OKEx Enters India with Peer-to-Peer Crypto Trading Platform
The global crypto exchange and trading platform, OKEx has launched a P2P crypto trading platform in the world’s second most populous country with huge untapped market potential. Targeting the crypto community in India, the new platform allows users to purchase cryptocurrencies with INR at zero transaction fees.
Initially, the OKEx P2P trading platform offers Bitcoin and USDT pairs for INR, which will be soon followed by the inclusion of other leading cryptocurrencies. The platform aims to make buying and trading cryptocurrencies easier by supporting all major payment methods including UPI, IMPS and NEFT. A combination of lowest price, deep market, quick KYC process and multiple payment methods makes the platform very attractive to both existing as well as aspiring crypto investors in a country with over 1.3 billion population.
The Indian crypto market is still at its nascent stages with an estimated 5 million people owning crypto assets of any kind. Even though the regulatory framework for cryptocurrencies lacks clarity, recent developments leading to the lifting of the crypto ban by the Reserve Bank of India led to a strong rebound in trade volumes across domestic exchanges. The recent CoinDCX data suggests that the month-on-month BTC/INR volumes soon after the ban was lifted increased by 1031.4% while sustaining a 100% growth ever since.
India also has one of the largest remittance markets and many favor cryptocurrencies for cross-border remittance due to low transaction costs associated with these digital assets. All these factors combined with proactive steps taken by the Indian government in association with the Reserve Bank of India and Securities and Exchange Board of India to address the regulatory challenges faced by the country’s crypto investors make India a strong market waiting to be tapped by global as well as domestic players.
“We always pay attention to the changes in the global crypto market and have great confidence in the Indian market. With more and more cryptocurrencies and projects with high quality appearing in India, we regard India as one of the most important incremental markets of the crypto and blockchain industry,” said Jay Hao, CEO of OKEx while explaining the company’s decision.
He added, “ We believe that blockchain technology will eliminate barriers to transactions, and we’re committed to connecting Indian traders to the international crypto-trading marketplace by providing a one-stop service for Indian traders, including spot and many kinds of derivatives. What’s more, OKEx will also further improve the ecological layout in India and enhance the trading experience of Indian users. For example, we are about to launch the OTC desk in India soon. Please stay tuned.”
OKEx has also launched the “OKEx Welcomes India Quest” campaign to mark its official launch in India. The campaign started on August 5, 2020, and will go on till 23:59 IST on August 15, 2020, during which the company will be giving away a total of 30,000 USDT. Users can participate in the campaign by completing tasks like signing up and trading on the P2P platform, referring friends, posting on social media, and answering the daily quiz. Completion of each task will earn them points, which serves as a voucher for the corresponding prize pool share.
The OKEx P2P trading platform for India can be accessed here – https://www.okex.com/p2p-markets/inr/buy-btc
Image by Jörg Peter from Pixabay
Author: Guest Author
FATF Review Highlights Crypto Exchanges’ Struggle to Meet AML Standards
In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs — the term mainly referring to cryptocurrency trading platforms — must eventually implement in their day-to-day operations. The guidelines are framed as recommendations, and the FATF leaves it to the participating nations’ governments to develop their own regulations in accordance with suggested principles.
The watchdog has also set a 12-month review timeframe to monitor the public and private sectors’ progress in putting the revised standards into effect. Following the review period’s expiration in June 2020, the FATF put together a report summarizing a year’s worth of legislative and compliance work. Here is how both the FATF and industry participants evaluate today’s state of international anti-money laundering standardization as it relates to digital assets.
The report states that 35 out of 54 surveyed nations have implemented the revised standards on virtual assets in their domestic legislation, while another 19 have yet to do so. The FATF admits that implementation was not always smooth for both the public and private sectors. However, the group maintains that it hasn’t detected any major issues that could warrant amending the requirements.
The organization said it would keep a close eye on digital assets and announced another 12-month review of the revised standards’ implementation.
A particularly enlightening discussion of the FATF decision making happened last week on the Dedicated Online Financial Integrity Network’s (DOLFIN) platform. The webinar featured four former heads of the United States delegation to the FATF, whose accounts offered an informed perspective on how the organization approaches risk management for virtual assets and stablecoins.
