Policy News

A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.

‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’

House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”

The lawmaker posted on social media platform X after the hearing:

If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.

Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).

Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”

Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:

You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?

Szczepanik declined to comment on the current chair’s view.

Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”

Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:

The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?

Szczepanik replied: “I can’t comment on any matters that are pending litigation.”

Emmer has repeatedly criticized the SEC and Chair Gensler for their enforcement-centric approach to regulating the crypto industry. In June, he joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator. The House of Representatives recently adopted an amendment Emmer attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the SEC to carry out enforcement actions against the crypto industry. In November, the lawmaker from Minnesota urged Congress to spend resources to “bring more crypto activity and opportunities onshore to bolster U.S. national security.”

Do you agree with Congressman Tom Emmer about the SEC and do you think SEC Chair Gary Gensler has a personal agenda in regulating the crypto industry? Let us know in the comments section below.

Financial giant ING has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” ING’s chief international economist detailed, noting that U.S. economic data confirmed that there’s “no need for any further Fed policy tightening.”

ING’s Fed Rate Cut Prediction

Global financial services firm ING’s chief international economist, James Knightley, published an article last week outlining why he expects the Federal Reserve to start cutting interest rates next year.

Citing U.S. data showing modest growth, cooling inflation, and a cooling labor market, the economist emphasized that it’s “exactly what the Fed wants to see.” He described:

This should confirm no need for any further Fed policy tightening … We expect rate cuts from the Fed from the second quarter onwards.

“We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” he noted.

The ING economist highlighted that initial jobless claims rose to 218k last week, emphasizing that “the trend is certainly towards higher continuing claims while initial claims remain low.” He added: “Essentially, the message is that firms are reluctant to fire workers, but they are less inclined to hire new workers. i.e. more evidence of a cooling, but not collapsing, labor market.”

Knightley then explained that inflation pressures are “moderating more broadly,” citing the October personal income and spending report showing both incomes and the Core PCE deflator rising 0.2% month-on-month. This means “the annual rate of core inflation slowed to 3.5% from 3.7%, as expected,” he stated.

The economist described spending as holding up, but cautioned that the outlook is “deteriorating.” Noting that “Credit card delinquencies are on the rise while student loan repayments are only adding to the financial pressure on millions of households,” he warned:

The weakness in real household disposable incomes … remains a key concern for growth in the early part of 2024.

Do you agree with the forecast by ING’s chief international economist? Let us know in the comments section below.

The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) also reiterated that all banknotes, including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline”

Demonetization Deadline Extended Again

The Supreme Court of Nigeria has reportedly granted the Federal Government’s request to extend the lifespan of the N1000, N500, and N200 naira notes for the second time. With the previous deadline of December 31, 2023, set by the same court nearing, the Nigerian government was forced to seek an extension of the validity of the notes.

Before the latest ruling, the Supreme Court had previously invalidated a demonetization directive issued by then-President Muhammadu Buhari. At the time, the court blasted the Buhari government and then Central Bank of Nigeria (CBN) governor Godwin Emefiele for proceeding with the process without seeking the public’s views.

As reported by Bitcoin.com News, the CBN’s controversial old naira banknote demonetization was initially set to be completed by the end of 2022. However, many Nigerians were unable to return the old banknotes before the deadline and this eventually forced the central bank to move the cut-off day. Despite the deadline extensions, the cash shortages persisted.

To ameliorate Nigerians’ woes, many Nigerian state governors sued the federal government and urged the Supreme Court to reverse the monetary policy.

Consulting the Public

The Supreme Court panel led by John Okoro reportedly directed that the old naira banknotes should remain legal tender until they are replaced with the redesigned notes. This decision means the old notes will co-exist as legal tender with the redesigned ones.

Explaining the reasoning behind the judgment, Okoro said:

“The old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after it consults with critical stakeholders and after putting all required structures in place.”

Just weeks before the Supreme Court made its latest ruling, the Central Bank of Nigeria (CBN), which is now led by Olayemi Michael Cardoso, reiterated that all banknotes including the previously demonetized naira, remain legal tender “ad infinitum, even beyond the initial 31 December 2023, deadline.”

What are your thoughts on this story? Let us know what you think in the comments section below.

The U.S. deputy secretary of the Treasury has revealed that the Treasury Department has asked Congress for more tools and authorities “to go after illicit actors in the digital asset space.” Moreover, he stressed: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem.”

Treasury Seeks More Powers in Digital Asset Space

Deputy Secretary of the Treasury Wally Adeyemo outlined the Treasury’s key priorities in addressing illicit actors within the cryptocurrency space at this year’s Blockchain Association’s Policy Summit on Wednesday.

“We are calling on Congress to create a secondary sanction regime that will not only cut off a firm from the U.S. financial system but will also expose any firm that continues to do business with the sanctioned entity to being cut off from the U.S. financial system,” he revealed. “This is a significant tool we do not request lightly. But we need to do everything in our power to make sure that groups like Hamas are not able to find safe haven within the digital asset ecosystem.” The deputy secretary of the Treasury added:

Yesterday, Treasury provided Congress a set of common-sense recommendations to expand our authorities and broaden our tools and resources to go after illicit actors in the digital asset space.

He noted that this week, the Treasury sanctioned Sinbad.io (Sinbad), a crypto mixer that “serves as a key money-laundering tool for a cyber hacking group sponsored by North Korea,” claiming that Sinbad processed millions of dollars’ worth of cryptocurrency “from cyber hacks and enabled cybercriminals to mask illicit transactions.”

Adeyemo cautioned that “illicit actors have always taken advantage of new technology,” emphasizing that “risk tends to migrate to places where global regulation and enforcement are less well developed.” He further detailed:

First, we are pursuing the creation of new sanctions tools targeted towards actors in the digital asset ecosystem that allow terrorist groups and other illicit actors to move their assets.

Secondly, he declared: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem.”

He continued: “A digital asset ecosystem that lacks a shared commitment to preventing illicit finance provides ample opportunity for groups, like North Korea and Hamas to move resources in ways that are intended to undermine our efforts to stop them.” He added that in order to address these challenges, a shared commitment is needed, meaning “the digital asset industry and the government working hand in hand to cut off illicit actors before they are able to spread roots and for us to create a culture of accountability.”

Emphasizing the importance of the crypto industry proactively taking steps to prevent cryptocurrencies from being used by transnational criminal organizations, terrorists, and rogue states, the Treasury official opined:

I hoped the digital asset industry would take up this call to partner with government, design new tools, and pursue new ways to protect digital assets from being abused.

He also addressed stablecoins, stating: “We cannot allow dollar-backed stablecoin providers outside the United States to have the privilege of using our currency without the responsibility of putting in place procedures to prevent terrorists from abusing their platform … We cannot permit offshore financial services providers to use jurisdiction-evasion tactics to avoid complying with our laws.”

Adeyemo concluded that besides working with Congress, the Treasury is committed to working with the Financial Action Task Force (FATF) to ensure that allies and partners globally join the U.S. in updating their regulatory approach.

What do you think about the Treasury asking Congress for more authorities to go after illicit actors in the crypto space? Let us know in the comments section below.

On Wednesday, following the market’s closure, major U.S. indices concluded the day unchanged, coming off a rise the previous day. This surge was influenced by the dovish remarks made on Tuesday by Federal Reserve Governor Christopher Waller. Observers of the market infer that Waller’s comments indicate a potential shift in the stance of the U.S. central bank, a notable deviation given his usually hawkish perspective. Concurrently, the Federal Reserve’s latest ‘Beige Book’ report presented a more troubling outlook than its predecessor, pointing to decelerated economic expansion and a rise in consumer credit defaults.

Waller’s Typical Hawkish Tone Turns Dovish

Two days prior, at the American Enterprise Institute, Christopher Waller of the Fed shared with participants that “inflation rates are moving along” largely as he had anticipated. Waller elaborated, pondering if inflation could stabilize around the 2% mark. He noted, “There are some factors favoring this outcome,” shedding light on the issue.

Emphasizing his growing assurance, Waller stated that he was “increasingly confident that policy is currently well positioned to slow the economy” in order to reduce the inflation rate to the targeted 2%.

Waller added:

I will be looking to see that confirmed in upcoming data releases. Before the next FOMC meeting, we will get data on PCE inflation and job openings, a job report, and [a] supply manager’s survey for November. CPI inflation will come out on December 12, the first day of the FOMC meeting.

