ByAlexandra Kaiss

On June 28, the Atlantic Councils empowerME Initiative, in partnership with ABANA, convened a virtual event to discuss the risks, challenges, and opportunities of the cryptocurrency landscape in the Middle East and North Africa (MENA), as well as the impacts of the recent cryptocurrency crashes. The event featured opening remarks by seriesOne FinTech Investment Banking Specialist in Blockchain & DeFi Protocols Anthony Hussain and closing remarks by Atlantic Council empowerME Initiative Director Racha Helwa. Atlantic Council Senior Advisor to the President and CEO & Nonresident Senior Fellow Michael Greenwald moderated a panel discussion featuring Circle CSO & Head of Global Policy Dante Disparte; MidChains COO Craig Lund; and Oliver Wyman Financial Services Partner Gokce Ozcan.

This was the fourth and final webinar in a joint series to shed light on the changing financial technology (Fintech) landscape in the MENA region, identify challenges and opportunities, and explore policy recommendations.

The key points from the discussion are summarized below.

Challenges in the current cryptocurrency landscape:

Humanitarian implications of digital currencies:

Opportunities for cryptocurrency:

Recommendations for stakeholders:

Alexandra Kaiss is a Young Global Professional with the Middle East Programs at the Atlantic Council. Follow her @alexandrakaiss.

Thu, Mar 10, 2022

MENASourceByAllison Holle

On March 1, the Atlantic Councils empowerME Initiative, in partnership with ABANA, held a virtual event to discuss the opportunities for inclusive finance that the financial technology (Fintech) sector presents to the Middle East and North Africas (MENA) population.

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From crypto winter to crypto spring: The challenges and opportunities of cryptocurrency in MENA - Atlantic Council

Friday 08 July 2022 3:40 pm

By Andrea Ramoino, Chief Strategy Officer at Contis

The UK government has announced that it intends to regulate stablecoins, turning the page onto a new chapter for cryptocurrencies.

For the uninitiated, these coins are a form of crypto asset which aim to maintain a stable value which is linked to another asset like sterling or gold.

You may be pondering the significance of this: What does it mean for businesses and the everyday spender? Why would I use stablecoins in my own life? And will this mean the UK holds its position as a leader in the digital payments sector, leading to growth and job creation at a time when the country desperately needs it?

Answering these questions requires a look at the crypto story so far, including how this asset class veered from its true purpose as a safe, traceable, and spendable currency.

Whats in a name?

Cryptocurrencys intended purpose is apparent in both name and configuration. These currencies were born out of frustration with the payments system we currently use a system built in the 1970s. Cases in point: individuals and businesses still often wait days for settlement.

A crypto coin is a digital token which can be sent electronically between users located anywhere in the world. Unlike traditional finance and payment systems, cryptocurrency networks are not run by a single company or central authority. Instead, they are operated by a global, decentralised network of computers, which means transactions are virtually impossible to fake or hack, and there is no single point of failure.

Crypto was born off the back of a complacent sector which has for years controlled the speed of transfers, as well as their cost. Peer-to-peer crypto payment systems cut out the middleman offering much cheaper and real-time payments. Liken it to being as simple and quick as handing a five-pound note to a friend. Larger savings will come via businesses cross-border payments, reducing fees, chargebacks, and settlement times.

These virtues have been clouded by the fact that crypto has gained global popularity as an investment vehicle over the last ten years, with thousands of headlines about volatile prices and massive potential gains from major coins like Bitcoin. A knock-on effect of this has been a lag in crypto payment acceptance, as the perception of crypto has moved from payment system to speculative investment.

Cryptos use as a high-risk investment has led to a vicious cycle forming as day traders conduct leveraged crypto trades. Many popular coins now regularly see weekly drops and gains of 20 percent or more.

Naturally, it would be incredibly unappealing to use crypto as a payment when there is uncertainty as to whether that morning coffee could cost 3 or 10. But this problem will be largely solved through the introduction of stablecoins.

Stablecoins and Central Bank Digital Currencies (CBDCs) remove the volatility that has made every day crypto spending impractical. They are a key piece of the spendable crypto puzzle.

Britcoin hit the headlines last year, after a 2021 BIS survey found 86 percent of governments globally are exploring CBDCs, while the decision to regulate stablecoins is set help increase the chances of wider scale adoption.

Stablecoins are also being backed by major banks across the world a potential gold rush which tells us why the UK has made the decision to move them inside the regulatory perimeter.

Meanwhile, industry leaders are now offering technology that means crypto companies can issue cards which allow customers to spend these assets like normal money and could unlock the benefits to people and businesses alike.

