BlockchainReporter Weekly News Review: Crypto Advancements and Global Expansion Unfold

In the ever-changing world of crypto, the last week witnessed some influencing developments and challenges. First of All, The TON Foundation and KuCoin Ventures developed new payment and GameFi mini-apps to improve cryptocurrency exchange network interoperability. Secondly, the Beijing Ministry of Public Security also targeted cybercrime to improve internet security by apprehending offenders. Meanwhile, the UK government is asking cryptocurrency traders to accurately report their tax responsibilities for assets like Bitcoin and non-fungible tokens. Meanwhile, Binance, a major cryptocurrency company, announced bid farewell to BUSD on December 15, 2023. BTC and ETH kept bears on their feet with a strong fight back to resistance at key levels. Moreover, the EU is also creating “Metaverse,” or virtual reality, legislation. They want people to follow their values and stay secure online. Lastly, OKX, a cryptocurrency company, has also started offering services in Brazil. It allows people to trade and use cryptocurrencies. These events demonstrate the worldwide crypto growth.

TON Foundation and KuCoin Ventures Join Forces for Strategic Mini-App Initiatives

KuCoin Ventures is the investment arm of KuCoin Exchange. It is working with the TON Foundation to develop the ecosystem. The nonprofit TON Foundation is building the TON ecosystem, and KuCoin Ventures has invested heavily in it. The effort aims to facilitate cryptocurrency exchange-public blockchain network interaction. In a strategic move, KuCoin Ventures and the TON Foundation will support five TON-based mini-apps focused on payments and GameFi.

 KuCoin Ventures will fund fresh ideas, R&D, community-building, and blockchain marketing for these Web3 mini-apps. The collaboration should improve TON ecosystem programming, including the Future3 Campus and TON Bootcamp. TON Foundation Head of Accelerator Ian W. underlined the importance of collaboration in developing mini-apps on (The Open Network) TON. KuCoin Ventures’ funding will help TON develop blockchain gaming and payment systems.

Ministry of Public Security Unveils Cybersecurity Initiatives at Beijing Conference

At the “Public Security and Safeguarding the Party in the New Journey” news conference in Beijing on November 30, the Ministry of Public Security discussed its cybercrime and online security efforts. Deputy Director Li Tong, Shi You, and Huang Xiaosu from the Cyber Security Bureau shared the ministry’s proactive efforts. These efforts are focused on cleaning the Internet of illegal activity and fighting hacker cybercrimes. This project has protected online activities and reduced cybercrime.

Throughout the conference, Li Tong stressed the hazards of cybercrimes in the digital age and the progress gained in fighting hacking crimes. After monitoring and targeting, the ministry has resolved 2,430 cases and arrested 7,092 people since 2022. The ministry prioritizes transportation, education, healthcare, and entertainment. Cybercrimes targeting railway tickets, medical appointments, and internet accounts are closely monitored.

UK Treasury Urges Disclosure of Bitcoin and Crypto Taxes

The UK has recently focused on crypto investors, promoting full disclosure and resolution of unpaid taxes. This shows the government’s rising interest in crypto. The U.K. Treasury encourages crypto traders and investors to reveal unreported tax obligations. This refers to taxes on Bitcoin, NFTs, and other utility token transactions.

The administration issued detailed instructions to help the people. These recommendations help crypto users disclose and pay capital gains and income taxes. The rule specifically targets Bitcoin, NFTs, and utility tokens. This shows the government’s commitment to cryptocurrency transparency and regulation.

Binance to Halt Support for BUSD Products by December 15, 2023

Binance is going to stop supporting BUSD products from December 15, 2023. This seemingly routine upgrade affects clients and the crypto ecosystem. It also demonstrates the evolving crypto business landscape. Many variables affected Binance’s decision, including Paxos’ coin manufacturing suspension. Binance traders and investors use BUSD, a stablecoin that exchanges 1:1 with the US dollar. Technology and legal changes caused Binance to reconsider its BUSD support.

This move requires a prompt response from Binance BUSD consumers. BUSD investors can convert to $FDUSD (Fiat on Binance USD) without trading costs. This streamlines the process and reduces trading disruptions before December 15. The focus of Binance focus on stablecoins and financial compliance coincides with worldwide regulatory activities to ensure compliance with laws, transparency, and rising standards.

BTC and ETH Face Resistance at $39,000 and $2,150 Respectively

Bitcoin (BTC) recently surged to a 2023 high of $38,800, driven by optimism about a spot ETF approval and expectations of interest rate cuts. However, a minor selloff ensued, revealing a tug-of-war between long and short positions. Traders manipulate liquidity, causing significant liquidations and market fluctuations. Ethereum (ETH), currently at $2,109, caught attention as a giant whale strategically executed moves, borrowing millions to accumulate ETH. Ethereum’s price consolidation lacks a clear trend, with analysts suggesting caution and potential discounts between $1,750 and $1,850.

Bitcoin’s impact on altcoins, coupled with market uncertainty and the approaching holiday season, adds complexity. Traders navigate the intricate landscape, with Bitcoin’s long/short ratio at 1.2143, signalling change sentiments and potential corrections. The cryptocurrency market’s dynamic nature remains influenced by whales’ manoeuvres and the evolving interaction between Bitcoin and Ethereum. Investors must stay vigilant amid the volatile and multifaceted market conditions.

EU Shapes Metaverse in Line with Core Values

The European Union (EU) is actively shaping virtual worlds to ensure that the Metaverse grows by its core values and strict customer protection laws. The EU Parliament Committee on Internal Market and Consumer Protection paper on Metaverse effects on the single market was just accepted. The committee supported a Metaverse policy that prioritizes virtual worlds that uphold EU ideals and fundamental rights.

The EU Commission’s Web 4.0 policy describes virtual worlds as 3D and XR places. The Commission reviews and updates digital legislation and prepares for future legislation. EU MPs recommend addressing the prevalence of non-EU organisations in virtual world development to create fair competition for European firms. They want guidelines to boost economic growth, worldwide alliances, and public awareness of ethical technology use, making the EU a Metaverse leader.

OKX Wallet Launches in Brazil, Providing Secure Storage for DeFi Assets and NFTs

OKX is a major Web3 technology company and cryptocurrency exchange. It has expanded to Brazil by offering advanced crypto features. The Brazilian OKX Exchange offers staking rewards and easy connection with the DeFi ecosystem. Brazilian consumers can trade a variety of cryptocurrencies on this durable platform for a better cryptocurrency trading experience. OKX Wallet is a Web3 wallet for securely storing and managing DeFi assets, trading NFTs, and using dApps. The wallet’s Multi-Party Computation (MPC) and Account Abstraction (AA) capabilities make it accessible to people with varied technological backgrounds.

OKX has tailored its platform to Brazil, Latin America’s largest crypto market. OKX President Hong Fang was excited about the launch. He underlined the platform’s commitment to providing Brazilian traders with BRL rails, adequate liquidity, cutting-edge tools, security, and transparency. DeFi, NFTs, and decentralised applications are available through the OKX Wallet, meeting Brazilian market needs.