San Marino, the tiny enclave in North Italy is the latest country committing to blockchain innovation. Its latest rules around blockchain regulation were ratified by the San Marino Government last week. The Republic of San Marino sees its small size as an advantage- the progressive government can now offer regulatory certainty and a legal framework for companies working in blockchain – as demonstrated by the decree just issued.
The Government has given the state-owned company, San Marino Innovation, responsibility as its blockchain Regulatory Authority. San Marino Innovation is building a committee of world-class advisors to create a hub of blockchain innovation.
The committee is looking at the regulatory issues, and the consequent legislation that has to be enacted in order to welcome businesses in the sector. With the results of its work, it will form a framework for those who want to develop the digital ledger technology within the Republic’s perimeter, incubating startups and attracting joint corporate innovation projects.
To bolster its efforts, it has appointed José Maria Macedo as its tokenomics expert. José currently works at the crypto advisory firm, AmaZix, where he holds the position of head of advisory.
Sergio Mottola, President of San Marino Innovation, said: “San Marino is ideally placed to become a global blockchain hub. By nurturing this disruptive technology, The Republic wants to become a leading country in blockchain technology, backed by favourable regulation and legislation that attracts and incubates innovative startups, as well as enterprise companies which wish to trial digital ledger technology, creating an environment in which their digital economy ideas can thrive.
“We have sought global experts to help build our vision, and we are pleased to add José Maria Macedo, partner at AmaZix, to the committee as our tokenomics expert, and to advise on blockchain regulation and policy.”
José Maria Macedo, Partner and Head of Advisory at AmaZix, said: “It’s an honour to have been selected to join the committee of San Marino Innovation. With the backing of the Government of the Republic, it is building an ecosystem that will attract the best blockchain businesses from around the world and secure San Marino’s place as a leading global blockchain hub.”
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KuCoin Exchange Hacked: $150 Million In Bitcoin and Ethereum Stolen
- Hot wallets of the popular cryptocurrency exchange KuCoin have been compromised and drained for at least $150 million worth of digital assets.
- The company reported the event as a “security incident” a few hours ago, reaffirming that “part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the exchange.”
- The monitoring resource Whale Alert has tracked most coins sent to this particular address. In the past few hours, the address has seen numerous small transactions, possibly testing.
- Some of the less-known altcoins transferred out of the exchange’s hot wallets include DGTX, AGI, SNX, DX, SNT, DRGN, and more.
- To ensure that further unauthorized withdrawals cannot happen, KuCoin has suspended all deposits and withdrawals while conducting a “thorough security review.”
- The Singapore-based exchange asserted it had re-deployed the hot wallets after the incident. The statement reassured that the cold wallets are safe and unharmed, and users who have lost any funds will be reimbursed “completely by KuCoin and our insurance fund.”
- Binance CEO Changpeng Zhao, among other prominent individuals within the industry, has shown support and promised that his company will “actively” assist during the investigation.
- The exchange’s native cryptocurrency felt the adverse consequences immediately. KuCoin Shares (KCS) plummeted from over $1 to $0.86 in minutes. Since then, the token’s price has recovered to some extent and trades just beneath $1.
Crypto Market Cap Gained $10 Billion, Bitcoin Eyes $11,000? (Saturday’s Market Watch)
The cryptocurrency market continues to rebound and has added another $10 billion to its market cap since yesterday. Bitcoin trades around $10,700, while some leading altcoins mark serious gains.
Bitcoin Price Trades Around $10,700
Following yesterday’s increase in which Bitcoin topped at $10,800, the primary cryptocurrency retraced to its intraday bottom at about $10,550. However, the bulls intercepted the price dip and drove the asset upwards once again. Just as 2020 goes so far, this Bitcoin spike followed the 1-2% gains seen on Wall Street at the Friday trading session.
The S&P 500 (1.6%), the Dow Jones Industrial Average (1.34%), and the Nasdaq Composite (2.26%) were all deep in the green.
At the time of this writing, BTC has dipped to $10,760 after getting rejected at the first major resistance at $10,790.
As per the analysis, if BTC price breaks above, it could head towards the next resistance at $11,000, followed by $11,200, $11,360, and $11,530. Alternatively, should the asset fall, it could rely on the support levels at $10,580, $10,440, and $10,390, if necessary.
Despite stocks and cryptocurrencies, gold had failed to increase: Recording an intraday high of $1,875, the precious metal dived and closed the session at $1,860.
Altcoins Gain Traction
Some alternative coins lost significant chunks of value lately, but they have been recovering in the past few days. Ethereum has continued its upward movement with another 3% increase to above $350.
Ripple has surged by 5% to $0.243. Bitcoin Cash (1%), Polkadot (3%), Binance Coin (1%), and Litecoin (3%) are also in the green from the top 10. However, Chainlink has outperformed them all by marking an 11% increase. LINK has overtaken BNB and DOT and currently occupies the 6th spot.
As it typically happens, the most volatile price moves come from mid and low-cap alts.
CyberVein leads with a 21% surge. Ren (20.5%), Yearn.Finance (17%), The Midas Touch Gold (14%), DFI.Money (14%), Cardano (11%), Zilliqa (11%), HedgeTrade (10.5%), and Nervos Network (10%) follow.
In total, the cryptocurrency market cap has increased by $10 billion since yesterday. On a 48-hour scale, the metric is up by 8% since its bottom at $319 billion to $344 billion.
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