SUSTAIN.EXCHANGE, the first Islamic compliant crypto ecosystem in the world is set to continue its sports tokenization by signing a global partnership with Gestion & Trust Capital and launchING the world’s first Cricket Coin. SUSTAIN.EXCHANGE and Gestion & Trust Capital have issued 500 million coins at the value of 7$ each, facilitating the access of cricket fans to become ambassadors of their preferred players.
Backed by fixed valuable assets the issuance of the 3.5 billion dollar coins value is a testimony to the massive growth of crypto adoption into the sports world in 2020. “Cricket is loved by millions of fans across the world and we are thrilled to launch this partnership and be at the service of the cricket fans. Issuing 500 million coins will give the fans the opportunity to invest and become ambassadors of the sport, giving them the opportunity to transform their passion into an investing opportunity. Our focus is to provide our investors a safe, ethical, and seamless technological experience, by leveraging our blockchain technology and our network of international partners” says HE DR Fahed Merhbi CEO of SUSTAIN.EXCHANGE.
This announcement comes after SUSTAIN Exchange recently launched their football token.
Author: Source: Sustain exchange press release
Crystal Blockchain: Security Breaches and Fraud Involving Crypto Still High Despite Tech Development
AMSTERDAM, Nov. 12, 2020 /PRNewswire/ — It’s ten years since the first official cyber-terrorist attack of a crypto exchange, and despite technological advances, most cryptocurrency entities have not yet been able to develop sufficiently reliable security systems to minimize security breaches on their platforms.
Cyber-terrorists are taking more advantage of security gaps every year. Beyond security breaches, there are various types of fraudulent schemes that have provided a way for bad actors to gain value from unsuspecting victims, such as exit scams and Ponzi schemes.
Crystal has compiled a full and detailed report of all security breaches, fraudulent activity, cyber-terrorism, and scams involving cryptocurrencies between the years 2011 and 2020. 113 security attacks and 23 fraudulent schemes have so far resulted in the theft of approximately $7.6 billion worth of crypto assets in total (that’s comparable to the GDP of Monaco).
The most common locations for exchange security breaches are the United States, the United Kingdom, South Korea, Japan, and China. The largest crypto security breach thus far was the incident involving the Japanese exchange Coincheck in 2018.
[READ THE FULL REPORT]
The most notable type of cyber-terrorism utilizes a security breach in a crypto entity’s internal security systems, resulting in the illegal gaining of access to the crypto service hot wallets.
Over the next couple of months and years, as the number of blockchains keeps growing, and methods and technologies utilized by fraudsters continue to become more sophisticated and advanced, we can assume that the number of cyber-terrorist attacks will also continue to grow.
To see this data on an interactive map and to download the full report, please visit our Map of Security Breaches and Fraud Involving Crypto on the Crystal website.
(Please Note: This data is current for November 2020.)
About Crystal Blockchain:
Crystal is the all-in-one blockchain analytics tool for crypto AML compliance. Crystal supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) (including ERC-20 and ERC-721), Litecoin (LTC), Tether (USDT), and Ripple (XRP). Available as a free demo version, SaaS, API, and for on-premise installation. Engineered by the Bitfury Group.
For all inquiries please email:
View original content:http://www.prnewswire.com/news-releases/crystal-blockchain-security-breaches-and-fraud-involving-crypto-still-high-despite-tech-development-301171224.html
SOURCE Crystal Blockchain
Cryptobiz Exchange : Changing Crypto Trading For The Better
Author: News Bureau
Gemini Exchange Tokenizes Filecoin Cryptocurrency On Ethereum Blockchain
Cryptocurrency exchange Gemini is developing Wrapped Filecoin (wFIL), a blockchain-based ethereum version of the decentralized Filecoin (FIL) data storage platform.
In a blog post, Gemini said that it was looking for an ethereum developer who would like to integrate wFIL into their own product or platform.
