Le Coin Hebdo is the unmissable event to keep up to date with the crypto, NFT, Metaverse & Web3 news of the week!
Sui Network unveils its tokenomics
Sui Network recently presented the tokenomics of its token SUthe project focused on performance and accessibility.
The SUI ecosystem relies on three key groups of participants : users, SUI holders and network validators. THE users create, modify or transfer tokens and use decentralized applications (dApps) on the Sui protocol, while holders from SUI support the validators by delegating their funds and participating in the governance of the network. THE validatorson the other hand, provide transaction processing and execution to ensure network security and integrity.
The SUI token performs four essential functions in the ecosystem : setting game (staking) with a validator for to secure the network, payment of gas costs for transactions and the execution of smart contracts, use asnative asset for transactions on chain and right to participate in governance.
Sui’s Storage Fund is a major innovation that guarantees the fairness of transaction costs and the sustainability of the blockchain by redistributing past transaction fees to future validators. Sui’s storage model also includes a delete option allowing users to get storage fee refunds when they delete data previously stored on the channel.
This incentivizes users to delete data when their storage is no longer profitable, thus avoiding endless growth in storage needs and ensuring that only data worth storing is actually kept on Sui.
More informations Sui Network unveils its tokenomics before the launch of its layer 1
I’European Union adopt the regulations Mica
The European Union adopt the regulations Mica (Markets in Crypto-Assets Regulation) for crypto-assets aimed at protecting consumers, harmonize regulations And create legal certainty for businesses and institutions.
MiCA introduces a clear classification of crypto-assets, covering token offerings (ICO, IEO etc), issuance of stablecoinsthe services ofexchange and of custody of crypto-assets and new market rules. This framework could have major implications for companies in the crypto-asset sector in Europe and globally by leading to higher compliance costs for some companies.
MiCA raises questions about the classification of non-fungible tokens (NFT) and on the requirements that NFT-related companies will be subject to. NFTs issued in series or in collections could be considered fungible and subject to MiCA requirements.
Issuers of NFT collections, marketplaces, custodians and aggregators of NFTs could also be affected. Besides, issuers of crypto-assets will have to write a White Book detailed and issuers of asset-referenced tokens and e-money tokens will be subject to more stringent requirements.
The area Challenge is partially excluded from MiCA regulation, provided that the crypto-asset services are provided in a fully decentralized manner and without intermediaries. Businesses seeking to offer services related to crypto-assets will need to obtain a Crypto-Asset Service Provider (CASP) license from the national competent authorities in the EU.
MiCA could potentially become a global regulatory standardsimilar to GDPR for data protection, but its success will depend on its effectiveness for industry, consumers and regulators.
Privacy coins likeMonero (XMR)AndZcash (ZEC)AndTHElayer 2or 3 specialized in the anonymity of transactions will hardly be able to be traded on platforms regulated by the EU.
More informations EU adopts MiCA, the most comprehensive regulatory framework for crypto-assets
Coinbase wants to launch an offshore exchange shortly in Bermuda
Coinbasethe famous cryptocurrency exchange platform, got a license of the Bermuda Monetary Authority to operate in Bermuda and plans to launch a derivatives trading platform in this country from next week. The move is part of Coinbase’s “Go Broad & Go Deep” campaign, which aims to establish regulated entities and local operations to facilitate its international growthand will allow the company to benefit from a clear regulatory framework and a taxation beneficial to Bermuda.
This announcement comes a day after Coinbase CEO, Brian Armstrongstated that the company could consider leaving the United States due to lack of regulatory clarity. However, Coinbase is unlikely to leave the US immediately, given that the company is generally seen as law-abiding by politicians and regulators. By launching an offshore exchange in Bermuda, Coinbase would be better placed to compete Binance and diversify its revenue base.
More informations Coinbase obtains license in Bermuda
After Coinbase, Gemini launches its international expansion in Asia-Pacific
I’exchange cryptocurrency based in New York, Geminiplans to expand its reach in Asia-Pacific (APAC) by establishing an engineering center in Gurgaon, Indiaand naming Pravijt Tiwana as regional general manager.