‘Beige Book’ Shows Economic Slowdown; Critics Don’t Expect a ‘Soft Landing’

Following Waller’s address, U.S. equities experienced an upswing, yet the subsequent day brought the U.S. central bank’s release of its ‘Beige Book’ survey, revealing a blend of divergent trends within the U.S. economy. This report depicted oscillating retail sales alongside a deceleration in manufacturing activities. For example, retail and automobile sales indicated a change in consumer spending habits, whereas purchases of non-essential items and long-lasting products like furniture and appliances saw a downturn.

As per the ‘Beige Book,’ the U.S. manufacturing sector is facing a general decline in future prospects. This is coupled with a fall in the demand for both business and real estate loans. According to the Fed’s analysis, although consumer credit remains largely stable, a slight increase in consumer loan delinquencies was noted. The survey also points to early signs of financial strain in specific consumer groups. Moreover, the survey reveals a continuous decline in both commercial real estate and multi-family housing activities.

Waller and the ‘Beige Book’ offer a depiction of the current economic uncertainties, and although the Fed anticipates a “soft landing,” some critics are skeptical about this positive outcome. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” recently expressed concerns about impending “hyperinflation” and criticized government leaders for their heightened “incompetence.”

Economist and proponent of gold, Peter Schiff, shared with his followers his belief that the economy is headed not towards a soft landing but towards a “crash & burn” scenario. Bill Holter, an expert in precious metals and a financial writer, recently remarked, “These central banks have completely blown up their balance sheet and have no ability to save anything.”

Holter added:

In short, confetti dollars are going to shut the credit markets down…Then, it’s game over because everything runs on credit.

What are your thoughts on this subject? Let us know what you think in the comments section below.

Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company.

Richard Teng Outlines Binance’s Future

Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the $4.3 billion settlement with the U.S. Department of Justice (DOJ).

Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.”

The new CEO acknowledged the need for cryptocurrency businesses and policymakers to interact to create a global regulatory framework for crypto. He stated:

As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.

Innovation, Users, and Web3 Expansion

Teng mentioned three significant elements that will remain part of Binance’s strategy. The first one is innovation, with Teng explaining that the company was able to bring value to its users since its beginnings through innovating. In this sense, Teng assured that Binance will “remain committed to product excellence as we continue to blaze the trail of financial innovation.”

He referred to the exchange users as a vital part of the company, reinforcing that the exchange has a solvent economic position, maintaining a 1:1 backing of all the assets under custody. Teng stressed:

You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company.

Also, Teng hopes to empower and foster innovation through the promotion of decentralized applications and the adoption of Web3; nonetheless, he acknowledges that this “will be impossible without promoting regulatory innovation in a collaborative way,” having helmed the Abu Dhabi Global Market and collaborated with the creation of the UAE’s Web3 regulatory framework.

What do you think about Richard Teng’s first blog post as Binance CEO? Tell us in the comments section below.

Steve Hanke, professor of applied economics at Johns Hopkins University, has discussed how U.S. policies have driven central bank gold purchases to record levels this year. In an interview, Hanke stated that these purchases were motivated by the weaponization of fiat currencies like the dollar, which has driven countries in “de-dollarization mode” to take refuge in gold.

Steve Hanke Believes Rise in Central Bank Gold Purchases Has to Do With U.S. Dollar Weaponization

Professor of Applied Economics at Johns Hopkins University Steve Hanke, a Bitcoin critic and dollarization proponent, has given his take on the return of gold as a reserve currency for central banks. In a recent interview on Jesse Day’s Commodity Culture, Hanke revealed his position about the future of gold as a reserve asset and how U.S. policies have influenced a rise in central bank gold purchases.

Hanke believes that the recent rise in U.S. sanctions, the weaponization of the U.S. dollar, and a climate of uncertainty have caused central banks to purchase gold at record levels.

He explained:

You never exactly know what these central banks are going to do, but the trend right now is a lot of central bank buying, and the reason behind this is that there is a lot of uncertainty, everything has become more politicized in the realm of fiat money.

As a result, central banks that had not been players in the gold market have now risen as significant buyers, more so those that are in what Hanke calls “de-dollarization mode” and want to reduce their exposure to the U.S. dollar due to the increasing enactment of sanctions.

Bullish Stance

Hanke emphasized that since the 9-11 events, the utilization of sanctions has been steadily increasing, but that in the Biden administration, they are “on steroids.” Hanke called this trend “utter stupidity,” causing countries like China and Poland to increase their gold purchases.

Poland, which has not traditionally been a strong gold buyer, has accumulated 105 tonnes of gold year-to-date, in line with its policy of having 20% of its reserves in gold, according to statements from National Bank of Poland (NBP) President Adam Glapiński.

This situation has caused Hanke to declare a bullish stance on gold for the future, explaining that from a fundamentals perspective, gold looks pretty strong, even if he is not a gold bug in the vein of Peter Schiff, another famous economist.

What do you think about the future of gold markets in relation to de-dollarization? Tell us in the comments section below.

The United Arab Emirates (UAE) is making its entry into the bitcoin mining sector. In a recent declaration by Phoenix Group PLC, a bitcoin mining enterprise, it was revealed that the company successfully garnered $370 million through an initial public offering (IPO) that was highly sought after, achieving a 33-fold oversubscription.

UAE Forges New Path in Bitcoin Mining With Phoenix Group’s $370M IPO

Bitcoin mining and blockchain infrastructure firm Phoenix Group has announced it’s raised 1.3 billion UAE dirhams ($370 million) in an IPO that started on November 16 and closed two days later. The company will be listed on the Abu Dhabi Securities Exchange (ADX) with the ticker PHX.

“The overwhelming interest during the offer period is a powerful endorsement of our pioneering role in cryptocurrency mining and blockchain,” Bijan Alizadehfard, the co-founder and group CEO of Phoenix said.

The company’s prospectus says that it has established significant operations including a mining farm in Oman in collaboration with Green Data City and Microbt. Phoenix is also involved in multiple other ventures, such as hosting agreements with PTC Cloud Tech – FZCO, power supply contracts with Marlboro Electric Cooperative, and a 20% stake in Bitzero Inc.

The prospectus details that the company’s focus initially is on growth and expansion, with plans to adopt an active dividend policy after 2-3 years. This strategy is designed to return to shareholders substantially all of its distributable free cash flow while maintaining an investment-grade credit profile. Phoenix co-founder Munaf Ali added the capital raise from the IPO was a significant milestone.

“The exceptional oversubscription during our offer period is a clear indicator of the market’s endorsement of Phoenix Group as a leader in Cryptocurrency Mining and Blockchain Technology,” Ali stated.

What do you think about Phoenix’s IPO raise? Share your thoughts and opinions about this subject in the comments section below.

The price of bitcoin is coasting along under the $37K range following the recent settlement between the U.S. Department of Justice (DOJ) and Binance. At the same time, the U.S. Federal Reserve’s minutes were released on Tuesday showing no signs of any possible rate cuts or monetary easing. Fed officials stressed at their most recent meeting that monetary policy will be kept “sufficiently restrictive.”

Bitcoin

As of November 22, 2023, bitcoin (BTC) exhibits a mixed sentiment in the market, with its price hovering at $36,447. The 24-hour price range shows a fluctuation between $36,410 and $37,409, reflecting notable fluctuations over the past 24 hours. Bitcoin’s overall market capitalization is $714 billion on Wednesday and 24-hour trade volume is coasting along at $27.39 billion,

Recent oscillators like the relative strength index (RSI) at 57 and Stochastic at 54 signal a neutral cautious stance, suggesting a balance in buying and selling pressures. However, the moving average convergence/divergence (MACD) level at 1047 leans toward a bearish sentiment. Moving averages paint a varied picture; shorter-term averages (10-day EMA and SMA) indicate bearish signals, while longer-term averages (from 30-day to 200-day) tilt towards continued bullish sentiment.

The 4-hour chart observations show a significant downtrend followed by a potential reversal indicated by a long bullish candlestick. This suggests a rapid recovery from the previous day’s sharp decline, signaling increased market activity. Traders are advised to adopt a moderate confidence level due to the prevailing volatility.

A conservative trading strategy would involve waiting for a confirmed breakout above the recent high of around $37,975, which would suggest a reversal of the downtrend. For those looking to enter the market, setting an initial target around the recent high of $37,975 and a protective stop below the recent low of approximately $35,000 is recommended to balance potential gains with risk management.