Once the project is complete, users will be able to convert FIL to wFIL in a 1: 1 ratio. After that, wFIL can be translated to any ethereum address.
FIL tokens will store the Gemini castodial service with “full transparency”. The exchange claims that users will be able to verify that the amount of FIL stored on the exchange equals the wFIL tokens in circulation.
The Filecoin network is a “decentralized alternative to Amazon web services”. In 2017, the project raised $ 257 million during the ICO. “The decentralized model offers a compelling alternative to existing centralized cloud services,” Gemini said in a statement.
Author: Souvik Sarkarhttps://news.triunits.comCrypto Expert And Blogger .
Government Decides to Regulate Digital and Virtual Assets
The Securities and Exchange Commission of Pakistan (SECP) has decided to issue a regulatory framework for regulation and monitoring of the digital and virtual assets to control the misuse of virtual currencies in Pakistan having a global market value of over EUR 7 billion worldwide.
Please note: We had inaccurately mentioned in this news that cryptocurrencies will also be regulated by SECP, which is not the case. We regret the factual mistake.
In this regard, the SECP has drafted a document on the regulation of Digital Asset Trading Platforms in Pakistan.
This is for the first time that any of the regulatory bodies have taken the initiative to regulate the digital/virtual assets in Pakistan.
Although there is still no consensus over the definition of Digital Assets, the shared commonalities between all of them are:
The SECP’s objective with the regulatory framework is to support financial inclusion efforts and the advancement of technological innovation in a responsible and balanced manner; ensure the safety and efficiency of the capital market and its institutions; ensure consumer and investor protection; minimize opportunities for regulatory arbitrage; combat the circumvention of exchange control rules and regulations; illicit financial flows, money laundering and the financing of terrorism.
According to the SECP, digital assets, also known as Virtual Assets, and Crypto Assets are the start of a new era of Digital Finance and demand innovative regulatory measures and approaches by the regulators across the world. This can only be possible by the initiation of a new era that re-invents regulatory regime/measures as they are known to the regulators globally today.
A global consensus has not yet emerged in relation to giving a unanimous definition to Digital Assets. This is because digital assets have been treated differently by regulators across the world, some giving prime importance to the operational perspective of digital assets while others have taken an approach to define them to be able to make the regulations robust to minimize Anti-Money Laundering, terrorist financing, and tax evasion reservations for their respective jurisdictions.
The problem is significant as even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide, SECP said.
The SECP stated that there is a need to develop a policy and regulatory response to Digital Assets in Pakistan, driven by the following:
The SECP has also talked about the approaches available to regulate digital assets.
First, can be regulating and restricting new products according to existing regulations, and may in some instances even entail outright banning. Under this approach, innovators are obliged to adapt to the prevailing regulatory environment.
Second is based on the conjecture of ‘let-things-happen’ approach, described by the Commodity Futures Trading Commission (CFTC) as the ‘do-not-harm’ approach, where the financial sector is considered as dynamic and the associated need to innovate is strongly emphasized. The do-not-harm approach is highly cognizant of not letting overregulation stifle innovation, and supports finding the optimal balance between innovation, the concomitant risks and the wider safety of the financial system.
The SECP has also explained the two types of Digital Assets i.e. Utility Token and Security Token.
These tokens are designed to be used for a particular purpose, usually within the application/platform for which they are developed. The most common use of a utility token is a payment option for purchases within the platform. For instance, Medipedia Platform – A blockchain-based healthcare startup aimed for Medical Tourists. The platform has issued utility tokens i.e. MEP tokens can be used for payment of healthcare services within the Medipedia platform.
Token issued with some investment dimension through an initial security offering is classified as a Security token. Such tokens bear more similarity to financial instruments than to cash. Security tokens should be thought of as assets providing rights such as ownership, right to share in future profits or cash flows, or payment of a specific sum of money (e.g., dividends).
The asset tokenization of real assets on distributed ledgers or the issuance of traditional asset classes in the tokenized form with the application of smart contracts has the potential to deliver a number of advantages over the traditional system.
