The Uzbekistan National Agency for Prospective Projects (NAPP) announced an increase in monthly fees for cryptocurrency market participants on March 19, 2024.
This move revises an initial directive from the Ministry of Justice back in September 2022, aimed at enhancing the financial contributions from the crypto sector to state revenues.
This decision comes after NAPP’s evaluation of the sector’s profitability, leading to a new fee structure affecting crypto exchanges and retailers alike.
Crypto exchanges in Uzbekistan will now incur a monthly fee of 740 basic reference values (BRV), equivalent to about 251.6 million Uzbekistani som ($20,015), a significant hike from the previous 400 BRV or 136 million som ($10,819).
The BRV, a unit used for calculating various financial obligations like taxes and fines, has thus become a more substantial burden for these businesses.
Similarly, the fees for crypto retailers have risen sharply to 185 BRV per month, translating to 62.9 million som ($5,003), up from a mere 20 BRV or about 6.8 million som ($540) previously.
NAPP’s rationale behind these adjustments is to double the revenue from the crypto sector while ensuring these changes do not adversely affect the service providers’ financial health.
The revised fee system is set to be implemented on June 20, giving stakeholders three months to adjust.
This regulatory adjustment follows a Memorandum of Understanding between NAPP and Tether, focusing on fostering blockchain innovations within Uzbekistan, such as stablecoins and digital asset tokenization.
Although the finer details of this partnership remain confidential, Tether has expressed its commitment to working with local authorities to develop a conducive legal and regulatory environment for crypto assets.
Additionally, this development is in line with NAPP’s legal action against Binance for operating without a proper license and failing to settle fines. Uzbekistan mandates that all crypto exchanges operate with a license and house their trading servers within the country.
This policy, enforcing licensed operation of crypto services, was established in 2023, with the first batch of licenses awarded in November 2022.
Prior to this, Uzbekistan had already restricted access to major international crypto exchanges like Binance, FTX, and Huobi over unlicensed activities accusations.
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Kyle Davies, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), expressed no regret over the billions in investor funds lost due to the company’s bankruptcy.
In a March 19 episode of the Unchained Podcast, Davies maintained that the failure of 3AC and the subsequent backlash did not tarnish his professional reputation.
He stated, “Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time,” highlighting his lack of remorse with laughter.
Discussing future endeavors, Davies hinted at advising potential successors on how to better manage a bankruptcy scenario, suggesting a nonchalant approach to the dissolution of his hedge fund.
He also revealed his intention to steer clear of Singapore, fearing possible incarceration, and noted that he has been moving between Europe and Asia, with a recent stay in Portugal.
In April 2023, amidst the fallout, Davies and his partner Su Zhu initiated OPNX, a venture combining bankruptcy claims processing with a crypto exchange.
Davies praised the launch as “very impressive,” asserting his enduring respect within the cryptocurrency community.
However, the venture was short-lived, with OPNX announcing its closure by February 14.
Davies countered claims of non-cooperation with the liquidators, Teneo, overseeing 3AC’s dissolution, describing such allegations as overstated.
He argued that portraying them as uncooperative was a strategic move by the liquidators to reclaim more assets.
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Despite these assertions, Davies and Zhu faced subpoenas via Twitter on January 5, 2023, for evading communication and not sufficiently cooperating with the liquidation process.
In the wake of 3AC’s collapse in 2022, a British Virgin Islands court froze $1.14 billion of Davies and Zhu’s assets.
Teneo has estimated the outstanding debt to 3AC creditors at approximately $3.3 billion and is actively seeking $1.3 billion directly from the co-founders.
This pursuit comes after allegations that Davies and Zhu engaged in excessive borrowing against investor funds post-insolvency.
Adding to their challenges, Singapore’s central bank imposed nine-year prohibition orders against Davies and Zhu in September of the previous year for alleged breaches of the nation’s securities regulations while at the helm of 3AC.
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The recent surge in popularity and value of meme coins such as Shiba Inu (SHIB), Dogwifhat (WIF), and BOME has sparked concerns from Ki Young Ju, CEO of CryptoQuant.
Ju argues that the viral and speculative nature of these cryptocurrencies poses a significant threat to the integrity and advancement of the cryptocurrency sector.
He points out the detrimental effect of these billion-dollar meme coins on legitimate projects that aim to innovate within the industry.
