ASIC Appeals Federal Court Ruling on Finder Wallet's "Earn" Product

An appeal has been submitted by the Australian Securities and Investments Commission (ASIC) against a decision made by a federal court that rejected the action that it had brought against Finder Wallet Pty Ltd and its cryptocurrency product known as “Earn”. The court had previously determined that Finder Wallet was in accordance with the laws governing financial services in Australia. This ruling has the potential to have substantial repercussions for future cases in Australia that involve cryptocurrencies and regulatory compliance.

To provide some context, the Australian Securities and Investments Commission (ASIC) initiated legal action against Finder Wallet in December 2023, saying that the firm had violated the rules governing financial services by offering its “Earn” product without first obtaining an Australian Financial Services Licence (AFSL). The Australian Securities and Investments Commission (ASIC) said that the product functioned as a debenture, which is a kind of financial instrument that requires disclosure with the regulator as well as the issuing of a target market statement. Finder Wallet reportedly failed to satisfy both of these requirements.

The actions brought by the Australian Securities and Investments Commission (ASIC) were dismissed by the Federal Court in March 2024. The Federal Court said that the ASIC had failed to prove that the “Earn” product offered by Finder Wallet was a debenture and that it was operating within the legal confines. In light of the fact that the monies that were transmitted to Finder Wallet were not meant to be used for the purpose of raising capital for the firm, the court dismissed the argument that the funds constituted a deposit or loan. The court, on the other hand, characterised the connection between Finder Wallet and its consumers as a contractual commitment, as opposed to the usual debt payback that is connected with debentures.

The Australian Securities and Investments Commission (ASIC) has filed an appeal against the verdict made by the Federal Court. The ASIC has expressed its concern that the “Earn” product was sold without the required licence or permission, which resulted in the absence of significant consumer safeguards. The appeal is an attempt to address the need for appropriate licencing and regulatory control in the cryptocurrency field. This is done with the intention of ensuring that consumers are appropriately protected when interacting with goods of this kind.

The decision of the appeal filed by the Australian Securities and Investments Commission (ASIC) might have substantial repercussions for the regulation of bitcoin goods in Australia. The purpose of this investigation is to evaluate whether or whether businesses who sell crypto-based goods that are comparable are required to get the requisite licences and comply with regulatory responsibilities . In addition, the appeal raises awareness about the significance of consumer protection measures in the cryptocurrency business, which is undergoing fast development.

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AI bias: how blockchain can ensure its safety

As artificial intelligence (AI) becomes increasingly integrated into our daily lives, concerns about bias within AI systems have garnered significant attention. Bias in AI refers to the systematic errors or inaccuracies in decision-making processes, often resulting from the unconscious prejudices of its developers or the data used to train the algorithms. Addressing bias in AI is crucial to ensuring fairness, equity, and safety across various applications, from hiring processes to judicial systems. In this context, blockchain technology emerges as a promising solution to mitigate bias and enhance transparency in AI systems.

According to a post by CyberGhost, human biases can significantly influence AI algorithms, leading to discriminatory outcomes. For instance, if AI systems are trained on biased datasets, they may perpetuate and amplify existing societal inequalities. This highlights the urgent need for innovative approaches to address bias in AI and uphold ethical standards.

Blockchain technology, known primarily for its association with cryptocurrencies like Bitcoin, offers a decentralized and transparent framework that can effectively combat bias in AI. Unlike traditional centralized systems, blockchain operates on a distributed ledger, where transactions are recorded across a network of computers. Each transaction, or in the case of AI, each decision made by the algorithm, is transparently recorded on the blockchain, making it immutable and tamper-proof.

One way blockchain can ensure the safety of AI systems is through the concept of a decentralized autonomous organization (DAO). In a DAO, decisions are made collectively by a community of stakeholders rather than a single centralized authority. By integrating blockchain into AI governance models, decisions made by AI algorithms can be subjected to community scrutiny and consensus, reducing the likelihood of biased outcomes.

Moreover, blockchain enables the creation of transparent and auditable datasets for training AI algorithms. Data provenance, or the ability to trace the origin and history of data, is crucial for identifying and mitigating biases in AI. By recording data transactions on the blockchain, stakeholders can verify the authenticity and integrity of datasets, ensuring that they are free from bias or manipulation.

Furthermore, blockchain-based smart contracts can be utilized to enforce fairness and accountability in AI systems. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. In the context of AI, smart contracts can specify fairness criteria and penalties for biased decisions, thereby incentivizing developers to prioritize ethical considerations in algorithm design.

