Money20/20: The tokenization industry needs to address interoperability issues

Money20/20: The tokenization industry needs to address interoperability issues

Pallavi Thakur, Director of Strategy and Innovation at Swift, and Julien Clausse, head of Asset Foundry at BMP Paribas, shared insights about tokenization at the Money20/20 conference.

During their joint presentation, both Clausse and Thakur agreed that tokenization faces significant interoperability challenges, requiring solutions at multiple levels.

Citing themes from her talk yesterday, Thakur cited interoperability as a barrier to tokenization, claiming that tokenization platforms often create isolated networks or “islands” that don’t inherently communicate with each other.

“Tokenization is gaining momentum and is poised to transform the securities market,” said Thakur. However, she highlighted a significant hurdle: “These tokenization platforms often form isolated ‘islands’ that don’t inherently communicate with each other.”

These islands lead to interoperability and exist on multiple levels: the network layer (ensuring different networks can communicate), the token format layer (ensuring compatibility of tokens across networks), and the data layer within tokens, said Thakur. Addressing these layers is essential for seamless operation.

Both speakers highlighted that the success of tokenization relies on overcoming the fragmented and divided multi-leveled blockchain environment.

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Multileveled issues across different blockchain networks 

Clausse echoed this sentiment of different blockchains causing these issues and emphasized the complexity of achieving true interoperability, citing diverse blockchain projects as the root of the problem. 

“There are multiple levels — network, token format, and data within the tokens,” Clausse stated. He claimed that the tokenization industry needs common networks and the same standards of adoption.

Establishing industry standards across diverse blockchains is crucial for the future of tokenization, per Clausse. These standards should stem from top-down consensus among industry players and practical, real-world applications.

Use cases and industry standards

Both speakers agreed on the importance of practical use cases and industry standards for the future of tokenization. 

“There are multiple standards now,” Clausse said. “So everybody is trying to work with unique standards.”

Both speakers mentioned examples of following industry standards — such as the tokenizing of small-scale renewable energy projects by Swift — which can now be financed and managed more efficiently and transparently. They emphasized the need for industry collaboration and urged the crypto industry as a whole to address interoperability challenges. 

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Theo Crypto News

Alchemy Pay expanding to support Scroll Network 

Alchemy Pay will integrate with Scroll, a Layer-2 scaling solution for Ethereum. 

This development will leverage zero-knowledge technology and compatibility with the Ethereum Virtual Machine (EVM), which means that users can acquire and access USDT and USDC on Scroll through Alchemy Pay. 

The overall goal of this development is to integrate global clients and address challenges in decentralized finance (DeFi). With this development, users can purchase these assets using more than 50 fiat currencies and various payment options across 173 countries.

USDT and USDC support via Scroll 

Scroll is a Layer-2 blockchain created by Ethereum developers. It is scalable, secure, and open-source and embodies Ethereum’s core values of participation, decentralization, censorship resistance, auditability, credible neutrality,

By integrating USDT and USDC into the Scroll ecosystem through Alchemy Pay, the partnership aims to popularize these assets among users and developers. This will ultimately enrich the Scroll ecosystem and attract more users globally.

Scroll’s primary goal is to provide a scalable solution while maintaining Ethereum’s trusted security and decentralization.

Scroll has designed its zkEVM bridge to be bytecode-level EVM-compatible, closely emulating Ethereum. This allows developers to bring over Ethereum projects to Scroll without any changes to code.

Alchemy Pay — which has secured compliance licenses in various jurisdictions, including the United States, Canada, Indonesia, and Lithuania — is operational in 173 countries and accepts mainstream payment methods such as Visa, Mastercard, Apple Pay, and Google Pay. Alchemy Pay has 300 payment channels and helps users avoid high transaction fees.

Integrating with Scroll is a major milestone for Alchemy Pay, enabling seamless fiat-to-crypto payment solutions. By providing access to USDT and USDC, Alchemy Pay is hoping to enhance the adoption of these popular cryptocurrencies. They hope for more global use and they hope it brings more clients to both Alchemy Pay and Scroll.

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Theo Crypto News

DMM Bitcoin to raise $320m to pay back victims of recent hack

The Japanese crypto exchange outlined plans on its website to raise 0 million to purchase bitcoin and repay their hack’s victims. 

According to DMM Bitcoin’s website, all clients who held Bitcoin (BTC) during the hack will be guaranteed a refund from what is described as “group companies.” 