Jennifer Fowler, currently a director in Brunswick Group’s Washington, D.C. office who served as the Vice President of the FATF in 2017-2018, said that continuous risk assessment is at the heart of the watchdog group’s approach to digital assets.
One concerning trend that Fowler mentioned is that lately the organization has noticed an uptick in the number of professional money launderers turning to crypto, especially against the backdrop of the coronavirus pandemic. Fowler mentioned that another potential threat that the FATF is closely watching is peer-to-peer transactions, whose growth can render the group’s traditional focus on regulating intermediaries (such as VASPs) obsolete.
Chip Poncy, currently an executive on K2 Fin’s compliance team who led the U.S. delegation to the Financial Action Task Force from 2010 to 2013, talked about the paradigm of open versus closed loops in assessing the risks posed by new financial instruments. An open-loop system is the one that is connected to the traditional finance system, while a closed-loop system is self-sufficient.
New financial instruments that create open-loop systems can be regulated at the points bridging them with the fiat realm (e. g. VASPs), while closed-loop arrangements are of limited interest to the policy community. However, when a closed-loop system expands to reach a substantial size, it can create risks of its own. This is why, Poncy observed, the FATF is keeping a watchful eye on the scale of digital assets’ adoption.
To VASP representatives and industry insiders, the FATF report held few surprises. Elsa Madrolle, international general manager at the crypto wallet and security startup CoolBitX, told Cointelegraph that the continuation of the 12-month review process until June 2021 has been widely expected, as the FATF generally stayed in close contact with the industry throughout the year, hosting regular Contact Group updates.
Naturally, service providers welcomed the one-year review extension. Under the initial deadline, it has been virtually impossible for market participants to ensure compliance with one of the central components of the revised standards package, known as the travel rule. It holds that for transactions exceeding $1000, exchanges should transmit the details on the identity of both originator and beneficiary of the funds.
Sumit Gupta, CEO of Indian crypto exchange CoinDCX, observed to Cointelegraph:
“The FATF has committed to conducting a second review in June 2021, signaling that it is reaffirming its stance towards the sustainable regulation of the crypto industry at a pace that is appropriate for the development of the global crypto market. We do not see this as an extension of its deadline so that VASPs can take their foot off the gas, but rather as a buffer period for the industry to move towards full implementation of the Travel Rule come next year.”
Others, however, noted the downsides to the FATF’s approach. A major bone of contention has been that the watchdog group’s recommendations are not particularly conducive for creating a coherent cross-border regulatory environment. On top of that, revised standards can prove incompatible with some existing regulatory frameworks.
Terry Culver, CEO at Digital Finance Group, commented to Cointelegraph:
“One challenge is that implementation will face significant challenges from other contradictory regulations for AML and data protection. For example, the FinCen Travel Rule sets US regulation apart from other jurisdictions. Another example is that the EU just determined that the bulk transfer of personal data to the US is not allowed under GDPR.”
Nathan Catania, a partner at global digital asset policy and regulatory adviser XReg Consulting, further opined:
“It is clear that there is no unified approach to the AML/CFT regulation of VAs and VASPs, the approaches taken from jurisdiction to jurisdiction can vary drastically. This makes it very difficult for crypto businesses to navigate what I have been calling a global regulatory minefield. VASPs will need to be very careful with the customers that they target, as they may fall in scope of regulatory regimes in other places.”
Illustrating his point, Catania came up with an example of a hypothetical VASP registered in Gibraltar and targeting Australian clients, which would have to comply with AML regulations in both jurisdictions.
Dr. Omri Ross, chief blockchain scientist at the digital asset trading platform eToro, took issue with one of the tenets of the FATF’s guidance, which states that virtual assets should be held to the same level of scrutiny as any other asset class. He commented:
“While I sympathize with the reasoning behind these recommendations, my concern is that the application of general standards for supervision and monitoring may quell technological innovation. However, if these technologies were to be nurtured, they could in fact introduce far greater transparency in international monetary flows”
In contrast, Manuel Rensink, Strategy Director at the fintech firm Securrency, highlighted the narrow scope of the FATF’s travel rule. Rensink told Cointelegraph:
“A widening of the Travel Rule should also be extended to: Transactions in asset-backed virtual assets, including digital securities and all stablecoins; P2P transactions as well as automated smart contract transactions depending on attributes such as transaction size and volume; DEXs, smart contract operators, (DeFi) protocol operators should also be considered VASPs.”
