Aurelia Butler

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    in Cryptocurrency

    More Than 400 Crypto Ads Found Violating ASCI Guidelines

    More than 400 crypto-related advertisements violated advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising in the first five months of this year, the Advertising Standards Council of India (ASCI) said. The ad council received the most complaints about influencers. “Some influencers talk openly about crypto, despite their lack of understanding.”According to the ASCI, 419 of the 453 complaints between January and May 2022 required modifications, with most complaints against influencers. The advertisement watchdog noted that influencers were generally in breach of its code for not carrying a required disclaimer or paid partnership tag on the ad.Manisha Kapoor, the ASCI chief executive, said some influencers talk intelligently about crypto without truly comprehending it. As a result, they deceive the world into believing that investing in cryptocurrency is safe and acceptable.Notably, Indian crypto ads are subject to two sets of guidelines. The first one is the promotion and marketing of cryptocurrencies, cryptocurrency exchanges, and non-fungible tokens (NFTs).In February, the ASCI announced the new standard, which took effect in April. The second set of guidelines, which went into effect in June, governs influencer marketing and advertising. While the VDA guidelines came into effect in April this year, ASCI’s guidelines for influencer marketing took root in June last year.During a bull market last year, crypto companies flooded Over The Top (OTT) and social media platforms with advertising and corporate sales. India has lately stressed the need for more stringent regulations around cryptocurrency.ASCI is a self-regulatory organization (SRO) that covers all advertising except for election messages and public service announcements in India.Continue reading on CoinQuora More

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    in Cryptocurrency

    Central Bank of Morocco seeks to introduce crypto regulation bill

    According to a Monday report by Bitcoin News, the apex bank is consulting with global financial institutions on a regulatory framework to oversee the activities of the market. In particular, BAM’s governor Abdellatif Jouahri disclosed that the financial institution had engaged with the International Monetary Fund (IMF) and the World Bank on specific benchmarks.In a recent statement, BAM admitted that cryptocurrencies were becoming increasingly popular. However, it cautioned consumers to be aware of the risks associated with the industry. The latest attempt at regulating the sector will likely not be an outright ban of cryptocurrencies but a move to combat money laundering and anti-terrorism financing.Recall that BAM’s governor had previously said that adopting cryptocurrencies in Morocco was a matter of “when” not “if.” In a press conference held on March 23, he said:Continue reading on BTC Peers More

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    in Cryptocurrency

    Ethereum $1K price support in danger as Q2 comes to a close

    ETH’s price plunged nearly 5% this June 30 to $1,044 following a four-day losing streak. The ETH/USD pair has also broke below its interim rising trendline support, which in conjugation with a horizontal trendline resistance to the upside, constitutes an “ascending triangle” pattern.Continue Reading on Coin Telegraph More

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    in Cryptocurrency

    This is Where You Should Buy Bitcoin According to Fundstrat's Mark Newton

    Mark Newton, Head of Technical Strategy at Fundstrat, believes Bitcoin (BTC) price could be turning north starting from July.Newton, one of the most closely watched technical analysts on the Street, noted that Bitcoin DeMark exhaustion signals a major low could be set in July.“Overall, I would have greater confidence of a larger low developing in Bitcoin if/when both weekly and monthly charts are in alignment. This very well might come to fruition for the first time since last November’s peak in 2021, as of next month, July 2022. Multiple timeframes lining up typically provide longer-lasting trend reversals, and we could be on the verge of seeing all come together,” Newton told clients in a note.However, the strategist added that Bitcoin price could follow equities “and challenge and undercut June lows at 17,592.78 by a minor amount”.Discussing the precise Bitcoin price levels, Newton added:“Given that some traders might be inclined to buy dips on such a move, I feel technically that $12,500-$13,000 would be my preferred area to buy dips in the event that $17,592 is taken out. I expect any move down to this level should prove brief, and short-lived, but provide an excellent buying opportunity into mid-July.”All in all, Newton sees Bitcoin bottoming out in July and heading higher into November.“Lows should be right around the corner according to this cycle composite, and one should be on alert in the month of July, looking to buy weakness for a healthy rebound, just as sentiment seems to be reaching a bearish tipping point,” Newton concluded. More

