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The First Kosher NFT Certificate Was Presented to the Minister of Finance of Israel

The First Kosher NFT Certificate Was Presented to the Minister of Finance of Israel

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The JewCoin DAO Ecosystem, already notorious in the cryptocurrency market, is progressively developing. Last week, representatives of JewCoin, the first kosher DAO ecosystem, presented Israeli Finance Minister Avigdor Lieberman with a certificate for owning a unique NFT Digital Hamsa crypto amulet.

NFT JewCoin DAO certificate for Avigdor Lieberman.

We have to admit that the JewCoin team’s desire to provide investors and their wallets with digital amulets in the cryptocurrency market, is no longer a joke. JEW memcoin is no longer just a tool for speculation and farming, but the unit of account of the entire JewDAO ecosystem. JEW token used to purchase a unique NFT collection and gives its holders voting rights (as part of the governance mechanism) to JewDAO. Moreover, unlike most coins in the crypto market, it has a rug-pull stability property whereby 5% of all transactions are returned to the liquidity pools to all coin holders and locked for 40 years!

Tokens JEW may be purchased on the decentralized platform PancakeSwap: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xfaf3704d3b2c523c37cd691e658861f10b0fd839

What makes JewCoin so appealing to investors and the community? 

It is worth noting here that the developers of the project bring a unique experience by implementing the concept of archiving Jewish cultural heritage and tokenization of scriptures using blockchain technology.

First of all, JewCoin managed to transfer the Torah commandments to blockchain (The First Digital NFT Torah), which made it possible to tokenize them in NFT.

The First Digital NFT Torah is based on 613 Jewish commandments from the Torah. In addition, the project plans to digitize many other things; Mezuzahs, songs, poems, prayers, stories, books, music, and more that deal with Jewish themes. The main products from the NFT collection were the Digital Hamsa crypto-amulets, which are designed to provide holders and their crypto-wallets with good luck, financial prosperity, and investment efficiency.

It is also noteworthy that the entire tokenomics of JewCoin is built on the concept of Jewish tithing, מעשר ראשון (ma’aser rishon). That is, the entire issue of JEW tokens is distributed at 10% and blocked for important tasks. Also, part of JewCoin’s working capital, in the form of 10%, goes to synagogues, supporting all Jewish people and in support of developing Jewish projects in the digital marketplace!

Contact information JewCoin:

Site: https://jewco.in/

Medium: https://jewcoin.medium.com/

Twitter: https://twitter.com/jewcoinbsc

Telegram: https://t.me/jewcoin_public

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South Korea Seizes over $47 Million Worth in Cryptos from Tax Evaders

South Korea Seizes over $47 Million Worth in Cryptos from Tax Evaders

The officials from the Gyeonggi provincial government in South Korea launched a massive crackdown on tax evaders who used cryptocurrencies to hide their earnings. According to the Financial Times, over $47 million worth in Bitcoin (BTC), Ethereum (ETH), and other digital assets were seized from 12,000 people who allegedly were involved in tax evasion, including a TV host, a doctor, and thousands of wealthy South Koreans.

The crackdown is just one of many of the operations performed by other provinces in the last few months against evaders who rely on virtual currencies to bypass domestic tax rulings, such as the provinces of Daejeon, Gyeongju, and South Gyeongsang. “We will do our utmost to protect law-abiding taxpayers and fulfill our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor,” Kim Ji-ye, director-general of the Gyeonggi Province Fairness Bureau, commented on the recent crackdown.

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In fact, the Gyeonggi provincial’s authorities claim it was the most prominent crypto seizure “for back taxes in Korean history.” Moreover, they stated that the tax evaders allegedly used local crypto exchanges because they didn’t collect the resident registration numbers of account holders.

Investigation Procedures

In more detail, authorities reportedly compared mobile phone numbers registered at the crypto exchange accounts with those accused of evading taxes in South Korea. Although investigators didn’t disclose the name of the TV host involved in the tax evasion saga, they just said it was a “renowned home shopping channel show host” who owed 20 million Korean won in tax but held 500 million Korean won in ETH. Furthermore, a real estate investor, owner of almost 30 residences, had 1.1 billion Korean won in cryptocurrencies despite owing 30 million Korean won in income taxes.

Quoting provincial officials, Financial Times says that insolvency and liquidation proceedings will take place if the tax dodgers don’t voluntarily pay their overdue taxes.

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Ethereum Wallet Transfers 81,760 ETH to Binance

Ethereum Wallet Transfers 81,760 ETH to Binance

Ethereum whales have started moving the world’s second-most valuable digital asset in substantial amounts amid market volatility. ETH touched a low of nearly $1,700 yesterday, the lowest level since March 2021.

According to the latest data posted by Whale Alert, the leading crypto analytics and blockchain tracking platform, a large Ethereum wallet moved 81,760 ETH from a digital wallet to cryptocurrency exchange Binance. According to the current price of Ethereum, the total value of the transaction stands at around $160 million.

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The mentioned transfer was executed on Tuesday 22 June at 14:02 UTC. The movement from the whale Ethereum account was highlighted by Etherescan. During the latest market volatility, the number of transfers by whale Ethereum addresses has increased significantly.

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“Ethereum’s top 10 non-exchange whales continue to hold record levels of ETH and are even inching upward despite the dip below $1,900 Monday. Meanwhile, the top 10 exchange whale holdings keep declining, which implies less chance of further sell-offs,” Santiment, crypto analytics firm, mentioned on Twitter.

Santiment added that the top 10 Ethereum addresses are currently holding more than 19.5 million coins.