One thing that all crypto industry insiders seem to agree on is that currently crypto exchanges are largely technically unprepared to comply with the travel rule. Digital Finance Group’s Culver remarked on this matter: “The regulator is ahead of the crypto sector in this area — a nice change of pace.”
At the same time, blockchain technology clearly holds immense promise as a foundation for innovative compliance tools, and groundbreaking work in that department is already underway. Cointelegraph already reported on efforts such as BitGo’s crypto wallet API and the CoolBitX – Elliptic partnership specifically addressing the travel rule challenge.
Omri Ross of eToro commented:
“Early findings in academic studies, law enforcement and commercial research indicate that the level of complexity and sophistication that can be achieved, using blockchain technologies for KYT, is far superior to existing solutions currently used in the financial sector.”
Securrency’s Manuel Rensink spoke to the same effect, adding that artificial intelligence and machine learning reporting tools can be layered on top of blockchain transactions to allow regulators to effectively monitor all transactions within their jurisdictions.
The formidable potential will likely translate to a diverse set of solutions at the end of the day. As CoolBitX’s Elsa Madrolle noted, “it does appear that the market believes there will not be a global ‘one size fits all’ solution that can cater to every jurisdiction’s regulations all at once that work for all VASPs.” In this situation, the question of interoperability comes front and center.
A huge breakthrough on this front came earlier in May, when an industry-wide working group on interVASP Messaging Standards (JWG) unveiled a solution designed to enable diverse service providers’ systems to talk to one another. As more digital asset service providers hop on board of this initiative, seeing the major crypto exchanges comply with the travel rule by June 2021 appears perfectly attainable.
Cryptocurrency Market 2020 -2024|Market players, Research, Growth
According to a research report published by Azoth Analytics in August 2019, the Cryptocurrency Market was valued at USD 856.36 Billion in the year 2018. Key factors facilitating high demand of cryptocurrencies include high remittances in developed countries, increasing fluctuation in monetary regulations, and growth in venture capital investments coupled rising awareness among the investors especially in emerging nations. According to the research report, global cryptocurrency market is projected to display robust growth represented by a CAGR of 11.9% during 2019 – 2024.Advertisement
The Final Report will cover the impact analysis of COVID-19 on this industry:
Download Sample of This Strategic Report:
Bitcoin currency holds the major share in the market owing to the growing awareness among Asian investors coupled with availability of larger returns is proliferating the market growth. Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been major factors backing the growth in the industry. Amongst the regions, Europe accounts for the largest regional share in the global Cryptocurrency market. Key factors driving the robust growth rate in European region include presence of enormous consumer base, and legalization of cryptocurrencies as a medium of exchange in many countries coupled with growing internet penetration, supplementing the market growth of Cryptocurrencies in the region.
A comprehensive research report created through extensive primary research (inputs from industry experts, companies, stakeholders) and secondary research, the report aims to present the analysis of Global Cryptocurrency Market. The report analyzes the Cryptocurrency Market by Type (Bitcoin, Ethereum, Ripple, Litecoin and Others) and by Constituents (Exchanges, Mining, Wallets and Payments). The Cryptocurrency market has been analyzed By Region (North America, Europe, Asia Pacific and Rest of the World) and By Country (U.S, Germany and Japan) for the historical period of 2017-2018 and the forecast period of 2019-2024.
Scope of the Report
Global Cryptocurrency Market (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
? Analysis by Constituents – Exchanges, Mining, Wallet, Payments
? Competitive Landscape – Market Share Analysis
Regional Cryptocurrency Market – North America, Europe, Asia Pacific, ROW (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
? Analysis by constituents – Exchanges, Mining, Wallet, PaymentsAdvertisement
Country Analysis – Cryptocurrency Market by Value – United States, Germany, Japan (Actual Period: 2017-2018, Forecast Period: 2019-2024)
? Market Sizing, Growth, Forecast
? Analysis by Type – Bitcoin, Ethereum, Ripple, Litecoin, Others
Other Report Highlights
? Strategic Recommendations
? Market Dynamics – Trends, Drivers, Challenges
? Company Analysis – Bitmain Technologies, BitGo, NVIDIA Corporation, Ripple Networks and Coinbase
Get Complete Access of Study Report:
Customization of the Report
The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research.
