Daily Archives: September 9, 2021

Robinhood Launches Recurring Crypto Buy Feature to ‘Help Smooth Out Price Swings’

Robinhood Launches Recurring Crypto Buy Feature to 'Help Smooth out Price Swings'

On Wednesday, the stock and cryptocurrency trading platform Robinhood rolled out recurring crypto investments and now customers can purchase as little as $1 in crypto commission-free daily, weekly, biweekly, or monthly. The company’s announcement discusses the strategy of investment called dollar-cost averaging “in order to help smooth out the price swings.”

Robinhood Rolls Out Recurring Crypto Purchases

The investment platform Robinhood (Nasdaq: HOOD) is now providing customers with the ability to purchase crypto assets in a recurring fashion. This means that customers can purchase a set amount of digital currency ($1 or more) and buy it every day, week after week, every two weeks, or on a monthly basis. Additionally, Robinhood says that clients can “set recurring investments across multiple coins without ever incurring a fee.”

“Today we’re rolling out crypto recurring investments, a new feature that allows you to regularly buy your favorite coins, commission-free and with as little as $1 on a daily, weekly, biweekly, or monthly schedule of your choice,” Robinhood’s announcement notes. “Saving is a habit and recurring investments introduce a strategy to grow holdings over time while potentially reducing the impact of market volatility.”

The company has become well known in the crypto industry, and following Coinbase’s initial public offering (IPO), Robinhood also went public this year. On June 29, Bitcoin.com News reported on Robinhood’s IPO and how it fell short of expectations. Robinhood is also often associated with dogecoin (DOGE) and crypto-focused armchair sleuths believe Robinhood is the largest DOGE wallet owner.

In fact, dogecoin helped Robinhood’s revenue quite a bit in 2021 as reports note that DOGE made up 62% of the company’s cryptocurrency revenue in the second quarter. The latest recurring crypto purchasing feature indicates that Robinhood aims to be a mainstay in the digital currency exchange world. Many other digital currency exchanges like Crypto.com and Coinbase have offered recurring purchases for a while now.

Robinhood Insists Competition’s Fees Are Higher

Robinhood’s announcement insists that its competitors are charging 4% for every crypto trade and the company’s “mission is to democratize finance for all.” “Fees on other platforms are higher for smaller recurring purchases than they are for a single large one,” Robinhood’s announcement stresses.

“While that may make your strategy to regularly invest small dollar amounts more profitable for those companies, it ends up being counterproductive to building long-term wealth. At Robinhood, if you place an order and spend $100 to buy bitcoin, you’ll get $100 worth of bitcoin. Period,” Robinhood’s announcement concludes.

Robinhood’s stock HOOD has not been faring well during the last month as it was trading for $56.83 per share on August 9. Today, HOOD is down 29.52% and trading for $40.05 per share on September 9.

What do you think about Robinhood adding the recurring crypto purchase feature to the trading platform? Let us know what you think about this subject in the comments section below.

Dydx Protocol Unlocks Airdrop Rewards; Users Get up to $50K

dydx

Dydx, a decentralized exchange, finally unlocked its airdrop rewards for users. Its governance token, dydx, was locked due to airdrop restrictions since the protocol announced its distribution on August 3rd. Since its release the price has skyrocketed, giving some of the more active users on the platform more than $50K worth of dydx. However, some users were unable to reclaim the airdrop due to location restrictions.

Dydx Unlocks Airdrop, Price Skyrockets

Dydx, a derivatives decentralized exchange, announced yesterday the unlocking of its airdropped governance token, dydx. The platform had airdropped these tokens on August 3, but users had to wait for an initial transfer restriction period to be able to withdraw funds. The token, which will be used as a reward and also as a governance token, experienced a quick appreciation in price.

This contributed to the most active users getting more than $50K worth of tokens. The protocol dropped tokens to each one of the users that traded even a dollar on the platform. Anyone depositing funds in the platform before July 26 and doing a trade before August received at least 310 tokens. Power users got more tokens according to their participation. More than 64,000 users received the airdrop, according to Dydx’s data.

