Crypto News Recap: That was important this week
Admittedly, with a few exceptions, the crypto week was quite quiet. Maybe we’re just hardened after all the headlines of the last few months. But there was also interesting news from the crypto sector last week, which we have compiled for you here.
- Binance will probably not receive a license in Germany
- SEC Gets Delay in Response to Coinbase
- BlackRock files Bitcoin ETF with the SEC
- Kraken NFT Marketplace officially opened
- KuCoin introduces KYC procedures as mandatory
- Dogecoin investors file class action lawsuit against Musk
- Wall Street memes raises over $11.7 million
UK Parliament Passes Loose Crypto Regulation
In the UK, the signs point to open regulation for cryptos. Our neighbors will soon be subject to the same rules for cryptocurrencies as for traditional assets. The approval from Buckingham Palace, because the king has to approve this bill, takes place on June 30th.
The British upper chamber had the bill in the June 19th houses of Parliament adopted. The Regulation Act gives the UK Treasury and the country’s regulators the power to introduce and enforce regulations for crypto businesses. With the Financial Services and Markets Act 2023, test environments will soon be available to safely test blockchain environments.
With investments, the government wants to help the economy grow and the country to establish itself as a crypto and technology center in the future. Providers of crypto services are therefore subject to the same or largely similar regulations as providers in the classic financial sector. So while the US is in regulatory chaos, the UK is largely opening up to the crypto sector.
Maybe that’s why Andreessen Horowitz announced his first office outside the US in London of all places. The USA has been largely restrictive in enforcing measures against crypto companies and announced extensive lawsuits against Binance and Coinbase just a few days ago.
Unlike in the USA, the crypto market in this country is no less regulated, but is subject to clear and unambiguous regulations. For buyers of the native utility coins of Wall Street memes or Chimpzee there is security in the form of verified smart contract codes or the KYC identification of the developers behind the projects. Both pre-sales are active and are available to beginners and private investors at reasonable prices.
Large companies are investing heavily in AI
After ChatGPT, more and more companies are getting a taste for it and are investing in new technologies with artificial intelligence. The areas of application of ChatGPT multiply within a very short time. Some experts are already conjuring up a bubble and predicting the bursting of this very AI bubble. These companies announced investments in artificial intelligence this week:
- Microsoft releases online shopping with AI tools in Bing and Edge. Users can benefit from features such as price match or AI-generated purchase guides.
①購入ガイドについて
Microsoft Shopping Tools
これにより、複数のウェブサイトを巡ることなく商品を比較できる可能性があります。 pic.twitter.com/lw7ULLHH7H
— ChatGPT研究所 (@ctgptlb) June 29, 2023
- ChatGPT Plus users can now access Bing Web Search via the iOS operating system.
- Google is integrating AI in more and more places, most recently in “Help me organize” on Google Sheets.
- Meta publishes a small preview of the AI-generated content for Facebook and Instagram, explaining how the algorithms compile the content for users and which signals were used for this.
- LinkedIn has partnered with UC Berkeley to develop a fake profile photo detector that is 99.6% accurate at filtering out fake photos. The AI was trained with 45,000 synthetically generated and over 100,000 real profile pictures from LinkedIn.
- Also at yPredict artificial intelligence is used. It is used to create smart forecasting models for crypto traders, which can then be bought on the platform.
NRW initiates an investigation against users of a crypto exchange
In its online edition, Der Spiegel reports on the investigation into users of a large crypto exchange, but without naming the provider. According to estimates, it is a question of amounts in the tens of millions that could have escaped the tax authorities due to possible cases of tax evasion. The authorities only gained access to the data of thousands of customers from all over Germany after lengthy legal procedures.
Officials are now busy matching the received user data with tax returns to determine whether profits from trading Bitcoin and other cryptocurrencies were properly taxed. In the meantime, the data has also been shared with other affected federal states.
Apparently it should be shown here that users of crypto exchanges do not remain anonymous and that the methods of tax investigation are constantly evolving, NRW Finance Minister Marcus Optendrenk is quoted by the CDU in Spiegel.
It is not yet known which specific crypto exchange is affected.
The current data of the ongoing pre-sales
In the anti-capitalist movement Wall Street memes, presale is close to $12 million. The price of the native utility token $WSM, which you can buy with fiat, ETH or USDT, is currently $0.0307.
thug Life, a meme coin uniting those investors who have lost money in the crypto market before, is releasing its pre-sales tokens in just a single phase at a price of $0.0007. The aim of the project is to build up a large community of people affected. Here, too, memes are in the foreground.
The Platform for intelligent trading signals and forecasting models yPredict is currently pre-selling the USDT-pegged token $YPRED for $0.09. More than 2.7 million US dollars have already been raised. At its core, the platform supports traders in creating an efficient trading strategy for trading in the crypto market.
Conclusion: Perhaps in the next few days the public will still find out which crypto exchange has been scrutinized by the tax authorities in North Rhine-Westphalia. Until then, it can only be recommended to keep an eye on the crypto market.
After all, he is known for the fact that things can change at any time. The week has been quiet so far and investors could also look forward to Bitcoin’s new annual high. BTC is still above the 30,000 level at currently $30,600.77.
The crypto pre-sales will continue to convince investors to invest in the projects over the next week. The public attention and the high viral reach of the three projects confirms the great interest of investors to be involved from the very beginning.
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About the author: Stefanie Herrnberger works as a freelance speaker and editor. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments on decentralized and central financial markets. Stefanie has been investing in cryptocurrencies for several years. She understands the challenges and opportunities for crypto traders. Publications: https://de.cryptonews.com/editors/stefanie-herrnberger https://blockchain-technologie.digital/ https://www.facebook.com/groups/cryptonewsde/