These include transparency i.e. near to impossible duplication/cheating avenues inherent in the system; Improved liquidity potential i.e. enabling tradability of illiquid assets; efficiency gains due to disintermediation and automation; comparatively efficient clearing and settlement mechanisms.
Besides the above-mentioned advantages, a rather revolutionary impact of security tokens lies in its inherent potential to democratize the financial systems i.e. by enabling fractional ownership of assets which will further cause lowering of barriers to investment and inclusive access to retail investors to previously unaffordable or insufficiently divisive asset classes.
An option would be registering the Initial Exchange operators (IEO’s), who shall perform the due diligence to allow public offering through the capital market by mode of issuing security tokens. A probable process can be an issuer to submit its application including a white paper to an IEO operator for approval.
The IEO operator will then assess the issuer and white paper and, if approved, facilitate the offering of the tokens to investors. The SECP will be working with the IEO operator in assessing the IEO issuer. Once approved, the public may then invest in the issuer’s tokens from the IEO platform. This would require designing regulations to register Initial exchange operators (IEO’s) as well as prescribe a criterion to operate as such by the Commission. Resultantly, the IEO’s can only be offered by registered operators meeting the suitability criteria.
An option would be to allow IEO’s for secondary trading as Decentralized Exchange Platforms (i.e. performing the services of trading; settlement and custodian). The second option could be to separately register Digital Assets Trading (DAT) operators, DAT operator shall be providing the services of trading settlement and custodian services. The third option could be allowing secondary trading through Pakistan Stock Exchange, and the traditional mechanism of settlement and custody be followed.
In order to assess the above, SECP intends to hold multiple discussion sessions and welcomes any input/comments, SECP added.
Author: Jehangir Nasir
AfcFTA: Nigeria agrees to ratify agreement
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The Federal Government has announced that it has ratified Nigeria’s membership to the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.
This was disclosed by the Nigerian Government after the Federal Executive Council (FEC) meeting on Wednesday.
What you should know
Nairametrics reported in September that the Minister of Trade, Niyi Adebayo, said that Nigeria was in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement.
“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said in September.
Yewande Sadiku, CEO of Nigerian Investment Promotion Council (NIPC), said in September that Nigeria was more ready for the African Continental Free Trade Area (AfCFTA) due to her domestic market manufacturing value addition capacity which is 7 times the average of the top 20 economies in Africa and other.
Mr. Francis Anatogu, Secretary, National Action Committee on AfCFTA, stated that the agreement would reduce the erosion of the naira, which has suffered nearly 90% devaluation since 2016, through exports of Nigerian-made goods and services, and give exposure of the naira to other currencies.
The FG announced on Wednesday that Attorney General of the Federation would prepare the agreement for assent to the President as the FEC agreed to ratify it.
“With today’s FEC approval, the Attorney General of the Federation and Minister of Justice will now prepare the AfCFTA Instrument of Ratification for assent by President Buhari and onward transmission to the African union,” the Presidency said.
Automakers need to create greater value for Nigerians- GAC
Automakers operating in Nigeria should come up with initiatives that would boost the lifestyles of Nigerians.
1 hour ago
November 11, 2020
GAC Motors has tasked automakers operating in Nigeria to come up with initiatives that would boost the lifestyles of Nigerians.
This was disclosed by Chief Diana Chen, Chairman of CIG Motors, (authorized distributor of GAC Motor in Africa), recently in an exclusive interview with Nairametrics in Lagos.
According to her, having gone through Coronavirus pandemic and #EndSARS protests all in one year have affected several businesses of Nigerians, which have made a great number of them to cut down on their expenses and desired lifestyles.
To ensure Nigerians still access their desired lifestyles and live within their means, Chen explained that GAC has partnered Access Bank, Ecobank, Wema Bank, Globus Bank and Sunu Assurance in its ‘Drive cars and pay later.’