Looking ahead, a report from PWC revealed that more than 80 per cent of central banks are considering launching a central bank digital currency or have already done so, indicating the strong future for digital money and a clear signal that crypto cannot be ignored.

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Stablecoins are a clear indicator that cryptocurrency can't be ignored - City A.M.

The U.S. Treasury has reached out to President Joe Biden to help regulate cryptocurrencies.

In a July 7, 2022 memorandum, the U.S. Treasury detailed an effort to establish worldwide standards for central bank digital currencies (CBDCs) and cryptocurrency payments to regulate financial stability and safeguard consumers and firms.

The memorandum advised President Biden to work alongside the G7 to optimize digital payment viability, CBDC, adoption of newly emerging technologies and the flow of digital capital across economic sectors.

It also urged the U.S. to work alongside allies to create a long-term plan for regulating cryptocurrencies, in order to guarantee national security and stability of financial markets. By doing so, the U.S. Treasury aims to target money laundering, sanctions evasion, financing of terrorism via cryptocurrencies, and arbitrage opportunities.

The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements, the report continued.

The news comes as uncertainty looms over cryptocurrency markets due to macroeconomic fears and a recent crash.

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Treasury Calls On Biden To Join G7 To Help Regulate Cryptocurrency - Benzinga

Singapore is mulling over additional rules in cryptocurrency trading that it says are necessary to safeguard the general public. These may include restrictions on retail trading and the use of leverage in cryptocurrency transactions.

The revelation comes weeks after repeated warnings from the government that cryptocurrencies, due to their "sharp speculative price swings", are unsuitable retail investments for the public.

Recent market events clearly demonstrated the risks with prices of several cryptocurrencies dipping significantly, said Senior Minister and Minister in Charge of Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam. In a written response issued Monday to a parliamentary question, he said MAS since 2017 had issued cautionary notes about cryptocurrency investments.

Noting that the industry regulator already had taken steps that went further than most others, Tharman said MAS in January restricted the marketing and advertising of cryptocurrency services in public areas as well as barred the portrayal of cryptocurrency trading as trivial.

He added that digital payment token service providers since had adhered to the rules, which included the removal of both cryptocurrency ATMs and advertisements from public areas and public transport venues.

Under the country's Payment Services Act, MAS was empowered to implement further measures to ensure better consumer protection, maintain financial stability, and safeguard the effectiveness of its monetary policies, the minister said.

Tharman said: "MAS has been carefully considering the introduction of additional consumer protection safeguards. These may include placing limits on retail participation and rules on the use of leverage when transacting in cryptocurrencies. Given the borderless nature of cryptocurrency markets, however, there is a need for regulatory coordination and cooperation globally. These issues are being discussed at various international standard setting bodies where MAS actively participates."

The European Union last week reached a provisional agreement on cryptocurrency regulations that aimed to "protect investors and preserve financial stability". Coined Markets in Crypto Assets (MICA), the regulatory framework would cover issuers of unbacked crypto assets and stablecoins, trading platforms, and wallets in which crypto assets were held.

For instance, under the new rules, cryptocurrency service providers must adopt "strong requirements" to protect consumers wallets and would be held liable when investors' assets were lost.

French Minister for the Economy, Finance, and Industrial and Digital Sovereignty, Bruno Le Maire, said: "Recent developments on this quickly evolving sector have confirmed the urgent need for an EU-wide regulation. MICA will better protect Europeans who have invested in these assets and prevent the misuse of crypto-assets, while being innovation-friendly to maintain the EU's attractiveness."

MICA still is subject the approval of the Council and European Parliament, before going through formal adoption procedures.

Singapore, though, had stressed the importance of driving the development of underlying technologies often associated with cryptocurrencies, specifically, blockchain.

Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, said last month efforts were needed to bring out the best potential of emerging technologies while mitigating the risks.

For instance, he said a consortium was set up to ensure the responsible use of artificial intelligence (AI) in the financial sector and this led to the release of whitepapers and toolkits to guide the industry.

The same approach should be applied to drive the upsides and minimise the downsides of Web 3.0 developments, Heng said, pointing to distributed ledgers and tokenisation, which drove transparency and cost savings.

"Crypto assets have more recently been in the spotlight for the wrong reasons. This, however, does not reflect where the greatest value of blockchain and digital assets lies, much of which is away from the retail glare," he said.

He noted that while cryptocurrencies were unsuitable as retail investments due to their volatile prices, the underlying blockchain technology had the potential to streamline andimprove wholesale cross-border transactions.

