Connect with us

Cryptocurrency

SafeMoon Partners With Simplex

Published

on

Safemoon - Investorsking

SafeMoon announced it had partnered with Simplex to begin offering streamlined and integrated SafeMoon wallets for crypto investors.

Simplex is an EU-licensed financial institution that provides fiat infrastructure for the crypto industry, securely processing credit card payments and making cryptocurrency accessible to all. Created in 2021, SafeMoon is the world’s fastest growing DeFi Crypto Currency made on the Binance Smart Chain (BSC), with 2.1 million holders and counting. The partnership with Simplex will enable crypto investors to invest in SafeMoon much more directly.

“Doing things differently is both our starting point and part of our end goal,” said John Karony, SafeMoon CEO. “This new SafeMoon wallet is a vital tool for our investors, and that’s why we’re happy to be partnering with Simplex – another company that understands the importance of operating on the principal of opening financial markets and strategies to everyone.

“One of our founding principles is transparency, so we’re extremely public with a great deal of our activity. It’s one of the reasons why we routinely hold ‘Ask Me Anything’ (AMAs) on Twitch. We want our investors to see and interact with us, to learn more about what we’re doing, and to become as deeply involved with their investment as they choose to be. That’s just an entirely different approach to crypto and investing in general. And it’s an approach we know works. Our growing army of investors is highly dedicated to our mission because they know we’re just as dedicated to providing service and value to them.”

SafeMoon: Crypto Done Differently

Specifically encoded to benefit long term holders (called “hodlers”), SafeMoon is a new but extremely popular crypto currency that incentivizes long-term investment by offering a core liquidity guarantee. In a bold attempt to discourage price volatility, often incited by massive day traders (crypto “whales”), the SafeMoon protocol charges sellers a fee of 10% of the amount sold while rewarding hodlers with 5 percent of the seller’s fee in SafeMoon tokens, and storing the other 5% in a public liquidity pool. In addition, SafeMoon opts for manual burns versus continuous burns, allowing SafeMoon more control over the coin’s overall supply.

With some of the most avid fans in the cryptosphere, SafeMoon skyrocketed to fame when it was featured in a sensational Times Square billboard ad wholly solicited by Reddit user “ighproperties” and funded by the SafeMoon community. SafeMoon has also recently been featured in national publications like Fortune and the Wall Street Journal. Currently working on multiple evolutions and company branches for the future, SafeMoon is planning the launch of a NFT exchange that would extend the SafeMoon concept to other cryptocurrencies, a SafeMoon app, and a deal with a major African country that would integrate SafeMoon as part of their public currency.

About SafeMoon

The SafeMoon Protocol is a community-driven, fair launched DeFi crypto token with three simple functions that occur during each trade: Reflection, LP Acquisition, and Burn. Bringing a truly innovative approach to tokenomics, holders get rewarded by simply holding SafeMoon coins with auto-generated liquidity and static farming. The longer a wallet is held, the more tokens are awarded by redistributing 5 percent of the 10 percent fee levied on all SafeMoon sales.

Continue Reading
Comments

Cryptocurrency

Nigeria’s SEC to Enforce Weekly, Monthly Reports from Crypto Service Providers

Published

on

Dollar Cryptocurrency - Investors King

The Securities and Exchange Commission (SEC) has announced a new regulatory framework requiring Virtual Assets Service Providers (VASPs) to submit weekly and monthly trading statistics.

This move is part of a broader effort to monitor and regulate Nigeria’s burgeoning crypto market, according to a document released by the SEC titled “A Framework on Accelerated Regulatory Incubation Program for the Onboarding of Virtual Assets Service Providers (VASPs) and other Digital Investments Service Providers (DISPs).”

The framework aims to bring more structure to the country’s crypto ecosystem by amending existing rules on digital asset issuance, offering platforms, exchanges, and custodians.

The SEC’s initiative is seen as a significant step toward enhancing oversight and ensuring compliance within the rapidly evolving digital asset space.

Accelerated Regulatory Incubation Program

The Accelerated Regulatory Incubation Program (ARIP) will provide a special window for onboarding VASPs. The SEC has outlined specific reporting requirements for participants in the ARIP, including:

  • Weekly and monthly trading statistics.
  • Quarterly financials.
  • Compliance reports demonstrating adherence to the SEC’s conditions.
  • Reports on key issues such as misconduct, fraud, or operational incidents.
  • Actions taken to address customer complaints and emergent risks.

A Growing Market

Nigeria boasts one of the largest peer-to-peer (P2P) crypto markets globally. According to blockchain analytics firm Chainalysis, crypto transactions in the country amounted to $56.7 billion between July 2022 and June 2023, averaging $1.09 billion weekly.

Industry and Regulatory Insights

Senator Ihenyen, lead partner and head of blockchain and virtual assets practice at Infusion Lawyers, emphasized the importance of regulating digital assets for economic and security reasons.

“Nigeria can no longer afford to keep pushing digital assets underground for obvious economic and security reasons,” Ihenyen said.

He noted that the Central Bank of Nigeria’s (CBN) recognition of the SEC’s regulatory role marks a positive shift for the sector, with regulators now working together to ensure consumer protection and investor safety.

