Welcome to Barmy’s Daily Crypto News – November 25th, 2022
1. Belgium says cryptocurrencies are not categorized as securities
Bitcoin (BTC), Ether (ETH), and other cryptocurrencies that are only issued by computer code do not count as securities, according to Belgium’s financial regulatory authorities.
The clarification follows an upsurge in inquiries, according to the FSMA, about how Belgium’s current financial laws and regulations relate to digital assets.
FSMA indicated that under its “stepwise strategy,” cryptocurrencies would be classified as a security if they were issued by an individual or company, even though this was not legally binding under Belgian or EU legislation.
The Belgian regulatory agency said that even while cryptocurrencies are not considered securities, they may nevertheless be governed by other laws if they are used as a medium of exchange by a business.
2. ApeCoin decides to block U.S. users
After the United States was added to a list of countries geo-blocked from using a planned APE staking service, holders of ApeCoin who reside in that country would lose out on staking rewards.
Horizen Labs, a provider of blockchain infrastructure, revealed the information in a Nov. 24 update regarding ApeStake.io on Twitter, adding that “unfortunately, in today’s regulatory environment, we had no good alternative.” Horizen Labs is building the website for the ApeCoin decentralized autonomous organization (DAO).
On the list of countries to be blocked are also Russia, North Korea, Syria, Iran,
There are probably methods to circumvent the geo-block. The update stated that “several other” interfaces are being developed by parties like exchanges and DeFi platforms and that the website is only an interface to interact with the Ethereum-based open-source smart contract.
3. The main features expected to be in the Shanghai hard fork Beacon Chain
On Nov. 24, the Ethereum Foundation announced that eight Ethereum Improvement Proposals (EIP) had been chosen by developers at the Ethereum Foundation to be investigated for the Shanghai update, which will be the next significant update following the Merge and the switch to proof-of-stake consensus.
Beacon Chain staked Ethereum (ETH) is likely to be unlocked in the Shanghai hard fork, making it possible to withdraw the assets with the upgrade. This means that anyone who staked Ethereum before the Merge will be able to access those tokens as well as any other prizes. According to an earlier schedule, locked ETH should become accessible 6–12
The EIP 4844, one of the approved ideas, focuses on using proto-danksharding technology and is anticipated to significantly increase scalability by increasing network throughput and reducing transaction fees. Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with upgrading Ethereum Virtual Machines.
One of the most eagerly awaited improvements in the community is the Shanghai testnet, or Shandong, which launched on October 18. It allows developers to work on implementations like the Ethereum Virtual Machine (EVM) object format and could be useful for on-chain validators.
4. Polkadot creates an “anti-scam bounty” game for its community to fight scams.
The company claims that relying on security-conscious members of its community to combat scams has proven to be a successful way to protect its environment. Polkadot constantly pays out bounties in USDC to its community members to encourage them to keep up the good job.
Polkadot revealed that the general curators, which at the moment comprise of three community members and two representatives from the W3F Anti-Scam section, are in charge of managing its prize. Polkadot anticipates that the bounty will eventually be handled solely by the community in the long run.
Community members are entrusted with identifying and removing scam websites, phony social media profiles, and phishing apps as part of the community-led anti-scam program, as well as defending its Discord servers from raids. In addition, the community will develop user-educational materials and an Anti-Scam Dashboard that will serve as the focal point for all anti-scam initiatives inside its ecosystem.
5. Bybit creates a new support fund to help institutional traders
Exchange for crypto derivatives Bybit has established a new assistance fund to aid institutional traders in gaining access to liquidity following the FTX collapse, which brought on a new round of panic selling throughout the digital asset market.
Following the demise of FTX earlier this month, market makers and high-frequency trading firms may use the $100 million support fund, according to information released by Bybit on Nov. 24. The money will be given to qualified candidates with no interest.
Institutional traders must be active on Bybit or other exchanges in order to qualify. Each candidate is eligible to receive up to $10 million, and the money must be used for spot and perpetual Tether USDT trading on Bybit.
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