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    in Economy

    Exclusive-ECB to channel cash from north to south in bid to cap spreads – sources

    SINTRA, Portugal (Reuters) – The European Central Bank will buy bonds from Italy, Spain, Portugal and Greece with some of the proceeds it receives from maturing German, French and Dutch debt in a bid to cap spreads between their borrowing costs, sources told Reuters.The ECB will kick off this rebalancing on Friday to prevent financial fragmentation among euro zone countries from getting in the way of its plan to raise interest rates – with an additional scheme due to be unveiled next month.The central bank has divided the euro zone’s 19 countries into three groups – donors, recipients and neutrals – based on the size and speed of a rise in their bond spreads in recent weeks, according to conversations with a half a dozen people at the ECB’s annual forum in Sintra, Portugal. The spreads are gauged against German bonds, which serve as a de-facto benchmark for the single currency area.The ECB will channel towards the recipients part of the cash from maturing bonds it bought from “donor” countries under its Pandemic Emergency Purchase Programme, with neutrals acting as a buffer, the sources said.The lists, which will be reviewed monthly, mirror the division between peripheral and core countries that emerged at the time of euro zone’s first debt crisis a decade ago.Recipients include a handful of countries perceived by investors as riskier due to their high public debt or meagre growth, such as Italy, Greece, Spain and Portugal, the sources said.Their list was initially longer before the Governing Council pared it down.The donor group is made of around half a dozen so called core countries considered safer and includes Germany, France and the Netherlands, according to the sources.An ECB spokesperson declined to comment for this story.While redemptions in July and August are substantial, the ECB knows that merely reinvesting of the proceeds will not be enough to calm investors.So it has sped up work on a new tool that will allow it to make new purchases where they are needed if a country meets certain conditions.This may be ascertained by the European Commission, based on its fiscal rules or economic recommendations, or by the ECB itself via a debt-sustainability assessment, as it did with Greece a few years ago, sources have told Reuters.The former option would keep the ECB above the fray but make it dependent on another institution. The latter would give central bankers a greater say but open them to accusations of getting involved in politics.The ECB may then drain cash from the banking system to offset its bond purchases, most likely via special auctions at which banks can secure more favourable interest rates if they park funds at the central bank.Policymakers have yet to decide whether to announce the size of the scheme, as they hope its mere announcement will stabilise markets and they may not have to use it. More

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    in Cryptocurrency

    Grayscale Sues SEC Over Rejected Bitcoin ETF Application

    Digital currency investment firm Grayscale filed a petition against the U.S. Securities and Exchange Commission (SEC) after the regulator rejected its application to launch a spot bitcoin exchange-traded fund (ETF).The SEC said it dismissed Grayscale’s application as the crypto firm failed to provide clear answers to questions about market manipulation issues. Because of that, the agency believes investors would not be appropriately protected under Grayscale’s bid.The digital asset investment manager filed an application to turn its Bitcoin Trust (GBTC) into an ETF last October but the ruling was delayed numerous times. Grayscale tried to push the SEC to accept the proposal through efforts such as allowing consumers to quickly email the watchdog in support of the conversion of GBTC to an ETF.But the SEC still rejected the proposal in the end, shortly after which Grayscale sued the agency through litigation led by its senior legal strategist and a former U.S. solicitor general, Donald B. Verilli Jr.Verrilli said the watchdog is “failing to apply consistent treatment to similar investment vehicles, and is therefore acting arbitrarily and capriciously in violation of the Administrative Procedure Act and Securities Exchange Act of 1934.”The firm also accused the SEC of being inconsistent given that it had previously approved similar bitcoin-based ETFs – both those that are based on futures markets and those that let investors short the crypto asset. More

