many creators face challenges, such as platform dependency and limited revenue streams. Social tokens offer a solution by providing new ways to monetize their work and engage their followers. 

With social tokens, creators can: 

Issue exclusive content that only token holders can access. 

Reward loyal fans with tokens that grant perks or privileges. 

Allow their communities to vote on creative decisions using their tokens.  

Traditional vs. Tokenized Creator Economy: 

Traditional Model  Tokenized Model  Centralized on platforms (YouTube, Instagram)  Decentralized, owned by creators and communities  Revenue split with platforms  Creators retain full control of their earnings  Limited fan interaction beyond likes/comments  Fans can actively participate and invest in creators’ success 

This decentralized model gives creators more autonomy and reduces their reliance on centralized social media platforms. 

How Social Tokens Empower Communities 

Community tokens are similar to social tokens but focus on groups of people rather than individual creators. These tokens are used to strengthen relationships within a decentralized community, where members share common goals or interests.  

For instance, a community built around a particular artist, hobby, or cause can issue tokens that grant members voting power, access to events, or special content. 

In a decentralized social network, these tokens act as the glue that holds the community together. Members can use tokens to unlock various benefits and contribute to the governance and direction of the community. This dynamic is different from traditional social networks, where platform owners set the rules and control user interaction. 

Benefits of Tokenized Communities: 

Shared Ownership: Community members feel more invested when they have a stake in the group’s success. 

Democratic Decision-Making: Token holders can vote on key issues or decisions within the community. 

Rewarding Contributions: Those who contribute value to the community can be rewarded with tokens, creating a positive feedback loop. 

Decentralized Social Networks and Social Tokens 

Decentralized social networks are platforms that do not rely on centralized control by a single company. Instead, they are powered by blockchain technology, allowing users to own their data and content. In these networks, social tokens play a pivotal role in enabling interactions, governance, and value exchange without intermediaries. 

Unlike platforms like Facebook or Twitter, decentralized social networks offer more freedom and flexibility to creators and users. With social tokens, members of these networks can control how their data is used, vote on platform rules, and even earn from their participation. 

How Social Tokens Are Used in Decentralized Social Networks: 

Monetization: Creators can issue tokens to monetize their content directly without relying on ads or subscriptions. 

Governance: Token holders can vote on changes to the platform’s rules or features, giving them a say in the network’s future. 

Content Access: Certain posts, videos, or events may be token-gated, meaning only those with tokens can access them. 

Examples of Social Token Platforms 

Several platforms have emerged to help creators and communities launch their own social tokens. Each of these platforms offers unique features and tools tailored to different needs. 

Platform  Key Features  Target Audience  Rally  Allows creators to mint their own tokens  Influencers, content creators  BitClout A decentralized social network powered by creator tokens  Social media influencers  Roll  Supports personal tokens for creators  Artists, musicians, online creators  Friends With Benefits (FWB)  A tokenized community with exclusive content and events  Community-driven creators 

These platforms simplify the process of launching and managing social tokens, allowing anyone from artists to influencers to build their tokenized communities. 

Challenges and Risks 

Social tokens definitely offer numerous benefits, but there are still challenges. Some of the key risks include: 

Volatility: Like cryptocurrencies, the value of social tokens can fluctuate, potentially affecting creators’ revenue and fan investments. 

Regulatory Uncertainty: The legal status of social tokens varies across jurisdictions, and there may be challenges related to securities regulations. 

Platform Dependency: Some creators may become overly dependent on token platforms, leading to new forms of centralization. 

It’s important for creators and communities to understand these risks and plan accordingly. 

Future of Social Tokens 

The future of social tokens looks promising, with potential use cases expanding across various industries. As more creators and communities embrace tokenization, we can expect to see: 

Greater Adoption: More creators, from musicians to YouTubers, will likely issue their own social tokens. 

New Business Models: The rise of tokenized communities could lead to new ways of monetizing content, reducing the need for traditional advertising models. 

Enhanced Collaboration: Communities and creators can collaborate on larger projects, with social tokens enabling transparent revenue sharing. 

In the long term, social tokens could reshape the entire landscape of the creator economy and how communities function. By decentralizing ownership and control, social tokens empower individuals to take charge of their own destiny, whether they are creating art, building a fanbase, or managing a community. 

Social tokens represent a new frontier for the creator economy and community engagement. They empower creators by giving them more control over their content and revenue, while also fostering deeper connections with their audiences.  

For those looking to get involved, understanding the basics of social tokens, community tokens, and decentralized social networks is crucial. As this space grows, so will the opportunities to create more inclusive, decentralized, and empowered online communities. 

Holding an open discussion on X, BitGo’s Mike Belshe joined Justin Sun, BitGlobal representatives, and original WBTC contributor Meow to address concerns about WBTC custody changes.