Bull Verdict:

The current technical indicators, while mixed, lean toward a bullish future for bitcoin. The underlying sentiment, marked by gradual recovery from recent lows and the resilience shown against market fluctuations, supports an optimistic outlook.

Bear Verdict:

Despite some positive signals, the bearish elements in the market cannot be ignored. The inconsistency in price movements and the looming uncertainty suggest that bitcoin might face further downtrends.

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What do you think about bitcoin’s market action on Wednesday morning? Share your thoughts and opinions about this subject in the comments section below.

US Senator Cynthia Lummis has recently criticized the United States Securities and Exchange Commission (SEC)’s regulatory approach over Kraken, the San Francisco-based cryptocurrency exchange, without clear crypto rules.

US Senator’s Critics Toward The SEC Approach Over Kraken

On Monday, November 20, the United States Securities and Exchange Commission (SEC) filed a lawsuit against the US-based crypto exchange Kraken for allegedly operating an unregistered trading platform for cryptocurrency assets. The lawsuit claims that Kraken took advantage of trading revenue and significant fees without following securities regulations that are made to safeguard investors. 

According to the SEC claims, Kraken‘s internal controls and policies permitted the exchange to mix $33 billion in client assets with its own, thereby endangering users. However, the crypto exchange has asserted that they intend to fight the SEC’s claims in court.

“Today, the SEC filed a complaint alleging that Kraken operates as an unregistered securities exchange, broker, and clearing house. We disagree, and intend to vigorously defend our position in court,” the exchange stated.

Following this, US Senator Cynthia Lummis has expressed her displeasure over the SEC’s securities scrutiny of the crypto exchange. The senator took to X (formerly Twitter) to share her criticism over the SEC’s move.

According to her, the SEC came after the crypto exchange without explicit cryptocurrency rules. In addition, she highlighted the necessity of precise regulatory jurisdiction as opposed to enforcement efforts that harm consumers unnecessarily. 

Furthermore, the senator has called on Congress to produce precise rules for the SEC on what is a security asset and what is a commodity asset. She then asserted that the Lummis-Gillibrand firm tends to support financial innovation in the United States.

The SEC cannot continue ruling by enforcement. Crypto asset companies have repeatedly tried to get guidance from the SEC only to be hit with enforcement actions, causing unnecessary harm to consumers. It is time for Congress to pass a regulatory framework to provide clear rules to the SEC on what is a security and what is a commodity. The Lummis-Gillibrand Responsible Financial Innovation Act will rein in the SEC and allow financial innovation to thrive in the United States.

The dispute between the SEC and Kraken raises questions about more general issues facing the sector. Crypto companies that seek advice risk enforcement, which puts customers in a fuzzy area. The Senator’s proposal for more specific restrictions demonstrates increased urgency for organized crypto legislation. 

Significance Of The SEC’s Complaint

According to a blog post by the crypto exchange, the SEC’s complaint toward Kraken claims no fraud, no market manipulation, no customer losses, and no hacking, among others. Although large sums of money were mentioned, it doesn’t claim that any of them have been lost or abused. 

Related Reading: After Kraken, These Crypto Companies Could Be Targeted Next By SEC

Rather, the complaint presents a technical rationale that Kraken’s firm needs specific securities licenses to operate. This is because the digital assets the crypto exchange provides are essentially investment contracts.

However, according to the exchange, this is incorrect, false, and disastrous in several areas. “This is incorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy,” the company stated.

The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said. “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network. It is more feasible to work towards making these diverse networks interoperable.”

Singapore’s Central Bank Discusses Digital Asset Plans

Ravi Menon, the managing director of Singapore’s central bank, the Monetary Authority of Singapore (MAS), discussed digital assets at Singapore Fintech Festival last week.

“Digital assets have two critical features that can fundamentally transform the nature of financial transactions,” he began. The first is tokenization allows financial assets to be exchanged without intermediaries, which “eliminates settlement risk, duplicative reconciliation, and the need for large funding accounts,” he highlighted. The second is tokenization enables “the fractionalization of assets,” making partial collateralization of assets possible.

The head of Singapore’s central bank continued:

To fully realize seamless financial transactions across digital asset networks, we must ensure they are interoperable.

“Currently, there is a proliferation of digital asset networks, due to different commercial motivations or legal and regulatory requirements,” he described, emphasizing: “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network. It is more feasible to work towards making these diverse networks interoperable.”

Menon then provided details on the central bank’s strategy to build the new financial architecture via Project Guardian. He explained, “MAS and industry partners are tokenizing different asset classes with specific desired outcomes.” Additionally, he mentioned that the International Monetary Fund (IMF) is joining the Project Guardian policymaker group. The MAS established this policymaker group in October in partnership with Japan’s Financial Services Agency (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA).

The central banker also discussed digital money. He explained that privately issued cryptocurrencies, central bank digital currencies (CBDCs), tokenized bank liabilities, and well-regulated stablecoins are “four contenders for digital money.” Noting that many crypto investors have “suffered significant losses,” he opined:

Cryptocurrencies have failed the test of digital money. They have performed poorly as a medium of exchange or store of value. Their prices are subject to sharp speculative swings.

“Wholesale CBDCs and tokenized bank liabilities can play the role of digital money and help to achieve atomic settlement,” stated Menon. Noting that well-regulated stablecoins can also “play a useful role as digital money,” he said the monetary authority has granted in-principle approval under the Payment Services Act to three stablecoin issuers: Straitsx SGD Issuance, Straitsx USD Issuance, and Paxos Digital Singapore.

What do you think about the statements by MAS Managing Director Ravi Menon and the central bank’s digital asset approach? Let us know in the comments section below.

We dig into the world of no ID casinos, popularly called “no Verification casinos.” We examine their advantages, bonuses, and legitimacy.

Before now, players at online casinos had to go through a rigorous sign-up and verification process known as KYC – Know Your Customer, to access their favorite games. Thankfully, many online casinos now offer players a hassle-free alternative without ID verification.

This article reviews the top 10 no verification casinos for your reading pleasure.You can rest assured that our top picks prioritize player privacy and do not compromise gaming quality or offerings.

The Best No ID Verification Casinos Ranked

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Casino Bonus
Bonus Details
Minimum Deposit
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Welcome bonus
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$20
40x
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Pros

Impressive game collection
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Cons

No live poker game

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Mega Dice is a casino and sportsbook launched in 2023. This casino emerged as a rebrand of the renowned SatoshiDice, and it certainly lives up to the expectations, already earning a top spot as a no verification casino UK.

Mega Dice has an impressive collection of over 5,000 games, ranging from slots and table games to live dealers and blockchain-based titles like dice, crash, and keno games. Mega Dice has gone beyond a regular casino to run a 24/7 sportsbook with multiple gaming offerings. Thus, to maintain its esteemed status, Mega Dice collaborates with reputable software providers like Betsoft, Hacksaw Gaming, NetEnt, PG soft, and Pragmatic Play to ensure a broad selection of popular titles and games.

Being a typical crypto casino, Mega Dice supports a range of payment options like Bitcoin, Tether, Litecoin, Ethereum, XRP, Dogecoin, Cardano, Tron, and Bitcoin Cash. Deposits and withdrawals are processed through the blockchain network within minutes. So, players can easily fund their accounts by copying the deposit address or scanning their QR code.

Mega Dice provides quality customer support through its 24/7 live chat, email, and a comprehensive FAQ section. The live chat feature connects users with the casino’s representative within seconds. Although email support may take longer than the chat feature, Mega Dice makes up for this with a detailed FAQ section on its website.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Welcome Bonus
200% deposit bonus of up to 1 BTC and 50 free spins
$20
40x
Crypto

Pros

Impressive game collection
The website is available in multiple languages
Customizable gaming preferences

Cons

No table games
No fiat payment options

3. BetOnline.ag – No ID Casino with tailored welcome bonuses

BetOnline, listed by our experts as the best offshore sportsbook, has expanded its services to provide quality casino offerings. With an impressive collection of over 500 games, BetOnline presents its players with a repertoire of gaming options. These games are powered by renowned developers like Rival Gaming, Betsoft, and Red Dragon.

