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質押

DeFi cannot circumvent Russia financial sanctions: MAS

DeFi

DeFi-The regulator said appropriate measures will be taken for FIs who will breach these sanctions.

The Monetary Authority of Singapore has reaffirmed that financial sanctions on Russia cannot be circumvented through cryptocurrencies or decentralised finance (DeFis) as financial institutions are required to comply with the ordered sanctions regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols.

This was in response to MP for Bishan-Toa Payoh GRC Saktiandi Supaat who asked whether Singapore’s regulation of cryptos and DeFi will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent it and whether MAS has plans to introduce or revise its regulations.

MAS said the sanctions by the Singapore government will apply to all FIs in Singapore, including digital payment token (DPT) service providers.

“MAS requires all FIs to ensure compliance with the measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols. To guard against circumvention, these financial measures specifically prohibit DPT transactions that may be used to facilitate any prohibited activity or transaction. In short, FIs will not enable sanctioned parties to use non-traditional forms of finance to bypass the measures,” Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said.

Shanmugaratnam added that all FIs are required to demonstrate their compliance with the financial measures to MAS and are subject to MAS’ scrutiny and inspection. 

“MAS will take appropriate regulatory actions against FIs found to have breached these financial measures,” Shanmugaratnam said.

U.TOWN：https://u.town/en

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比特幣

Bitcoin Can Weather Any Loss of Peg to Stablecoin

Do Kwon, the founder of Terraform Labs, which powers the Terra blockchain, said the Bitcoin market is “liquid” enough to handle any potential de-pegging of its stablecoin.  

Bitcoin

1.Bitcoin

“People need to have a little bit more faith in crypto,” the South Korean entrepreneur said during an interview Monday on Bloomberg Quicktake. “If you look at Bitcoin, it turns over more than $20 billion per day and I think with time, it’s going to be even more liquid.”

2.

Terra has been the talk of the cryptocurrency market since Kwon announced last month that it will eventually buy $10 billion in Bitcoin to serve as a reserve to back its decentralized stablecoin. The coins are used to facilitate trading on exchanges by minimizing the volatile price swings seen by most cryptocurrencies. Kwon’s Singapore-based Luna Foundation Guard has helped purchase more than $1.4 billion of Bitcoin so far. 

3.

“Even if a stablecoin were to de-peg over time and those reserves would be used to defend that peg,” Kwon said. “I think [the Bitcoin market] would more than easily be able to absorb the Bitcoin that enters the market.”

The UST stablecoin, now with a market value of more than $16 billion, is not backed by a fiat currency like centralized stablecoins such as Tether. It has been able to maintain its peg to the dollar by issuing and destroying Luna tokens, Terra’s native cryptocurrency. For every new UST created, $1 worth of Luna is burned on the Terra blockchain. A Bitcoin reserve is designed to help improve UST’s ability to keep its dollar peg.

After an initial $3 billion “bootstrap” Bitcoin purchase, Kwon said the reserve will add Bitcoin through seigniorage, or the using of the profit made while issuing a currency because of the difference between the face value of the currency and the production cost. For every UST minted, funds will be used to purchase more Bitcoin for the reserve, he said.

“The important thing to remember about Terra is that is a decentralized stablecoin in the sense that it has no issuer,” Kwon explained. “If you were holding some sort of centralized collateral…bonds, Tether stablecoin, or [Circle’s USDC], in that case, whoever is holding the largest amount of these reserves would be subject to censorship, and would defeat the entire purpose of having decentralized stablecoin in the first place.”

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blockchain

blockchain-A new stage in the evolution of the game space

blockchain-In the traditional gaming space, guilds have served as informal communities to support players, and GameFi guilds have been instrumental in the development of the GameFi realm as they help lower the barrier to entry for newcomers and create new opportunities for investors. The potential of GameFi guilds is endless.

blockchain

blockchain-Esports and gameplay monetization

The development of streaming and esports has added a new dimension to these guilds – monetization. With the advent in 2011 of Twitch, the popular live streaming platform for gamers, gamers have the opportunity to stream their gameplay online and generate income at the same time.