Ju’s frustration stems from the speculative frenzy similar to the initial coin offering (ICO) boom, which ended in substantial losses for many investors.
Ju counters the argument that meme coins might serve as an entry point for newcomers into the crypto space by highlighting the risks associated with their speculative nature.
He draws parallels with the ICO craze of 2018, noting that many projects failed to deliver real value.
READ MORE: Bitcoin Nears $60K Amid Weekend Sell-Off; Market Eyes ETF Resurgence and Futures Gap for Recovery
Ju is particularly critical of the lack of industry leadership advocating for genuine product development, observing a worrying trend towards gambling rather than innovation and the creation of tangible solutions.
Despite some viewing meme coins as an introduction to cryptocurrency, Ju warns of their potential harm, emphasizing the need for leadership in the industry.
He admires figures like Changpeng Zhao, the former CEO of Binance, for their commitment to driving the industry forward with innovative and substantial products.
The discussion also touches on Zhao’s current situation, awaiting a court decision while being restricted from leaving the United States, underscoring the importance of responsible leadership in the cryptocurrency field.
Ju’s commentary reflects a call for a shift in focus towards sustainable development and away from speculative ventures that could undermine the crypto industry’s legitimacy.
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A federal court in the United States has imposed sanctions on the Securities and Exchange Commission (SEC), accusing it of “bad faith” in a legal battle against the firm Debt Box.
This decision stems from the SEC’s attempt to dismiss a case it had initiated, which was rebuffed by Judge Robert J. Shelby.
Shelby criticized the agency for misleading the court over the evidence it presented to obtain a temporary restraining order (TRO) and an asset freeze against Debt Box in August.
Judge Shelby condemned the SEC’s actions as a “gross abuse of the power” granted by Congress, stating that these actions severely compromised the integrity of the judicial process.
He highlighted that the evidence the SEC claimed to have obtained had no factual basis and was presented in a way that was “deliberately false and misleading.”
As a consequence of this misconduct, Shelby determined that imposing sanctions on the SEC, specifically covering attorneys’ fees and costs incurred due to their actions, was justified.
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He remarked, “The bad faith is inextricable from the abusive conduct and a sanction of attorneys’ fees and costs for all expenses resulting from that conduct is appropriate.”
“The SEC had accused Debt Box of engaging in a $50-million fraudulent cryptocurrency scheme, seeking a TRO and an asset freeze on the grounds that the company had transferred funds overseas and planned to flee to the United Arab Emirates.
However, Shelby later found that the SEC had misrepresented the facts regarding the $720,000 transfer, which had actually occurred within the United States.
Following these revelations, Shelby issued a “show cause order” to the SEC in December, demanding an explanation for their misleading conduct.
Although the SEC admitted its lack of transparency, it contended that sanctions were unwarranted.
Shelby criticized SEC attorney Michael Welsh for his role in misleading the court, noting that Welsh’s failure to correct false statements represented an attempt to obscure the truth.
Austin Campbell, a founder of Zero Knowledge Consulting, argued that SEC staff involved in this misconduct should face termination and emphasized the need for agency reform.
He advocated for personal liability for SEC lawyers, stating, “What is described here is unconscionable for those entrusted with such authority by law.”
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Over the last month, Boyaa Interactive, a Hong Kong-based online gaming company, has seen its shares skyrocket by 318% following its decision to diversify investments into cryptocurrencies.
The company announced a $100 million initiative to invest in Bitcoin (BTC), Ether (ETH), and stablecoins such as Tether (USDT) and USD Coin (USDC), allocating $45 million to BTC, $45 million to ETH, and $10 million to stablecoins.
As part of this strategic move, Boyaa Interactive disclosed the purchase of 1,110 Bitcoin at an average price of $41,790 each, 14,855 Ether at approximately $2,777 per unit, and around 8,000,000 units of Tether.
The firm expressed its intention to double down on its crypto investments with an additional $100 million.
This investment comes at a time when Boyaa’s core business, online gaming, continues to perform solidly, generating 100 million yuan ($13.90 million) in revenue and 32.05 million yuan ($4.46 million) in earnings, witnessing growth rates of 6% and 72%, respectively.
The broader context includes a bearish stock market in China, with many firms holding large cash balances and trading below their book values.
The NFT market has shown varying degrees of volatility, illustrated by the floor price of “Nobody,” a collection by legendary director Stephen Chow, which dropped over 70% within a month.