Implementing blockchain technology in AI systems is not without its challenges. Scalability, interoperability, and energy consumption are among the technical hurdles that need to be addressed. Additionally, regulatory and legal frameworks surrounding blockchain and AI integration require careful consideration to ensure compliance with data protection and privacy laws.

Bias in AI poses significant risks to individuals and society at large, undermining trust and perpetuating discrimination. Blockchain technology offers a promising avenue for mitigating bias in AI systems through transparency, decentralization, and accountability. By leveraging blockchain’s inherent features, we can foster more equitable and safe AI systems that uphold ethical principles and serve the greater good.

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Bitfinex Securities Launches El Salvador's First Tokenized Debt for Hilton Hotel Development

The first licenced supplier of digital assets in El Salvador, Bitfinex Securities, is spearheading the nation’s first tokenized asset raising using the layer 2 Liquid Network of Bitcoin. Bitfinex Securities intends to use a tokenized debt offering in partnership with Inversiones Laguardia S.A. de C.V. to finance the construction of a new Hilton hotel complex at El Salvador International Airport.

Liquid Network’s Tokenized Debt OfferingOn the Liquid Network, a bitcoin sidechain that facilitates quicker and more scalable transactions, the tokenized debt offering, or HILSV, will be launched. HILSV will be traded in relation to the US currency and tether (USDT), giving investors a chance to contribute to the hotel project’s fundraising.El Salvador International Airport’s Hilton Hotel ComplexThe construction of a Hampton by Hilton hotel complex at El Salvador International Airport will be funded by the money collected via the tokenized debt issuance. The building proposal will include restaurants, shops, a swimming pool, and 80 rooms spread across 4,484 square metres on five stories. Hilton Hotels is participating as a franchisor, although it is not associated with or responsible for the product.Advantages for El Salvador’s Development of the Capital MarketThis innovative programme marks a critical turning point in the growth of El Salvador’s capital market. Bitfinex Securities and Inversiones Laguardia are bringing a new asset class to the market by using tokenization and blockchain technology. In addition to giving issuers in areas with restricted access to capital a new source of funding, the tokenized debt offering enables participation from investors who may not otherwise have access to such assets.Job Creation and Economic OpportunitiesSignificant economic prospects are anticipated to arise in El Salvador as a result of the building of the Hilton hotel complex. The hotel complex is expected to provide up to 5,000 direct and indirect employment once it is operating, with another 1,000 jobs expected to be created during the building period. This will help the tourist industry expand and strengthen the Salvadoran economy overall.

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Ethereum's Pectra Upgrade to Enhance Wallet Functionality and User Experience

With the introduction of its Pectra update in late 2024 or early 2025, Ethereum hopes to significantly enhance cryptocurrency wallets by adding new features and improving user experience. Ethereum Improvement Proposal (EIP) 3074, one of the main recommendations of the update, would allow regular cryptocurrency wallets to operate like smart contracts, including transaction bundling and sponsored transactions .

Improved Crypto Wallet Usability and Functionality

A number of improvements to cryptocurrency wallets will be brought forth by the Pectra update, giving consumers a more streamlined and effective experience. Users will benefit from transaction bundling—which enables many transactions to be bundled together and processed as a single transaction—with the addition of EIP 3074. This function can lower transaction costs and boost productivity.

The update will also make sponsored transactions possible, enabling users to store assets in wallets that aren’t Ethereum-based yet still have access to the Ethereum network’s features. With the help of this functionality, users will be able to engage with dApps and take advantage of Ethereum’s ecosystem without having to physically own Ether. Security Points to Remember

Even though the Pectra update has several interesting new features, users should still be cautious and alert to any security concerns. Users should take the necessary precautions to safeguard their wallets and valuables since there is always a danger of financial loss while completing financial transactions. Using trustworthy wallets and adhering to recommended security procedures for wallets—like creating strong passwords, turning on two-factor authentication, and updating hardware and software—are essential. Additionally, users should exercise caution while using unidentified dApps or participating in sponsored transactions, since these activities may provide extra dangers.

Anticipated for deployment in late 2024 or early 2025, the Ethereum Pectra update will significantly enhance cryptocurrency wallets by adding new capabilities and improving user experience. With the addition of EIP 3074, standard cryptocurrency wallets will be able to perform the functions of smart contracts, including sponsored transactions and transaction bundling. To reduce any dangers, users should prioritise wallet security and exercise caution.

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Worldcoin (WLD) World App Reaches 10 Million Users

Worldcoin’s World App has achieved a major milestone, surpassing 10 million users since its launch in June 2023. The app, which aims to create a universal basic income, has gained significant traction and popularity among users worldwide.