“As initially reported, we will guarantee all of the Bitcoin (BTC) held by customers by obtaining support from group companies to replace the amount of Bitcoin (BTC) that was leaked,” the website read.

DMM Bitcoin obtained a 5 billion yen loan on June 3 and is set to raise an additional 48 billion yen on June 7 through a “capital increase.” Details of this “increase” were not disclosed on the website. Additionally, the company plans to add 2 billion yen through subordinated loans on June 10, as stated in the announcement.

DMM Bitcoin stated that all these loans and fundraising efforts will not affect the overall pricing of the BTC market and they did not provide any further details on the hack but promised a full investigation.

“We are currently continuing our investigation into the cause of the unauthorized disclosure. We will provide a follow-up update as soon as details are known,” the website read.

Hack details

The exchange suffered a hack on May 31, losing more than 4,500 Bitcoin (BTC) worth around 8 million. That BTC would currently be worth 9 million. 

The company claimed all the BTC was “leaked” from customers’ wallets and promised a full reimbursement. The hacker split up the stolen bitcoin across 10 wallets in batches of 500 BTC. 

The company initially claimed that it could issue full refunds due to compliance with Japanese regulations, which require virtual asset service providers to manage corporate liquidity separately from user funds. 

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Theo Crypto News

The final chapter of the Cryptoqueen: murder, money, and misadventure?

Was Ruja Ignatova’s sudden disappearance in October 2017 an escape from law enforcement or something far more sinister? Read on.

When it comes to crypto scams, few stories are as wild and mysterious as that of Ruja Ignatova. Known as the “Cryptoqueen,” Ignatova was a Bulgarian-born, Oxford-educated financier who managed to swindle investors out of a whopping .5 billion with her fake cryptocurrency, OneCoin. 

Ruja’s tale took an even darker turn in October 2017, when she vanished without a trace. 

Since then, her story has become the stuff of legends, mixing elements of organized crime, vast sums of money, and brutal violence.

The latest developments in Ruja’s saga come from a thorough investigation by BBC. Their findings suggest Ruja had deep ties to Hristoforos Nikos Amanatidis, better known as Taki, a suspected Bulgarian organized crime boss. 

There are allegations that Taki, who was supposed to protect her, might have turned against her, possibly even ordering her murder. 

Let’s explore everything we know about her and the theories about what might have happened to the elusive Cryptoqueen.

What do the latest developments say?

Launched in 2014, OneCoin promised investors the kind of high returns that Bitcoin (BTC) pioneers enjoyed. However, unlike Bitcoin, OneCoin had no blockchain technology backing it. 

It turns out that OneCoin wasn’t a cryptocurrency at all. It was a pyramid marketing scheme where members were encouraged to buy coins and recruit more people to do the same. 

The people at the top of the pyramid were made out like bandits, while everyone else was left holding the bag. OneCoin’s market had no liquidity. You couldn’t buy or sell or even transfer your currency. The only way to cash out was to convert it to another currency or ask Ignatova. 

This scam operated until around 2017, when authorities began to close in on Ignatova, prompting her sudden disappearance.

In October 2017, as U.S. and German authorities were about to arrest her, Ignatova fled from Sofia, Bulgaria, to Athens, Greece. Since then, she has not been seen publicly. 

According to a police informant’s report, she was killed in late 2018 on Taki’s orders, her body dismembered, and thrown into the Ionian Sea. 

The informant’s claim is supported by leaked documents and statements from Taki’s associates, though it remains unverified by the BBC and other official sources. Taki is also suspected of using OneCoin to launder money from his drug trafficking operations

Despite these claims, Ignatova remains on the FBI’s Ten Most Wanted list – offering a 0,000 reward for any information leading to her capture , suggesting that the agency believes she may still be alive. The FBI generally only removes individuals from this list when there is concrete evidence of their death. 

Adding to the complexity, properties linked to Ignatova in Dubai, including luxury apartments, have reportedly been taken over by associates of Taki. These properties were allegedly acquired with the ill-gotten gains from OneCoin.

Furthermore, reports from bird.bg suggest that Ignatova’s death, if true, was a strategic move by Taki to eliminate a potential threat. Taki, who has been implicated in numerous criminal activities, including drug trafficking and murder, might have viewed Ignatova as a liability once she became a fugitive and hence decided to get rid of her.

How did she pull it off and who is Frank Schneider?