About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.Advertisement
21st Floor Suite MA111,
New York, NY 10018
Phone: +1 313 462 0609
Email: [email protected]
The post Cryptocurrency Market 2020 -2024|Market players, Research, Growth appeared first on America News Hour.
Is there a problem with this press release? Contact the source provider Comtex at [email protected] You can also contact MarketWatch Customer Service via our Customer Center.
Desire (DSR) Price Hits $0.0011
Desire (CURRENCY:DSR) traded down 0.4% against the US dollar during the 1 day period ending at 9:00 AM Eastern on August 7th. Over the last week, Desire has traded down 5.8% against the US dollar. One Desire coin can currently be purchased for approximately $0.0011 or 0.00000009 BTC on cryptocurrency exchanges including Mercatox, Stocks.Exchange, CryptoBridge and CoinExchange. Desire has a market cap of $10,835.61 and approximately $11,790.00 worth of Desire was traded on exchanges in the last 24 hours.
Here is how related cryptocurrencies have performed over the last 24 hours:
Buying and Selling Desire
Desire can be purchased on these cryptocurrency exchanges: CoinExchange, Mercatox, Stocks.Exchange and CryptoBridge. It is usually not possible to buy alternative cryptocurrencies such as Desire directly using U.S. dollars. Investors seeking to acquire Desire should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Desire using one of the aforementioned exchanges.
Receive News & Updates for Desire Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Desire and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.
Author: Michael Baxter
An Unnecessary Solution That Should Be Stopped
Crypto cards have become a must-have for many crypto services. Hoping to reduce the risk of blocking transactions, companies have been looking again and again for reason why their customers should use “plastic.” But a crypto card is a placebo that does not solve the problems of either users or fintech companies — its only goal is to bring profit to payment systems and intermediaries.
Crypto cards are not needed in the same way that special financial instruments are not needed to buy gold, oil, precious metals or any other resource. The word “cryptocurrency” — like “dollar” or “euro” — indicates only the currency for transactions with which the card can be used and does not make the banking product any more innovative. However, until banks and payment systems recognize this, we will be forced to eliminate the consequences of cooperation with Wirecard, WaveCrest and other processors that aren’t the most conscientious, wanting to make money by taking risks but without being able to manage them.
Bank card technologies have gone through a rapid evolutionary path in a very short period of time. They are the fundamental and connecting element for all retail trade relationships. According to Nilson Report, there are currently more than 22 billion payment cards in circulation around the world — debit, credit and prepaid. Taking into account that 1.7 billion people do not use banking services at all, for each of the remaining 6 billion people, there are on average 3.6 cards.
All cards are serviced by payment systems that create a closed consumption ecosystem. Here’s what happens:
Banks and processor companies pay Visa, Mastercard, UnionPay, American Express and other international payment systems for the possibility of issuing cards.
Cardholders pay banks an annual fee or transaction fees.
Sellers transfer to banks on average 1%–4% of the transaction amount for acquiring servicing.
Various intermediaries, aggregators, API providers, etc. also collect a commission.
The main thing is that in each commission payment between all participants, a share of Visa, Mastercard or another payment system is included. If we are talking about cryptocurrency transactions, then the commission of payment systems will be higher, since the traditional financial industry regards these transactions as high-risk.
And yet, bank cards are almost indispensable for transactions worth up to $5,000. This is the fastest and most convenient way to buy crypto from numerous wallets and/or exchanges. Therefore, it would be naive to think that fintech companies could quickly get rid of the intermediation of payment systems and stop paying them for every transaction.
Nevertheless, Visa and Mastercard can do a lot to make their native cards much friendlier to crypto and become a part of the solution, not part of the problem, which Wirecard has been trying to get around, making this kind of change seem inevitable.