World App: A Gateway to Universal Basic Income

The World App, developed by Worldcoin, offers users the ability to register their identity through eye-scanning technology known as “Orbs”. This innovative approach to identity verification has attracted millions of users who are interested in participating in the Worldcoin ecosystem and potentially benefiting from a universal basic income.

Rapid Adoption and User Engagement

Since its introduction, the World App has experienced rapid adoption, with an average of 2 million daily users and over 5 million monthly users. This level of engagement highlights the growing interest in cryptocurrencies and the potential for blockchain technology to revolutionize financial systems.

The success of the World App can be attributed to its user-friendly interface, accessibility, and the promise of a universal basic income. By providing a simple and intuitive platform, Worldcoin has made it easier for individuals from various backgrounds and countries to participate in the crypto economy.

Sparking Interest in Alternative Wallets

The viral story of a Kenyan user who used Worldcoin funds to purchase goats has captured the attention of the crypto community and highlighted the real-world impact of cryptocurrency. This heartwarming story has not only showcased the potential of Worldcoin but has also sparked interest in alternative wallets within the Worldcoin ecosystem.

Remco Bloemen, head of blockchain at the Worldcoin Foundation, expressed hope that the success of the World App would encourage other contributors to develop additional wallets for the protocol. By offering a variety of wallet options, Worldcoin aims to cater to the diverse needs and preferences of its user base, further promoting decentralization and accessibility.

Conclusion

Worldcoin’s World App has achieved a significant milestone, surpassing 10 million users since its launch in June 2023. The app’s user-friendly interface, eye-scanning technology, and the promise of a universal basic income have contributed to its rapid adoption and engagement. The success of the World App has also sparked interest in alternative wallets within the Worldcoin ecosystem, further driving the adoption and innovation of this cryptocurrency project.

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Binance Executive Nadeem Arjarwalla Traced to Kenya After Escape from Nigerian Custody

Nadeem Arjarwalla, a senior official of Binance, escaped from detention in Nigeria, and the Nigerian authorities was able to track him down in Kenya . Arjarwalla is charged with participating in operations that caused major disruptions in the Nigerian naira exchange rate market .

Arjarwalla’s cover was exposed after he arrived in Kenya, and the Nigerian government moved quickly to arrange for his extradition so he could face the accusations made against him. To speed up the extradition procedure, the Nigeria Police Force, the Kenyan Police Service, the International Criminal Police Organisation (Interpol), and the Economic and Financial Crimes Commission (EFCC) are collaborating.The Nigerian government’s cooperation with foreign law enforcement agencies, as well as the governments of the United States, the United Kingdom, and Kenya, is indicative of their resolve to repatriate Arjarwalla to Nigeria. Ola Olukoyede, the chairman of the EFCC, said that the agency is collaborating closely with these organisations to guarantee Arjarwalla’s smooth extradition. Concerns about the security protocols in place have been highlighted by Arjarwalla’s escape from prison in Nigeria. The troops tasked with keeping an eye on Arjarwalla have been taken into custody by the Nigerian government, which is also carrying out extensive inquiries into the situation. The continuing investigations are being conducted by special investigators from a variety of security and intelligence organisations, including the National Intelligence Agency, the Department of State Services, the Police, the EFCC, and the military. Arjarwalla and Binance Holdings Limited face accusations of tax evasion, currency speculation, and money laundering, with an estimated $35.4 million in total at stake. The Office of the National Security Adviser has handed over case management to the Nigerian government, and Tigran Gambaryan, Arjarwalla’s partner, is being held by the EFCC. Arjarwalla, Binance, and Gambaryan will all be charged in absentia, according to sources with direct knowledge of the case. In addition, Binance Holdings Limited, Arjarwalla, and Gambaryan have been charged by the Nigerian government for their failure to register with the Federal Inland Revenue Service and pay applicable taxes. The Nigerian government’s campaign against individuals accused of financing terrorism and money laundering includes the extradition procedure as a key measure. The government’s commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial system is shown by its cooperation with foreign law enforcement authorities and its will to bring Arjarwalla back to his home country.

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IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes

As the tax season draws to a conclusion, the Internal Revenue Service (IRS) of the United States is getting ready for the possibility of an increase in the number of cases involving crypto tax crimes. Guy Ficco, the head of the IRS’s criminal investigative division, has said that he anticipates an increase in the number of Title 26 crypto cases that will be prosecuted this year and in the years which will follow .

Over the course of many years, the Internal Revenue Service (IRS) has been conducting investigations into crypto assets, often as a component of bigger fraud cases, schemes, embezzlements, and money laundering operations. On the other hand, Ficco draws attention to a phenomenon known as “pure crypto tax crimes,” which are defined as infractions of federal income tax laws that are directly associated with cryptocurrency.

