India has granted its Financial Intelligence Unit (FIU-IND ) to crypto exchanges, namely Binance and Kucoin, to set up and operate as Registered Virtual Asset Service Providers (VASPs), as per a statement from an official. In the past, both Bitcoin and Crypto exchanges became illegal for the country, prohibiting them due to non-compliance with anti-money laundering laws.
Mr. Vivek Aggarwal, the FIU-IND Director, stated today that Binance and Kucoin’s new business registrations on Friday have provided authorities with a full flight into their transactions. Even Aggarwal revealed that the same will also go with submitting Suspicious Transaction Reports (STRs) soon.
As long as securities and cryptocurrencies are regulated as commodities (for example, family silver), their circulation cannot be suspended. Besheda also got $500,000 lifted (around $43,000) and its website partial ban was removed. On the other hand, Binance has remained in a situation where the levels of fines are still to be determined as it moved to self-ban this year amid infractions of the regulations. It was thought that Binance would pay the fine of $2 million and that would be the end of the matter after that Binance would operate as well in India as before.
In the last phase of December 2019, the Indian government commanded the Ministry of Electronics and Information Technology to stop transacting with rogue cryptocurrency exchanges operating only in other countries and considered illegal within India. Crypto providers that operated in the Union as of January 10 were given three months to comply. Such included Binance, Kucoin, Huobi, Kraken, and Bitfinex among others.
In addition, Aggarwal added that there is no such requirement for offshore crypto exchanges to open separate entities in the country. Aggarwal elucidated that offshore crypto exchanges are not required to open separate entities in India. Conversely, they are mandated to designate a substantive compliance officer, who as such shall be registered with FIU and has all their contact details on record. Currently, the FIU-IND governs the 47 entities in the activities related to cryptocurrency across India.
To sum up, the allowing of Binance and Kucoin to register as crypto exchanges by India is highly important as it indicates a major milestone in the regulation of the country. There is a clear objective to have more defined policies and compliance measures in place so this move can nurture more transparency and accountability in the crypto industry coupled with regulatory compliance.
Will Crypto Make Donald Trump The King of the Young Voters?
In a rather unconventional way, former President Donald Trump is now campaigning within the crypto-trade circle in his quest for another term as President of the United States of America. While it might lack some appeal among some staunch Democratic supporters, its trailblazing strategy is causing anxiety among some Democrats.
On a campaign appearance at Mar-a-Lago, Trump had the crypto aficionados vote better for him because of what he interpreted as the administration of Biden making the crackdown on crypto industry regulations. In an attempt to gain credibility, Trump goes the extra mile by practically soliciting support from the crypto community which depicts a stark shift from his previous criticism of the cryptocurrency during his first tenure as a president.
The contrasting views of the Republican Party made them allies of the crypto supporters while the Democratic Party experiences struggles to agree on the legitimacy of the industry. Although some Democrats back the recognition of the crypto industry since it is a fast-growing sector, still others have second thoughts because of some scandals.
Donald Trump’s welcoming of the crypto group could mark a milestone for this sector in its never-ending efforts, aiming to contribute to the presidential campaigns of 2024. The shift will also rekindle the ongoing onslaught of Trump attacks, especially against the regulatory drive of the Securities and Exchange Commission under the assumption of Biden.
However, there is a wedge of Democrats who don’t toe the Biden policy on crypto regulation. Nevertheless, leading figures, including Senate Warren, have voiced concerns about the risks that digital assets have, including their role in financial crime.
Although some of the supporters of Trump may be of a certain age, including people of color, and young people, his popularity will nevertheless remain to be evaluated on a large scale. A recent poll showed that a considerable number of people in decisive states regard crypto as one of the matters with the highest importance, however relatively few of these Americans can be assured about the security and reliability yet.
Trump’s flip-flop on the purview of crypto has positive and negative aspects for virtual currencies. Although it may facilitate the emergence of a partisan gulf concerning the regulation of cryptocurrency, it also provides a chance for the Democrats to be versed on the benefits of digital assets.
Lastly, Trump’s involvement with crypto is extremely critical for politics since it is a huge shift and will show the augmenting power of crypto in decision-making in campaigns. The impact of cryptocurrencies on shaping voter viewpoints and policy discussions will be more critical going forward as the presidential election campaign is in oar.
Play to Earn, Write to Win! Is Web3 Gaming the Future of Storytelling?
The art of storytelling holds a special place in human culture and is often multi-generational and intertwined with the fabric of societies regardless of their time, cultures, and technologies. Right from the beginning, legends passed on around campfires to more modern plots enacted on screens today, everything in our world seems to be given distinctive characteristics of storytelling. Meanwhile, the adventure of Web3 gaming is letting story-telling flourish with the decentralization of its root system resulting in players who immersively experience the dynamic narratives of the game.
Unlike what happens in typical gaming sessions, Web3 games give players the chance to not only become the audience but also become part of the story being told. Blockchain technology can allow players to come together and form a community with no central authority, generate and finance unique content, or even launch their games themselves. In a similar way to the storytelling tradition, when stories were made by the collective input of many, this decentralized approach to gaming also supports the cooperative meaning.
The storytelling of blockchain technology that makes sense to players has been the most powerful way to secure and ensure that they are valid, with players playing a crucial role for the storytellers. Public Ledger – that is a use of public ledger – securing the documentation and protection of digital assets and therefore providing creators with provable ownership of their work. There are distributed gaming communities that give the players the power to generate content and to be the key point of focus of the game’s narrative.
For this case, it is the Alien Worlds Metaverse that is called because players guide the course as well as the ownership of the game through Planetary DAOs. Alongside these, one can see the emergence of decentralized communities which help to render the plot more intricate and complex in its dimensions. We cannot forget here that storytelling is a phenomenon that derives most of its aesthetic substance from the fact that people contribute whole narratives that they have heard from the oral tradition.
While reversing patterns common to conventional gaming involves the power to self-custody assets, participate directly in community development, and generate income from content under free enterprise, the Web3 gaming model grants users the ability to do so. NFT projects like Alien Worlds have a grant system to encourage players to have a say in their creative ideas, and they have recently brought on board a renowned sci-fi writer, Kevin J. Anderson, to contribute to the game’s lore.
Web3 interactive gaming is a renaissance of storytelling with the movement back to the matter of ‘games’ that existed before the dawn of modernity. Greater impact and fulfillment for players can be achieved through the acceptance of decentralization as players will have the chance to own their work and be the main voices contributing to valuable stories. It is the nexus of the best of both old and new worlds, packed with disintermediated narration of contemporary technology that gives the perfect platform for expressing yourself in a different way of gaming.
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