The giant online rental marketplace based in San Francisco, Airbnb is considering supporting cryptocurrencies and blockchain technology. The news stems from the company’s initial public offering Cryptocurrencies are still not recognised as legal in South Africa, but dealing in or advising.. …Cryptocurrencies South Africa license Hackers in the cryptosphere have certainly decreased in 2020, but DeFi now seems to be the preferred target of hackers. This hacker “took” a loan of 80,000 ETH on Value DeFi ($ VALUE). He even allowed himself to publicly taunt the latter. Pub A $ 6 million loan to a hacker According to a tweet … People can make deposits and transactions using cryptocurrencies. People need to learn more about cryptocurrencies because these are an efficient way to manage business transactions. In addition to credit cards and debit cards, bitcoins or Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Belarus’ Largest Bank Launches Cryptocurrency Exchange ServiceThe largest bank in Belarus, Belarusbank, has reportedly begun providing a cryptocurrency exchange
The giant online rental marketplace based in San Francisco, Airbnb is considering supporting cryptocurrencies and blockchain technology. The news stems from the company’s initial public offering (IPO) prospectus with the U.S. Securities and Exchange Commission (SEC). Airbnb’s filing notes that future success will be dependent on adapting to new technologies such as tokenization and cryptocurrencies.
Should @Airbnb accept Bitcoin?
— Brian Chesky (@bchesky) January 24, 2014
Airbnb’s IPO prospectus filed with the U.S. Securities and Exchange Commission (SEC) can be read in its entirety here.
What do you think about the mega short term property rental company Airbnb mentioning cryptocurrencies and blockchain in its IPO prospectus? Let us know what you think about this subject in the comments section below.
The post Airbnb IPO Prospectus Says Future Success Means Adapting to Cryptocurrencies appeared first on Bitcoin News.
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South Africa Declares Dealing In Cryptocurrencies A Financial Service Which Must Be Regulated
Cryptocurrencies are still not recognised as legal in South Africa, but dealing in or advising on them has now been declared a financial service requiring a license in the country. In a landmark move, the Financial Sector Conduct Authority (FSCA), the authority in South Africa in charge of regulating the market conduct of financial institutions that provide financial products and financial services, has issued a draft declaration classifying crypto assets as a financial product under the Financial Advisory and Intermediary Services (FAIS) Act. This is coming after similar moves by Mauritius and Nigeria.
“This Declaration is called the Declaration of crypto assets as a financial product, 2021,” the Declaration reads.
“This Declaration comes into effect on the date of [its] publication…on the website of the Authority,” it adds.
“Any person who, immediately before [the]…date of this Declaration…renders financial services in relation to crypto assets — (a) must submit an application for authorisation as a financial services provider…within 4 months of ….this Declaration; and
(b) [Such person] may continue rendering financial services in relation to crypto assets UNTIL— (i) the period to submit an application…has expired,” it further reads.
Declaring crypto assets as a financial service means that any person that provides advice and/or intermediary services in relation to crypto assets must be licensed under the FAIS Act in South Africa. It also means that such person must comply with all of the requirements under the FAIS Act, the requirements of the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 (General Code), the Determination of Fit and Proper Requirements, 2017 (F&P Requirements), etc.
“The intention behind the Declaration is to immediately capture intermediaries that advise on or sell crypto assets to consumers so as to provide adequate protection for consumers that are advised to purchase these products,” the FSCA states in an explanatory memo to the Declaration. “These protections should at least result in improved disclosures to customers that more effectively highlight the risks involved in investing in crypto assets and should ensure that a more robust advice process is adopted (including proper risk assessments) when intermediaries decide to advise customers to purchase crypto assets. Licensing of intermediaries is also necessary to improve the quality of data for policymakers and regulators about the crypto asset environment, and to consider whether there is a need for further regulatory interventions.”
The explanatory memorandum to the Declaration says no.
“The Declaration in no way legitimises or gives credence to crypto assets, but is merely attempting to regulate intermediaries that are selling and advising customers to invest in crypto assets,” the explanatory memo reads. “It is envisaged that this will either result in customers making more informed decisions when purchasing crypto assets or potentially in a decline in intermediaries attempting to advise on and/or sell crypto assets. It will also reduce instances of fraudulent activity where players purport to be selling investments in crypto assets but are in reality absconding with customer funds.”
The FSCA states that acknowledges the impact that the draft declaration will have on businesses that are currently furnishing financial services in relation to crypto assets, and more specifically the fact that such business would not be able to operate legally unless they have obtained a FSP licence in terms of section 8 of the FAIS Act.
“For this reason, various “transitional arrangements” for businesses already operating in this space will be put in place before publication of the final declaration,” the FSCA states.
The transitional arrangements entail that such a business may continue its operations, but it must submit an application for authorisation as an FSP under section 8 of the FAIS Act within 4 months of the effective date of the final Declaration.
“The business will be allowed to continue its operations until its application for a licence has been granted or declined. If such business fails to submit an application within 4 months, it must cease its operations,” the authority further states.
According to the FSCA, any new business that wants to start furnishing financial services in relation to crypto assets after the effective date of the final Declaration will have to obtain an Financial Service Provider (FSP) licence before it can start furnishing such services.
Cryptocurrencies South Africa license Cryptocurrencies South Africa license
Read also: Security Token Trading In Mauritius Now Eligible For Licensing Under New Regulation
No. This is an interim declaration. Hence, the FSCA invites the general public to comment on the draft regulations on or before 28 January 2021.
“Submissions on the draft Declaration must be made in writing on or before 28 January 2021 to the FSCA at FSCA.RFDStandards@fsca.co.za, using the submission template available on the FSCA’s website [at www.fsca.co.za],” the memo to the declaration states.
Those who will be most affected by the new rules are established South Africa-based crypto platforms and exchanges offering crypto-related services in the country. However, there is still ambiguity around the rules as the declaration state that crypto assets are neither legitimised nor given credence to in the country. In any case, while the latest declaration may be a huge benefit to platforms that are able to append the badge of legitimacy from Financial Services Board of South Africa (FSB), now renamed to Financial Sector Conduct Authority (FSCA), nobody is really sure of how the government wants to wield its new cudgel.
“We’re not surprised by this, as we knew it was coming. We’re excited by it. A big hurdle for us is not being regulated by the FSCA, which has deterred many people from getting involved in this sector. I think regulations will help bring credibility to the crypto sector and help weed out those involved in crypto scams,” said Jon Ovadia, founder and CEO of crypto company Ovex. “At present there is no sure way of knowing who is legitimate and who is operating a scam, and the people are understandably confused by this, so we see this as a positive development.”
“VALR will always welcome prudent and appropriate regulation, particularly as it relates to consumer protection,” says VALR CEO Farzam Ehsani. “We have been working with the South African regulators for many years to inform a regulatory framework that does exactly this. It is important to note, though, that today’s draft declaration of crypto assets as a financial product under the Fais Act by the FSCA was not one of the 30 recommendations in the Position Paper on Crypto Assets that was published by the regulators in April this year.”
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
DeFi’s $ 6 million loophole – Cryptocurrencies
Hackers in the cryptosphere have certainly decreased in 2020, but DeFi now seems to be the preferred target of hackers. This hacker “took” a loan of 80,000 ETH on Value DeFi ($ VALUE). He even allowed himself to publicly taunt the latter.
According to a tweet on November 13, 2020 from Value DeFi, the protocol was reportedly hacked with a loss of $ 6 million.
Value DeFi, which recently praised its performance in terms of security, was allegedly attacked via flash loans.
The alert was issued when a developer of Aave (AAVE), Emilio Frangella, had pointed to a flash loan of 80,000 ETH, valued at approximately $ 36 million, on the loan memorandum.
According to the co-founder of DeFiItaly, Emiliano Bonassi, the hacker would then have obtained an additional loan of 116 million dollars in stablecoins DAI withUniswap.
Bonassi indicates that the hacker exchanged the loan ETH against DAI, then made a deposit of DAI in the multi-stablecoins wallet of Value DeFi.
Finally, he exploited the pricing discrepancies used by the protocol during withdrawals.
For Emilio Bonassi, this attack is one of the most ingenious he has ever seen and one of the best performances achieved thanks to 2 flash loans.
He added that this hack had similarities to the one that had targeted Harvest Finance.
A press release from the Value DeFi sure Discord claimed that the other pools were functioning normally.
The hacker did not stop at ridiculing the protocol by sending the following message: “Do you really know about flash loans? “
Value DeFi tweeted that it was exploring possible solutions to mitigate the impact of losses on its users.
Following this attack, the price of the token $ VALUE lost 25% of its value from $ 2.73 to $ 2.01.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Did the era of flash hacks begin with the advent of flash loans? The upcoming launch of the Ethereum 2.0 beacon chain may perhaps solve the congestion problems of the ETH network, but DeFi must now get serious about securing the various protocols in the industry. To avoid a loss of $ 6 million – which is highly damaging to the image of a DeFi protocol – you might as well recruit hackers paid at 7 figures per year. We will avoid making fun of ourselves and losing the trust of users – No, a CertiK audit does not protect against an attack.
Litecoin, welcome in the Silver Age
Everything to know about crypto exchange
People can make deposits and transactions using cryptocurrencies. People need to learn more about cryptocurrencies because these are an efficient way to manage business transactions. In addition to credit cards and debit cards, bitcoins or cryptocurrencies have allowed people to make transactions. People can have an instant crypto exchange using this mode of payment. Some of the most significant things that people need to know about cryptocurrencies are as follows.
People are always concerned about the safety and security of their hard-earned money, and that is why people are always in search of ways by which they can make safe and secure payments. People will be happy to know that bitcoins or cryptocurrency gives the safest payment methods to them. People can make transactions and transfer their money even without knowing any other person. Money transaction using bitcoins only involves sender and reader, and even the third party is not involved in tracking the transaction. Thus people can send or receive money without even letting people know about transactions.
There is a continuous fluctuation in the values of cryptocurrencies. There can be a rapid and unpredictable change in the price of bitcoins. There can be a sudden rise or fall in the prices of cryptocurrencies. This sudden rise and fall show that benefits and disadvantages go side by side while using cryptocurrencies. A person can never recover the losses once the money is lost. So people should choose the right time to invest money in bitcoins. Moreover, people can convert bitcoins or cryptocurrencies into their local currencies.
People need to know that the payments made through cryptocurrency are irreversible. That means people cannot reverse once the transaction is made. Thus people need to consider the significance and sensitivity of choosing trusted parties and people to run business. Moreover, cryptocurrency payments procedure is efficient that can even detect typos and malware. So a person cannot even transfer the money to the wrong address.
It is beneficial to use cryptocurrency because cryptocurrencies are always striving to give a great transaction experience to the people. Cryptocurrency ensures to give the safest transactions to the people. People can keep their transactions safe and confidential. However, the details of transactions remain between two parties without even involving third party verification.
Although there are several benefits of using cryptocurrency, bitcoins are still considered as an experimental stage, and some states of the world have not legalized the use of bitcoins. People have to face several challenges while using cryptocurrency. Some of the most challenging situations that might happen during cryptocurrency are increased costs, slower confirmations, and a wide range of other issues. However, it would not be wrong to say that the future of cryptocurrency is unpredictable.
These are some of the most prominent features that people need to know about cryptocurrency. These features are enough to convince people to use cryptocurrency as the most effective mode of payment.
Last modified: November 21, 2020
Author: by: Ayaan DxB
Cryptocurrencies archive news by date
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- US Regulator Wants to Put an End to Unfair Practices Against Crypto Businesses
- Ripple price prediction: XRP to hit $0.31 next, analyst
- Litecoin price prediction: LTC to fall to $76 next?
- Bitcoin’s true rally hasn’t even started yet, volatility analysis shows
- Nvidia Posts Record Q3 Earnings, Sales of GPUs to Crypto Miners Reach $175 Million
- Argentina and Brazil Get Their Own Stellar Stablecoins
- 3 Reasons Why Analysts Think Bitcoin Will Move Higher After Rally to $18,800
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- Ethereum Shatters Critical Resistance as Top Holders Start Accumulating
- Why this Ethereum DeFi coin has surged 400% in two days
- Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction
- US Treasury Office Wants to Ban Discrimination Against Crypto Firms
- SushiSwap’s SUSHI Continues Ascent, Rallies 10% on $1B in Deposits
- Bitcoin’s Network Activity Reaches an All-Time High as Price Rockets Higher
- In Argentina, a Politician Wants to Build a State-backed Crypto Exchange
- Law Decoded: Green lights of the SEC, black flags of Binance, Nov. 13–20
- US Government to Use USDC Stablecoin to Bypass Venezuela’s Maduro
- NYSE vice chairman: Talks are ‘accelerating’ with crypto firms that want to go public
- XRP Utility Fork Incoming – Here’s How to Prepare for the Highly Anticipated Flare Airdrop
- 4 reasons why Bitcoin price is on the verge of a new all-time high
- Analysts: Bitcoin Continues To Be Viewed as a Hedge Tool
- Poloniex exchange goes down on the brink of new Bitcoin all-time high
- Crypto Data Company Chainalysis Says It’s Valued at $1 Billion
- Ripple price prediction – Fresh rally brings $0.3244 as XRP/USD targets $0.3291 next
- Ethereum Has Set a New Record in 2020 in This Key Metric
- Texas State Securities Board crackdown on fake crypto platforms
- Bitcoin shortage is real, and PayPal is the cause, Pantera Capital claims
- Crypto firms work with Venezuela’s government-in-exile to disburse funds to health care workers
- Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B
- IMF lawyers argue that central banks need reform before they can issue CBDCs
- Billionaire Masayoshi Son Talks Bitcoin in Interview With New York Times
- Video: Nick Szabo, Adam Back And David Chaum On The History Of Bitcoin
- DeFi loans exceed 3 billion
- Cardano’s Charles Hoskinson: How Crypto Should Work Together
- Why Hasn’t Bitcoin Mania Kicked in Yet?
- Central Bankers, Experts Outline Possible Scenarios for CBDC Adoption
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- Chainalysis reportedly set to raise $100m at unicorn valuation
- Outgoing SEC Chairman Says Inefficiencies In Current Payment Systems Are Boosting Bitcoin’s Growth
Airbnb IPO Prospectus Says Future Success Means Adapting to Cryptocurrencies
Belarus’ Largest Bank Launches Cryptocurrency Exchange Service
Bitpay Launches New Payroll Service for Companies That Opt to Pay Employees in Crypto
Galaxy Digital Acquires 2 Crypto Firms, Sees Big Wave of Institutional Demand for Bitcoin
Akoin Cryptocurrency Launches in Kenya as Pilot for $6 Billion Akon City
Pakistan’s SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban
BCH Collectibles: RPG Blockchain Game Built on Bitcoin Cash Completes Flipstarter Campaign
Citibank Executive Says Bitcoin Will Trade at $318,000 by End of 2021
Big Tech Execs ‘Jump on the Bitcoin Wagon’
US Banks Face a Massive Commercial Real Estate Crisis Looming on the Horizon
Scaramucci’s Billion-Dollar Mega Hedge Fund Skybridge ‘May Hold Positions’ in Bitcoin
Bitcoin Ascends in New Crypto Ranking by State-Backed Chinese Institute
Game of Thrones Star Maisie Williams Wants to Know if She Should Buy Bitcoin
Bitcoin Evangelist Andreas Antonopoulos Plans to Testify in Billion-Dollar Bitcoin Lawsuit
Mike Novogratz’s Galaxy Digital to Launch Bitcoin Fund in Canada
Bitcoin Unlimited Hosts Week-Long Hackathon to Bolster the Future of Finance
Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85%
US Senator Cynthia Lummis to Ensure Congress Understands Bitcoin Is a ‘Great Store of Value’
‘Control the Pandemic’ – Fed Chair Jerome Powell Predicts the Entry of a ‘Different Economy’
Mexican Billionaire Ricardo Pliego Invests 10% of Liquid Portfolio in Bitcoin- Says the Crypto Shields Against Wealth Expropriation
Millionaires FOMO: 73% Will Own Bitcoin by 2022, Survey
New Dutch Law: Clients Must Explain Why They Want To Buy Bitcoin