According to Ficco, these offences related to cryptocurrency might manifest themselves in a variety of ways, including the failure to disclose money derived from the sale of cryptocurrency or the effort to conceal the actual foundation of cryptocurrency assets. The Internal Revenue Service has already seen an increase in the number of instances of this kind and believes that there will be much more rise in the future.

The Internal Revenue Service (IRS) has been working with blockchain companies like as Chainalysis in order to solve the issues that are created by crypto tax evasion. Through this agreement, the agency is able to acquire important tools for analysing complicated crypto transactions, which helps in the identification and investigation of tax offences in a more effective manner.

Agents of the Internal Revenue Service are able to track money transactions and discover essential information about cryptocurrency ownership by using Chainalysis and using other technologies. Because of this partnership, tax offences using cryptocurrencies have been identified and addressed, which has proved to be an important advancement.

It should be brought to your attention that financial crimes using cryptocurrencies have also resulted in some of the greatest seizures that the United States government has ever carried out. Over the course of the last several years, the Internal Revenue Service’s Criminal Investigation division has significantly contributed to these efforts, further highlighting the agency’s dedication to the fight against crypto tax evasion.

On April 15, taxpayers will be filing their returns, and the Internal Revenue Service is getting ready to deal with the expected increase in instances of cyber tax crime. It is a reflection of the rising significance of digital assets in the wider financial environment that the agency is concentrating its efforts on ensuring tax compliance in the cryptocurrency market.

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OKX Exchange to List WIF and MEW for Spot Trading

OKX, a well-known cryptocurrency exchange, has recently revealed its plans to list two new tokens, WIF and MEW, on its spot trading market. The announcement highlights the deposit and spot trading schedules for these tokens, providing an opportunity for users to engage in trading activities.

According to the announcement, WIF and MEW deposit services will be available from 7:00 am UTC on April 15, 2024. This allows users to deposit their WIF and MEW tokens onto the OKX platform in preparation for trading.

Spot trading for MEW against USDT will commence at 8:00 am UTC on April 15, 2024, while spot trading for WIF against USDT will begin at 9:00 am UTC on the same day. These trading pairs present an opportunity for users to buy and sell WIF and MEW tokens directly on the OKX platform.

Furthermore, the announcement states that withdrawals for WIF and MEW will be enabled at 10:00 am UTC on April 16, 2024. This ensures that users have the flexibility to transfer their tokens out of the OKX platform if they wish to do so.

WIF, also known as “dogwifhat,” is a meme coin on the Solana network. It features a dog wearing a hat as its logo and aims to capture the attention of the crypto community with its unique concept. The maximum supply of WIF tokens is set at 998,926,392.

On the other hand, MEW, the cat-inspired cryptocurrency, is determined to establish its dominance in the crypto realm. With the objective of surpassing its canine rivals, MEW aims to reclaim its position at the top of the food chain. The maximum supply of MEW tokens is set at 88,888,888,888.

As with any cryptocurrency investment, it is important to exercise caution and conduct thorough research before engaging in trading. Digital assets are highly speculative and subject to market volatility. It is essential to evaluate your risk appetite and make informed decisions regarding your investments.

For further information or inquiries, users are encouraged to reach out to OKX’s support center or connect with them on various platforms, such as Telegram and Discord. OKX advises users to refer to their Terms of Service and Risk & Compliance Disclosure for more details on trading digital assets.

In conclusion, the listing of WIF and MEW on OKX’s spot trading market presents an exciting opportunity for users to explore and engage in cryptocurrency trading. By following the provided schedules and conducting proper research, traders can take advantage of these newly listed tokens on the OKX platform.

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Is It Wise for E-Commerce Stores to Accept Crypto As Payment?

Everyone is aware of crypto these days. Once obscure, these digital assets are rapidly integrating into the mainstream, particularly in the realm of e-commerce. The industry is predicted to grow from its previous perception as a niche investment for tech enthusiasts to $2.9 billion by 2030.

The increasing digitisation of various aspects of life demands the recognition of virtual currency as an authentic asset, not merely a passing fad. This article will examine why the e-commerce industry is open to accept crypto as a viable payment solution, as well as what benefits it presents.

Potential of Crypto Payments

The unpredictable adoption rates of cryptocurrencies make it challenging to estimate the size of the market. The Global Crypto Adoption Index indicated that adoption peaked in Q2 2021. However, affected by economic concerns and market instability, cryptocurrency ownership proceeded to witness significant fluctuations.

