With three of the crypto industry’s top players dropping out of the game and the SEC approving
The cryptocurrency market is, by definition, young and disruptive. It appeared discreetly in 2009 with the emergence of bitcoin and has
At an unstoppable pace of innovation, key figures such as Do Kwon (Terra Luna), Sam Bankman-Fried (FTX) and Changpeng Zhao (Binance) rose to prominence in the industry and, in the case of the latter two, began to impose their own logic on cryptocurrency exchange platforms.
However, within the last two years, all three are gone.
The legal cases of Do Kwon and Bankman-Fried were serious enough to land them in the courtroom while Zhao’s departure from Binance made it clear,
The days of legal gray areas in the cryptocurrency space may be drawing to a close and from now on, all market players will have to tread more carefully.
This logic is increasingly being validated on the global cryptocurrency dashboard. During 2023, 42 countries discussed regulatory frameworks for cryptocurrencies and more than half of them were approved. In the case of the G20 and the world’s largest financial hubs, which includes the 27 member states of the European Union, 83% of countries now have “crypto friendly” legislation.
In Washington, meanwhile, the prospect of exchange-traded funds that track the price of bitcoin (so-called bitcoin ETFs) being approved has become a reality. One of the most important features of ETFs is that they offer investors a more accessible way to invest in bitcoin, bypassing the direct purchase of cryptocurrency (i.e., disregarding the practical challenges) but without losing track of its evolution.
The confluence of all of these factors is transforming the face of crypto and I am convinced that throughout 2024 we will continue to see this industry mature.
We have an expanded and revamped game board in which the focus is shifting away from the “star” players to the overall workings of the game.
India Cryptocurrency Markets, Competition, Forecast & Opportunities, 2029F Featuring Prominent Platforms – WazirX, CoinSwitch, ZebPay, and Unocoin
DUBLIN, Feb. 22, 2024 /PRNewswire/ — The “India Cryptocurrency Market, By Region, By Competition Forecast & Opportunities, 2019-2029″ report has been added to ResearchAndMarkets.com’s offering.
The India Cryptocurrency Market was valued at USD 221.5 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.75% through 2029, reaching USD 326.6 million.
The India cryptocurrency market has witnessed significant growth and evolving dynamics in recent years. Cryptocurrencies, digital or virtual assets designed to work as a medium of exchange, have gained prominence among investors, traders, and the general public in India. The India cryptocurrency market has experienced remarkable growth in terms of adoption and trading volumes.
Several factors have contributed to this growth, including increasing awareness, a tech-savvy population, and the potential for high returns on investments. The regulatory landscape for cryptocurrencies in India has been a subject of debate and change. In early 2020, there was uncertainty surrounding the legal status of cryptocurrencies, as there were concerns about their potential use for illicit activities. However, in March 2020, the Supreme Court of India lifted the banking ban imposed by the Reserve Bank of India (RBI) on cryptocurrency transactions, providing a significant boost to the market.
Despite this, the regulatory environment remained fluid, with discussions on potential cryptocurrency regulations ongoing. The Indian government was reportedly considering a bill to regulate cryptocurrencies, but the specifics of the regulations were not clear as of my last knowledge update.
India has seen the emergence of numerous cryptocurrency exchanges and trading platforms. Some of the prominent platforms include WazirX, CoinSwitch, ZebPay, and Unocoin. These platforms allow users to buy, sell, and trade a variety of cryptocurrencies, catering to both beginners and experienced traders.
Cryptocurrencies have garnered substantial interest from Indian investors and traders. Many individuals and institutional investors have started diversifying their portfolios by including cryptocurrencies as an asset class. Bitcoin and Ethereum have been particularly popular choices among Indian investors.
The India cryptocurrency market is poised for further growth and maturation. The regulatory landscape will likely play a crucial role in shaping the market’s future. Clarity in regulations and investor protection measures could attract more participants and capital into the market. As cryptocurrencies become more integrated into the global financial ecosystem, India will likely continue to be a significant player in the space, with the potential for increased adoption and innovation in the years ahead.
Company Profiles: Detailed analysis of the major companies present in the India cryptocurrency market.
- Intel Corporation India Private Limited
- NVIDIA Corporation
- Microsoft Corporation India Pvt Ltd
- Xilinx India Private Limited
- Advanced Microdevices Pvt. Ltd.
- Amazon India Pvt Ltd.
