Monat: Oktober 2023

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Litecoin sees a spike in on-chain activity- but what’s next for LTC?

  • Litecoin price was down 3% to trade around $67 on Friday morning.
  • Santiment wrote on X that the altcoin has seen a rapid increase in on-chain movement.
  • LTC is seeing a spike in address activity and whale transactions, with metrics at highest levels since June.

The total crypto market is down 1.5% in the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to hold onto recent gains. 

But as market observers and analysts put it, the overall outlook is bullish for crypto ahead of what could be a massive bull market in 2024. Could this be the same scenario for Litecoin price?

Litecoin price outlook- what’s next for LTC?

Litecoin’s 24-hour price was down 3%, with recent gains trimmed to about 7% over the past week as it traded around $67.80. The psychological $100 continues to prove a difficult hurdle for bulls, despite there being a burst of on-chain activity.

While address activity and whales both hit June 2023 levels, there has been the observation of dormant LTC suddenly spiking – “usually indicative of more coins beginning to circulate,” the market intelligence platform Santiment wrote in a post on X.   

The overall bullish picture for Bitcoin suggests investors could be positioning for a potential uptick in its price. Optimism over factors such as spot Bitcoin ETF approval could help LTC rebound past the main supply wall.

Yet, with dormant coins on the move again, sell-off pressure could be huge in the short term. In this case, a correction could see Litecoin price retreat further, bears likely targeting key support zones in the $60-50 region.

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Standard Chartered-backed Zodia Markets gets VASP registration in Ireland

  • Zodia Markets is a Standard Chartered-backed digital asset exchange and brokerage platform.
  • The company has announced its registration as a Virtual Asset Service Provider (VASP) by Ireland’s central bank.
  • Zodia is looking to position itself for European expansion amid the upcoming MiCA laws.

Zodia Markets, a digital asset exchange backed by Standard Chartered, is now registered as a Virtual Asset Service Provider (VASP) in Ireland.

An announcement by the company on Friday stated that the VASP approval was granted to Zodia Markets (Ireland) Limited by the Central Bank of Ireland (CBI). This follows similar registrations by the Abu Dhabi Global Markets (ADGM) and the UK’s Financial Conduct Authority (FCA) – in September 2023 and in July 2022 respectively.

Ireland is a burgeoning crypto market

Zodia Markets’ registration in Ireland means the company now has regulatory approval in the EU, with this allowing it to expand its services in Europe, including crypto exchange and OTC trading. 

The milestone also aligns the platform with the upcoming implementation of EU’s comprehensive crypto laws, the Markets in CryptoAssets Regulation (MiCA) that’s expected to go into effect in the second half of 2024.

“VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem. The registration will act as a launchpad for the business to enter the EU, a market where we see significant opportunity and demand for our offering, and it paves the way for future MiCA authorisation when the regulations are implemented,” Michael Walsh, CEO of Zodia Markets Ireland, said.

Ireland continues to attract crypto companies amid the industry’s recognition of a supportive regulatory environment.

Coinbase, which has regulatory approval as an e-money institution and VASP in the country, recently announced that it had selected Ireland as its European hub. The US-based crypto giant first hinted at this move in 2020. 

Another major crypto company registered in the country is Kraken, which has CIB approval as an e-money provider.

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Virtual Asset Management Bill introduced in the Taiwan parliament

  • The Bill focuses on customer protection, regulatory obligations, and industry self-regulation.
  • Major crypto exchanges in Taiwan had previously formed the Taiwan Virtual Asset Platform and Transaction Business Association.
  • Taiwan’s Financial Supervisory Commission (FSC) also recently issued industry guidelines for VASPs.

In a recent move to enhance oversight and customer protection in the cryptocurrency industry, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan, on October 25, 2023.

The bill aims to establish clear guidelines for virtual asset service providers (VASPs) while fostering industry growth.

Key provisions of the bill

The 30-page bill outlines several important provisions:

  • Customer Protection: The bill emphasizes the need for better customer protection within the cryptocurrency industry. It requires virtual asset service providers to separate customer funds from their reserve funds, ensuring transparency and security.
  • Regulatory Obligations: VASPs are expected to establish internal control and audit systems to maintain compliance. Joining the local trade association is also encouraged to foster industry self-regulation.
  • Stablecoins and Advertising: Notably, the bill does not mandate stablecoin issuers to maintain a 1:1 reserve ratio, showing flexibility in this aspect of regulation. Additionally, the rules for advertising are to be determined by the competent authority, granting flexibility in marketing activities.
  • Licensing and Fines: VASPs operating without a license face fines ranging from 2 million to 20 million Taiwanese dollars. Existing market players have a six-month window to obtain the required license after the bill becomes law.