Ethereum 2.0

While ETH is currently facing a tough challenge in the form of a bearish crypto market, the deposit contract of Ethereum 2.0 is steadily attracting a large amount of ETH. According to Etherescan, the staking contract of Ethereum 2.0 (ETH’s network upgrade) now has more than 5.7 million coins with a total value of over $11.5 billion. The deposit contract of ETH 2.0 crossed 5 million ETH for the first time in May 2021. The latest surge in the staking number shows that the ETH community is fully supporting the upgrade from the current proof-of-work network to an improved proof-of-stake network.

As of writing, Ethereum is trading near $2,000 with a market cap of over $230 billion. The current market dominance of the world’s second-largest digital currency stands at around 17%, which is down from the recent high of more than 19% in May 2021.

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Kaiko Closes $24 Million Series A Funding Round to Support Its Expansion

Kaiko Closes $24 Million Series A Funding Round to Support Its Expansion

Kaiko, a cryptocurrency market data provider, announced on Wednesday it had closed a $24 million Series A funding round led by Anthemis and Underscore VC, global financial services investors. According to the press release, Point Nine, Alven, and Hashkey Capital also joined the round.

As part of the Series A funding round, Sean Park, Anthemis founder, will be joining Kaiko’s board, the crypto data firm stated. With the announcement, the company aims to accelerate its expansion into North American and Asian markets, as it coincided with the launch of Kaiko Stream, a data service designed to connect institutional market participants with crypto data feeds.

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“Anthemis is excited to be a lead investor in Kaiko for a second time. We believe that Kaiko is providing invaluable information on the depth and structure of the market––data that is usually scattered, and even when publicly accessible, is technically challenging, time-consuming, and costly to meaningfully ingest. For any capital markets transformation to take place, reliable and machine-readable data is necessary,” the firm noted.

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Moreover, Richard Dulude, Underscore VC’s founder, will also join Kaiko’s board. “The immense interest we have received from institutional investors over the past year has bolstered our core mission, and we are more motivated than ever to continue building data infrastructure that enables interoperability between digital finance and the traditional financial sector,” Ambre Soubiran, Kaiko’s founder, commented on the funding round.

Bolstering Hirings in Different Areas

The crypto data firm also stated that they’re expecting to hire more workforce in the areas of product, institutional sales, business development, and engineering.

Early this year, Object Management Group (OMG) tapped Kaiko as the certified provider of Financial Instruments Global Identifier (FIGI) that will standardize the crypto assets in the data market. Additionally, Bloomberg was a party in the partnership as a registration agent.

FIGI issues open standard unique identifiers for financial instruments, reducing confusion with several financial market data providers.

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Nugensis Blockchains: Be Bullet-Proof From Security Laws Action

Nugensis Blockchains: Be Bullet-Proof From Security Laws Action

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The House passed the Eliminate Barriers to Innovation Act (20 April 2021). The passed act requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a working group with the goal of clarifying in which cases the jurisdiction over a certain token belongs to SEC and in which to CFTC. 

SEC’s Commissioner, Hester Peirce, has published an updated version of her Safe Harbor proposal for token offerings (13 April 2021). The updated Safe Harbor proposal updates Peirce’s 2020 proposal, which suggested a three-year grace period for network developers within which, under certain conditions, they can facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws. The updated proposal reflects constructive feedback provided by the crypto community and includes a number of changes, most notably, (i) a requirement for companies to provide the SEC with semi-annual updates; and (ii) an exit report requirement, that is, a requirement to submit a report, made by an outside counsel, explaining whether and why the network is decentralized or functional, at the end of the grace period. The exit report requirement provides a guidance on the matters to be addressed while explaining that the network is decentralized.

Becoming the Norm Globally, A push to further regulate the industry has been adopted by majority of the globe and All current blockchains which have issued a ICO are fair game to the industrial security commissions.

NuGenesis blockchains offer Crypto projects “security law-proofing” by hard-coding a minting, treasury reward and governance system, that protect projects and their investors, from regulatory enforcement action.  

The SEC has brought 75 enforcement actions against crypto firms and individuals from July 1, 2013 to Dec. 31, 2020, resulting in $1.77 billion in penalties.

The SEC’s suit against Ripple in December 2020 last year sent shockwaves through the Crypto industry.  With it fell the XRP price as it was delisted from major exchanges like Coinbase.  In February this year, another suit was filed against LIBRY.  The SEC is looking for more Crypto projects to attack as unlicensed securities, and so are securities enforcement agencies of other countries in the G7 and beyond.  Who is next?

As the Ripple lawsuit shows, this SEC enforcement action happened 7 years after the ICO release.  XRP was a leading Coin, trading on exchanges, where millions of coins have exchanges between millions of unknown users.  Those who bought their XRP on an exchange suddenly found their price had plummeted and less exchanges to trade it.  How bizarre that an enforcement agency, claiming to exist to benefit investors, has destroyed their investment?  

Yet that is the world we live.  Some capital raising 7 years ago by the founders can risk the value of your investment that you purchased on an exchange.  How many tech projects have the money and resources to fight against it?   Most just give in and pay fines, often destroying the project.  How do crypto projects stay safe without hiring an army of lawyers at the expense of developers?

NuGenesis Chief Executive Officer Hussein fara says:

“The critical way to stay on the correct side of the law that NuGenesis offers crypto projects is three fold: (1) use and customise NuGenesis blockchains and avoid using investor capital to build the blockchain; (2) use NuGenesis’ minting system for Coin release so that coins are produced by the protocol; and, (3) use a Governance and Treasury reward system customised to ensure that reward and value is created by roles in the protocol”

“Ultimately, securities regulators are concerned that promoters of an investment have an informational asymmetry over investors who are relying upon them for their investment’s value.  NuGenesis gives projects the tech so that all the relevant information is the blockchain protocol and it is that protocol upon which the investors rely for their investment value.  That way, it is not a security, but simply tech.” 

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