MAS in May announced plans to pilot use cases of asset tokenisation and assess the feasibility of autonomous trading powered by blockchain technology. Efforts here would include the development of interoperable networks to facilitate digital asset trading as well as an evaluation of regulations needed to safeguard against potential risks.

According to a study released last August, 67% of personal investors in Singapore held cryptocurrencies with 78% owning Ethereum and 69% holding Bitcoin.

Investments in Singapore's fintech sector also grew 47% year-on-year to hit $3.94 billion last year, with blockchain and cryptocurrencies raking in almost half of the funds with $1.48 billion across 82 deals, according to KPMG.

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Singapore may introduce further cryptocurrency restrictions - ZDNet

Dubai is one country pressing down its effort to position itself at the forefront of blockchain technology and cryptocurrency, although many other top countries are welcoming them with mixed emotions.

Published: Fri 8 Jul 2022, 5:06 PM

Demand for digital assets such as bitcoin, altcoins, stable coins, and novel instruments like non-fungible tokens (NFTs). But because of its underlying technology- Blockchain, which is dispersed and frequently decentralized, authorities may find it challenging to integrate digital assets into existing regulatory frameworks.

Dubai's timely move in 2022 is a clear message to the world about its efforts to become one of the most digital-friendly in the world. Some of these include the acceptance of cryptocurrencies United Arab Emirates (UAE) national airline, Emirates and the formation of a new regulatory body VARA - Virtual Asset Regulatory Authority.

Dubai established a legislative framework for virtual assets, including cryptocurrencies, in February 2022, which many perceive as an expedited push to become a global digital asset center. In addition, Dubai established a regulatory authority for digital assets - Virtual Assets Regulation Authority (VARA). With the installation of its metaverse headquarters in May 2022, VARA became the first regulator to have a presence in the metaverse. VARA's virtual presence will be the main point of contact for global virtual asset service providers, allowing them to submit applications, welcome new licensees, share experiences, and promote global interoperability.

The announcement in May 2022 that Emirates, the national airline of the United Arab Emirates (UAE), will accept Bitcoin as payment represents a watershed moment in the country's long-held desire to become one of the world's foremost digital assets centers.

Not only Dubai but the whole MENA region has taken cryptocurrency and blockchain as a serious game. Helios Groups, Hong Kong is an expert in the financial industry and provides services to top-tier brands around the world. Given the volatility of cryptocurrencies, Helios Groups introduced "the World's First Regulated Cryptocurrency PNP Coin" and plans to develop a regulated crypto exchange Helios DAX, through which they want to get a major market share in the overall industry and total share in the regulated sector in the first year.

The authentication process of PNP Coin is on the next level. Once the investors made up their minds to buy the regulated cryptocurrency PNP Coin, they had to complete their basic KYC process. The investors must submit any government-approved id card (for example, Emirates id) or passport and banking details. PNP Coin maintains a slab on the number of tokens that can be bought by an investor, 100 as minimum and 5,000 as maximum. Limitations in the number of tokens that an investor can buy have led to the enlargement of the PNP community.

Helios Groups proclaimed that PNP Coin is safer than any other unregulated cryptocurrency. PNP is a sound long-term investment that seeks the option of regulated cryptocurrency. PNP provides a highly secure wallet to ensure the safety of its tokens.

Helios Groups has been inventive in creating a new way of trading cryptocurrencies through a regulated exchange Helios DAX. Dax exchange is expected to be released in the Q4 of 2022. They are leading a revolution by converting all unregulated cryptocurrencies, such as bitcoin and Ethereum, into regulated ones. The hodlers of PNP are eagerly waiting for the onset of Helios DAX. Those who invested in PNP tokens in May 2021 have seen their investments rise sevenfold and still want to contribute more to their portfolios.

After Dubai established new legislation to control virtual assets such as cryptocurrencies and NFTs and created a new regulatory agency, VARA, the team of PNP Coin predicted the scope of regulated cryptocurrency. They are looking ahead and exploiting possibilities in Dubai, the same as PNP's strong foothold in India.

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PNPCOIN Worlds first regulated cryptocurrency - wknd.

Cryptocurrency investing app CoinSwitch has appointed Sudheer Tumuluru as its head of cryptocurrency engineering. He was previously serving as the vice president of engineering for fashion e-commerce company Myntra. Tumuluru has over two decades of experience in cloud, big data and infrastructure platforms at technology companies in India and the US.