In addition, at a competitive level, monetized esports became popular in the 2010s with the release of massively multiplayer online fighting games (MOBAs) such as League of Legends (LoL) and Defense of the Ancients 2 (DOTA2). Many of these early gaming opportunities came from competitive video games in online or offline tournaments, which often offered cash prizes. Live streaming has added legitimacy to these competitions, which have attracted sponsors, ad revenue and new ways to make money.

blockchain-Play2Earn games 

blockchain

Play2Earn games have provided players with an even easier and more affordable way to make money through gameplay. New gaming communities have formed around Play2Earn games as players begin to pool knowledge and resources. As more players joined the industry and the prices of gaming assets continued to rise, new players had to spend quite large sums just to start playing. This led to the emergence of the first Play2Earn guilds, where players united in order to help each other, as well as to maximize their own income.
Play2Earn games give players the opportunity to earn cryptocurrency as well as own elements of the game itself through the use of non-fungible tokens (NFT), which usually take the form of in-game characters, lands, items, etc.

What problems do GameFi guilds solve?

Many Play2Earn games require an NFT purchase. As the popularity of these games grows, so does the cost of the required NFTs. In the early days of Axie Infinity, they could be purchased for a small fee, but due to the popularity of Axie Infinity, new players now have to shell out nearly $ 300 for just a few starting Axies.

This is exactly the problem GameFi guilds are trying to solve. Guilds bring together investors and players for the benefit of both. Investors wishing to make money on Play2Earn games can purchase NFT and other in-game assets. If NFT owners do not have the time or desire to play, or they simply no longer need a certain set of assets, they can provide these NFTs to players through guilds.

However, this does not mean that fellows do not pay for renting NFTs from guilds.Players usually have to pay a certain percentage of their future income to the guild in exchange for these NFTs. In addition, certain games allow players to “pump” their NFTs as they play, thereby increasing the potential profit from these assets. This creates a double benefit for guilds that generate income while increasing their portfolio of more powerful assets through NFT leases.

U.TOWN：https://u.town/en

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優塔

U.TOWN-Taiwan’s first crypto casino

U.town is committed to creating a high-quality entertainment service platform with “safety and reliability”, “instant convenience”, “fairness and justice” and “professional operation”. You can participate in a fair and just game, and you can also enjoy the fun of playing with players from all over the world. We adhere to the customer-oriented attitude, continuous development and innovation and understanding customer needs are the company’s proud business philosophy, and we hope to create It has created a new entertainment value and achieved the purpose of popularizing it in many ways, and has become an international leading entertainment website.

U.TOWN

Game

Electronic games

Including YG Electronics, NLC Electronics, BNG Electronics major brand games, there are hundreds of game types for players to play, and many games will be added in the future!!

Live casino

Baccarat is the main game, and you can feel the sense of presence through live video.

Sports

With the latest and most real-time live events and games available to players, and there are many sports to bet on, including: basketball, football, baseball and other well-known sports, you can use cryptocurrency (USDT) to bet on Utown.

U.TOWN

U-Yield

Players who have just joined will be offered a 7-day pledge of 30% of the high yield, with a maximum cap of 500USDT. New players must not miss this event!

After 7 days, a certain percentage of membership level will be given to players for pledge, and the highest membership level (diamond) will give you up to 8%.

U.TOWN

U-Reward

All users of Utown will get a set of exclusive referral codes after registration. If other users use your referral code to register as a member, you will get corresponding discounts according to the membership level. For detailed rules, please refer to the membership level description

Example: For a Gold-level member account, if all members registered with this account’s referral code have a valid bet amount of 1,000,000 on the day, the referrer will receive 1,000,000 x 0.5% = 5,000 in return on the next day.

Introduced members must meet the following conditions to be considered valid members:

1. The introduced member must have at least one deposit record.

2. The introduced member must have any valid betting records.

Deposit and withdrawal methods

The Utown website only uses the cryptocurrency USDT, and you can use USDT to play various games.