As a result of the activity from the airdrop, the price of the token skyrocketed to near $16 dollar levels, and at the time of writing, it hovers around $15.

Some Users Rejoice, Others Lament Location

Users of the protocol quickly took this information to social media, where they expressed their happiness about the airdrop unlock. This is one of the heftiest airdrops to ever happen on the Ethereum network, besides the Uniswap airdrop that happened last year. However, Dydx specified the airdrop would not be distributed to users in the U.S. due to worries about securities laws and possible repercussions. The group’s announcement stated:

DYDX is not available in the United States or other prohibited jurisdictions. If you are located in, incorporated or otherwise established in, or a resident of the United States of America, you are not permitted to receive a distribution of, or transact in DYDX. Trading fee discounts are subject to change at the discretion of dYdX Trading, Inc.

This elicited condemnation from Twitter users that would have been able to claim the airdrop otherwise, with some of them putting the blame on the SEC.

What do you think about Dydx’s governance token airdrop? Tell us in the comment section below.

GoMeat Token – Empowering Local Specialty Stores Using Blockchain

PRESS RELEASE. GoMeat Services (https://gomeat.io) is a digital marketplace connecting consumers with their local specialty (halal/kosher) stores. Since its launch in 2019, GoMeat has processed over 6k orders and garnered over 5k loyal users. GoMeat application and website bring convenience to the doorstep of specialty consumers by providing web-based ordering and same-day delivery options. GoMeat is the first project of its kind serving this $1.7 trillion industry and empowering local specialty stores.

Specialty meat refers to any meat prepared following strict guidelines. Any meat slaughtered and prepared according to Islamic principles is called Halal meanwhile the meat prepared according to Jewish guidelines is called Kosher. The same applies to foods and beverages.

While specialty meat certainly is a niche but it is a massive one with over 1.8 billion consumers around the world. These consumers are not just restricted to the Middle East as globalization and increased awareness about the hygienic preparation methods have made them quite popular in the past ten years thus leading to a $32+ billion market in North America alone. Despite the presence of over 10,000 specialty meat stores in the US alone, no dedicated delivery service has catered to this group until GoMeat’s launch in 2019.

Specialty Industry Problems GoMeat Solutions
 

Over 90% specialty stores do not have the resources to go digital

GoMeat provides stores with a tablet (no setup fee), extensive marketing, 12/7 customer support & delivery
 

Specialty food consumers have no dedicated delivery service

GoMeat provides fresh same-day delivery, 12/7 customer support, amazing discounts & loyalty program
 

Traditional Specialty meat certification has proven to be costly, inefficient, fraudulent and risky

In-app Blockchain-based certifications will keep stores, customers & certification boards notified about a store’s specialty verification
 

Traditional specialty meat supply chain has no traceability in case of contamination or outbreak

Blockchain-based distributed ledger will keep track of the meat from the farm to the store to ensure easy accountability and traceability


 

Buying meat from one’s local butcher may seem like a mundane chore but for a specialty consumer, it can mean looking forward to long lines and a chaotic in-store environment. Most of these stores are family-owned businesses that have been passed down through generations and do not possess the resources to go digital.

GoMeat’s whitepaper was written all the way back in 2017 and the goal was always blockchain centric but the company wanted to prove their business case first. After 3 years of learning in the market, GoMeat finally launched its pre-ICO on 24th of June which sold out 2 weeks early and reached the soft-cap target within a month.

Token Name GoMeat
Token Ticker GOMT
Chain Hydra Chain
Total Supply 5 Million
Tokens in ICO 1.75 Million
Price $1/GOMT
Soft-Cap $250k (already achieved)
Hard-Cap $1.5 Million
Cap/person 25k GOMT


 

Within 2 months of ICO launch, GoMeat has already sold over 50% of its total ICO supply, with less than 40k GOMT left for tier 1. GoMeat has a lot going for it, on top of an amazing team and experienced founders, the project is the first of its kind in the market with a limited supply and excellent burn economy. With the pre-ICO and tier 1 getting sold out, GoMeat is exploring launching IEO on exchanges for tier 2 and 3.