READ MORE: Bitcoin Nears $60K Amid Weekend Sell-Off; Market Eyes ETF Resurgence and Futures Gap for Recovery
Despite promotional efforts, the collection’s trading volume has stagnated after an initial surge.
Similarly, the Bruce Lee Foundation’s NFT collection and Wassie Avatars have experienced dramatic price fluctuations, reflecting the speculative nature of the NFT market despite its recovery from lows in 2020-2021.
Regulatory scrutiny in Hong Kong has increased, with the Securities & Futures Commission (SFC) adding crypto exchange Bybit and its investment products to its investment warning list.
This action underscores the regulatory requirements for operating within the city and the criminal implications of non-compliance.
Concurrently, discussions about a potential spot Bitcoin ETF in Hong Kong hint at a more direct and cost-efficient structure compared to those in the United States, indicating a keen interest in pioneering such financial products in the region.
This period signifies a dynamic phase for Hong Kong’s crypto landscape, marked by significant investments, regulatory developments, and speculative NFT market movements.
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BlackRock‘s spot Bitcoin ETF is on track to surpass Grayscale’s Bitcoin holdings, potentially becoming the largest institutional holder of Bitcoin in the coming weeks.
BlackRock’s ETF, the iShares Bitcoin Trust, currently holds 238,500 Bitcoin, valued at $15.5 billion, with daily inflows averaging $274 million or around 4,120 Bitcoin.
In contrast, Grayscale’s Bitcoin Trust (GBTC) has 350,252 BTC, worth $23 billion, but faces daily outflows of about $277 million, equivalent to 4,140 BTC.
Without significant changes in these trends, BlackRock is expected to overtake Grayscale by April 11, a milestone that could be reached even sooner if BlackRock’s inflows return to the previous week’s average of 7,200 Bitcoin daily.
George Tung, a YouTuber known for his channel CryptosRUs, predicted, “BlackRock is going to flip Grayscale soon,” estimating the shift to occur within the next two weeks.
This development underscores the dynamic landscape of Bitcoin investment, with BlackRock poised to claim the title of the world’s largest institutional Bitcoin holder.
The narrative of this transition is further complicated by the record outflows from GBTC, which experienced its largest single-day loss of $643 million on March 18.
These outflows have raised concerns about potential impacts on Bitcoin’s price, though Senior Bloomberg ETF analyst Eric Balchunas remains optimistic, suggesting the exodus could end within weeks.
He also hinted that the recent surge in outflows might be linked to the financial troubles of crypto firms like Genesis and Digital Currency Group.
Adding to BlackRock’s momentum, its ETF recently surpassed MicroStrategy’s Bitcoin holdings, making it a significant player in the crypto space.
As of now, MicroStrategy holds 214,246 BTC, following a recent acquisition of 9,000 BTC.
This shift not only highlights BlackRock’s expanding influence in the cryptocurrency market but also marks a pivotal moment in the institutional adoption of Bitcoin, reflecting broader trends and challenges within the crypto industry.
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In recent developments, Bitcoin may be witnessing a shift in momentum as institutional outflows diminish.
According to data from the UK-based investment firm Farside, the Grayscale Bitcoin Trust (GBTC) experienced a modest reduction of $170 million on March 22.
This comes amid discussions surrounding the United States Spot Bitcoin exchange-traded funds (ETFs), which have faced challenges, including decreased inflows and record-high outflows from GBTC, signaling a potential consolidation phase before Bitcoin tests its all-time high again.
Notably, the series of GBTC outflows coincided with reports of the bankrupt crypto lender Genesis liquidating its GBTC holdings.
This sell-off could be nearing its end, potentially easing the downward trends observed in ETFs.
Investor Alistair Milne highlighted a significant slowdown in GBTC selling, leading to a decrease in net outflows from Bitcoin ETFs to -$51.6 million. Milne’s observation raises the possibility of a momentum shift in the market.
Supporting this perspective, statistician Willy Woo introduced a new model that correlates ETF inflows with Bitcoin’s price movements, suggesting the most intense selling phase might have concluded.
READ MORE: SEC Delays Decision on Ether ETFs, Casting Doubt on Approval Odds Amidst Growing Skepticism
Woo anticipates continued market choppiness leading up to the Bitcoin halving event, echoing a sentiment for potential consolidation.