Comparisons have been drawn with regulatory practices in South Africa, where a similar approach has been adopted to meet Financial Action Task Force (FATF) standards on anti-money laundering and counter-terrorism financing for digital assets.

“Execution is what will make the difference,” said an industry expert. “We’ve never been lacking in regulations.”

Government and Industry Reactions

Earlier in July, Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, urged the SEC to address the complexities of crypto regulation.

“The SEC board should be willing to accept the challenge of regulating these new areas, particularly crypto, as they are fast-moving complex areas,” Edun stated.

The Senate Committee on Capital Markets also emphasized the need for crypto regulation to ensure accountability and protect investors’ funds.

Osita Izunaso, chairman of the committee, pointed out, “The issue of cryptocurrency must be regulated because Nigerians are trading in crypto. Since Nigerians are trading in crypto, why are we not regulating it? Where is the money going if we don’t regulate activities in the crypto market?”

Compliance and Challenges

The new regulatory framework aims to facilitate the onboarding of entities willing to engage in virtual asset activities and enhance the SEC’s understanding of digital asset business models.

However, some industry insiders have raised concerns about the practicality of certain requirements, such as the need for a physical presence for crypto companies.

Chimezie Chuta, founder and coordinator of the Blockchain Nigeria User Group, highlighted the potential benefits of regulation for tax revenues.

However, others worry about over-regulation. “We are now like banks that are over-regulated. Between 2020 and now, we have had new regulations and changes to existing rules, but where has that taken us to?” questioned a Lagos-based crypto player.

As Nigeria’s crypto market continues to evolve, the SEC’s new regulatory framework represents a crucial step towards ensuring transparency, accountability, and consumer protection in the digital assets space.

Continue Reading

Cryptocurrency

KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers

Published

on

Kucoin

KuCoin has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction fees.

This new regulation will take effect on July 8th, 2024, impacting all users whose Know Your Customer (KYC) information is registered in Nigeria.

KuCoin, one of the world’s leading cryptocurrency exchange platforms, revealed this update in a statement addressed to its Nigerian users.

The tax will be applied exclusively to transaction fees, not the overall transaction amount.

For example, a user buying 1,000 USDT worth of Bitcoin will incur a fee of 1 USDT at the standard 0.1% fee rate.

The new VAT at 7.5% will apply to this fee, resulting in an additional charge of 0.075 USDT.

Consequently, the net amount available for the transaction will be 998.925 USDT.

KuCoin clarified that the VAT would cover all types of transactions on its platform. The move aligns with recent regulatory updates and demonstrates the company’s commitment to complying with local tax laws.

The announcement has garnered mixed reactions from the Nigerian cryptocurrency community. Some users express concern over the added cost to their transactions, while others recognize it as a necessary step towards greater regulatory compliance and legitimacy for cryptocurrency trading in Nigeria.

KuCoin encourages affected users to seek assistance through their Telegram group or by contacting the online support team for further guidance on the new tax regulations.

As Nigeria continues to evolve its regulatory framework for digital assets, this development underscores the importance for traders to stay informed about local laws and their potential impacts on trading activities.

The KuCoin team expressed their gratitude for users’ cooperation and understanding, reiterating their commitment to providing a secure and compliant trading environment.

Continue Reading

Bitcoin

Bitcoin Eyes Gains with Seasonal July Boost After Slump

Published

on

Bitcoin - Investors King

After several months of declines and rangebound trading, Bitcoin (BTC) bulls have reason to cheer as the largest cryptocurrency is poised for a potential seasonal upswing this July.

Historical data and recent market movements suggest a positive outlook for Bitcoin, following a period marked by billions in sales, upcoming selling pressure, and outflows from exchange-traded funds (ETFs).

Since April, Bitcoin has been trading within a narrow band of $59,000 to $74,000, weighed down by market dynamics and peak negative sentiment among retail traders.

However, July has historically been a bullish month for Bitcoin, and early indicators show a possible reversal of recent trends.

On the first day of July, U.S.-listed ETFs recorded nearly $130 million in inflows, their highest since early June.

This influx comes after a significant $900 million outflow in the previous month, signaling renewed investor confidence in the cryptocurrency.

“Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June,” said Singapore-based QCP Capital in a recent Telegram broadcast.

“Our options desk saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.”

Historical data supports this optimistic outlook. Over the past decade, Bitcoin has gained an average of more than 11% in July, with positive returns in seven out of the ten months.

A 2023 report by crypto fund Matrixport highlighted significant July returns in recent years, with gains of around 27% in 2019, 20% in 2020, and 24% in 2021.

Seasonality, the tendency of assets to experience regular and predictable changes that recur annually, appears to be a driving factor.

These seasonal cycles can be influenced by various factors, such as profit-taking around tax season in April and May, leading to drawdowns, and the generally bullish “Santa Claus” rally in December, which reflects increased demand.

As the cryptocurrency market enters July, Bitcoin traders and investors are optimistic about a potential rally. While the market remains cautious of underlying pressures, the historical trends and recent inflows suggest a favorable environment for Bitcoin’s resurgence.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending