🚀 Russia Crypto Mining Bill Finally Set for Parliament

🟥 Progress at Long Last?
After months of anticipation, Russia's State Duma committee has given the green light to a bill that could legalize Bitcoin and altcoin mining. The lower house of parliament is expected to vote on this historic legislation on July 23.

⚡️ Aksakov's Influence
Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets, is one of the key figures behind this bill. With his support, it seems likely that Russia's crypto mining industry may finally see some much-needed regulation.

➡️ Lobbying Pays Off
The industrial crypto mining sector in Russia has been tirelessly advocating for legalization. This bill could be the result of their persistent efforts, offering a chance for miners to operate within a clear legal framework and attract potential investors.

➡️ From Grey Zone to Clarity
Currently, mining in Russia exists in a legal "grey zone." The proposed bill aims to change that by introducing regulatory powers for both the government and the Central Bank. It also suggests a central register for mining entities while exempting smaller-scale miners who stay within energy consumption limits.

💼 AML Measures and Addressing Concerns
In line with global trends, the bill emphasizes anti-money laundering protocols. Miners would need to report their activities and provide information about stored crypto addresses. Additionally, the government could impose mining bans in specific regions, addressing concerns raised by the Ministry of Energy and power companies.

⚡️ Jade City Sets Sights on 2024 Launch, Revolutionizing Precious Commodities

💎 Jade City, the trailblazing real-world asset (RWA) platform, is gearing up for a game-changing debut in late 2024. With an ambitious vision to transform the way we access and trade precious commodities, this venture is one to watch.

➡️ Divided into two dynamic divisions, Jade Vault and Jade City, this brainchild of CEO William Ralston Saul is already making waves in the realm of digital finance and precious minerals. The future looks bright for this innovative endeavor.

💰 While Jade Vault has already secured a staggering $2.1 million to ignite a dazzling jade mine in Kazakhstan, Jade City is hot on its heels with plans to raise $1.8 million in private funding. With a total capital infusion of $2.4 million, the jade business is poised for success.

🌍 Founded by James Bowater and helmed by Ralston Saul, Jade City and its Vault counterpart are attracting attention from heavyweights like Consensus Capital, known for backing Casper Labs. The allure lies not only in the potential profits but also in the ethically sourced nature of this venture.

⚡️ Jade's cultural significance cannot be overstated, particularly in China where it symbolizes purity, integrity, and social standing. For millennia, this gem has outshone gold with its rarity and exquisite craftsmanship that transforms raw jade into treasured artifacts.

🟢 As the world embraces the trend of commodity tokenization, Jade City stands at the forefront. This cutting-edge approach democratizes investment opportunities by creating digital tokens on a blockchain that represent ownership of real-world assets.

📈 With McKinsey & Company projecting a staggering $2 trillion market for tokenized assets by 2030, the allure of fractional ownership in commodities like jade becomes undeniable. This not only breaks down barriers but also injects liquidity, transparency, and security into the market.

🚀 Trump's Bitcoin Bonanza: $844,600 for a Fundraiser Seat!

💰 Donald Trump is back in the spotlight, and this time he's eyeing the crypto community for some serious fundraising. The former President is set to host an exclusive event at the Bitcoin Conference 2024 in Nashville, and the price tag for a seat at the table? A whopping $844,600!

🤝 With a star-studded lineup that includes J.D. Vance, Vivek Ramaswamy, and even Tulsi Gabbard, this isn't your average political gathering. Attendance is strictly limited to a select group of 100 to 150 donors, ensuring an intimate affair.

🎙 But it's not just about rubbing shoulders with political heavyweights. Trump's appearance at the conference itself is generating buzz, as he plans to use the stage to reveal his latest stance on crypto. And if his previous comments are any indication, we can expect a pro-Bitcoin message.

💡 In fact, Trump has been quite vocal about his support for Bitcoin, even going so far as to call it our "last line of defense" against a central bank digital currency. He sees it as a way to maintain our economic independence and keep countries like China and Russia in check.

🇺🇸 It's not just Trump either – the Republican Party as a whole seems to be warming up to cryptocurrencies. Wyoming Senator Cynthia Lummis recently made waves by suggesting that holding Bitcoin could actually strengthen the U.S. dollar.

📌 So, whether you're a die-hard Trump supporter or just curious about where politics and crypto collide, this fundraiser promises to be an event worth watching – and maybe even worth shelling out some serious satoshis for!

