🦎🚀 Not a Bali-ver in crypto 💵

Tuesday, May 30, 2023

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Don't play play

The government of Bali, Indonesia, has declared a crackdown on tourists using cryptocurrency for payments, emphasizing that the national fiat currency, the rupiah, is the only legal tender.

Bali's governor warned that strict actions, including deportation, administrative penalties, criminal charges, business closure, and other sanctions, would be taken against those who violate the rule. Despite this stance, Indonesia is preparing to launch a national cryptocurrency exchange next month, with the Ministry of Trade acting as the custodian and clearing house for local crypto markets.

In today's news, Russia abandons plans for state-owned crypto exchange, Genesis and Gemini request a U.S. court to dismiss a lawsuit, and Huobi HK applies for virtual asset exchange license in Hong Kong.

Read on!

Peak in #memecoin TikTok Interest

The recent meme coin rally saw TikTok searches for #memecoin double from 2021's highest level.

This period also generated 26.3% of all #memecoin content and 19.0% of all views – a sign that TikTok is an increasingly relevant crypto channel?

24h Hot Searches Worldwide

ArbDoge AI (-3.9%)
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Incoming LayerZero airdrop?!🪂 In this video, let's learn about its technology and ecosystem, along with the steps to qualify for a potential airdrop 👀

Let's find out here!

Abandoned!

According to a Russian news outlet, Russian lawmakers have abandoned plans to create a state-owned cryptocurrency exchange and instead intend to regulate existing private crypto exchanges.

The Ministry of Finance did not support the idea of a national crypto exchange and will focus on establishing rules for private enterprises to operate crypto exchanges. The Central Bank is expected to regulate these platforms and oversee international settlements within the country's regulatory framework. Private crypto operators in Russia have welcomed the decision, citing reduced risks and promoting competition and innovation.

Decrypt

To be dismissed?

Genesis Global Capital and Gemini have requested a U.S. court to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) accusing them of selling unregistered securities.

The SEC alleged that Gemini's yield-bearing product Earn, in collaboration with Genesis, raised billions of dollars from hundreds of thousands of investors. Gemini argued that the SEC's treatment of the Master Digital Asset Loan Agreement as an unregistered security lacked basis. Genesis held around $900 million in assets belonging to Gemini Earn investors before filing for bankruptcy protection.

CoinDesk

Hong Kong a crypto hub once more?

Crypto exchange Huobi HK, has applied for a virtual asset exchange license and now offers crypto spot trading to retail and institutional clients in Hong Kong.

The exchange aims to comply with compliance and anti-money laundering regulations by working with auditors and meeting the requirements of the Hong Kong Securities and Futures Commission. This comes after Hong Kong recently introduced a licensing regime for crypto exchanges to protect investors and foster innovation.

The Block

A few words about WhiteBIT

WhiteBIT is one of the largest European centralized crypto exchanges with 350+ trading pairs and 270+ digital assets, including its native token WBT, 10+ national currencies, spot, margin, and futures trading with up to 20x leverage and 24/7 support. The platform is also one of the 3 safest crypto exchanges with the highest AAA rating according to the audits of Hacken.io and the CER.live certification platform.

Learn about how to read a smart contract audit, in this article by Cyberscope. We'll also take a look at some examples of critical findings and how these can potentially expose your funds to additional risk.

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