One of the most applaudable features of BetOnline is its slots section. This section runs a demo play, allowing players to test the terms and conditions before the actual game. The slots also feature a volatility rating that allows players to make informed decisions. Table game enthusiasts will find over 60 gaming options like roulette, baccarat, blackjack, and craps on BetOnline. The casino also offers multiple jackpot variations of these table games, providing gamers with more opportunities to earn gaming rewards.

As regards payment options, BetOnline provides a well-balanced range of payment methods for both traditional and cryptocurrency users. Major credit cards like Visa, Mastercard, Discover, and American Express are accepted, alongside wire transfers. Bitcoin takes center stage for cryptocurrencies, with 15 alternative crypto options like Ape Coin, Ethereum, Litecoin, and Ripple also available on the platform.

For deposits, BetOnline has a minimum requirement of $20. Credit cards incur a 9.75% fee, while crypto deposits are fee-free. Withdrawals also start at $20. Crypto withdrawals are charge-free, so players can access their funds without additional charges.

BetOnline also has one of the industry’s most exceptional customer support offerings. Users can access round-the-clock assistance through live chat, email support, and telephone. The casino also had a help center with comprehensive resources and a user-friendly interface. It covers many topics and addresses most user queries, ensuring users can easily find the necessary information and support.

There is a wide range of bonuses and promotions on BetOnline. Welcome bonuses are tailored to specific types of bets, whether sports, casinos, or poker. These welcome bonuses often consist of deposit match bonuses. Players can also take advantage of reload bonuses available for subsequent deposits at the casino. The casino also runs multiple ongoing promotions to ensure players have continuous opportunities to earn mouthwatering rewards.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Live dealer welcome bonus
$25
–
–
Bank transfer, credit and debit cards, and cryptocurrencies.

Slots welcome bonus
100% slots bonus
$100
50x

Pros

Multiple Welcome Bonuses
Unlimited Reload Bonuses
Multiple customer support service channels
Fiat and Crypto payment options

Cons

Charges deposit fees for Credit Card

4. Bovada – No ID Casino with personalized high-quality games

Bovada is renowned for its commitment to delivering high-quality games. Rather than focusing on quantity, Bovada prioritizes quality, ensuring that every game in the casino is top-notch. While Bovada offers a selection of over 150 games, its dedication to excellence goes beyond numbers. The casino consistently introduces new titles to keep its collection fresh and engaging.

Bovada takes gaming personalization to a whole new level. By analyzing players’ gaming history, the casino’s homepage understands individual preferences and suggests games that align with their interests. This tailored approach effortlessly introduces players to new titles that resonate with their tastes.

When it comes to welcome bonuses, Bovada retains its crown as the king of gaming personalization. Sports enthusiasts can take advantage of exclusive sports welcome bonuses; similarly, poker enthusiasts are greeted with specific welcome bonus offers. Bovada’s commitment to tailored promotions ensures every player finds something enticing and rewarding.

Bovada also excels in providing multiple payment options. Players can enjoy instant Crypto withdrawals thanks to Bovada’s support for cryptocurrencies like Bitcoin, Ethereum, USDT, Litecoin, and Bitcoin Cash. For those who prefer traditional payment methods, Bovada offers the convenience of Visa and Mastercard payments.

To further demonstrate its dedication to player satisfaction, Bovada provides 24/7 customer support. So whether you prefer the convenience of live chat or email, Bovada’s support team is always available to address any queries or concerns promptly.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Casino Bonus
100% up to $1000
–
25x
Visa, MasterCard and Crypto.

Pros

Customized welcome bonuses
Tailored game recommendations
Evolving game collection
Multiple withdrawal options

Cons

Limited free withdrawals

5. Cloudbet – No ID Casino with 100% matched deposit bonus of up to 5 BTC

Established in 2013, Cloudbet has built a strong reputation as a reliable online platform. This reputation is further enhanced by the casino’s gaming features and offerings.

Cloudbet’s casino has over 3000 games from renowned providers like Evolution Gaming and Vivo. Players can enjoy various options, including slots, jackpot slots, arcade games, table games, baccarat, blackjack, roulette, and virtual live games. With this wide range of gaming options, there is always something for everyone.

Cloudbet takes sports betting to the next level with its impressive sportsbook offering. Players can bet on popular sports like tennis, hockey, basketball, and American football. The sportsbook also features in-play markets that allow gamblers to engage in live betting as the game progresses. These features have earned Cloudbet a spot among the best no verification casinos in the UK.

For payment options, Cloudbet supports a range of cryptocurrencies for deposits and withdrawals. Whether you prefer Bitcoin, Ethereum, or other popular cryptocurrencies, Cloudbet has got you covered. The casino ensures that a repertoire of crypto options is available to its players to ensure convenient and secure transactions.

Cloudbet understands the importance of providing excellent customer support. That’s why it offers 24/7 customer support through live chat and email. The casino’s dedicated customer support team is always ready to assist players.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Welcome Bonus
100% matched deposit bonus of up to 5 BTC
0.001 BTC/$20
40x
Crypto

Pros

An impressive collection of live table games
Variety of in-play betting markets
Swift deposit and withdrawals

Cons

The VIP program is by invitation
Charges handling fee on deposits

6. Stake – No ID Casino with active presence on various social media platforms

Since its inception in 2019, Stake has earned a reputation as a dependable and trustworthy platform in the igaming industry. The casino has an impressive collection of over 2,000 games. Players have multiple options, from classic slots and video slots to popular table games like blackjack and roulette.

Another interesting Stake Casino feature is its thrilling live dealer games hosted by seasoned professionals. With partnerships with renowned software providers like NetEnt, Microgaming, and Evolution Gaming, Stake Casino stands tall among its competitors.

Stake Casino takes a unique approach to its welcome bonuses. Instead of a regular structure, new players can expect delightful surprises in the form of different bonus offerings. This adds an element of surprise to the anticipation of first-time casino players.

Stake Casino supports cryptocurrencies and traditional payment options like credit cards and e-wallets. However, it’s important to note that the casino has specific terms and conditions for each payment method. These terms and conditions are to ensure transparency and clarity.

At Stake Casino, efficient customer support is a top priority. The casino ensures that players receive immediate assistance through live chat or email. With a dedicated team of support professionals available 24/7, players can rest assured that their inquiries and concerns will be promptly addressed. Stake Casino also maintains an active presence on various social media platforms where players can stay updated about the latest news, promotions, and announcements. This further fosters effective communication and engagement among members of the Stake casino community.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Stake’s Daily Races
$100,000 every 24 hours.
N/A
N/A
Crypto

Pros

Multiple payment options
Swift withdrawals
Unique bonus offerings

Cons

No welcome bonus

7. MyBookie – No ID Casino with weekly promotions, free spins and rebates

MyBookie casino was established in 2014 with an exceptional package. In addition to its outstanding casino qualities, MyBookie offers sports betting, enticing promotions, thrilling casino tournaments, exciting contests, and a remarkable VIP section.

With over 500 games, MyBookie collaborates with renowned game providers like B Gaming and Betsoft to provide high-quality game options. The casino’s user-friendly layout allows easy filtering between new games and features, guaranteeing a seamless gaming experience.

MyBookie caters to different player preferences with a respectable range of payment options. Players can use major credit cards, such as Mastercard and Visa, to deposit in their preferred currency. The casino also recommends the use of cryptocurrencies for seamless transactions. Bitcoin, Litecoin, Ethereum, and Bitcoin Cash are the primary crypto payment options available on MyBookie.

MyBookie takes pride in its top-notch customer support, as it should. The casino provides an extensive collection of articles addressing common issues that may arise while using the platform. Players also have the option to reach out to the support team using the platform’s contact form or through the live chat button.

MyBookie goes the extra mile to reward its first-time users and loyal players. The excitement begins with a deposit match as part of the platform’s welcome bonus, and the generosity continues with reload bonuses. MyBookie offers enticing weekly promotions, including free spins and rebates on losses. With its range of bonuses and ongoing promotions, MyBookie ensures that players have ample opportunities to maximize their rewards and make the most of their time at the casino.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Welcome Bonus
150% up to $750
$45
40x
Bank transfer, Visa, MasterCard, and Crypto

Pros

Multiple payment options
User-friendly interface
Weekly promotions and bonuses

Cons

High wagering requirements

8. mBit – No ID Casino with 200% bonus of up to 5 BTC and 300 free spins

Since its launch in 2014, mBit Casino has established itself as a leading online casino. It’s no surprise that it ranks among our top 10 no ID casinos. With a vast library of over 1000 casino games sourced from renowned software providers like Betsoft, Play’n GO, Amatic, and Booming Games, mBit Casino is on its way to becoming a top no verification casino. This impressive collection includes a range of slot titles like “After Night Falls,” “Arrival,” “Wild Blood,” and “Heist.”