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    in Economy

    France wants to bypass Hungary for global corporate tax deal

    France wants the EU to consider bypassing Hungary in its push to secure a minimum corporate tax rate for big companies after Budapest blocked the agreement, finance minister Bruno Le Maire said on Thursday.Le Maire told reporters in Paris that France would work on “alternative solutions” with Paolo Gentiloni, EU economics commissioner, to approve the deal negotiated last year by 137 countries at the OECD so that other EU members could implement the minimum tax without Hungary.His words underscore frustration in Paris at the failure to deliver legislation implementing the OECD’s so-called Pillar Two, which dictates a minimum effective 15 per cent corporate tax rate. Ministers were on the cusp of a deal this month after Poland dropped its opposition, but Hungary suddenly reversed its position and blocked the measure at the last minute. “Europe can no longer be held hostage by the ill will of some of its members,” Le Maire said, adding that France had fought for the international tax deal for the past five years and would not let it drop. “This global minimum tax will be implemented in the coming months with or without the agreement of Hungary.”Tax measures at EU level are subject to unanimous decision-making but nine or more member states can move ahead with initiatives via “enhanced co-operation” if all capitals cannot be brought on board. The EU has attempted in the past to use enhanced co-operation to implement a financial transactions tax, but the effort foundered. The idea of deploying enhanced co-operation to implement the corporate tax rate is viewed in Brussels as a last resort and the focus remains on bringing Hungary around. “That’s exactly what we’re focused on right now: reaching a unanimous agreement,” said commission spokesman Daniel Ferrie.Some officials still expect Hungary to come around to the minimum rate because countries that implement the measure can impose top-up charges on companies that are benefiting from a lower rate. Le Maire said on Thursday that the EU should embrace majority voting for tax matters in the future.The OECD tax package also includes a first pillar that obliges big multinationals to declare profits and pay more tax in the countries where they do business, rather than diverting income to low-tax jurisdictions. The proposals are also facing headwinds in the US.Under Donald Trump, the US was unenthusiastic and resisted Le Maire’s attempts to promote it, while the Biden administration is struggling to persuade Congress to approve the tax provisions for implementing both pillars of the agreement.France made approving the tax deal one of the key aims of its six-month presidency of the EU, which ends on Thursday. Hungary’s blocking move is not seen in Paris as having anything to do with the actual tax provisions but as a bargaining chip for other disputes between Brussels and Budapest. Le Maire said Hungary’s objections had “nothing to do with the minimum corporate tax”. More

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    in Cryptocurrency

    OpenSea Reports Stolen Email Addresses in Data Breach, Warns Users About Phishing Possibility

    Emails Stolen in OpenSea Data BreachOn Wednesday, June 28, OpenSea flagged a data breach through its email vendor Customer.io. The NFT marketplace reported that “email addresses provided to OpenSea by users or newsletter subscribers were impacted.”According to OpenSea, a staff member at Customer.io, an email vendor contracted by OpenSea, misused their employee access to download and share the email addresses of OpenSea’s users and newsletter subscribers.OpenSea Warns About Possible Phishing AttacksWith OpenSea unsure of the scale of the data breach, they have warned people who had shared their email addresses with OpenSea in the past to assume that they were impacted. OpenSea adds that the impacted email address could receive emails from the domain ‘opensea.io.’ OpenSea warns that mail from this domain is from malicious actors who may use this information to impersonate OpenSea in email phishing attempts.On the FlipsideWhy You Should CareOpenSea will only send emails from the domain “http://opensea.io.” As such, users should delete emails from opensea.io, opensea.org, and opensea.xyz, among others.Read about other recent OpenSea breaches below:Former OpenSea product manager charged with NFT insider tradingOn the upside, OpenSea has made the following updates:OpenSea launches on Seaport to improve NFT trading qualityContinue reading on DailyCoin More