Earlier this week, BitGo announced changes to WBTC’s existing custody model that included distributing influence across several parties and geographic jurisdictions.

The move drew a wrath of criticism from the cryptocurrency community, notably due to the involvement of Tron founder Justin Sun.

Seeking to clear the air, Jupiter co-founder and original WBTC contributor Meow welcomed BitGO CEO Mike Belshe, Justin Sun, and BitGlobal representatives to a public forum to shed some light on the situation.

We co-hosted a WBTC community discussion last night on X Spaces with @weremeow, @loi_luu, @mikebelshe. Thank you to the hundreds who participated live and the thousands who tuned in after.

BitGo recapped the WBTC new multi-jurisdictional, multi-institutional custody transition… pic.twitter.com/dObsuoVO3i

— BitGo (@BitGo) August 14, 2024

Mike Belshe Puts BTC Usage Concerns to Rest

One of the key concerns outlined by the crypto community following BitGo’s original announcement was what the Bitcoin used to back WBTC would be used for. 

Acting as a voice for the crypto community at large, Meow posed the question of BTC utilization to BitGo CEO Mike Belshe.

Assuring over 5,000 captivated listeners, Belshe put their nervous minds to rest, highlighting that “when you put [Bitcoin] inside of a trust company you’ve got it wrapped in a mechanism which has got a fiduciary responsibility in a very legal way.”

Reinforcing his statement with additional context, Belshe acknowledged that people’s “number one question” was that “the bitcoin behind [WBTC] is not gonna get hypothecated, rehypothecated, lent out, used, taken, put somewhere else.”

Highlighting the legal constraints of BitGo’s position, Belshe assured listeners “The regulatory construct that we have makes it so that it’s actually illegal to do that.”

A Transfer of Trust?

Part of the BitGo X GitGlobal collaboration means that multi-signature keys with access to custodied assets will be distributed across several companies. 

While on paper this aids in decentralization and security, Meow and the community raised concerns regarding the involvement of BitGlobal, a relatively new and unknown entity in the space.

By transferring ownership of keys, Meow theorized that the “transfer of trust will take a long time” arguing it could be “quite a hard pill for the community to swallow”.

Responding to Meow’s claims, Belshe asserted “BitGo is not asking you to take the same trust that you had in BitGo and just give it to somebody else.”

Hammering his point home, Belshe contended that decentralization remains one of the strongest security measures available. Posing the rhetoric, Belshe asked “Is it more secure to have the two parties, or is it more secure to have BitGo hold two keys?”

The Justin Sun Factor

The announcement of Justin Sun’s involvement in the arrangement has been one of the collaboration’s biggest items of contention. 

Some long-standing crypto protocols like MakerDAO have argued that Justin Sun’s involvement adds an “unacceptable level of risk” to WBTC, proposing to reduce their WBTC exposure to 0.

Justin Sun’s commentary during the forum was admittedly brief. Downplaying his role and involvement, the controversial figure noted “the protocol, how to mint, how to burn and also the transparency and all the procedures remain the same.”

Adding further clarity, Sun contended “other than some of the keys being moved out of the U.S., I don’t really think there is much difference.”

Beyond assuring listeners that nothing had changed, Sun revealed his vision for the future of WBTC. Positing that “not everything we do is purely to make money” Sun believes the team should focus on expanding WBTC market cap, TVL, and helping the asset establish a presence of more blockchains.

What’s Changing?

As a result of the discussion, BitGo has taken the community’s feedback on board and implemented new changes to the collaboration’s custody model.

The new model proposes to include BitGo Singapore, a new arm of the company, into the custody equation. 

One cold-storage multi-signature key will be held by BitGo Inc, BitGo Singapore Ltd, and BitGlobal, with master keys held in the United States, Hong Kong, and Singapore.

The new multi-jurisdictional and multi-institutional arrangement aims to further decentralize WBTC custody, while maintaining the same existing mechanisms that have ensured WBTC’s security thus far.

All things considered, the event demonstrates one of the key values of the crypto industry. By having an open, transparent discourse about the concerns shared by the wider community, institutional teams were able to adapt their procedures and find a solution that is better aligned with the goals of all involved parties.

Starting August 16, DOGS airdrop claim will be available through Telegram Wallet and exchanges like OKX, Bybit, and Bitget, with deposits made by August 20.

Users must complete KYC procedures to receive tokens. Non-custodial wallet users will need to pay gas fees in TON.

DOGS, the new meme coin inspired by Telegram’s mascot Spotty, just announced that the DOGS airdrop claim is now live.

We're excited to announce that the withdrawal feature is now live!