On mBit Casino, players enjoy virtual table games like Roulette, Blackjack, Pai Gow Poker, and Baccarat, and video poker games like Aces & Faces, Deuces Wild, and Jacks. If you think this list is long, you “ain’t seen nothing.” mBit Casino also caters to those who enjoy Keno games and scratch cards. For an immersive and authentic gaming experience, mBit Casino features a live dealer casino where players can engage with real dealers for games like Baccarat, Blackjack, and Roulette.

Upon registering at mBit Casino, players receive a generous welcome bonus of up to 5 BTC and 300 Free Spins. The bonus structure at mBit Casino is designed to reward players across their first three initial deposits.

mBit Casino understands the importance of catering to a diverse range of players and, therefore, accepts various cryptocurrencies as payment options. These digital currencies include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Tether, and Ripple.

To ensure a seamless and enjoyable gaming experience, mBit Casino provides 24/7 live chat support. Their dedicated team of support staff is readily available to assist players promptly. Players can instantly connect with a live chat representative by simply clicking on the live chat button on the bottom window pane. In addition to live chat support, mBit Casino offers an alternative option for players to contact the support team via email.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

First Deposit Bonus
75% bonus of up to 1 BTC and 75 free spins
0.05 BTC
35x
Crypto

Second Deposit Bonus
100% bonus of up to 1.5 BTC and 100 free spins.
N/A
N/A
Crypto

Third Deposit Bonus
125% bonus of up to 1.5 BTC and 125 extra Free Spins
N/A
N/A
Crypto

Pros

Generous welcome bonus
Unique slot games
Good mobile compatibility

Cons

No fiat payment options

9. BK8 – No ID Casino with 100% up to $100 sign-up bonus

Since its inception in 2014, BK8 has positioned itself as a leading no registration casino. The casino is dedicated to providing players with an aesthetically pleasing online casino experience with over 2,500 games, from thrilling live dealer games to captivating slots and classic table games. The live casino section offers players a realistic gaming environment to interact with professional dealers. From timeless favorites like blackjack, roulette, and baccarat to innovative variations and captivating game shows, the live dealer section is an authentic and engaging platform. BK8 has established partnerships with renowned software providers like NetEnt, Red Tiger, Asia Gaming, and Microgaming to produce top-quality games for slots.

As per bonuses, BK8 has an array of enticing options. New players can use the casino’s generous sign-up bonus to kick-start their trading journey.

BK8 understands the importance of providing convenient and flexible payment options to cater to the needs of its players. Hence, payment options like bank transfers, EeeziePay, VADERPAY, and Help2Pay are available on the casino platform. But that’s not all. BK8 also allows crypto payment on its platform with options like BK USDT, Ethereum, and Bitcoin. BK8 sure knows how to satisfy its crypto-savvy clientele.

To ensure a seamless and enjoyable gaming experience, BK8 offers a live chat function available 24/7. This allows players to reach out for support whenever they need assistance. BK8 also goes the extra mile to connect players with the same customer support representative they previously interacted with. This personalized approach ensures familiarity and continuity in the player’s support experience and enhances customer satisfaction.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Welcome Bonus

100% up to $100
$50
Varies per location
Varies per location

Pros

User-friendly interface
Multiple payment options
Impressive live casino

Cons

Limited welcome bonus

10. Betpanda – No ID Casino with 100% matched deposit bonus of up to 1 BTC

BetPanda is the latest addition to the online gaming community. Established in 2023, this brand-new no KYC casino has a collection of over 3,000 premium games of slots, crash games, table games, and a variety of live dealer lobbies from esteemed companies like Big Time Gaming, Evolution, Play’N Go, and Pragmatic Play.

Being a novel online casino, BetPanda has followed the steps of recently launched casinos to offer crypto-based payment options. Players can make deposits in Bitcoin, Ethereum, XRP, and BNB. The casinos ensure swift payouts, with funds reaching users within minutes.

Betpanda also has a range of enticing bonuses for new players, weekly cashback rewards, and an engaging VIP club program. The casino also offers 24/7 online chat support and email support. This ensures that players can get assistance from the casino’s representative at any time of the day.

Casino Bonus
Bonus Details
Minimum Deposit
Rollover
Payment Method

Welcome Bonus

100% up to 1 BTC
N/A

N/A
Crypto

Pros

Weekly cashback bonuses
Exclusive VIP rewards
No minimum deposit requirements

Cons

High wagering requirements
No fiat payment options

What is a No ID Casino?

A No ID Casino, also known as a No Verification Casino or a No KYC (Know Your Customer) Casino, is an online gambling platform that does not require players to provide identification documents or personal information during registration or verification. Players can create an account, deposit funds, and immediately start playing without going through the usual identity verification procedures that may involve providing a government-issued ID, proof of address, and/or utility bills.

A no ID Casino is the perfect alternative for players who value privacy and convenience. These instant withdrawal casinos allow players to access their favorite games without disclosing personal information.

Advantages of No ID Casinos

No ID Casinos are becoming more popular by the day because of their multiple advantages. Top on the list are:

Quick Registration: Thanks to no verification casinos, many players can access their favorite games within minutes of creating an account. Players can skip lengthy verification procedures and get right to the chase because they don’t need to provide identification documents or personal information.
Privacy and Anonymity: No ID Casinos prioritize player privacy by not requesting personal information during registration. This feature particularly appeals to players who want to stay anonymous and keep their gambling activities private.
Swift Withdrawals: Since there are generally no verification requirements, withdrawals from no KYC Casinos are often faster than traditional online casinos. Here, players enjoy quicker access to their winnings without any concerns about additional verification exercises.
Accessible in Restricted Regions: No ID Casinos are the players’ alternative in many countries or regions where online gambling is heavily regulated or restricted. With or without a VPN, players in restricted regions can access a repertoire of online casino games beyond their geographical restrictions.

Are No ID Casinos Safe & Legal?

All no ID Casinos have the common feature of no lengthy sign-up and verification process that demands the personal details of its players; however, these platforms vary in terms of safety and legality. While some reputable and licensed online casinos offer a no verification option, there are also unregulated or scam casinos that operate a no verification policy only because they lack proper licenses, and such casinos are a huge risk to players. Thus, players must thoroughly research any platform before signing up.

Factors to gauge the safety and legality of instant withdrawal casinos include:

Licensing and Regulation: Check if the casino holds a valid gambling license from a reputable gambling authority. Licensed casinos are subject to strict regulations and oversight that ensure fair play and premium player protection.
Customer Reviews: Look for reviews and feedback from other players to gauge the casino’s reputation. Reputable casinos will have positive reviews and a record of providing a safe and fair gambling experience. Who better to give you pertinent details of a gaming platform than a previous customer?
Secure Payment Methods: One of the reasons instant withdrawal casinos are so popular is their payment options. Thus, it’s important to ascertain that one’s preferred casino has secure and trusted payment methods for deposits and withdrawals. Look for SSL encryption and other security measures that protect your financial transactions.
Responsible Gambling Features: A licensed casino will have responsible gambling measures to help its players wager within reasonable boundaries. These measures will include self-exclusion options, deposit limits, and other resources for problem gambling support.
Customer Support: Check if the casino provides responsive and helpful customer support. Reliable casinos have multiple communication channels and swiftly assist players with concerns or issues.

By considering these factors in choosing a licensed No ID Casino, you have increased your likelihood of having a safe and legal gambling experience. Luckily, all the casinos on our list satisfy all these criteria, so you don’t have to go through the herculean task of finding a reliable and licensed casino.

Are No ID Casinos Licensed?

No ID Casinos may or may not be licensed. However, reputable online casinos maintain proper licensing and regulation. On the other hand, unregulated casinos that operate without licenses are often scam platforms that pose risks to players.

Reputable casinos, such as Mega Dice and Lucky Block, hold licenses issued by the Governor of Curaçao. This license ensures that these casinos provide players with a reliable and transparent gaming experience.