Ignatova pulled off one of the biggest crypto frauds in history with the help of Frank Schneider. Schneider, a former spy and the head of Luxembourg’s intelligence agency played a key role in maintaining the OneCoin operation.

After leaving the intelligence service, he founded Sandstone, a private investigation firm that provided critical support to Ignatova’s scheme.

Schneider was instrumental in liaising with legal professionals and public relations advisors who helped keep the OneCoin scam running smoothly. 

His background in intelligence allowed him to gather sensitive information, allegedly providing Ignatova with confidential police details to stay ahead of law enforcement. However, Schneider consistently denied these allegations.

In April 2021, Schneider was arrested near the Luxembourg border by French police. Initially imprisoned for seven months, he was later placed under house arrest while awaiting extradition to the United States. 

In December 2022, despite losing an appeal against his extradition, Schneider expressed his distrust in the U.S. legal system, fearing he wouldn’t receive a fair trial and criticizing the reliance on plea bargaining. 

He estimated his legal defense could cost between five and eight million dollars, a sum he claimed he couldn’t afford.

In a surprising turn of events, Schneider disappeared in May 2023, just before his scheduled extradition. French authorities, despite fitting him with an ankle tag, have been unable to locate him. 

Speculation about Schneider and Ignatova abounds. While Schneider’s exact location remains unknown, his disappearance suggests he may have powerful allies helping him evade capture. 

Similarly, Ignatova’s fate is still shrouded in mystery. Theories range from her being alive and in hiding, protected by criminal networks, to her being murdered.

What does the public sentiment say?

Public sentiment around Ignatova is a mixed bag of intrigue, skepticism, and humor. A Reddit thread effectively weaves all these sentiments.  

Some users have speculated that with billion at her disposal, Ignatova could have easily afforded extensive plastic surgery and a new identity, allowing her to have vanished from the public eye. 

This theory has been bolstered by the idea that she might have been living luxuriously in a country without an extradition treaty, safe from international law enforcement.

However, some users have expressed deep disdain for Ignatova, citing the devastating impact of her scam on average investors. One user noted, “It’s disgusting how she ruined thousands of lives, especially in rural Africa where people were poorly informed.” 

Theories about her demise have also been prevalent. Some believe that Ignatova might have been killed by those she defrauded. 

There are also discussions about the implications of her scam on the perception of crypto assets. Comments like “All cryptocurrencies are fake” and “Crypto: The scam of choice” also flooded the Reddit forum .

Amid all this, some users have also shown a grudging respect for her audacity. Comments like “Mad respect for her. Sorry crypto bros” also surfaced, revealing a strange admiration for her ability to execute such high-scale fraud and evade capture. 

Whatever may be the case, the search for truth in her story keeps the world on edge, wondering if justice will ever be served or if she will remain a ghost of the financial underworld.

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Theo Crypto News

GameFi innovator discusses Ethereum’s scalability struggles and future solutions

Speaking to crypto.news, Roman Levi, CTO of Playnance, shared his insights on Ethereum’s scalability challenges and the emerging solutions that might address these issues.

Ethereum has long stood at the forefront of blockchain technology, emphasizing security and decentralization. However, as the digital landscape evolves, so too does the challenge of maintaining scalability without compromising its foundational principles.

High transaction fees and slower processing times are increasingly driving users and developers towards more efficient alternatives. The persistent quest for balance between core principles and performance is a central theme as Ethereum explores solutions like sharding and rollups.

In the midst of this, competitors like Solana and Polkadot, among others, present innovative architectural paradigms that promise greater scalability and efficiency. Solana’s remarkable transaction speed and Polkadot’s parallel chain model are just a few examples that underscore the growing need for Ethereum to adapt and evolve to maintain its leading position.

As Ethereum continues to integrate advanced Layer 2 solutions and capitalize on recent upgrades, such as the transition to a proof-of-stake consensus mechanism, the core question persists: Can these technological advances achieve the required scalability without sacrificing the network’s foundational principles of decentralization and security?

Levi had some interesting viewpoints.

Ethereum is known for prioritizing security and decentralization, often at the expense of scalability. Are there any emerging solutions or innovations, such as sharding, rollups, or other Layer 2 technologies, that can effectively address these scalability challenges without compromising Ethereum’s core principles?

Validity rollups present a promising solution to Ethereum’s scalability issues. They execute transactions off-chain, bundle them into a single proof, and submit this proof to the Ethereum mainnet for verification and settlement. This off-chain computation enhances scalability while preserving Ethereum’s core principles, i.e., decentralization, permissionless transactions, and openness. More recent blockchain technologies like account abstraction can also help significantly. For instance, AA decouples the wallet from the private key, allowing users to effectively use smart contracts as their accounts. The combination of account abstraction and layer-3 technologies can become a powerful enabler for Web3. With most in-app actions processed off-chain, the main chain experiences reduced network loads and greater throughput.

As we look across the landscape, Ethereum isn’t the only player in the scalability game. How do Ethereum’s strategies stack up against those of emerging powerhouses like Solana and Polkadot?

Solana employs a Proof of History consensus mechanism, which timestamps transactions to boost speed and efficiency, processing thousands of transactions per second. However, it compromises decentralization. On the other hand, Polkadot uses a heterogeneous multi-chain framework, allowing parachains to operate in parallel and share security through a main relay chain, which requires robust governance. Ethereum remains committed to its core values through solutions like validity rollups and ZK-Rollups. Zero-knowledge proofs (ZKPs) can provide instant transaction verification, faster finality, and enhanced security. ZK-Rollups aggregate multiple transactions into a single proof, significantly reducing the on-chain data footprint. This method enhances throughput and lowers costs, making it a crucial strategy for blockchain scalability.

With Ethereum grappling with high fees and slow transactions, how are its competitors stepping in to offer faster and cheaper alternatives?

Avalanche addresses scalability through a novel consensus mechanism known as Avalanche consensus, allowing the processing of thousands of transactions and providing users with speed and cost-effectiveness. Solana employs a unique combination of Proof of History and Proof of Stake to achieve unparalleled scalability and throughput. With a focus on parallel processing, Solana can handle transaction speeds of up to 65,000 transactions per second, significantly outpacing Ethereum’s capabilities.

What lessons can Ethereum learn from their approaches?

For Ethereum, several key lessons emerge. Firstly, the importance of scalability cannot be overstated in the rapidly evolving digital landscape. High transaction costs and lower speed out the network at risk of alienating users and stifling innovation, making scalability a top priority for blockchain platforms. Secondly, Ethereum can learn from Avalanche and Solana’s innovative approaches to consensus mechanisms and network architecture. By embracing novel solutions that prioritize speed and efficiency, Ethereum can enhance its competitiveness and appeal to a broader user base.

The rise of meme coins on platforms like Solana, have attracted both developers and users with their lower costs and faster transactions, what strategies should Ethereum consider to maintain its competitive edge and appeal in the market?

As meme coins gain traction on Solana, Ethereum currently faces the challenge of retaining developers and users. With Solana offering lower fees and higher throughput, Ethereum must leverage its strengths and implement effective strategies to maintain its position in the market. To counteract Solana’s appeal, Ethereum can prioritize the development and adoption of Layer 2 solutions. Solutions such as sharding and rollups improve scalability and reduce transaction costs while maintaining Ethereum’s security and decentralization.

Can Layer 2 solutions or the Ethereum 2.0 upgrade sufficiently counteract the appeal of Solana’s lower fees and higher throughput?

Ethereum’s transition to Ethereum 2.0, marked by the shift to a Proof of Stake consensus mechanism, promises significant advancements in scalability and network efficiency. With the introduction of the Beacon Chain, Ethereum is already paving the way for reduced energy consumption, increased transaction throughput, and enhanced security. Layer 2 solutions like rollups and state channels will further alleviate network congestion. Ethereum 2.0 can potentially scale transactions per second (TPS) significantly, leveraging innovations like danksharding. In danksharding, the network simplifies transaction processing by relying on a single block proposer per shard, presenting a streamlined approach to scalability. While both Ethereum and Solana target scalability, Solana’s architecture prioritizes high throughput inherently, whereas Ethereum currently employs additional frameworks to achieve similar goals.

With recent migrations like the Ethereum Name Service moving to Layer 2 solutions to combat high fees and congestion, do you see this as a sign of deeper scalability challenges within Ethereum?

The recent move by ENS highlights Ethereum’s need for scalable solutions to stay competitive. I believe that ENS’s migration to Layer 2 solutions signals a positive step toward addressing scalability concerns, potentially boosting developer and user confidence in Ethereum’s future. The migration will bring significant benefits, including reduced gas charges, making transactions more accessible, and stimulating ENS adoption. Transactions on Layer 2 will be cheaper and faster, particularly beneficial for users conducting frequent transactions or utilizing low-latency dApps. Additionally, the migration facilitates ENS integration into other projects, handling larger transaction volumes without compromising performance. 

Do you think this will influence developer and user confidence in Ethereum?

Users may face a transition period adapting to the new Layer 2 environment, potentially impacting user experience and satisfaction. This adjustment might prompt some users to explore alternative blockchain platforms such as Solana already offering faster and more scalable solutions.

Projects like Audius and Serum are migrating to Solana due to its higher scalability and lower transaction costs, what measures should Ethereum undertake to prevent further project migration? 

Ethereum must focus on enhancing interoperability with other blockchains and DeFi protocols to expand the ecosystem and foster innovation through collaboration. Moreover, maintaining an engaged community and transparent governance processes are vital for sustained growth. Extending the security model to additional networks like bridges or Oracle networks through a “security as a service” approach will be beneficial. Recent innovations like EigenLayer, introducing restaking, will also bolster Ethereum’s utility and solidify its role as a foundational security layer for the broader crypto ecosystem.

So how can Ethereum retain its dominance?

To capture smart contract applications requiring high security and censorship resistance, Ethereum should enhance competitiveness in throughput and cost. This strategy could position Ethereum to attract applications like stablecoins and tokenized financial assets, even as lower-cost chains dominate retail-friendly use cases such as NFTs.

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Theo Crypto News

Bitcoin ETFs record second-best inflow day since March, $886.6m added

The U.S.-based spot Bitcoin exchange-traded funds (ETFs) have experienced their second-best-ever joint net inflow day, with preliminary data indicating an inflow of 6.6 million.

According to data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) led with an inflow of 8.7 million, followed by Blackrock’s Bitcoin ETF (IBIT) with 4.4 million.

ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer, bringing in 8.7 million in net inflows.

Farside data further indicated that the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow day, netting .2 million. It marks the seventh inflow day for GBTC since its conversion from a closed-end fund to a spot ETF in January.

GBTC has faced over .8 billion in net outflows, which is attributed to its high management fee of 1.5% compared with 0.25% for the BlackRock fund and even lower, including fee waivers, at rivals.

The Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not see any demand, with each issuer recording no flows for June 4.

Overall, for the ten Bitcoin ETF issuers, Tuesday, June 4, marked the highest net inflow to these funds since March 12, when they recorded over .05 billion in total net inflows.

ETF Store president Nate Geraci responded to Bitcoin critics on X, addressing claims that the Bitcoin ETFs would see minimal demand.

“I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so [and] there was nobody left,” Geraci wrote. “How can this be?”

Meanwhile, Bloomberg ETF analyst Eric Balchunas also took to X to note that it was “big-time flows all around today for The Ten” — referring to the Bitcoin ETFs excluding Hashdex’s.

Hashdex’s Bitcoin ETF (DEFI) entered the market months after the other issuers and has struggled to attract inflows.

Earlier, on May 3, the U.S.-based spot Bitcoin ETFs marked 15 consecutive sessions of net inflows. The surge, combined with a rally in Bitcoin’s price, helped BlackRock’s iShares Bitcoin Fund (IBIT) surpass billion in assets under management for the first time.

According to Balchunas, the ETFs attracted approximately .4 billion in new money over the past month. That would be the third-largest net inflow across the entire ETF market.

“The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies,” Balchunas said on X. “[It] shows staying power.”

Following the initial excitement over the launch of spot ETFs, inflows slowed significantly in April and even turned negative for several days, a phenomenon experts said was quite normal.

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Theo Crypto News

Argentina introduces national registry for crypto exchanges to enhance market integrity

With an eye on market integrity, Argentina is rolling out a national registry for crypto exchanges, signaling a tightening grip on the burgeoning sector.

Argentina‘s National Securities Commission (CNV) has launched the Virtual Asset Service Provider (VASP) registry, receiving applications from nearly a hundred individuals and legal entities, as per the government’s announcement.

The registry will accept new applications from those entities interested in offering crypto trading services in the country, with the condition that applicants would have to wait for registration confirmation before commencing operations. The commission says that of the 85 requests received from legal entities since the registry’s launch, 35 have been successfully registered so far, including four of foreign platforms without naming them.

Those who have complied with the requirement to submit registration requests to the registry would be permitted to continue operations in Argentina, while non-compliant entities would be barred from conducting activities until registered, the announcement reads.

Argentina first unveiled mandatory registry requirements for the crypto space in late March, with CNV chair Roberto E. Silva saying the country “worked against the clock to advance compliance” aimed at preventing money laundering and terrorism financing.

Despite these measures, the local crypto community has expressed concerns about increased government regulation. In an interview with Forbes, Manuel Ferrari, a member of the Argentinian NGO Directive and co-founder of the Money On Chain protocol, criticized the registry as a “terrible idea,” arguing that Bitcoin is “money, not a security.”

As crypto.news reported earlier, Argentinians are turning to Bitcoin and other cryptocurrencies as a financial refuge, leading to a rise in both legitimate transactions and scam activities. As such, the CNV’s regulation claims to mitigate these risks without stifling innovation in the crypto space.

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Theo Crypto News

KARRAT surges 40% amid partnerships with Palantir and Nvidia

KARRAT, the governance token of the KARRAT protocol, has surged over 40%, reaching an all-time high since its launch.

At the time of writing, the token was trading at .10, marking a 41% increase in the last 24 hours. The crypto assets trading volume also saw a significant rise, climbing by 600% to million.

KARRAT 24-hour price chart | Source: CoinMarketCap

Launched on April 22 by the KARRAT Foundation in Camana Bay, Cayman Islands, the KARRAT Protocol is funded by KARRAT tokens, focusing on the gaming and AI sectors.

AMGI Studios, an independent animation and gaming company at the intersection of AI and gaming, is a key supporter of KARRAT and collaborates with major entities like Polygon and Delphi Digital.

KARRAT’s latest surge in value followed a June 4 announcement of a partnership between AMGI Studios and AI & Big Data powerhouse Palantir.

The partnership will see AMGI Studios utilize Palantir’s foundry architecture in its products and applications, marking a significant step forward for the KARRAT ecosystem.

In another notable development, AMGI Studios announced a collaboration with AI leader Nvidia on May 23. The partnership is expected to further enhance the integration of advanced AI technologies within the KARRAT ecosystem​.

In a May 3 X post, an X user @CryptoGodJohn suggested that KARRAT has the potential to become as influential as SAND and MANA in the gaming coin market, potentially reaching a fully diluted valuation of over billion.

KARRAT has already secured listings on major crypto exchanges, including Coinbase, Gate, and KuCoin, enhancing its accessibility and trading potential.

Earlier in February, KARRAT Protocol revealed the launch of its first web3 game, ‘My Pet Hooligan,’ a social-action game available in early access on the EPIC Games platform.

The AAA game, the flagship IP of AMGI Studios, features advanced motion capture technology, AI-driven characters, and real-time face-driven animation. It allows players to embody NFTs in-game using the KARRAT protocol.

The web3 game has already gained recognition, winning the Best Action Game award at the GAM3S.GG Awards in December 2023.

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Theo Crypto News

Turkey eyes taxing crypto gains in fiscal tightening drive: report

Turkey’s Treasury and Finance Minister Mehmet Şimşek is reportedly considering a new tax on gains from investments in stocks and crypto as part of efforts to support disinflation.

Gains from activity associated with trading crypto and stocks may soon be taxed in Turkey as the country struggles with high inflation. The proposal, aimed at ensuring proper taxation of all financial income, was discussed during a recent ruling-party meeting, sources told Bloomberg.

The details of the plan remain under discussion, with new regulations expected to be addressed after parliament reviews legislation on crypto this week.

Turkey has been considering putting regulations on crypto so that the country could be removed from the Financial Action Task Force’s (FATF) “grey list.” In mid-2022, the AK Party of President Recep Tayyip Erdogan proposed a minimum capital requirement of 100 million lira (approximately million) for crypto businesses. However, no final decision has been made yet on the matter.

In early November 2023, Şimşek said the country was finally introducing crypto legislation. Speaking to the nation’s planning and budget commission, he noted that the country has met 39 of the 40 FATF standards and was in the “final stage” of compliance.

In early 2024, Şimşek emphasized that the upcoming regulations aim to mitigate the risks associated with crypto trading, protecting retail investors. Key aspects of these regulations allegedly would include legal definitions of crucial crypto-related terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”

Turkey has been on FATF’s “grey list” list since 2021, a status that has eroded confidence in its already fragile economy. Amid high inflation rates, cryptocurrencies have gained significant traction in Turkey, becoming an alternative financial refuge for many.

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Theo Crypto News