- Ripple Labs Private Limited
India Cryptocurrency Market, By Type:
India Cryptocurrency Market, By Process:
India Cryptocurrency Market, By Offering:
- Bitcoin Cash
India Cryptocurrency Market, By End User:
- Real Estate
- Stock Market
- Virtual Currency
India Cryptocurrency Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/yritw
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KAKAUE: Building the Future of Finance, Redefining the New Frontier of Cryptocurrency Trading
New York, NY, Feb. 22, 2024 (GLOBE NEWSWIRE) — KAKAUE Exchange recently announced a significant brand upgrade, aimed at enhancing the experience of cryptocurrency traders. As a leading platform in the field of cryptocurrency trading, this upgrade symbolizes KAKAUE’s entry into a new era, promising to provide a secure and efficient trading environment for its users, helping them to maintain a leading position in the market consistently.
To address the ever-changing market environment and meet the growing needs of users, KAKAUE has launched a new brand strategy. This move aims to broaden its target user base and enrich its product and service system. KAKAUE pays special attention to lowering the barriers to crypto trading, providing an easy-to-use trading environment for beginners. Currently, KAKAUE is actively expanding its market influence by introducing a series of innovative features based on cutting-edge technology, catering to the needs of various user groups.
In addition to quality services, KAKAUE also focuses on establishing strategic alliances with global leading partners. Collaborations with several industry giants have enabled KAKAUE to make significant progress in market expansion, technological innovation, and user experience optimization.
As an international trading platform, KAKAUE is committed to breaking down geographical boundaries and wealth barriers in financial services, promoting equality and transparency in global finance. Employing top-tier security and risk control systems and advanced distributed architecture, KAKAUE provides solid protection for user assets, ensuring comprehensive security for transactions and stable operation of the platform.
Looking to the future, KAKAUE aims to become a leader in the global cryptocurrency trading market. The platform will continue to drive technological innovation and expand services to adapt to the growing needs of global users. At the same time, KAKAUE plans to strengthen cooperation with global partners to jointly advance the development of the cryptocurrency industry, providing a safer, more efficient, and innovative trading environment.
KAKAUE not only demonstrates an innovative spirit in the field of cryptocurrency trading but also becomes a pioneer in financial transformation. Through continuous technological upgrades, offering diversified trading options, practicing financial inclusivity, and developing a comprehensive product ecosystem, KAKAUE is leading cryptocurrency trading into a new, safer, and more efficient era.
Disclaimer:Â The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or tradingÂ cryptocurrencyÂ andÂ securities.
Pansy KA KAKAUE Blockchain Service inc. support(at)kakauev.com
Money laundered through cryptocurrency reached $22.2 billion in 2023 – Report
A report by blockchain research platform, Chainalysis, has revealed that a total of $22.2 billion was laundered globally through different cryptocurrency exchanges in 2023.
The report, however, indicated that this was a significant decrease from the $31.5 billion laundered through digital currency in 2022.
According to the report, the drop could be attributed to an overall decrease in crypto transaction volume, both legitimate and illicit.
Several industry experts have argued that the anonymity of trades on blockchain technology makes it a veritable tool for money laundering. This has led to repeated calls for crypto regulation in Nigeria by stakeholders.
Destination of the funds
Chainalysis in the report noted that centralized exchanges have been the primary destination for funds sent from illicit addresses, at a rate that has remained relatively stable over the last five years.
- “Over time, the role of illicit services has shrunk, while the share of illicit funds going to DeFi protocols has grown.
- “We attribute this primarily to the overall growth of DeFi generally during the time period, but must also note that DeFi’s inherent transparency generally makes it a poor choice for obfuscating the movement of funds,” it said.
The company observed that 2023 mostly resembled 2022 in terms of the breakdown of service types used for money laundering, but saw a slight decrease in the share of illicit funds moving to illicit service types, and an increase in funds moving to gambling services and bridge protocols.
- “If we zoom in to look at how specific types of crypto criminals laundered money, we can see that there was in fact a significant change in some areas. Most notably, we saw a huge increase in the volume of funds sent to cross-chain bridges from addresses associated with stolen funds.
- “We also observed a substantial increase in funds sent from ransomware to gambling platforms, and in funds sent to bridges from ransomware wallets,” it added.
Examining the money laundering concentration at the deposit address level (deposit addresses are addresses at centralized services associated with individual users —akin to bank accounts) Chainalysis said 109 exchange deposit addresses received over $10 million worth of illicit cryptocurrency each, and collectively, they received $3.4 billion in illicit cryptocurrency in 2023.
- “While that still represents significant concentration, in 2022, only 40 addresses received over $10 million in illicit crypto, for a collective total of just under $2.0 billion.
- “In 2022, just 542 deposit addresses received over $1 million in illicit cryptocurrency, for a total of $6.3 billion, which was over half of all illicit value received by centralized exchanges that year.
- “In 2023, 1,425 deposit addresses received over $1 million in illicit cryptocurrency, for a total of $6.7 billion, which accounts for just 46% of all illicit value received by exchanges for the year,” it said.
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