Can You Play All Games at No ID Crypto Casinos?

One of the features of no ID casinos is its broad selection of games. These games are developed by renowned software providers supplying traditional online casinos. Some of the top shot software providers in no KYC casinos include Microgaming, Hacksaw Gaming, Evolution, and Pragmatic Play. So, players can rest assured that the games in these casinos are top-notch.

In addition to the broad range of games, many no ID casinos also offer provably fair games built on secure blockchain technology. Thus, these casinos operate a transparent and verifiable network to confirm the fairness of gaming outcomes, further enhancing the trust and integrity of the platforms.

Bonuses at No Verification Casinos

Online casinos are renowned for their mouthwatering bonuses. From free spins to Bitcoin rewards, these instant withdrawal casinos are replete with bonuses. Let’s see the categories of bonuses in no ID casinos.

Matched Deposits

One of the most popular bonuses at no KYC casinos is matched deposit bonuses. These bonuses are designed for new players who fulfil a minimum deposit requirement upon signing up.

Let’s take an example from Lucky Block. As mentioned, Lucky Block has a welcome bonus of 200% up to 1 BTC. This means players can make as much as 1 BTC if their initial deposit matches up to the 200% requirement.

An Example of How Matched Deposit Bonuses Work

Suppose a player deposits Bitcoin worth $500 as an initial deposit in Lucky Block; the player becomes eligible for the 200% deposit bonus. Hence, Lucky Block adds the 200% bonus to their account. In this instance, 200% of $500 is $1000, so the player will have $1500 as the new account balance.

Please note that the winnings from the bonus can only be withdrawn once the player fulfils the wagering requirements specified by Lucky Block. These requirements ensure that players engage in a certain amount of gameplay before being able to withdraw their bonus winnings.

Free Spins

Our team of experts deduced that some instant withdrawal casinos offer their customers free spins, often as part of their welcome packages. So, let’s see what our top casinos have to offer.

– Mega Dice and Lucky Block provide new players 50 free spins, which they can use on the Wanted Dead or a Wild slot.

– BC.Game incorporates different free spins bonuses into its loyalty programs, so players, both novices and professionals, can enjoy different bonus packages with free spins.

We advise that players review the wagering requirements of every free spins bonus before signing up. Typically, only the winnings generated from the free spins must be wagered before withdrawal.

Which is the Best no KYC casino?

Our team of experts curated this no KYC list so you can rest assured that every casino on this list is reliable. These casinos are the ideal private environment for online gambling. Of all the best casinos online to withdraw without sending any documents, Lucky Block stands out as our favorite. This is the model no verification casino with a swift sign-up process that only requires your username, password, and email address.

Lucky Block is also renowned for its swift withdrawal process and attractive bonuses. New players enjoy a 200% deposit bonus and 50 free spins. The casino has over 3,000 slots, traditional table games, and a novel sportsbook, so you will always have gaming options. Lucky Block is one casino you should try out.

Frequently Asked Question about No Verification Casinos

Which Bitcoin casinos have no ID?

Bitcoin casinos generally do not require KYC verification. Lucky Block and Mega Dice are good examples of such casinos.

What is the best online casino with no ID verification?

When it comes to casinos with no ID or KYC requirements, Lucky Block takes the lead as the top choice. This platform offers players exceptional benefits, including generous deposit bonuses and the convenience of instant withdrawals. It’s our number one online casino.

Do all gambling sites require ID?

ID requirement depends on the platform and its payment options. Gambling sites that accept fiat payment options via credit cards and bank wires are legally obligated to request user verification IDs. This is to ensure the safety and security of the platform.

Where can I find a no ID casino, no deposit bonus?

No ID or no KYC casinos generally do not offer their clients no deposit bonuses. This is understandable because it’s difficult to determine if a player has earned the bonus more than once. This means the fairness and even distribution of such bonuses can be compromised.

U.S. presidential candidate Vivek Ramaswamy says the government is “threatened by the existence of Bitcoin,” emphasizing that if the cryptocurrency becomes more popular, it would create “a threat to the incumbent status of the U.S. Federal Reserve itself.” He promised to ensure the government is “staying the heck out of the business of those who are innovating” if he’s elected president.

Vivek Ramaswamy: Government Threatened by the Existence of Bitcoin

U.S. presidential candidate Vivek Ramaswamy discussed a number of topics, including Bitcoin, in an interview with Natalie Brunell, published this week. He also recently revealed his crypto policy framework.

“My view on the promise of Bitcoin … is an opt-out from the broken financial architecture created by the U.S. Federal Reserve System,” he began. While emphasizing that he wants to “fight for the dollar to remain the reserve currency of the world,” Ramaswamy stressed that there are two ways of doing it. “One is if you are really insecure about your own value proposition, you may try to smash out the competition,” he said, adding:

I look at it the other way. I think the existence of Bitcoin hold the dollar’s feet to the fire to make sure that it can’t be manipulated in a way that people don’t just opt out and go to the other direction.

“My view is I’m against corporatism which is the merger of state power and private power to together coordinate and do what can’t be done,” he detailed. “I, instead, have a different vision, which is the government should get the hell out of the hair of Bitcoiners.” He emphasized: “It’s not how do we integrate. It’s how do you actually realize the initial promise of being an alternative Wild West that’s a true frontier for pioneers and explorers without being constrained.”

Ramaswamy continued: “Look at the Biden administration’s differential rules or regulations or proposed regulations from an energy perspective.” He explained that a lot of activities related to “the climate change agenda” have “nothing to do with the energy.”

He warned: “That’s just the excuse they are using. Part of this is they want to create a surveillance state … to be able to monitor how you are using your energy. If they can monitor that, they can monitor anything.” Moreover, Ramaswamy stated:

They’re threatened by the existence of Bitcoin. They don’t want people mining for more bitcoin because that would make Bitcoin more popular which in turn you know creates a threat to the incumbent status of the U.S. Federal Reserve itself.

We Need ‘True Competition Where Government Stays the Heck out of the Way’

Emphasizing that the job of the U.S. government is to stay away, the presidential hopeful detailed: “I would say this to the Bitcoiners out there in the entire community. Be very wary of saying: ‘Hey what can the government do to help us?’ No! keep the government the hell away from whatever it is you want to do that’s a good thing.”

He added, “I think it is good to decentralize power away from the federal government. That’s what the founding fathers envisioned,” elaborating:

My job should be to make sure the government is staying the heck out of the business of those who are innovating and pioneering in different spheres in their own right, financial system included … I actually think that what we need is true competition where the government stays the heck out of the way.

“That’s the way I look at this rather than saying: ‘Hey how do we all work together to create a vision of the great reset where we dissolve the boundaries between the public and private sector to have a hunky dory vision for the future of Humanity,’” he concluded.

What do you think about the statements by U.S. presidential candidate Vivek Ramaswamy about bitcoin and the government’s role in crypto regulation? Let us know in the comments section below.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva says central bank digital currencies (CBDCs) can replace cash. She has urged the public sector to “keep preparing to deploy CBDCs and related payment platforms,” emphasizing that these platforms “should be designed from the start to facilitate cross-border payments, including with CBDCs.”

IMF Chief Encourages CBDC Adoption

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), discussed central bank digital currencies (CBDCs) Wednesday at this year’s Singapore Fintech Festival. The IMF also released a CBDC handbook as a reference guide for policymakers and experts at central banks and ministries of finance around the world.

The IMF chief detailed:

CBDCs can replace cash which is costly to distribute in island economies. They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts.

“CBDCs would offer a safe and low-cost alternative. They would also offer a bridge to go between private monies and a yardstick to measure their value, just like cash today which we can withdraw from our banks,” she added.

Georgieva explained that many countries “are developing regulation to guide digital money developments.” However, she admitted: “We have not yet reached land. There is so much more space for innovation and so much uncertainty over use-cases.” Citing various benefits of central bank digital currencies, the head of the IMF opined: “In some countries, the case seems dim today, but even they should remain open to potentially deploy CBDCs tomorrow.”

According to the Atlantic Council’s Central Bank Digital Currency Tracker, 130 countries, representing 98% of the global GDP, are exploring a CBDC, with 11 having fully launched a digital currency. In addition, 19 of the G20 countries are now in the advanced stage of CBDC development.

Emphasizing that “this is not the time to turn back,” the IMF managing director stressed:

The public sector should keep preparing to deploy CBDCs and related payment platforms in the future … These platforms should be designed from the start to facilitate cross-border payments, including with CBDCs.

Georgieva also said that artificial intelligence (AI) “could amplify some of the benefits of CBDCs.” She noted: “It could improve financial inclusion by providing rapid, accurate credit scoring based on various data. It could provide personalized support to people with low financial literacy.” However, the IMF chief continued: “To be sure, we need to protect personal privacy and data security, and avoid embedded biases so we don’t perpetuate inequality but aim to reduce it. Managed prudently, AI could help.”

What do you think about the statements by IMF chief Kristalina Georgieva about central bank digital currencies? Let us know in the comments section below.

Leading cryptocurrency exchange Binance is putting itself in a position to take control of the Japanese market.

In the past, the regulatory environment pulled many local startups out of the market, and other significant firms’ attempts to establish a foothold in Japan, such as FTX and Coinbase, failed.

Chino Takeshi remains optimistic about the crypto exchange’s prospects in the “Land of the Rising Sun,” stating:

“We will further expand our services in Japan and play a leading role in the spread of cryptoassets in Japan. Please look forward to the future of Binance Japan.”

Integration Of Sakura Users Into The Binance Platform

Binance acquired the Sakura Exchange Bitcoin trading platform in November 2022 and has been progressively integrating Sakura users into its platform.

Binance’s return to the Japanese market is remarkable, given the company’s exit in 2018 because of Tokyo’s strict crypto laws.

However, in a significant move, Binance recently declared that, starting December, it will cease accepting Japanese residents on its global site.

Instead, the focus will be on Binance Japan, which has set an ambitious goal of listing “100 tokens” on its platform.

The company is now attempting to capture the Japanese market by increasing the number of cryptocurrency pairings it offers by 13.

This objective is noteworthy given Japan’s historically stringent token listings policy, where coins must undergo scrutiny by a self-regulating panel, and final approval rests with the Financial Services Agency.

The regulatory landscape in Japan has witnessed a shift in recent months, with Tokyo easing its stance on regulations to foster growth in the crypto and Web3 sectors.

Binance Japan’s CEO, Chino Takeshi, revealed that the platform currently handles 47 coins.

Among the newly added tokens are Near Protocol (NEAR), EOS, Kakao’s KLAY coin, and Hedera Hashgraph (HBAR), all of which received approval from the Japan Virtual and Cryptoassets Exchange Association (JVCEA).

Crypto Exchange’s Presence In Thailand

Meanwhile, the company is also actively expanding outside of Japan. Through a joint venture called Gulf Binance with Gulf Innova, a division of Gulf Energy Development, it is preparing for a major presence in Thailand.

The Securities and Exchange Commission (SEC) of Thailand has approved the partnership, designating Gulf Binance as a regulated digital asset operator.

The current permission gives the green light for the cryptocurrency exchange to soon open in Thailand.

With a focus on security and SEC compliance, Gulf’s platform will provide digital asset exchange and broker services for cryptocurrencies as well as digital tokens.

With this step, Binance is demonstrating its dedication to growing its presence throughout the world and taking advantage of new opportunities in other markets.

Featured image from Freepik

PRESS RELEASE.

Launching with LBank: A Promising Beginning

Star Atlas, a pioneering force in the fusion of gaming and blockchain, has taken a significant leap forward with the listing of its ATLAS token on LBank. This milestone not only marks a new chapter in its journey but has also sparked a notable surge in market interest, evidenced by a 60% increase in ATLAS’s value since its lowest point. This uptick reflects the growing excitement and confidence among investors and gamers alike, drawn to Star Atlas’s innovative approach.

The Visionary Roadmap

At the heart of Star Atlas’s recent showcase at the 2023 Breakpoint keynote is an ambitious roadmap that marries the thrill of gaming with the revolutionary capabilities of blockchain technology. This forward-thinking plan is setting a new benchmark in the virtual gaming world, all underpinned by the power of the Solana blockchain.

Revolutionizing the Gaming Experience

In the last three years, Star Atlas has been meticulously constructing its digital universe. The release of the Unreal Engine 5 game, now on the Epic Games Store with version R2.1, marks a significant milestone. This version is not just about solo gaming; it introduces an exhilarating multiplayer dimension with dogfighting arenas, seamlessly merging in-game NFT assets with its digital marketplace.

Raising the Bar with R2.2

The upcoming R2.2 release promises to elevate the multiplayer gaming experience even further. Featuring competitive combat racing and groundbreaking on-chain features like blockchain-linked ship configuration and extensive mastery and XP systems, Star Atlas is setting a new standard in real-time multiplayer metaverse gaming, managing up to 30,000 users simultaneously.

Expanding Beyond the MMO

Star Atlas’s ambition extends beyond its Unreal Engine MMO world. With the Star Atlas: Golden Era, a browser-based strategy game fully integrated with the Solana blockchain, the gaming universe demonstrates its commitment to expand across different platforms. This game enhances the metaverse experience with advanced guild systems and on-chain architecture.

Empowering Developers and Building Community

Understanding the importance of community and collaboration, Star Atlas has initiated an open IP policy and a comprehensive build program for developers. This move has inspired over 16,000 downloads of its development kits, fostering a community of innovation around the Star Atlas universe.

Building a Digital Nation-State

The project’s keynote highlighted Star Atlas’s broader vision: creating more than just a game, but a digital nation-state powered by a community-driven economy, all enabled by Solana’s blockchain technology. The upcoming year is poised to showcase the significant progress made towards this ambitious vision.

A Future Forged Together with LBank

In redefining the MMO metaverse experience, the collaboration with LBank is pivotal. This partnership isn’t just about supporting Star Atlas’s roadmap; it’s a signal of a future where gaming and blockchain are seamlessly intertwined, opening up new realms of possibilities in the digital world. The journey of Star Atlas, strengthened by LBank, exemplifies the power of strategic partnerships in shaping the future of blockchain and gaming.

Learn More about STAR ATLAS:

Official Website: https://staratlas.com/

Contract: https://solscan.io/token/ATLASXmbPQxBUYbxPsV97usA3fPQYEqzQBUHgiFCUsXx

Twitter: https://twitter.com/staratlas

Discord: https://discord.gg/staratlas

YouTube: https://www.youtube.com/@StarAtlasGame

Game: http://labs.staratlas.com

Game Store: https://store.epicgames.com/en-US/p/star-atlas-bead34

Governance: https://govern.staratlas.com

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

U.S. presidential candidate Vivek Ramaswamy has unveiled his “Three Freedoms of Crypto” policy framework. He stated that as President, he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies.

Vivek Ramaswamy’s Crypto Policy

U.S. presidential candidate Vivek Ramaswamy unveiled his cryptocurrency policy on Thursday. He wrote on social media platform X:

Rolling out my ‘Three Freedoms of Crypto’ policy framework at the North American Blockchain Summit this morning in Texas.

“Since the inception of crypto, the shadow government in the administrative state in Washington, D.C., and its cronies on Wall Street have tried to quash its rise. They have implemented policies through the *backdoor* using administrative rule-making and arbitrary enforcement that Congress never passed,” the presidential hopeful described.

“As President, I will ensure that innovative sectors, from crypto to energy to drug discovery, are liberated from the shackles of the unconstitutional shadow government,” he added.

Ramaswamy clarified that the three basic principles he rolled out form the backbone of what will be the forthcoming cryptocurrency policy framework under his administration. He also believes that these principles can influence the approach taken by Congress or future U.S. presidents when addressing the crypto sector. Outlining the three principles, he stated:

They are the freedom to code, the freedom to financial self-reliance, and the freedom to innovate free from regulatory overreach.

The presidential hopeful then explained each principle in more detail. “I believe that code is a form of speech and it’s protected by the First Amendment,” he said. Referencing the Tornado Cash case, he stressed that you can’t go after the developers, you need to go after individual bad actors breaking the laws that already exist on the books.

As for the freedom to financial self-reliance, he views the Bank Secrecy Act (BSA) and a number of money laundering statutes that are working their way through Congress as “fundamentally unconstitutional.” Specifically, he promised: “Any regulation that touches self-hosted wallets will end on my watch.”