Salient Burn Features:

  • All unsold tokens will be burnt
  • 3% GoMeat revenue will be burnt starting with the quarter following ICO completion. “Meaty Bot” on GoMeat telegram reports the burn and order amount, within a span of over a month, it has already reported a burn of almost 800 GOMT
  • 4% revenue in 2022 and 5% in 2023 will be burnt quarterly
  • Upon hitting $3 Mil in annualized gross volume, an additional 3% will be burnt every quarter
  • An additional 3% will be burnt for every order paid using crypto


To reward early investors, GoMeat introduced tier-based bonuses

Tier Allocated Tokens Bonus Duration (2021)
Tier 1 750k GOMT 15% Bonus 25 Aug – 14 Sep
Tier 2 350k GOMT 10% Bonus 20 Days (TBD)
Tier 3 250k GOMT 5% Bonus 20 Days (TBD)


 

Hydra “Steaking”:

While GOMT itself cannot be staked but it does offer a lucrative staking incentive, exclusively for the ICO buyers. The reward amount is based on the amount invested and how long it has been invested.

STEP 1: Buy GOMT using Hydra

STEP 2: All collected Hydra gets staked in one wallet for a year

STEP 3: Staking rewards are proportionally distributed amongst the participants in the form of GOMT.

GoMeat Token is the first project of its kind and has an excellent burn economy and team working hard behind the scenes. Over 60% have sold out and less than a month is left for the end of the ICO. The best time to buy is now (https://gomeat.io/icopanel/) . Get your early bird bonus and earn additional GOMT through the referral program!

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Payments Giant Mastercard Acquires Blockchain Intelligence Firm Ciphertrace

Payments Giant Mastercard Acquires Blockchain Intelligence Firm Ciphertrace

Mastercard, the American multinational financial services corporation, announced the company is dipping further into the digital asset ecosystem by acquiring the blockchain intelligence firm Ciphertrace. The partnership announcement says the firm will help bolster Ciphertrace’s and Mastercard’s cyber security solutions.

Mastercard Purchased Ciphertrace for Undisclosed Sum


On Thursday, the financial payments giant Mastercard (NYSE: MA) has revealed the company has acquired the blockchain surveillance firm Ciphertrace. The blockchain company is a Menlo Park, California-based cyber security firm that specializes in tracking “more than 900 cryptocurrencies.” Ciphertrace was founded by Stephen Ryan on May 31, 2016, and it has filed a number of patents throughout the years. In mid-May, Ciphertrace reported on cryptocurrency crime moving toward decentralized finance (defi), and during the first week of August, Ciphertrace claimed it had enhanced monero (XMR) tracing capabilities.

In the acquisition announcement Ajay Bhalla, president of Cyber and Intelligence at Mastercard, discussed the benefits of digital assets but the payments giant wants to make sure the ecosystem is “trusted and safe.” “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” Bhalla said in a statement on Thursday. Bhalla added:

With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and Ciphertrace to do just this.


Mastercard’s Entry Into Crypto Gets Deeper


Mastercard has been knee-deep in the crypto economy for quite some time and every couple of weeks the company’s interest gets deeper. At the end of July, Mastercard said the company’s card program was being enhanced for crypto trading platforms and wallets. A week later, Mastercard launched an initiative to help bolster cryptocurrency startups. While Ciphertrace announced the enhanced XMR tracing capabilities, that same week Mastercard outlined the firm’s plans for cryptos, stablecoins, and central bank digital currencies (CBDCs).

Ciphertrace says the firm’s software helps companies find solutions to “enhance their security and fraud monitoring activities for crypto-related programs.” Dave Jevans, CEO of Ciphertrace, explained that Mastercard and Ciphertrace share a similar vision. “We help companies – whether they are banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe,” Jevans detailed. He further added:

Our two companies share this vision to provide security and trust throughout the ecosystem. We are thrilled to join the Mastercard family to scale CipherTrace’s reach across the globe.


