Monday Movers 17

Thai regulators are clamping down on crypto market rules, while crypto adoption in Latin America is on the rise.

Highlights from the weekend:

  • Thai regulators are tightening their grip on crypto market rules
  • Australians lose $242 million in investments due to crypto scams
  • More Latin American countries are embracing crypto payment systems
  • These three countries are the most interested in the upcoming Ethereum Merge

Words of Wisdom:

“Cryptocurrency is freedom, banking is slavery.”

- Arif Naseem
"If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it's not."

- Elon Musk 
“With great ideas come great changes. Bitcoin’s that.”

- Cameron Winklevoss

Finblox Performers:

The Scoop:

Brazil is leading the way for crypto adoption, and multiple countries in Latin America are prepared as well. A recent study revealed that crypto enthusiasts are eager to embrace crypto, and are the most bullish compared to other regions. The Web3 movement is growing in Latin America, and it seems like a decentralized financial system is their main preference. Mexican convenience store, OXXO released a voucher-based banking app - allowing its 1.6 million users to pay for utilities via Bitcoin. In El Salvador, they've taken a green turn and are drawing power from volcanoes to mine for Bitcoin. Over the past few years, high inflation levels have negatively affected most of Latin America. The high acceleration of inflation has pushed multiple countries to shift towards a decentralized financial system. This opens up a large net of opportunities for Latin American countries, to leverage crypto for broader financial inclusion.

The Thai SEC is tightening crypto market rules in Thailand, including passing rules on crypto ads. The SEC's strict stance has had a direct impact on trading numbers, and active accounts have lowered to 33%. The SEC demanded that crypto advertisements, must not showcase deceptive information. Additionally, they mentioned that a mandated warning regarding cryptocurrency investments - will also be relayed.

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Thailand is suffering a setback when it comes to crypto. 

The Central Bank of Thailand will also be granted more power in the crypto sector, according to Finance Minister - Arkhom Termpittayapaisith. Previously, the SEC maintained its stronghold on the crypto market, but now the duties to uphold the regulations will be split between the two departments. The desire for crypto adoption is still strongly observed in Thailand, despite the sudden clampdown. Ratanavadi, the second-richest person in the country is planning to create a crypto exchange - with a joint venture with Binance. The joint crackdown by the Central Bank of Thailand and the SEC, have sparked a hot and cold relationship with crypto, but its citizens aren't giving up digital asset adoption.

Ethereum, the second-largest crypto protocol is well on its way to switching from PoW to PoS. The Ethereum Merge is a network upgrade that'll change ETH's consensus, to improve its transactions among many other positive changes. The countries who are eyeing this merge the most are: Singapore, Switzerland, Canada and Germany. Singapore gains the title as the country that reached the "highest total search score" of 377. Mark Cuban, owner of the Dallas Mavericks stated his concern amidst the excitement stating that it might be a “buy the rumor, sell the news” type of event. An example of this, was Dogecoin's price expansion in 2021 wherein multiple users believed that DOGE would rally up to $1. On the contrary, DOGE collapsed significantly during the time of the supposed buzz. The Ethereum Merge could have a significant impact on the entire crypto sector, and enthusiasts worldwide are gearing up for the event - this September 15th.

Australia has been a hotspot for crypto scams and several Ponzi schemes in the last year. Since the start of 2022, the number of crypto frauds rose up to a whopping 36% - compared to the previous year. According to a report by the Australian Broadcasting Corporation (ABC), advocacy groups are pushing for banks to tighten their screenings on the names of recipients, ensuring that their names align with their account names.

Sydney Opera Theater man people crowds ocean buildings people shoes show
Aussies have lost $242 million to crypto scams. 

Banks in Australia require citizens to select the optional PayID technology - allowing customers to see the name attached to a BSB and account number. Brody mentioned however, that the optional system that demands consumers to be responsible for scam prevention isn’t functioning optimally. Australian authorities have also stepped up its investigations on the crypto market, due to the rising number of hacks. In response to the attacks, the Australian Federal Police has set up a determined squad that will monitor crypto-related transactions - to prevent emerging threats.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.

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