🟢 Bithumb Rolls Back Planned Fee Increase, Reaffirms Commitment to Customer Benefits

📉 Bithumb, the leading virtual asset platform, has decided to withdraw its proposed 4% annual increase in deposit usage fees. This comes as a result of a thorough review process to ensure compliance with the Virtual Asset User Protection Act.

📈 As a result, users can breathe a sigh of relief as the deposit usage fee will remain at the current rate of 2.2% per year.

🙏 Bithumb acknowledges any confusion caused by this change and promises to keep users informed about any future adjustments.

⚡️ South Korea's new cryptocurrency law, VAUPA, has set off a late-night scramble among virtual asset exchanges to offer higher deposit rates. It all started with Upbit's announcement of a 1.3% interest rate, quickly countered by Bithumb's claim of being the highest at 2%.

⏰ In this fast-paced race, rates changed rapidly with Upbit and Bithumb upping the ante by fractions of a percentage point. Korbit joined in with an impressive 2.5% rate.

🟥 These exchanges are vying for market share by enticing customers with significantly higher deposit interest rates compared to traditional securities firms' meager 1%.

⚠️ WazirX Hack Update: Founder Reveals Details On Fund Recovery, Withdrawals 👀

WazirX founder Nischal Shetty has unveiled preliminary details on the stolen crypto funds lost in the $230 million hack on July 18. Additionally, he also provided an update on reinstating withdrawals.

👉 Read more

🔍 WazirX Investigation: Liminal; A Potential Catastrophic Cause

💰 A staggering $235 million hack on July 18 shook the cryptocurrency world, putting WazirX under the microscope. But their preliminary findings bring a glimmer of hope.

🔒 No evidence points to compromised signer machines within WazirX's infrastructure, but the finger of suspicion is pointing towards their MPC wallet provider, Liminal.

🔍 WazirX's team has been leaving no stone unturned, meticulously combing through their system for any signs of infiltration. So far, they've come up empty-handed.

🚨 The investigation shines a spotlight on Liminal's security protocols, revealing critical failures that allowed the malicious transaction to slip through undetected.

🔗 The breach seems to have originated from Liminal's side, with no suspicious activity detected on WazirX's hardware wallets. It appears that Liminal's interface was manipulated, leading to this colossal breach.

📌 In this high-stakes game of crypto security, it's crucial to identify the weak links and fortify them against potential attacks. Stay vigilant!

🚀 Elon Musk Sees Potential in Bitcoin After Trump's Pro-Crypto Speech at Bitcoin 2024

🤝 Elon Musk, the tech titan behind Tesla and SpaceX, has taken notice of Bitcoin's soaring potential, thanks to none other than former President Donald Trump. In a recent appearance on the X Takeover podcast, Musk revealed his thoughts on the world's most famous cryptocurrency.

🔍 "I'm not here to shill crypto," Musk clarified, adding that any online endorsements attributed to him should be taken with a grain of salt. However, he did admit that there is merit in Bitcoin and even hinted at a soft spot for the meme-inspired Dogecoin.

📣 Meanwhile, Trump's keynote speech at the Bitcoin 2024 conference was nothing short of a crypto rally. The ex-president made it clear that if he were to return to the White House, he would shake up the regulatory landscape by giving SEC Chair Gary Gensler the boot.

💼 "Day one, Gensler is out!" Trump declared, vowing to put an end to what he called an "anti-crypto crusade." Instead, he promised a fresh approach with regulations crafted by those who genuinely understand and appreciate the crypto industry.

⚡️ Morpho Labs Raises $50M In Latest Funding Round Led By Ribbit Capital

💰 Morpho Labs, the trailblazing financial infrastructure platform, has just secured a whopping $50 million in its latest funding round. And leading the charge is none other than Ribbit Capital, the renowned fintech investment firm.

🌐 With a mission to democratize finance and bolster decentralization, Morpho Labs is on a mission to transform the financial landscape into a public good.

🤝 Joining Ribbit Capital in this funding extravaganza are some heavy hitters in the investment world, including a16z crypto, Coinbase Ventures, Pantera, and more than 40 other notable backers.

📈 Since its inception two years ago, Morpho Labs has come a long way. Starting with its groundbreaking product, Morpho Optimizer, which supercharged interest rates for users on Aave and Compound.

🌐 But it didn't stop there. Inspired by the layered protocols of the early Internet, Morpho Labs has evolved into an independent financial infrastructure. At its core is Morpho Blue, a permissionless lending protocol that's already seen over $1.7 billion in deposits on Ethereum alone.

💡 The positive news doesn't end there. Crunchbase data reveals that Q1 2024 saw a resurgence in venture capital funding for web3 startups. A nearly $1.9 billion injection across 346 deals signals a shift towards long-term investors with faith in the web3 revolution.