The Ciphertrace acquisition cost was not disclosed in Mastercard’s announcement. Mastercard also explained that Ciphertrace is one of many investments as the company has invested and partnered with firms like Uphold, Bitpay, and Gemini.

What do you think about Mastercard purchasing Ciphertrace? Let us know what you think about this subject in the comments section below.

Solana Knocks XRP Down a Notch, SOL Taps Another All-Time High Rising More Than 400% in 30 Days

The cryptocurrency solana reached another all-time high on September 9 at $213 per coin. The digital currency’s market valuation has swelled significantly, pushing dogecoin from its position in the top ten last week. Today, solana’s crypto market capitalization has managed to surpass XRP’s overall valuation, taking the sixth position in the top ten this week.

Solana’s Month-Long Tear Continues


Solana has managed to continue its ascent higher and higher as a great majority of the crypto economy coins have faltered in value. On Thursday, solana (SOL) reached an all-time high (ATH) at $213 per unit, and it’s a touch over 5.9% lower than that price point at the time of writing.

The higher price has ballooned the crypto asset’s overall market capitalization and for the first time, SOL knocked XRP down a spot in terms of the top ten crypto positions.

SOL also knocked DOGE down last week and today, solana’s market cap is hovering around $58.9 billion. Year-to-date, SOL has gained a massive 8,009% and a whopping 417% during the last 30 days. Today, SOL has $14.5 billion in global trade volume and the U.S. dollar is SOL’s top pair capturing 26.32% of all trades. This is followed by tether (USDT) with 21.5% of SOL swaps, bitcoin (BTC) with 18.57% of SOL trades, and BUSD with 14.73% of the market’s pairs.

Tether Increases Solana Issuance, $1K SOL Investment Turns Into $138K


Out of the $2.22 trillion crypto-economy, solana’s market valuation represents 2.64% of the entirety. The ecosystem surrounding the Solana project has seen a lot of growth as well, as Coin98 Analytics reports tether (USDT) has added a lot of tethers to the Solana chain.

“In less than a week, Tether has doubled its token release on Solana, from 390M to 790M,” Coin98 Analytics’ tweeted.

Coin98 Analytics data also shows that a $1,000 investment into solana (SOL) a year ago would produce a whopping $138,400 return. Solana has a great number of projects that are tethered to the network like Solfarm, Moonlana, Soluble, Solyar, Hedgehog, Luna Network, Solape, Sol Star, Hydraswap, Spiderswap, Popsicle, Traderdome, Cropperfinance, Kermit Finance, Lumos, Dexlab, Saber, and more.

What do you think about solana (SOL) capturing all-time highs this week? Let us know what you think about this subject in the comments section below.

Super Bowl Star Tom Brady, Supermodel Gisele Bundchen Star in $20M Ad Campaign for Crypto Exchange FTX

Super Bowl Star Tom Brady, Supermodel Giselle Bundchen Star in $20M Ad Campaign for Crypto Exchange FTX

Seven-time Super Bowl winner Tom Brady and his supermodel wife Gisele Bündchen are featured in a new commercial for cryptocurrency exchange FTX. The company plans to invest $20 million in the ad campaign.

Tom Brady and Gisele Bündchen Star in Commercial for FTX


Tom Brady and Gisele Bündchen are in a commercial for cryptocurrency exchange FTX. The commercial titled “FTX. You in?” was released by FTX Wednesday.

The company’s U.S. affiliate plans to invest $20 million in the campaign, the Wall Street Journal reported, adding that the campaign begins Thursday during the National Football League season kickoff game between Tampa Bay and Dallas. It will run during NFL broadcasts throughout October along with digital advertising components.

The commercial opens with Bündchen saying to Brady, “Can I talk to you about something?” After showing him something on her cell phone, she asked, “What do you think? Are you in?” Brady replied: “I’m in. Let’s call everyone.”