She said, “The initiative was designed to empower upwardly mobile Nigerians to have access to personal and emergency mobility, achieving economic and personal needs with ease.
“It affords Nigerians to own cars with ease by accessing an auto facility with these institutions. This easy buy partnership amongst other things enables young Nigerians to purchase a brand new car through a credit facility, offering them convenience, latest technology features, warranty coverage and peace of mind.”
Team Lead, Transport and Logistics, Access Bank Plc, Anthony Eke, explained that the financial institution agreed to the initiative to enable its customers to acquire new vehicles in a financially convenient manner.
With the easy buy agreement, he is optimistic that Nigerians would not need to cough out the entire cost of a vehicle at once.
He said, “There are several benefits to owning a car and Access Bank is delighted to making its customers privy to these benefits with GAC cars. The cars boast unbeatable performance, sportiness, luxury and much more.”
What you need to know
In other countries such as the United States of America, United Kingdom, Germany and other parts of the world, young adults own their personal cars which enable them to meet their personal mobility and economic needs with ease.
This is however not the same, spurring the GAC brand to design cars specifically for the upwardly mobile young adults in Nigeria.
This comes as a timely intervention following recent data by the Nigerian Bureau of Statistics (NBS) that revealed that to one private vehicle, there are 41 Nigerians dependent on it, which is one of the lowest among other emerging markets.
This GAC partnership with the financial institutions is expected to enable the country to scale up the pool of private vehicle ownership.
Kano allocates N1.5 billion for road maintenance in 2021
The maintenance and rehabilitation in 2021 became imperative owing to the bad condition of some of the roads.
3 hours ago
November 11, 2020
Kano State Government has allocated the total sum of N1.5 billion for rehabilitation and maintenance of roads through-out the state in the 2021 fiscal year.
This disclosure was made by the Managing Director, Kano Road Maintenance Agency (KARMA), Alhaji Idris Wada during the budget defense of his parastatals, as reported by the News Agency of Nigeria.
READ: FEC approves $1.96 billion for Kano-Niger Republic railway
The maintenance and rehabilitation in the coming year became imperative owing to the bad condition of some of the roads in the city.
What they are saying: Idris said: “These roads are in a bad condition because most of the people dump refuse in drainages and during rainy season, this causes a lot of flooding in some areas. . . When the drainage channels are blocked during heavy rains, the water may not have the right ways to pass, therefore flood to the streets. . .
Due to the continued flooding, it causes serious damage to our roads here, within the metropolitan areas; therefore, we have to make necessary repairs to make the roads convenient for the users.”
READ: FEC approves N87billion for construction of roads
Wada appealed to residents to avoid dumping refuse in drainages so as to prevent the continued flooding and spread of diseases.
“Heavy trailers and trucks also contributed to the dilapidated roads in the city because there are areas we ordered them not to park or pass through.
“But they failed to abide by the order; hence, we collaborated with the Kano Road Traffic Agency (KAROTA) to take necessary action against the defaulters,” Wada said.
READ: FG earmarks over N190 billion for road construction in the 6 geo-political zones by 2021
Lagos 2020 budget performance improved from 56% to 77% at the end of Q3
A performance level of at least 86% would be achieved irrespective of the challenges by the end of 2020.
3 hours ago
November 11, 2020
Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state’s overall 2020 budget performance improved from 56% at the end of the first quarter to 77% at the end of the third quarter of 2020.
This was revealed by the Governor at the presentation of the 2021 budget to the Lagos State House of Assembly, yesterday.
READ: House of reps pass N10.8 trillion revised 2020 budget, approve $5.5 billion external loan
He explained that the trend of the state’s budget performance had been progressively better, and he was optimistic that by the end of the year, a performance level of at least 86% would be achieved irrespective of the challenges.
READ: Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction
What you should know
READ: EFCC gives reason for unspent N4 billion in 2020 budget
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Author: By DAILY AFRICAN