✅ So bid farewell to the "tourist investors" of yesteryear; this new wave of funding offers a glimmer of optimism for the crypto sector as it continues to push boundaries and redefine finance as we know it.

⤵️ Russian Senate Gives Green Light to Crypto Mining Law – What's the Catch for BTC Miners?

➡️ The Russian Senate has given its seal of approval to a groundbreaking draft law on crypto mining, paving the way for it to become official legislation pending President Vladimir Putin's signature.

🤔 While some Russian Bitcoin (BTC) miners are celebrating this news, others are raising eyebrows and questioning the implications.

🟢 The Federation Council, also known as the Russian Senate, not only passed the mining bill but also approved another bill related to cryptocurrency settlements in experimental foreign trade.

➡️ The mining law will grant permission to both industrial mining companies and individual miners (aka "sole proprietors") to engage in crypto mining, as long as they register with a national database.

💡 This development brings a sigh of relief for small-scale miners operating from home, who can now mine tokens within government-set energy consumption limits.

🚫 However, the government reserves the right to impose restrictions on mining activities in regions facing energy shortages.

🔴 It is anticipated that President Putin will sign off on these laws, bundled with numerous other legal changes, early this week.

⌛️ According to reports, the law is expected to come into effect on September 1, 2024, giving stakeholders time to prepare for compliance.

👌 For years, miners have been navigating through a maze of uncertainty. Their calls for legalization have finally gained traction due to intense lobbying efforts and recent power supply challenges in key mining areas.

➡️ Putin himself acknowledged the need for regulation, citing concerns over uncontrolled electricity consumption and its impact on regional power grids.

🟠 Responding swiftly, the State Duma expedited the bill's progress with multiple readings on a single day (July 30), signaling a new era for the Russian crypto mining industry.

🚀 UK FCA Empowers Crypto Firms: Embrace Compliance, Safeguard Investors!

💼 The UK's financial watchdog, the FCA, is taking charge in the wild world of cryptocurrencies. In its latest move, it has released a comprehensive guidebook for crypto companies, outlining the dos and don'ts of navigating the regulatory landscape.

🔍 The FCA's scrutiny has revealed both shining examples and not-so-great practices among these firms. Armed with this knowledge, the regulator aims to raise the bar and help the industry uphold compliance standards.

🔒 To protect consumers, the rules are crystal clear: firms must verify investor status and limit ordinary investors' exposure to just 10%. These measures aim to shield individuals from significant losses in this rollercoaster ride called crypto.

🌐 As a global pioneer in crypto regulations, the UK is setting a benchmark for consumer protection. With high-profile crypto mishaps making headlines, these stringent guidelines are like a safety net in a market known for its ups and downs.

📈 The FCA understands that adapting to this new era of oversight isn't easy for crypto firms worldwide. It acknowledges the challenges they face, including grappling with the infamous Travel Rule. But there's no turning back; compliance is now a must.

🔴 In its guidance, the FCA highlights effective strategies that include clear risk warnings, user-friendly design with easy exits, and absolutely no roadblocks when consumers want out. It's all about empowering investors and fostering trust.

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🚀 Donald Trump Jr. Shakes Up Finance with DeFi Platform

➡️ Donald Trump Jr. is making waves in the financial world, but this time it's not about politics. The eldest son of the former president has unveiled plans for a decentralized finance (DeFi) platform that aims to tackle banking inequality head-on.

🗓 After dropping hints about a "HUGE" announcement, the crypto community went into a frenzy, speculating on everything from meme coins to moonshots. But during a recent Q&A session, Trump Jr. made it clear: this is no joke, and it's definitely not a memecoin.

🌐 While details are still scarce, Trump Jr. emphasized that his vision goes beyond the realm of internet jokes. He envisions a "larger type of platform" that will disrupt traditional banking and empower those left behind by the current system.

💡 In an era where digital currencies are gaining momentum, Trump Jr.'s move into DeFi could have far-reaching implications. With his family's name attached, it's bound to attract attention – and perhaps even controversy.

⏳ As for when we can expect this financial shake-up? Well, Trump Jr. kept his cards close to his chest, hinting that it might be a "long time" before we see his DeFi platform in action. But one thing's for sure: he's ready to challenge the status quo.

📉 While some may be disappointed that there won't be a Trump-themed memecoin anytime soon, others see this as a sign of maturity in the crypto space. It's a reminder that behind the hype and speculation, there are real innovators looking to make a difference.