Regarding the freedom to innovate free from regulatory overreach, Ramaswamy referenced a landmark ruling by the U.S. Supreme Court in the West Virginia v. EPA [Environmental Protection Agency] case which held that the regulatory agency lacks the authority to regulate greenhouse gas emissions. Ramaswamy promised:

On day one as your next president, I will rescind any unconstitutional regulations that fail the Supreme Court test in West Virginia v. EPA. To be clear, that will include most, if not all, of the SEC regulation as it applies to crypto.

He added that on day one of his presidency, he’ll make sure that all regulatory agencies stand down from “enforcing any regulations that fail that test,” noting that in year one, he expects a “75% reduction in the number of federal bureaucrats.”

What do you think about the crypto policy unveiled by U.S. presidential candidate Vivek Ramaswamy? Let us know in the comments section below.

The New York Department of Financial Services (NYDFS), overseeing the city’s financial ecosystem and responsible for the crypto regulations in New York, issued new guidance on crypto on Wednesday. The newly proposed measures aim to protect consumers and bring more transparency to crypto platforms operating in New York. 

The NYDFS-delivered new crypto rules mandate that licensees only list and delist a crypto coin if they notify the authority about it. Licensed entities must also submit their policies to the department on how they list and delist a crypto token.

According to the proposed regulations, crypto entities cannot self-certify a crypto asset for trading until they secure regulatory approval over their policies. 

The news release reads:

VC Entities that had a previously approved coin-listing policy under the Prior Guidance are not permitted to self-certify any coins until they submit to and receive approval from the Department a coin-listing policy that meets the standards of Section (A) of this Guidance, and have an approved coin-delisting policy that meets the standards of Section (B) of this Guidance.

Additionally, the NYDFS requires crypto platforms to keep informational records in a way that authorities can easily access them whenever needed. The financial department has set forth the new regulation in order to achieve more consumer protection and measure risk assessment. Therefore, operational, technological, illicit activity risk, tokens, liquidity, and market are the core factors NYDFS considers while designing policies. 

Updated Crypto Regulations In New York

Crypto entities currently operating in New York City must visit the NYDFS office on December 8 with their listing and delisting policies draft. The end date to submit the final version is January 1, 2024, according to the guidance and it applies to all crypto business firms approved under New York Codes and Rules and Regulations, including limited-purpose companies under the state’s Bank Law.

Furthermore, the newly introduced regulation does not allow listing an exchange’s native token like FTX’s FTT and Binance’s BNB. Any token bridged from the native chain is explicitly disallowed. 

Regarding the stablecoin listing on crypto exchanges, the NYDFS permits listing those included in the state’s greenlist. Notably, the state’s greenlist currently has eight coins on it, and six of those are stablecoins. Listing a stablecoin not mentioned in the list will require first secure written approval from the Department of Financial Services (DFS). 

In the proposed regulation, DFS prohibits listing crypto assets having less than 35% circulating supply of the total supply. The updated guidance takes effect immediately, and regulated crypto entities in the regime must follow it. 

Speaking on the proposed crypto guidance, Adrienne A. Harris, Superintendent of Financial Services, expressed that implementation of new rules does not come as part of the state’s crackdown. Rather, it is to ensure user protection and New York having a well-regulated crypto market “at the center of technological innovation and forward-looking regulation.”

In a move to regulate the crypto market in its region, Turkey is gearing up to implement new rules centered on “licensing” and “taxation.” This development comes as the country sheds its status on the Financial Action Task Force’s (FATF) “grey list,” which flags potential risks in money laundering and financial crimes.

The upcoming regulations are expected to address concerns raised by the Paris-based financial watchdog, which had placed Turkey on this watchlist in 2021.

A Balancing Act: Security, Investment, And Turkey’s Crypto Boom

Bora Erdamar, Director at BlockchainIST Center, highlighted that establishing licensing standards will be prioritized in the new framework. This measure aims to “prevent the abuse of the system,” according to Erdamar.

The Director at BlockchainIST Center, further added that the anticipated regulations might encompass capital adequacy requirements, digital security measures, enhanced custody services, and mandatory proof of reserves.

Introducing these regulations is a crucial step in Turkey’s efforts to comply with international standards and improve its financial reputation.

Meanwhile, according to Reuters, Turkey’s soaring interest in crypto has been largely fueled by persistent double-digit inflation, which reached 85% last year, and a significant devaluation of the lira against the dollar.

These economic challenges have driven Turkish investors towards digital currencies, with a survey by Binance Research revealing that more of them entered the crypto market in the past two years. As Turkey faces these economic headwinds, the proposed regulations are expected to safeguard investors and ensure stability in the country’s crypto sector.

Towards Regulatory Clarity: Turkey’s Push For Crypto Legislation And Taxation

Finance Minister Mehmet Simsek has indicated that the government is working swiftly to introduce legislation covering crypto-assets. This move addresses the FATF’s recommendations and enables Turkey to exit its grey-list status.

Mucahit Donmez, CEO of Binance Turkey, expressed optimism about the regulations disclosing that such standards, he believes, will contribute positively to the sector’s growth. Donmez noted:

We think that ensuring the security of users’ assets and setting up certain criteria in terms of minimum capital requirements, listings and custody, and requirements for platforms to obtain operation licenses will contribute positively to the sector.

The Turkish authorities have also revealed their intention to implement regulatory measures for cryptoasset service providers and establish taxation guidelines for digital virtual assets in 2024. According to Erdamar, a “reasonable taxation policy,” which does not deter investors, will be pivotal in building trust in the sector.

Onur Altan Tan, a board member at Futurance Finance Tech & Fexobit, anticipates that the new regulations will clarify platform licensing criteria and introduce user taxation.

Featured image from Unsplash, Chart from TradingView

In a recent interview, Adrian Day, CEO of Adrian Day Asset Management, shared his insights, positing a looming economic downturn in the U.S. Day critically analyzed the Federal Reserve’s actions, explaining their expected impacts on the nation’s economy.

Adrian Day: Recession Looms Like an Oncoming Train

On November 8, 2023, Adrian Day the founder and CEO of Adrian Day Asset Management spoke with Michelle Makori, the lead anchor and editor-in-chief at Kitco News at the New Orleans Investment Conference 2023. During the interview, Day voiced concerns about the U.S. economy’s trajectory towards recession, deeming it “inevitable” due to the delayed repercussions of monetary policy tightening.

He noted the historical sequence where recessions ensue rate hiking cycles, highlighting that the average delay from rate hikes’ commencement to recession onset spans approximately 22 months. This perspective indicates that the U.S. might not yet have fully grappled with the Federal Reserve’s measures, suggesting an impending recession.

“A recession is inevitable in my view,” Day said. “It’s all but inevitable, it’s built-in and a lot of people think, well you know the Fed’s done all is dramatic hiking and we haven’t had a recession yet, therefore we’ve escaped it — I think they’re living in fantasy land.

Day critiqued the Federal Reserve’s strategy, arguing missed opportunities in rate adjustments, potentially complicating future economic scenarios. He underscored the uncertainty shrouding forthcoming rate hikes, emphasizing that prolonged high rates would significantly affect households and corporations. Day’s stance implies a ‘tighter for longer’ approach by the Fed, likely leading to more severe economic consequences.

Addressing inflation, Day forecasted a resurgence, attributing it to base effects and escalating oil prices. He contended that, even if the Fed curbs inflation, the implemented measures might intensify a recession. Day’s commentary mirrors skepticism about the Federal Reserve’s capacity to ensure a smooth economic transition, suggesting that either persistent inflation or aggressive rate hikes could precipitate economic difficulties.

Regarding investment strategies amidst these uncertainties, Day recommended diversifying portfolios and focusing on assets like gold and gold stocks, which he perceives as undervalued. “The outlook for gold is strong,” Day told Makori. “So gold stocks are very undervalued, but I think we’re approaching a time when we’re going to start seeing gold stocks attract buyers if the stock market starts to falter, not crash, but falter we’re going to see a rotation into … sectors that are undervalued.”

He also advised allocating a substantial portion of assets into cash or short-term treasuries, citing their current appealing returns. This strategy, Day suggests, equips investors to capitalize on potential market shifts stemming from the evolving economic landscape. “I think a recession is coming, it’s a freight train heading towards us, it just hasn’t hit us yet … it’s inevitable because of the lagging effects of the tightening,” Day told Makori.

What do you think about Day’s projections about specific assets and the state of the U.S. economy? Do you think a recession is inevitable? Share your thoughts and opinions about this subject in the comments section below.