According to stats, adult crypto ownership rates in the United States fell slightly from 33% in 2022 to 30% in 2023. However, with 60% of respondents saying they are familiar with the idea, there appears to be a good chance that the use of digital currencies will rise as technology becomes more widely available.

Though, the use of cryptocurrency is still quite low. According to the same survey, 38% of cryptocurrency users were lured to the technology, whereas only 13% of users bought crypto for usage in online transactions.

E-commerce aims to overcome the drawbacks of conventional payment methods to enhance the consumer experience. As the needs for online commerce change, cryptocurrencies present a viable way to conduct transactions more quickly. This and decreasing trust in conventional institutions suggest that future perceptions and usage of cryptocurrencies may change.

Advantages of Cryptocurrency in E-Commerce

Using cryptocurrency for payments gives e-commerce companies a number of advantages over competitors:

Improved Global Reach

E-commerce sites can reach a wider audience worldwide with cryptocurrencies. Conventional payment options are not always accessible everywhere and may have regional limitations. Companies looking to conduct cross-border business often choose to use cryptocurrencies because of their ease of use and absence of global regulation.

Lower Expenses

Businesses can avoid the high fees associated with using credit cards by accepting cryptocurrencies. Customers and businesses may save money as a result of the typically lower fees connected with digital asset transactions, which would cut the price of goods and services.

Greater Safety

Transactions using cryptocurrencies are highly secure since they are decentralised. As a transaction is almost impossible to undo after completion, the likelihood of fraud is greatly decreased. Adopting blockchain technology provides an extra layer of protection against chargebacks and fraudulent actions, protecting merchants and customers in the online marketplace.

Cryptocurrency Applications in E-Commerce

With cryptocurrency, a wide range of e-commerce applications are feasible:

Loyalty Programmes: The innovative and safe benefits that customers may now enjoy as a result of blockchain technology increase the allure of loyalty programmes. Benefits like loyalty tokens are ensured to be fair and secure due to the immutability of blockchain technology, which increases engagement and confidence.

Web 3.0 and Metaverse: With its immersive purchasing experience, cryptocurrency is a key component of both Web 3.0 and the metaverse. It enhances user engagement by facilitating transactions for virtual money and collectables.

Supply Chain Transparency: Supply chain integrity and product manufacturing can be transparently verified by using blockchain for tracking. This highlights a brand’s dedication to integrity in the fight against fake goods and unscrupulous business methods.

Specialised Marketplaces: With the emergence of virtual assets, specialised peer-to-peer networks marketplaces have been established. These platforms give merchants new chances to reach larger audiences and increase their market presence by providing safer transactions and lower operating costs.

Final Remarks

Companies that accept crypto as payment have a unique opportunity to gain a lot from this technology and other innovations in the industry. In addition to the advantages mentioned earlier, using cryptocurrency for payments has enormous potential to grow the e-commerce sector.

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Samsung Secures $6.4 Billion in US Government Grants for Chip Manufacturing Expansion in Texas

Global leader in semiconductor technology Samsung Electronics recently revealed that it has obtained US government funds totaling $6.4 billion to expand its chip manufacturing facilities in Texas. The United States’ ability to produce chips domestically will be greatly enhanced by this huge investment, especially in sectors like aerospace, defence, and automotive.

The 2022 Chips and Science Act, a piece of legislation signed into law by President Joe Biden, provides the financing for this expansion. The act’s goal is to improve and revive the country’s output of cutting-edge computer chips. It is anticipated that the government assistance and private investments would total more than $40 billion, which will significantly strengthen the semiconductor sector.

By establishing a cutting-edge semiconductor ecosystem in Texas, the planned initiative would lead the state to the forefront of chip production.

Two production facilities that can produce two- and four-nanometer chips, which are essential for cutting-edge technological applications, are part of the expansion plans.

A specific research and development facility will also be built in order to promote creativity and technical breakthroughs in the semiconductor industry.

A packaging factory that assembles and packages chip components is another component of the project.

It is anticipated that the first manufacturing plant will open in 2026, and the second facility will open in 2027.

Additionally, the funding will help Samsung expand its current semiconductor production plant in Austin, Texas, strengthening the company’s position in the area.

The project is expected to significantly strengthen the local economy by generating over 4,500 manufacturing employment and around 17,000 construction jobs.

By increasing its capacity for chip production, Samsung will help achieve the target of having 20% of the world’s cutting-edge chips made in the US by the end of the decade.

Critical sectors including automotive, aerospace, and defence are seeing a surge in demand for sophisticated chips, which will be met in part by the expanded manufacturing capacity.

Additionally, by allowing Samsung to produce semiconductors directly for the Defence Department and lowering dependency on outside suppliers, the expansion will strengthen national security in the United States.

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