📈 Goldman Sachs Bets Big on Bitcoin ETFs with $418m Investment

🟢 In a surprising turn of events, global investment banking giant Goldman Sachs has revealed its $418 million wager on the future of cryptocurrency through several Bitcoin-related exchange-traded funds (ETFs).

🔔 The disclosure was made in the company's latest 13F filing for Q2 2024, signaling a significant shift in attitude from a firm whose top executives have long been skeptical about digital assets.

🔒 With 7 million shares worth over $238 million in BlackRock's iShares Bitcoin Trust and substantial holdings in other prominent ETFs like Fidelity Wise Origin and Invesco Galaxy, Goldman Sachs is clearly positioning itself to ride the crypto wave.

💼 The allure of ETFs lies in their ability to offer exposure to cryptocurrencies without direct ownership, a factor that has enticed not only Goldman but also a growing number of traditional financial institutions.

💰 This trend is reflected in the soaring market cap of Bitcoin ETFs, which now stands at an impressive $57.39 billion, with total assets under management exceeding $48.74 billion.

🔴 As institutional investors flock to this emerging market, it's no wonder that industry experts like Nate Geraci are reporting massive inflows, with BlackRock's IBIT ETF alone attracting more than $20 billion since its launch earlier this year.

🟢 Even pension funds are taking notice, as demonstrated by the State of Michigan Retirement System's recent multimillion-dollar investment in ARK 21Share's spot BTC ETF.

🚀 Layer-2 Networks Boosted by AI: A Safer and Smarter Future

🔍 The future of Layer-2 (L2) networks is uncertain, but one thing is clear: AI integration is becoming a game-changer.

💡 With the blockchain-AI market projected to hit $2.7 billion by 2031, it's no surprise that L2s are jumping on the AI bandwagon.

⚙️ Efficiency is the name of the game. AI can optimize transaction speed and manage network congestion, ensuring smooth performance even during peak demand.

🛡 Security is paramount, and AI plays a crucial role here too. By detecting anomalies and potential threats, L2s can stay one step ahead of malicious actors.

🔒 Take Zircuit, for example. Their zero-knowledge rollup solution uses an AI-based sequencer to keep an eye on the mempool and prevent dodgy transactions from making it into a block.

🔍 Zircuit's AI system has been trained on billions of transactions across multiple blockchains, giving it the expertise to spot suspicious patterns and safeguard dApps and users.

➡️ Key Donor Ron Conway Ditches Crypto PAC Over Surprise Funding Fallout

💔 Billionaire venture capitalist Ron Conway reportedly severed ties with crypto-focused PAC Fairshake after it announced plans to support Republican Bernie Moreno against Democratic Sen. Sherrod Brown.

📢 Fairshake revealed a $12m ad campaign to back Moreno in the 2024 elections. But Conway, who donated $500,000 to Fairshake in December, warned that this move could alienate Democrats and jeopardize pro-crypto legislation in Congress.

✅ Conway, a notable figure in venture capitalism, has actively shaped the tech and startup environments, especially in Silicon Valley. His decision to withdraw from Fairshake underscores his typical allegiance to Democratic candidates and initiatives.

➡️ After the House passed a crypto-friendly bill with strong bipartisan support, Senate Majority Leader Chuck Schumer vowed to pass crypto legislation by the end of the year.

🔔 Schumer’s comments suggest that top Democrats are recognizing the need to integrate the fast-growing digital asset industry into the regulatory framework and keep the US competitive in the global crypto market.

💥 “$12M to [Sherrod] Brown’s opponent at a time when Sen Schumer is doing his best to get a bill passed in the Senate," Conway wrote in an email Wednesday. "How short sighted and stupid can you possibly be?”

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🚀 Ignit3 Ignites Indonesian Web3 Revolution with Lisk Partnership!

🌐 The Indonesian government is taking a bold step into the future with its first-ever Web3 program, and they've chosen to team up with Lisk, a leading Ethereum Layer-2 solution!

🤝 Together with Gerakan Nasional 1000 Startup Digital, an initiative backed by the government, Lisk aims to nurture and empower the local Web3 startup scene, providing valuable mentorship, resources, and networking opportunities.

💡 Dominic Schwenter, COO of Lisk, believes this collaboration will not only fuel innovation but also foster financial inclusion and cultivate a thriving crypto community in the region.

📈 It's no surprise that Indonesia is embracing the crypto wave. With regulatory bodies like Bappebti and OJK showing support and even creating sandboxes for Web3 experimentation, the country is primed for digital disruption.

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