The website offers two ways :

1. ERC20

2. TRC20

Leading future trends

With the change of generation technology, cryptocurrencies are becoming more and more popular all over the world. UTA keeps pace with the times to provide a cryptocurrency-based entertainment platform for customers to reduce transaction fees and improve transaction convenience. In the future, the world will enter the decentralized Internet generation. UTA utilizes the characteristics of encrypted currency to increase the privacy and security of customers using the website, so that customers can play with confidence.

U.TOWN

U.town official Line : https://line.me/ti/p/GfJXVa-nVh

U.town official telegram :  https://t.me/utown_casino

Categories
百家樂/體育投注/電子遊戲

The relationship between Cryptocurrency and online casinos

online casinos-Cryptocurrency is the new secure mode of casino payments. With this guide, you’ll understand how different cryptocurrencies work, their pros and cons, and the impact of this trend on the online casino market.

Online casinos are easily accessible and immensely cost-efficient, but at the same time, they don’t compromise on the casino experience. But if we look closely, it is just not the casinos that have evolved. Cryptocurrency is a new economic trend that has taken the internet by storm. Online casino and gambling enthusiasts around the world have embraced cryptocurrency with open arms. This article is for all the fans of cryptocurrency and online casino. Keep reading to find out how these two are connected.

online casinos

Impact of Cryptocurrency on the Online Gambling Industry

Cryptocurrency has become a big part of the online gambling and casino industry. The cryptocurrency payment method was introduced in casinos to provide crypto-enthusiasts with a simple method to pay with their Bitcoins and other forms of cryptocurrencies. Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are known for their hassle-free, fast, and easy transactions. The public’s discernment of Bitcoin as a reputable form of payment has led to its use in online casinos.

Cryptocurrency is not just beneficial for the punters. Cryptocurrency is very profitable for online casinos as well. Since no third party is involved, the use of cryptocurrency dissolves the intermediary costs applied by banks for payment transactions. This helps online casino make that extra profit previously spent on transaction fees. 

Why Do Gamblers Prefer Cryptocurrency? 

Due to the vast benefits of the Blockchain system, cryptocurrency is greatly preferred by millions of gambling enthusiasts around the world. Here are a few reasons why gamblers like cryptocurrency –

  • You can gamble without worrying about your privacy as cryptocurrency maintains your anonymity. Online casinos using cryptocurrencies as a mode of payment guarantee their customers’ anonymity. This helps them focus on the progress of the game. Most of the free casino games no download could also be played with cryptocurrencies.
  • The blockchain technology used in cryptocurrency prevents the illegal trading of digital money, minimizing the risk of payment duplication. 
  • The security of online casino from any 3rd party hacker is also secured by blockchain technology. The transactions carried out during the games are verified and allocated as codes. These codes are encrypted and virtually impossible to change.
  • Through the use of cryptocurrency, the safety of gambling funds is protected. The reward money can be immediately transferred to an electronic wallet without the added hassle of bank verification.
  • Due to the decentralized nature of cryptocurrency, it is not controlled by any bank or government. Therefore, transaction fees or any extra taxes cannot be applied to your online casino earnings.
  • Bitcoin is a convenient form of cryptocurrency as it can be easily split into smaller pieces. Gamblers betting on a budget should ideally use Bitcoin.
  • Online casinos often offer exciting bonuses and deals to gamblers using crypto coins. This is attractive and profitable to any gambler using cryptocurrencies.

Conclusion 

Online casinos and cryptocurrency are complementary to each other in terms of market adaptation and implementation. The blockchain system and its apt utilization in cryptocurrencies benefit both the online casinos and their patrons. It is the responsibility of online casinos to make the gambling experience more enjoyable and secure for their customer – cryptocurrency assists the online casino in reaching that goal. Cryptocurrency still faces some minor setbacks, but it can only get better from here on.

U.TOWN：https://u.town/en