This expansion aims to take advantage of growing demand for cryptocurrencies and web3 products in Asia, and strengthen its position in one of the largest cryptocurrency markets in the world. Gemini’s strategy follows that of Coinbase, which recently announced plans to expand into Bermuda and to Abu Dhabi.
Geminifounded by winklevoss brothersbeen accused by the SEC of violating securities laws as part of its crypto lending program. The two brothers regularly express their frustration with the unstable regulations in the United States.
Gemini’s international expansion in the APAC region takes place in a context where several exchanges are looking to get away from the lack of clarity on US regulations.
More informations After Coinbase, Gemini launches its international expansion in Asia-Pacific
US congressman wants to impeach SEC chairman
The US Representative Warren Davidson announced its intention to introduce legislation aimed at remove Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC)due to concerns about regulatory abuse in the area of cryptocurrency.
Mr Davidson plans to replace the chairmanship with an executive director who would report to the SEC board. This decision comes following the proposal to redefine the concept of “stock market” by the SEC, which is causing concern within the crypto community.
Hester PeirceSEC commissioner and well-known cryptocurrency advocate, disagreed with the proposed new amendments, accusing the SEC of “privilege stagnation, centralization, expatriation and extinction” rather than supporting new technologies.
She also criticized the agency for using the notice-and-comment regulatory process as a threat and expanding its reach to solve non-existent problems. Representative Davidson’s initiative could mark a turning point in the regulatory approach to the cryptocurrency in the USA.
More informations US congressman wants to impeach SEC Chairman Gary Gensler
During a hearing before the House Financial Services Committee, SEC Chairman Gary Gensler, remained evasive regarding the classification ofEthereum (ETH) as security or commodity, raising concerns about regulatory clarity for crypto businesses. The disagreement among regulators over the classification ofEthereum was pointed out, with dissenting opinions coming from the SEC, the CFTC, and the New York State Attorney General.
More informations SEC Chairman Dodges Ethereum Classification During Congressional Hearing
Abu Dhabi builds a legal framework dedicated to Web3
Abu Dhabithe capital of United Arab Emiratesis working to develop a legal framework to support the decentralized economy and Web3 projects, aiming to provide more clarity on governance structures and projects based on distributed ledger technology (DLT).
The Registration Authority of Abu Dhabi Global Market (ADGM) seeks views on its draft legislative framework for distributed ledger technologies, targeting governance structuresreports, disclosures and insolvency measures and of liquidation.
Abu Dhabi and Dubai are struggling to put in place regulations that can attract businesses from blockchain and cryptocurrencies in the United Arab Emirates. Dubai adopted a regulatory framework for cryptocurrencies earlier this year, and the UAE last week unveiled federal licensing requirements for virtual asset service providers wishing to operate in the country. In February,Abu Dhabi launched a $2 billion initiativeto support projectsWeb3.
More informations Abu Dhabi is building a legal framework to support the decentralized economy and Web3
Alex Pertsev, the developer of Tornado Cash finally free on April 26?
Alexey Pertsevprotocol developer Tornado Cash, will be released on bail and placed under electronic monitoring in the Netherlands pending trial. Accused of facilitating the whitening money using the Tornado Cash cryptocurrency mixer, Mr Pertsev was arrested in August 2022 and has been held for nine months without trial. Since Pertsev’s arrest, Tornado Cash faces difficultieseven being added to the US Office of Foreign Assets Control (OFAC) blacklist.
Cryptocurrency mixers like Tornado Cash blur the traceability of funds by mixing transactions from multiple users, which bothers regulators for several reasons, including money laundering, terrorist financing, tax evasion and online crime. As a result, many regulators seek to regulate or prohibit the use of these services to prevent illicit activity and protect consumers.
More informations Alex Pertsev, the developer of Tornado Cash finally free on April 26?
The news in brief:
- FTX Creditors Exposed to Identity Theft Risks
- Crypto exchange Bitget gets green light to operate in Lithuania
- Societe Generale’s Crypto subsidiary launches a euro stablecoin on Ethereum: the EURCV
- Crypto fund A16z unveils Magi, a rollup client for Optimism
- Saylor integrates Lightning Network with MicroStrategy emails
The article Crypto news for the week of April 17, 2023: Coin Hebdo #94 appeared first on Corner Academy