Withdrawing $DOGS to OKX & Bybit comes with zero gas fees.

Where will you be depositing your $DOGS? follow + & + Comments #DOGS pic.twitter.com/5HCqVoE5MC

— DOGS Community (@realDOGSCom) August 16, 2024

DOGS Airdrop Claim Is Now Launched

Starting August 16, users will be able to claim DOGS tokens via Telegram Wallet or centralized exchange channels such as OKX, Bybit, and Bitget. The DOGS tokens will be forwarded to the airdrop account on or before August 20.

The procedure of a DOGS airdrop claim includes the passage of the KYC procedure. Tokens will be forwarded to Telegram wallets or exchange accounts. Those who use non-custodial wallets would be able to receive tokens by paying a gas fee in TON.

OKX will open DOGS deposits on August 14 at 5:00 PM. From 7:00 PM to 8:00 PM on August 20, there will be a bidding event, and DOGS/USDT spot trading will open at 8:00 PM.

400 Billion DOGS Tokens to Be Airdropped

DOGS has an enormous supply of 550 billion coins. Their tokenomics structure is divided as follows: 81.5% will go to the community, 7.3% for project activities, 10% reserved for the development team, and lastly, 8.5% will be used to ensure market liquidity.

While having 53 million users and 42 million accounts eligible for its airdrop, a total of 400 billion DOGS tokens would be given away, averaging 9,500 DOGS per recipient.

It is expected that at this launch, there could be a huge creation of interest from the crypto investment community, especially among the enthusiasts for meme tokens.

Interested users can see a detailed official announcement on the Dogs Community Telegram channel.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

A Nigerian court has ordered the freezing of $38M in crypto funds believed to have been used to support nationwide protests against the government. 

The ruling, amid heightened tensions over the rising cost of living in Africa’s most populous nation, has sparked concerns over the authorities’ response to civic unrest.

Anti-Graft Agency Freezes $38 Million

According to local media reports, the Economic and Financial Crimes Commission (EFCC), Nigeria’s top anti-corruption agency, alleged that the frozen assets represent the “proceeds of money laundering and terrorism financing.” 

However, details on the specific individuals or groups whose wallets were targeted have not been disclosed.

Insiders familiar with the case told reporters that the government believes the funds can be traced to suspected organizers of the #EndBadGovernance protests – a series of demonstrations that swept across Nigeria in early August.

From August 1-10, the protests saw Nigerians take to the streets to voice their frustrations over the country’s worsening economic crisis, including skyrocketing inflation, unemployment, and widespread poverty. 

Security forces were accused of using excessive force, with reports of over 20 protesters killed during the demonstrations. 

Authorities have since taken a hard line, arresting suspected protest organizers and those believed to have committed crimes under the guise of the rallies.

Nigeria’s Crypto Clampdown

This is not the first time the Nigerian government has moved to restrict the financial resources of anti-government activists. 

In 2020, during the widespread #EndSARS protests against police brutality, authorities successfully obtained a court order to freeze the accounts of key protest organizers, alleging links to terrorist financing.

While the government maintains that the current cryptocurrency freeze is part of legitimate investigations into money laundering and terrorism, critics have condemned the move as a blatant attempt to stifle dissent and undermine the public’s right to assemble peacefully.

The latest crackdown on crypto-based support for the protests highlights the Nigerian government’s growing unease with using digital assets to circumvent traditional financial controls. 

Experts warn that such heavy-handed tactics could further undermine public trust and push more Nigerians to seek alternative, decentralized means of organizing and fundraising.

This increased scrutiny of the industry has caught up with the world’s largest exchange by trading volume, Binance, where a top executive, Tigran Gambaryan, is in critical condition in a Nigerian prison. His health has reportedly been in a downward spiral since his arrest earlier this year. 

Gambaryan is facing serious money laundering charges along with the exchange. The Nigerian government accuses him and another executive, Nadeem Anjarwalla, of laundering more than $35 million.

The IMF says an 85% increase in electricity taxes for crypto miners could significantly curb global carbon emissions.  

The IMF says such a levy would raise annual government revenue of $5.2 billion globally.  

Targeted power taxes for AI data centers should be $0.032 per kilowatt hour, or $0.052, including air pollution costs.

Two executives from the International Monetary Fund (IMF) said on Thursday that taxes could increase the average global cost of crypto-mining electricity by up to 85%, which could significantly reduce carbon emissions.

This is despite the fact that smaller operations have been unable to generate a profit since the halving of Bitcoin in April, which has heightened the strain on miners to identify more efficient operational strategies. In a blog post, the IMF stated that:

“Such a levy would raise annual government revenue of $5.2 billion globally and reduce annual emissions by 100 million tons around Belgium’s current emissions.”

