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Liminal Custody, a reputed storage and wallet service provider for digital assets, has made a breakthrough as it became registered with the Financial Intelligence Unit in India. The registration has been procured through its Indian subsidiary, First Answer India Technologies Private Limited, which testifies that Liminal Custody is ready to navigate the Indian legal landscape for the crypto and Web3 sphere.
The urge for the registration of Web3 firms at FIU in India presents a significant effort towards improving the security and integrity of the cryptocurrency markets, which are sometimes characterized by high volatility and risks. Following compliance with the regulatory frameworks, Liminal Custody stands in one line with prominent industry members such as Binance, KuCoin, and WazirX.
The FIU is another crucial institution involved in the fight against financial crime by regulating, monitoring, and examining suspicious transactions as well as sharing information with its counterparts from other nations. For Liminal Custody this registration is a step forward in creating a safe space for digital assets in businesses and for the end consumer it will be beneficial as well.
Manhar Garegrat, the Country Head of India and Global Partnerships of Liminal Custody said that he felt proud that the company received the registration and noted that the organization works closely with the regulating authorities to build a sound structure to manage the risks linked to digital assets.
Targeted clients include the fintech players who continue to face increasing regulatory scrutiny both in the blockchain and crypto sectors through Liminal Custody’s FIU registration. The move comes as a series of crackdowns on some crypto firms for breaching the set regulations early this year, underlining the importance of compliance with regulatory requirements.
Foreign and domestic players, including Binance and KuCoin, have successfully navigated through the mostly accommodating regulatory demands and have made headways in their objective to formally conduct their business legally.
By teaming up with FIU, Liminal Custody’s target is to become a go-to solution for the CBI and other similar institutions, providing secure storage solutions for cryptocurrencies obtained during investigations. It reiterates our readiness at Liminal Custody to provide a secure environment that complies with the digital asset management industry in India.
Crypto industry cheers! Historic move as SEC approves Ethereum ETFs
This is good news for the cryptocurrency market especially after the US Securities and Exchange Commission (SEC) green-lit spot Ethereum Exchange-Traded Funds (ETFs), a moment that has been viewed as a landmark by the crypto fraternity.
SEC approval spot Ethereum ETFs have been considered as the shift of political dynamics among the lawmakers. This decision signals the inclusiveness of Ethereum in the list of commodities, enhancing its standing in the blockchain sector.
The provider, one of the firms that applied for permission to launch the spot Ethereum ETF, referred to the approval as a success for investors and developers in the digital asset space. The head of digital assets research at Morgan Stanley Mr. Matthew Sigel remains optimistic about future developments within the blockchain space and expects to see more capital invested in such things as Bitcoin and Ethereum.
Another entrant in the crypto sector, Bitwise Invest, also applauded the approval as a historical achievement that underlined the importance of Ethereum as the second biggest cryptocurrency.
Spot Ethereum ETFs’ approval departs from early anticipations, with many people expecting that such products would find it hard to secure the nod from the SEC. However, after the case of passive bitcoin ETFs, the approach changed, culminating in the approval of passive Ethereum ETFs.
The recent approval of spot Ethereum ETFs by the SEC strengthens the argument within the crypto community that Ethereum is decentralized and is actually a commodity. The same view was expressed by the Coinbase Chief Legal Officer Paul Grewal, who pointed out that Ethereum is a commodity.
Sigel of VanEck stated that Ethereum is considered a commodity by many regulatory authorities and legal judgments, including the Commodity Futures Trading Commission’s regulation of Ethereum’s future.
Even though people welcomed the approval of spot Ethereum ETFs, some remain skeptical over the SEC’s position concerning cryptocurrencies. An Ethereum dapp producer firm, Consensys noted that while the approval was received, the SEC‘s approach to digital assets is quite ‘troublesome’.
In sum, the recent approval of spot Ethereum ETFs signifies a positive change for the crypto market as it opens up the possibilities for more investment in digital assets such as Ethereum.
Is Web3 Just Another Web2? The Crucial Difference We’re Missing
In the world of Web3, where decentralization and enhanced privacy are key, there’s another important factor that often goes overlooked: money-storage consciousness. Such vision is aligned with what PeteCoin, VP of Growth at Serotonin, said on Wednesday that there is no genuine Web3 innovation without taking a closer look at what is happening inside of our digital wallets, and harnessing it to build more engaging and personalized products.
Yes, Web3 has emerged and is far more decentralized than traditional Web2 offerings while the privacy features are a work in progress, however, the Web3 experience that we get is not personalized to the extent that it should be. Today, dApp use in Web3 looks almost like in Web2 with little to no recognition of the financial and identity data that resides in our wallets.
Wallet interaction is defined as the option for the website and the applications to respond and function based on the information that is stored in the wallets to foster two-way interactions. While Web2 logins are more a matter of wallets-as-keys that are used primarily for access, wallet-aware Web3 experiences would make use of the sword and sheath of pseudonymous data in our wallets for personalization of experiences and content recommendations.
Thus, despite the positive role of wallet awareness, it appears to be implemented in a very primitive way when it comes to Web3. Although applied to many decentralized finance applications, the use of individualized recommendation systems is sparse. In other realms of digital assets, wallet ignorance is seemingly absolute while using the asset type while all the decision-making processes surrounding it involve the instrument without anyone noticing.
It does not take substantial competency for a wallet provider to have wallet awareness in the very domains necessary to the working of crypto. Think of using crypto researching sites and have customized recommendations on what to check out to do depending on the coins that you hold in your wallet. This kind of personalization should be a common practice that has to be carried out.
Having full wallet awareness is essential, and it calls not only for a new way of constructing Web3. While some apps and tools are beginning to discover their potential, the applications of voice recognition could still progress further. It is pivotal that one accepts wallet awareness if one indeed wishes to define an internet that will be original and not constrained by Web2.
In conclusion, the concept is not just about improving the experiences on site; it is also about changing the way we make people get onboard through the use of on-chain marketing. Although it is possible to force an ad on a user and thus skip the wallet, it is far more effective to introduce an extraordinary form of advertising as it is a significantly less invasive and more user-friendly approach that values and respects user privacy.
Check who got the $$ Spotlight $$ today!
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