CoinSwitch is expanding rapidly, building new offerings in crypto and non-crypto space. A crucial part of this journey is a robust crypto tech stack that will reinforce our leadership in the crypto market even as we develop an assortment of asset classes. Sudheers expertise in building technology platforms will drive this effort, Ashish Singhal, co-founder and CEO, CoinSwitch, said.

Crypto is a technology tool that can reshape finance, business and the internet. As a technologist, I look forward to joining CoinSwitch and diving into building cutting-edge technological platforms in India, Tumuluru said.

According to an official statement by the platform, it has been strengthening its management team with leadership appointments including Ramesh Bafna (chief financial officer), Ashish Chandra (general counsel), Jayaram Krishnan (vice president, product), Jayadevan PK (senior director, communication and content), Nishant Das (global head of talent acquisition), R Venkatesh (senior vice president, public policy), and Zeeshan Ramlan (director and head of human resource).

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CoinSwitch names Sudheer Tumuluru as its head of cryptocurrency engineering - The Financial Express

Lets go Brandon NASCAR class action overview:

NASCAR driver Brandon Brown and his racing company are fighting a class action lawsuit that claims he was involved in a scheme to launch a cryptocurrency that would reach an inflated value and then crash.

On July 5, Brown and his company Brandonbilt Motorsports LLC asked U.S. District Judge Paul G. Byron and U.S. Magistrate Judge Daniel C. Irick to dismiss the claims they face from buyers of Lets Go Brandon meme tokens or LGBCoin.

Plaintiffs Eric De Ford and Sandra Bader filed the class action lawsuit against the creators of LGBCoin, Brown and his company in April.

They are looking to represent anyone who bought LGBCoin between Nov. 2, 2021, when the coin launched, and March 15, 2022, when the price dropped.

The Lets Go Brandon became a popular chant and meme in October 2021 when NBC Sports reporter Kelli Stavast interviewed Brown following a NASCAR race at the Talladega Superspeedway in Alabama, according to TODAY. The crowd behind them shouted, F Joe Biden, which Stavast mistook as, Lets go, Brandon! The phrase then became a viral way to insult the president.

According to the lawsuit, the creators of LGBCoin met with NASCAR executives days after the coin launched to discuss whether the cryptocurrency could become an official sponsor of Brandonbilt Motorsports.

At the end of December LGBCoin and Brandonbilt Motorsports reportedly announced that the digital currency would be the full-season primary partner for the company in 2022, the Lets go Brandon class action states..

The announcement caused the price of LGBCoin to spike, the plaintiffs allege, leading the coin to cost more than five times as much as it did when it launched.

However, days later, NASCAR announced that LGBCoin was rejected as a sponsor of BMS. The statement caused the rate for LGBCoin to plummet by 63%, the plaintiffs say.

De Ford and Bader are suing for fraud, theft, unjust enrichment, civil conspiracy and violation of the Securities Act.

However, Brown argues that the plaintiffs never explained in their suit how he and his company are involved in the alleged scheme.

Rather than focusing on specifically tailoring the issues at hand in order to assert cognizable claims against the racing defendants, the amended complaint instead reads as a fanciful novella, filled with maliciously intended disparaging statements, wide-ranging assumptions, and frankly irrelevant statements solely included to cast the racing defendants in a negative light, he told the judge.

In other NASCAR news, in 2011, NASCAR was hit with a class action lawsuit alleging a text message promoting coverage of the 2011 Daytona 500 sent to Sprint phones violated the Telephone Consumer Protection Act.

Qu opinas de las acusaciones de este caso? Hganoslo saber en los comentarios.

De Ford and Bader are represented by Aaron M. Zigler and Robin Horton Silverman of the Zigler Law Group LLC and John T. Jasnoch and Sean T. Masson of Scott + Scott Attorneys at Law LLP.

The Lets go Brandon NASCAR lawsuit is De Ford v. Koutoulas et al., Case No. 6:22-cv-00652, in the U.S. District Court for the Middle District of Florida.

Lea sobre ms demandas colectivas y acuerdos de demanda colectiva:

Nota: Top Class Actions no es un administrador de acuerdosadministrador o bufete de abogados. Top Class Actions es una fuente de noticias legalesque informa sobre demandas colectivas, acuerdos de demandas colectivas,demandas por lesiones de medicamentos y demandas por responsabilidad de productos. Top ClassActions no procesa reclamaciones y no podemos asesorarle sobre elsobre el estado de una demanda colectiva. Debe ponerse en contacto con elcon el administrador del acuerdo o con su abogado para cualquiersobre el estado de su reclamacin, el formulario de reclamacin o preguntas sobre cundo se espera que se enven los pagos.de los pagos.

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'Let's go Brandon' class action alleges NASCAR driver involved in cryptocurrency fraud scheme - Top Class Actions

Cryptocurrency volatility worked out in a victim's favor as Maastricht University. The school paid a ransom worth 200,000 in 2019 and is set to receive recovered funds from the criminals' account now worth 500,000.

Maastricht said once received, it would deposit the money in a fund for students in need.

The Dutch Public Prosecution Service traced the 40,000 worth of cryptocurrency from the ransom to an account they were able to freeze in February of 2020. In the 17 months since, that cryptocurrency increased in value more than tenfold.

The university noted that even the gain of 300,000 was not enough to offset the total cost of recovering from the attack.

In 2021, the opposite situation impacted Colonial Pipeline when the brunt of its ransom was recovered. U.S. authorities were able to claw back 63.7 out of the 75 bitcoin Colonial Pipeline paid in ransom mere months after the ransom was paid. But bitcoin had plummeted in value, meaning the dollar value of the bitcoin recovered was $2.3 million only about half of the $4.4 million ransom they paid.

Maastricht's ransomware attack was carried out by affiliates of the Cl0p group. The university prominently displays a hanging digital sculpture by artist Richard Vijgen it commissioned to commemorate the event.

The funds are currently being held in an account owned by the Dutch Public Prosecution Service, with the Ministry of Justice instigating proceedings to get the money to the school.

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University recovers 2019 ransom to find value of cryptocurrency skyrocketed - SC Media

Over the past 24 hours, Shiba Inu's SHIB/USD price has risen 5.33% to $0.000011. This continues its positive trend over the past week where it has experienced a 13.0% gain, moving from $0.000010 to its current price.

The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has risen 42.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.07%. This brings the circulating supply to 589.38 trillion. According to our data, the current market cap ranking for SHIB is #12 at $6.69 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Shiba Inu Up More Than 5% In 24 hours - Benzinga

LONDON & NEW YORK--(BUSINESS WIRE)--iProov, the world leader in face biometric authentication technology, announced today that Paxful, a global peer-to-peer fintech platform, will employ its award-winning liveness technology to verify user identity during the onboarding process and when making transactions.

We are thrilled to partner with iProov to offer our users a safe and secure experience while using the Paxful platform. Our mission as an organization is to provide greater access to Bitcoin by building a financial system that serves the global economy, said George Georgiades, Chief Compliance Officer of Paxful. To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProovs technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.

When a user onboards with Paxful, they verify their identity using an ID document, such as a driver's license. They then complete a brief face verification to confirm they are the right person and a real person. To carry out a transaction, a returning user then completes a brief face authentication instead of using a password or entering a one-time passcode (OTP).

iProovs Liveness Assurance technology enables organizations to verify that an online user is the right person (not an imposter) and a real person (not a photo or mask being used in a presentation attack). In doing so, it helps businesses and public sector agencies to protect themselves and their users by preventing stolen or faked identities being used for new account fraud and account takeover fraud. Liveness Assurance is device- and platform-agnostic, working across any computer, tablet or cellphone with a user-facing camera.

With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom, said Andrew Bud, iProov CEO. Paxfuls mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.

About PaxfulPaxful is a global peer-to-peer fintech platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful's mission is to help everyone have equal access to finance no matter who or where they are. More than seven million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with nearly 400 different payment methods.

As part of Paxfuls mission to support emerging markets, Ray Youssef, alongside Yusuf Nessary, set up the Built With Bitcoin Foundation, a U.S.-based registered 501(c)(3) not-for-profit dedicated to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support all powered by Bitcoin and cryptocurrencies. To date, the Foundation has built and repaired 8 schools, 7 solar projects, and over a dozen water and farming systems across the globe.

About iProoviProov is the world leader in online facial biometric authentication, working with governments, banks and other enterprises to securely verify customer identity. Used for effortless onboarding and authentication, customers include the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others. iProovs technologies include Liveness Assurance and Genuine Presence Assurance, which ensures that an online customer is the right person, a real person, and is authenticating right now. This protects against spoof attacks from photos, videos, masks and digital injection attacks and the emerging threat of deepfakes. iProov was recognized as a Gartner Cool Vendor 2020 in Identity Access Management & Fraud Detection. For more information, please see http://www.iproov.com or follow us on LinkedIn or Twitter.

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Paxful Selects iProov to Provide Effortless Security for Cryptocurrency Onboarding and Transactions - Business Wire