Prior attempts by industry participants to self-regulate

The introduction of the Virtual Asset Management Bill closely follows the creation of the Taiwan Virtual Asset Platform and Transaction Business Association, which represents a collaborative effort by major cryptocurrency exchanges in Taiwan.

MaiCoin, BitoGroup, Ace Exchange, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joined forces to support the cryptocurrency industry and engage with regulators. The association was created with the aim of guiding the industry, setting standards, and building consensus.

In September 2023, Taiwan’s Financial Supervisory Commission (FSC) issued industry guidelines for VASPs, restricting foreign VASPs from operating in Taiwan without obtaining necessary approvals from the regulator.

The FSC’s move underscored the government’s commitment to providing regulatory clarity.

Binance’s registration application in Taiwan

Binance, one of the world’s largest cryptocurrency exchanges, sought registration in Taiwan, signalling its willingness to comply with local regulations. Binance had previously operated in the country through a local entity, Binance International Limited Taiwan Branch (Seychelles).

These developments collectively reflect Taiwan’s evolving approach to cryptocurrency regulation, aiming to balance industry growth with necessary oversight and customer protection. The cryptocurrency industry’s landscape in Taiwan continues to evolve, seeing that Circle, BitoGroup, and Taiwan FamilyMart recently partnered to launch ‘Points-to-Crypto’ service in the country.

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FLOKI launches real-world asset tokenization platform TokenFi, token surges 29.01%

  • FLOKI token price has surged by 29.01% surge in the last 24 hours.
  • The price gain is attributed to the launch of TokenFi, a real-world asset tokenization platform.
  • TokenFi empowers users to tokenize real-world assets without coding skills.

In a significant move that is reverberating through the cryptocurrency world, the FLOKI token has experienced a remarkable 29.01% surge in its price over the past 24 hours. This sudden boost in value is directly attributed to the launch of TokenFi, a novel platform dedicated to real-world asset (RWA) tokenization.

TokenFi, introduced by the Floki development team, marks a pivotal shift for the once-meme coin project, positioning it as a formidable contender in the decentralized finance (DeFi) ecosystem.

Revolutionizing RWA tokenization using TokenFi

TokenFi is designed to facilitate the tokenization of real-world assets without requiring users to possess coding skills.

This groundbreaking platform empowers users to launch various cryptocurrencies and raises funds from the Floki community. Furthermore, it establishes connections with exchanges and market makers to ensure liquidity while offering the opportunity to create tokens representing real-world assets that are not classified as securities.

The cryptocurrency industry is now on the precipice of a vast opportunity. As developers envision, the tokenization industry is projected to reach a staggering $16 trillion by the year 2030. Indeed, even major institutional investors like BlackRock, managing assets worth $10 trillion, have shown unwavering belief in the potential of this industry, dubbing it “the next evolution in markets.”

Real-world asset tokenization a trillion-dollar opportunity

Real-world asset (RWA) tokenization refers to the digitization of physical assets such as real estate or vehicles, making them accessible within the realm of decentralized finance (DeFi) applications. Industry analysts have aptly labelled this as a “trillion-dollar opportunity” due to its potential to democratize global asset trading and investment, previously constrained by complex regulatory and financial laws.

TokenFi’s deployment will commence on five prominent blockchain networks, including Ethereum, BNB Chain, opBNB, Base, and Arbitrum. With plans for further expansion, this platform aims to attract users with incentives for protocol usage, creating a self-sustaining ecosystem.

FLOKI token staking

For FLOKI token holders, there’s an added incentive. Users can earn the reward token, TOKEN, by staking their FLOKI tokens for durations ranging from 3 months to 4 years. This mechanism is expected to reduce the circulating supply of FLOKI tokens and increase their intrinsic value, thereby further contributing to the ecosystem’s growth.

TokenFi’s ambitious mission to capitalize on the booming RWA tokenization market signifies the increasing prominence of blockchain technology in reshaping global finance.

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