Today, when the volume of non-cash payments in many countries has surpassed cash payments, any company wanting to issue bank cards under its own brand, in theory, has three options.
1. Become a principal (direct) participant in the international system. To do this, you need to meet a number of mandatory criteria: have the necessary technological platform and qualified personnel, meet information security requirements, provide security funds, etc.
For example, last year, a principal Visa participant had to have capital of at least $56 million directly with the Visa payment system. Therefore, you need to have an account in United States dollars in the U.S. or in euro in the European Union. The licensing procedure itself can cost about $1 million, excluding the funds required for the security deposit and direct royalties. This is not a realistic option for small and medium fintech companies.
2. Become an associated member of the payment system through the sponsoring bank. In this case, it is the bank that takes care of the compliance with the payment system requirements. The license fee is $200,000–$300,000, plus a deposit of several million dollars.
However, even under such conditions, financial organizations do not want to directly cooperate with crypto companies since transactions with cryptocurrency are classified by payment systems as high-risk due to the lack of a unified approach to regulating this area. This results in higher fees and chargebacks for transactions that have been challenged by the cardholder.
3. Contact a processing company. Unlike banks, processors are responsible for issuing payment cards. Among such processors, crypto services usually find partners with a high-risk appetite that are willing to cooperate. Such companies are ready to use various tricks so that payments passing through them are not blocked by the payment system. For example:
Conceal or falsify before the payment system the main activity of the company for which the issue occurs.
Use incorrect Merchant Category Codes.
Issue crypto cards on their own Bank Identification Number, while according to the rules of payment systems, a separate BIN must be allocated for each individual product.
Issue co-branded cryptocurrency cards, which are, in fact, bank cards “with an individual design” and are then sold through a crypto service.
Expand the limits of card transactions, regardless of the requirements of payment systems and/or the regulator, etc.
All of these are often unjustified risks that processors like Wirecard take on, increasing the cost of issuing and maintaining crypto cards for both crypto services and end-users. Meanwhile, the value of these crypto cards continues to depreciate.
Until recently, people were forced to buy a fourth or even fifth payment card, only for the sake of the “crypto” prefix in order to save their money from being blocked during operations with cryptocurrency. However, regulated crypto services have already learned to tackle this problem differently — by acting strictly within the framework of compliance requirements and forging links with traditional financial institutions.
High-risk processors like Wirecard or Wavecrest can be compared to microfinance institutions, or MFIs, that lend out at huge interest rates. Usually, people turn to MFIs after numerous — and not always objective — refusals by banks to issue a loan. Sometimes, the money is needed urgently, and the consideration of the application in the bank is delayed; sometimes the bank’s scoring system does not like the place of work, marital status or the gender of a person. There may be many reasons, but the result is the same: The bank does not want to take risks and people go to less discerning financial intermediaries. Crypto services are forced to do this, too.
A cryptocurrency card is a ridiculous, temporary and forced necessity because banks and payment systems do not want to manage risks on their own. All the risks that Wirecard once assumed when working with crypto companies are now easily eliminated.
Licensing of activities in the field of cryptocurrencies, the implementation of KYC/AML procedures, obtaining a compliance certificate of the payment card industry data security standards and other measures allow crypto services to successfully work with the traditional financial system.
Banks should have the courage to start making money by partnering with regulated crypto services. And for this, above all else, it is necessary to develop internal expertise in the field of compliance. As bank employees have had little motivation to deal with the peculiarities of high-risk transactions, it is easier for them to refuse service to potential clients and/or stop transactions.
However, if a bank’s compliance service monitors and skips high-risk transactions on a regular and systematic basis, this will create additional cash flow, from which banks could also receive commissions. I am sure that cryptocurrency users’ right to dispose of honestly received assets should be ensured in an absolutely transparent, legal way, and not by gray schemes. Any card can be crypto, and this is the reality we should all be living in — sooner rather than later.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Alex Axelrod is the founder and CEO of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading world-class technological roles within a large, number-one national mobile operator and leading financial organizations. Prior to these roles, he was the director of big data at the research and development center of JSFC AFK Systems.
Author: by Total Exchange