It is uncertain whether a tax increase of this nature would directly reduce emissions, as miners have frequently pursued more cost-effective alternatives in countries with more favorable electricity costs.

IMF Execs Float Raising Crypto Mining Electricity Taxes

The IMF Fiscal Affairs Department’s deputy division chief, Shafik Hebous, and climate policy division economist Nate Vernon-Lin wrote that a tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals.”

According to them, if the local impact of miners on health were taken into account, the tax would increase to $0.089 per kilowatt hour.

They argued that a single Bitcoin transaction consumes approximately the same amount of electricity as the average person in Pakistan consumes in three years, whereas the artificial intelligence model ChatGPT requires ten times the amount of power compared to a Google search.

The IMF reported that crypto mining and artificial intelligence data centers’ environmental impact collectively accounts for nearly 1% of global carbon emissions and 2% of global electricity consumption.

It follows a September IMF report that stressed the electricity use of both industries. Within the next three years, crypto mining and AI data centers are anticipated to consume as much energy as Japan, the world’s fifth-largest electricity user.

The IMF stated that a direct tax of $0.047 per kilowatt hour on electricity consumed by crypto miners could substantially reduce emissions, thereby integrating the industry with global climate objectives.

According to the IMF, these measures have the potential to generate $5.2 billion in annual revenue and reduce emissions by approximately 100 million tons, which is roughly equivalent to Belgium’s current emissions.

The IMF acknowledged that the tax increase would require a global effort to coordinate and resolve the jurisdictional arbitration that could result in miners relocating abroad and undermining those endeavors.

Hebous and Vernon-Lin suggested that the targeted tax could potentially promote the adoption of more energy-efficient equipment by crypto miners and AI data centers and less energy-intensive operations.

Nevertheless, they said that global coordination was necessary for the tax, as “stricter measures in one location could encourage relocation to jurisdictions with lower standards.”

Nevertheless, there have been disputes regarding the extent to which crypto miners generate emissions compared to other industries. 

Amazon, a technology behemoth, reported a carbon footprint of 71.54 million metric tons of carbon dioxide in 2021, which is already greater than the estimated 65.4 million metric tons of carbon dioxide emitted by Bitcoin.

Crypto mining has been banned in some countries, including Venezuela because it strains the electricity grid. Iran has also initiated a $24 reward for individuals who report illegal crypto miners, as the nation’s grid is experiencing strain due to a severe heatwave.

South Korea’s National Pension Service (NPS), one of the world’s largest pension funds, is investing $33.75M in MicroStrategy shares in a bid to diversify into digital asset companies to broaden its investment scope and seek higher returns.

South Korea’s Public Pension Fund invested in MicroStrategy, acquiring 245,000 shares in the firm, valued at $33.75m, during the second quarter this year. 

A recent 13F filing showed that the investment represents 0.04% within the fund’s total US stock holdings.

During the third quarter last year, the National Pension Service (NPS) bought 282,673 Coinbase shares, marking the first time the fund invested in a digital assets company within its US stock holdings. This quarter, it sold 23,956 shares, capitalizing on the increased value.

South Korea's National Pension Service (NPS) disclosed that it bought 245,000 shares of MicroStrategy in the second quarter of this year, worth about $33.75 million. Previously, NPS bought 282,700 shares of Coinbase in the third quarter of last year. NPS manages $729.77 billion…

— Wu Blockchain (@WuBlockchain) August 16, 2024

MicroStrategy, originally known for its business analytics software, has become a key player in Bitcoin investments. The firm’s CEO Michael Saylor, now closely associated with Bitcoin advocacy, spearheaded this shift.

Under his leadership, MicroStrategy has become the largest corporate holder of Bitcoin. By mid-2024, the company owned nearly 1% of all Bitcoin in existence.

South Korea’s NPS Diversifies with Digital Asset Investments, Eyeing Higher Yields

The NPS, which oversees one of the world’s largest pension funds, is deliberately expanding its investment scope. It is choosing to invest in digital asset companies like Coinbase to diversify its risk across various investment types. The fund hopes to achieve greater yields compared to traditional investment options.

The NPS’ decision to invest in Coinbase at a time when its shares saw a substantial profit of about 40% in one quarter may have confirmed the effectiveness of its approach. Such results could spur more investments into companies linked to digital assets, viewing them as avenues for high growth.

South Korea Advances Digital Asset Regulations

South Korea is progressing toward clearer regulations for digital assets. This is highlighted by the enactment of the Virtual Asset User Protection Act. 

This legal framework likely influenced the National Pension Service to view digital assets as a more credible investment category, reducing regulatory uncertainty.

The NPS’ investment can be seen as a forward-looking move, anticipating the growing importance of digital assets in the future.