The pair proceeded to call a bunch of their acquaintances who all said they were in. One person Brady called was a New England Patriots fan who spelled out the benefits of FTX. Brady told him, “I’m getting into crypto with FTX. You in?”

The fan replied, “Well, providing it gives 360-degree access to the crypto markets with the ability to trade everything from alts to defi [decentralized finance], I believe I’m in.” He added, “but still hate you.” Brady replied, “Understood.”

Brady and Bündchen announced their partnership with FTX in June. The pair took an equity stake in the company each. Brady said at the time, “It’s an incredibly exciting time in the crypto-world and Sam [Bankman-Fried, CEO of FTX] and the revolutionary FTX team continue to open my eyes to the endless possibilities.”

Several other celebrities have recently appeared in cryptocurrency commercials. In July, award-winning director Spike Lee directed a commercial for bitcoin ATM operator Coin Cloud. In June, actor and bitcoin investor Neil Patrick Harris appeared in a commercial for another crypto ATM operator, Coinflip. In August, award-winning hip-hop artist Megan Thee Stallion published an educational video titled “Bitcoin for Hotties” in collaboration with Jack Dorsey’s Cash App.

What do you think about this commercial for FTX starring Tom Brady and Gisele Bündchen? Let us know in the comments section below.

Binance Pay and GoCrypto Bring Crypto Payments Closer to Everyday Use

Binance Pay and GoCrypto Bring Crypto Payments Closer to Everyday Use

PRESS RELEASE. GoCrypto, a solution allowing merchants to accept, store, withdraw and buy cryptocurrencies, announced the integration of Binance Pay into the GoCrypto system giving crypto adopters more options to use crypto as the mainstream means of payment as they are intended to be.

The GoCrypto solution, developed by Elly – a fully regulated company, is currently available in 64 countries, and is expanding to new markets as regulations evolve and allow. GoCrypto enables online and brick-and-mortar merchants to accept instant payments with various crypto wallets.

The integration of Binance Pay into the GoCrypto payment network enables tens of millions of Binance app users to use 40+ Binance Pay-supported cryptocurrencies at thousands of GoCrypto locations around the world. Elly, the GoCrypto developer, also presented the multichain bridge for its native GoC token, which enables migrations between the SLP protocol on the Bitcoin Cash blockchain and Binance Smart Chain (BSC).

Contactless. Borderless. Secure.

GoCrypto has already made its home country, Slovenia, the global leader in the number of brick-and-mortar shops and services accepting payments with crypto wallets, showing that it can benefit the retail space and the customer experience tremendously.

As Elly’s CEO Dejan Roljic states:

The interest in crypto use is growing daily, and our solution enables crypto adopters to use the currencies as they were intended as a highly practical means of payment. The connection between our system and the users of Binance will bring crypto usability and adaptability further along. The integration of Binance Pay into the GoCrypto network means instant accessibility of GoCrypto locations to tens of millions of Binance users, and so much more. It is a strong sign of the digital era. Newer, better and faster payment options optimise the merchants’ costs and enhance their cash-flow.

Changpeng “CZ” Zhao, CEO and co-founder at Binance commented:

“The ultimate goal of cryptocurrencies is to provide not just an alternative asset class for investors, but to provide alternatives to fiat currencies for everyday purchases. In partnering with GoCrypto, Binance Pay takes a step forwards in helping to bridge the gap between conventional financial systems and the crypto ecosystem making crypto adoption for payments significantly easier.”

 

 

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

About Binance Pay

Binance Pay is a contactless, borderless and secure user-to-user cryptocurrency payment feature on the Binance App with more than 40 cryptocurrencies supported. Binance Pay allows users to pay, send and receive crypto payments around the world without incurring any fees. Binance Pay also allows merchant-based transactions, letting users and merchants choose their preferred payment options.