Echoing optimism, WhalePanda, a pseudonymous commentator, predicts a sideways market trend, potentially setting the stage for Bitcoin’s ascent to new all-time highs.
The commentator points to a significant demand for Bitcoin inflows to match the coin’s daily emission rate, which is expected to halve soon, further tightening supply.
However, GBTC faces criticism for its diminishing assets under management (AUM), now holding just half of its AUM since its ETF conversion.
Critics argue that GBTC’s reduction is beneficial for the Bitcoin ecosystem, with Vijay Boyapati blaming it for market instability and hindering Bitcoin’s growth.
Despite these challenges, spot Bitcoin ETFs have been historically successful, amassing $12.15 billion in cumulative flows.
Cathie Wood of ARK Invest anticipates more institutional engagement in the near future, signaling continued interest and investment in Bitcoin.
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In the last 24 hours, an astonishing transfer of half a trillion Shiba Inu (SHIB) tokens by anonymous “whales” has caught the crypto community’s attention.
The question on everyone’s mind is: What’s the strategy behind these massive movements, and is there a connection among these whales? Analyzing transaction data could shed some light on the matter.
Diving into the specifics, it appears that a handful of significant players are orchestrating these shifts, moving SHIB across various wallets and exchanges.
A notable transaction includes the movement of 77.18 billion SHIB to a Coinbase wallet.
Additionally, 205 billion SHIB were shuffled between different wallets, with a substantial 53.06 billion SHIB transfer directed to Robinhood’s wallet.
The interconnectedness of these transactions remains unclear, yet the synchronicity hints at potential coordination.
The SHIB/USDT chart by TradingView highlights SHIB’s volatile price journey, currently hovering around the $0.000027 mark.
After experiencing a sharp increase, SHIB seems to be in a minor retreat.
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Presently, the critical support level is at $0.000019, which SHIB has successfully maintained above in recent times.
This stability offers a glimmer of hope for the future. SHIB faces resistance at approximately the $0.000030 level.
Surpassing this barrier could signal the beginning of another upward trend, potentially reaching new highs.
Looking forward, SHIB’s potential to capitalize on recent transactions and a general market shift towards bullishness could set the stage for a significant price increase.
With the market showing signs of recovery after a recent downturn, SHIB’s trajectory might be poised for an upward movement, spurred on by the mysterious yet impactful actions of these anonymous whales.
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The past week has been a rollercoaster for the cryptocurrency market, marked by significant events that shaped the landscape.
Unexpectedly, meme coins grabbed headlines, major cryptocurrencies experienced setbacks, and prominent figures voiced their opinions on the market’s future.
In a surprising turn of events, the “Book Of Meme” (BOME/USD) made remarkable gains, outshining its competitor, the so-called “Dogecoin Killer,” Shiba Inu (SHIB/USD).
On Sunday, BOME reported a 6.4% increase in its price and a significant 13.4% rise in trading volume, with a notable $1.5 billion in trades.
This surge was further bolstered by Binance’s announcement of BOME’s upcoming listing on both its spot market and futures platform.
The same week, major cryptocurrencies faced a downturn, with Tuesday highlighting a dramatic fall.
The sector saw over $650 million in liquidations within a day, largely due to Bitcoin’s (BTC/USD) decline below the $63,000 mark.
This drop resulted in an 8% shrinkage of the market cap within a mere 24 hours.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
In the midst of market turmoil, Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ shared his investment insights.
He advocated for gold, silver, and Bitcoin as preferable investments over stocks and bonds, citing China’s economic volatility and its “foolish” financial strategies as a backdrop for his advice.
Further adding to the discourse, 10x Research released a report forecasting a downturn in Bitcoin’s value.
This prediction came to pass as Bitcoin fell by 13% over the week, underscoring the report’s identification of risk factors and potential support levels should the downturn persist.
Controversy also arose from Peter Schiff, a known Bitcoin skeptic, who criticized CNBC’s “Squawk Box” for allegedly displaying a bias towards Bitcoin.
He accused the show of highlighting the cryptocurrency’s successes while overlooking its failures, specifically pointing out a lack of coverage on a significant 6% loss Bitcoin suffered overnight.
These developments reflect the volatile nature of the cryptocurrency market, with fluctuations driven by various factors from market sentiment to economic conditions, illustrating the unpredictable journey of digital currencies.
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