GoCrypto, the world’s fastest growing crypto payment network

GoCrypto operates as a global payment scheme connecting crypto users, wallets, exchanges, cash register systems, payment solution providers and merchants. It enables merchants with brick-and-mortar or online stores to accept instant crypto payments from different crypto wallets with millions of users and to receive settlement in their local fiat or crypto. GoCrypto is available as a stand-alone solution for online and brick-and-mortar stores, or as a solution within the Elly POS terminal.

About GoCrypto token

The GoCrypto (GoC) token is a multi-chain utility token issued on the Bitcoin Cash (SLP) blockchain and the Binance Smart Chain (BSC) through the newly “built” GoC Bridge, with Solana (SOL) soon to follow.

GoC is integrated into all Elly applications and services, and is used for payments on the GoCrypto platform and in the loyalty program.







Contact

For more information about GoCrypto and its developer, Elly, please contact us at [email protected].

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

India’s Cryptocurrency Legislation Will Be ‘Distinct and Unique,’ Says Lawmaker

Indian Cryptocurrency Legislation Will Be 'Distinct and Unique,' Says Lawmaker

The chairman of India’s Parliamentary Standing Committee on Finance explains that cryptocurrency legislation in India will be “distinct and unique.” He added, “We have to balance stability and growth but we recognize how important this whole area of crypto is.”

Lawmaker Provides an Update on Crypto Legislation


Jayant Sinha, a lawmaker of the ruling Bharatiya Janata Party, talked about India’s cryptocurrency legislation Wednesday at an event organized by the Blockchain and Crypto Assets Council (BACC) of Internet and Mobile Association of India (IAMAI).

Sinha, who is the chairman of India’s Parliamentary Standing Committee on Finance, explained that it is not possible for India to adopt the cryptocurrency policies used in advanced economies because the nation still does not have a full capital account convertibility. He clarified that India’s crypto policies will not follow the U.S., Japan, or El Salvador, the country which made bitcoin legal tender this week.

The lawmaker elaborated:

Our solution will have to be distinct and unique simply because of our unique circumstances. We have to balance stability and growth but we recognize how important this whole area of crypto is.


Furthermore, he noted that the committee will consider crypto legislation with national security in mind, adding: “We have to be very watchful about what happens to these crypto assets and cryptocurrencies. Use of these kinds of crypto instruments in terror financing and for domestic security threats is something we have to be mindful of.”

On Tuesday, a former deputy governor of the Reserve Bank of India (RBI), R. Gandhi, said that crypto must be regulated as an asset or commodity in India and governed by existing laws. He explained that “Once cryptocurrencies are accepted, rules governing commodity exchanges could apply and the coins could be used to pay for goods and services,” Bloomberg conveyed, and quoted him as saying, “Then automatically people can start buying, selling and holding.”

According to a recent report, the Indian government is planning to regulate crypto assets as commodities and by use cases. Previously, there were reports of the government planning to ban all cryptocurrencies like bitcoin, allowing only central bank digital currencies (CBDCs) to be issued by the RBI. Meanwhile, the central bank is planning to unveil a digital rupee model by the end of the year.

What do you think about India’s approach to crypto regulation? Let us know in the comments section below.

Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market

Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market

The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law “On Virtual Assets” recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses.

Ukraine Legalizes Crypto Activities, Defines Virtual Assets


Ukraine’s Verkhovna Rada, the country’s parliament, has adopted the law “On Virtual Assets” on second and final reading. The legislation regulates operations with cryptocurrencies in the Ukrainian jurisdiction. Deputies passed the bill with a large majority of 276 votes out of 376 present MPs, with only six voting against the motion.

Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market

The long-awaited law will enter into force after lawmakers approve amendments to the country’s tax code pertaining to the taxation of cryptocurrency transactions. The Ukrainian legislature is yet to vote on these changes, Forklog noted in its report on the development.

Provisions of the new law recognize virtual assets as intangible goods, which can be secured and unsecured. However, cryptocurrencies are not accepted as a legal means of payment in Ukraine and their exchange for other goods or services will not be allowed.

The law also introduces the term “financial virtual assets” that must be issued by entities registered in Ukraine. In case these assets are backed by currencies, they will be regulated by the National Bank of Ukraine (NBU), the country’s central bank. If the underlying asset is a security or a derivative, the National Securities and Stock Market Commission (NSSMC) will be the main regulator.

Crypto market participants will be able to independently determine the value of virtual assets, open bank accounts to settle transactions, and seek judicial protection for associated rights. Service providers are required to abide by the country’s anti-money laundering regulations and prevent attempts to finance terrorism using their platforms, just like traditional financial institutions.

Current Ukrainian authorities have maintained a positive attitude towards the country’s growing crypto industry, confirmed by representatives of the executive power this week. During a visit to the U.S., President Volodymyr Zelensky highlighted the importance of launching a legal digital assets market which he described as a “development vector” of the nation’s digital economy. Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, added the country is working to become an attractive jurisdiction for crypto companies.

The draft law “On Virtual Assets” was voted on first reading in the Rada last December. After introducing a number of changes, lawmakers presented a revised version of the document in June of this year. Following criticism from various regulators, including NBU and NSSMC, the bill was once again amended with the authors taking into account concerns expressed by other government institutions.

Do you think Ukraine’s business climate will improve for crypto companies following the adoption of the virtual assets law? Share your expectations in the comments section below.

Top Finiko Crypto Pyramid Executive Arrested in Russia’s Tatarstan

Top Finiko Crypto Pyramid Executive Arrested in Russia’s Tatarstan

A high-ranking representative of Russia’s notorious Finiko Ponzi scheme has been arrested in Tatarstan. Ilgiz Shakirov, a businessman from Kazan, rose to the rank of vice president of the crypto pyramid which is believed to have defrauded millions of investors in the Russian Federation and surrounding regions.

Kazan Police Detain Finiko Vice President


Police in the Russian republic of Tatarstan have detained Ilgiz Shakirov, a businessman from the capital city Kazan, for his suspected involvement in the fraudulent theft of funds in the Finiko case, Realnoe Vremya reported. The local news outlet quotes undisclosed sources familiar with the investigation.

Shakirov has allegedly attracted 100,000 people to the Ponzi scheme which is one of the largest financial scams in Russia’s modern history. For his achievements, the Tatarstan native was granted the status of vice president of the cryptocurrency pyramid.

Top Finiko Crypto Pyramid Executive Arrested in Russia’s Tatarstan
Ilgiz Shakirov. Source: Realnoe Vremya

According to a recent report by blockchain forensics firm Chainalysis, Finiko received over $1.5 billion worth of bitcoin between December 2019 and August 2021. The digital money came in 800,000 separate deposits from investors lured with promises of monthly returns of up to 30%.

Chainalysis noted that while it’s unclear how many individual victims were behind those deposits and how much of the total amount was paid out to investors to keep the Ponzi scheme going, “it’s clear that Finiko represents a massive fraud perpetrated against Eastern European cryptocurrency users.”

Most of the defrauded bitcoin holders are based in the Russian Federation and neighboring Ukraine, analysis of the sending addresses shows. Finiko had been mostly targeting potential investors among Russian-speaking populations in the former Soviet space before the scheme collapsed this summer.

Police investigators are now expected to request a permanent arrest warrant for Shakirov within 48 hours, Realnoe Vremya added in its report published Wednesday. Before he was apprehended, the only other Finiko executive in custody was the pyramid’s founder, Kirill Doronin, an Instagram influencer associated with other Ponzi schemes in the past.

International arrest warrants have been issued for three of Doronin’s associates. Together with their boss, they are accused of embezzling at least 250 million rubles (almost $3.5 million) in collusion with “unidentified persons.” However, estimates of caused damages in the case continue to grow. So far, 80 individuals have been officially recognized as victims of the scam with more applications pending review.

Do you think Russian authorities will be able to detain the remaining suspects in the Finiko case? Share your expectations about the investigation in the comments section below.