Ivica Aračić

AG Grid in the wild, I love it. If you are building an app with AG Grid, please upload a movie of what you are doing and tag me!

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💥 The Swiss Crypto Valley recently suffered a significant blow after the Swiss regulator published its newest guidance on stablecoins – here is why: 🔍 What happened? According to the new guidance from FINMA, issuers of stablecoins in principle need a banking license and must KYC every stablecoin holder. These rules are super restrictive, even compared to EU countries, and there won't be a major Swiss stablecoin in the future. ✅ But protecting the integrity of the financial market is good… Yes, but this policy is overreaching: - Requiring a banking license doesn't make sense if assets are fully held. - To KYC every holder is discriminatory: this isn't required for cash or Bitcoin. 🇨🇭 What are the consequences for Switzerland? CHF-stablecoins will be issued abroad, out of the regulator's scope. Switzerland will lose monetary sovereignty. 🌐 What are the consequences for the crypto-industry? None directly, as there are plenty of alternatives available. However, if other countries follow suit, this will be catastrophic for DeFi, which by law will need to be centralized. The broader picture These rules are an overkill and need to be changed. Personally, I am missing the constitutional perspective in this discussion, such as the principle of proportionality (Art. 5 BV), or right to privacy (Art. 13 BV). Let me know in the comments your thoughts: is this guidance just, or a complete overkill?

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First prosecution of #DeFi – last week a jury found Eisenberg guilty of fraud and market manipulation in a $110 million crypto trade scheme using the Mango Markets decentralised platform. Bad news for #DeFi and #DAOs: 1. It is a wake-up call for DAOs that operate DeFi trading platforms as to their vulnerability regarding effective governance, operational resilience and risk management to prevent and deal with such exploits. 2. Re DAOs uncertain legal status, I wrote previously on the existential peril most DAOs face coming under the CASP definition and the remit of MiCA due to their heavily centralised ownership and governance controls. 3. The exploit, although not a hack per se, exposed profound vulnerabilities in the platform's design, the DAO's governance and made a mockery of its voting mechanism. Post exploit, D lodged a proposal with the DAO to return some of the funds on condition that criminal investigations/civil claims weren't pursued. D used his voting power obtained through the stolen native tokens to provide a substantial “Yes” vote for the proposal. 4. Although a US case, it has triggered an overarching consideration: a CASP-like DAO operating a DEX may also qualify as a “financial entity” within the scope of the Digital Operational Resilience Act (‘DORA’). While DORA is aimed at traditional financial entities to instil more robust operational resilience it also applies to CASPs, Article 2(1)(f). 5. MiCA complements DORA: a DAO running a DEX could potentially fall under DORA’s purview if its operations are sufficiently integrated with the EU's financial systems/ perform financial services regulated under EU law. 6. Achieving ‘full’ decentralisation demands a higher bar legally and technically. DeFi's ‘code is law’ approach requires reappraisal, a return to the fundamentals of Lessig’s scholarly vision: a more thoughtful, responsible approach to how code is created and governed to ensure it upholds rather than undermines legal principles and societal norms. 7. ‘Code is law’ is not a defence to criminal conduct, even on an autonomous, smart contract driven platform. At trial D never disputed the trades but argued what he did was legal - “a highly profitable trading strategy” - permitted by the DeFi protocol rules embedded in immutable smart contracts to which his trades complied. 8. The jury disagreed: the exploit was a textbook example of cross-market manipulation. D intentionally inflated the price of perpetual futures contracts to trick the platform into giving him money. 9.  A re-think of the role of DAOs in building secure web3 infrastructure and a revision of algorithmic governance structures is needed to ensure rigorous automated checks and balances delivering effective ICT risk management, and better decision-making processes. DeFi may have a lot more to gain long term if, for now, early stage web3 projects maintain a level of centralisation to build autonomous code systems capable of upholding legal principles.   #Web3legal  

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#stablecoins - crypto backed by fiat dollars (and now Euros) - will hit trillions in issuance volumes before the end of the decade. The ECB sees SCs as private sector competition to it's own govt crypto - #CBDCs.. so expect them to regulate competitors into obsolescence or the fringe. The state should not be issuing money direct to the public. This is Soviet-style central control/planning of money - we all know how that worked out. it's completely anti-free markets. SAFE AS CRYPTO? Ironically the new European markets-in-crypto-assets regulations ( #MICA) rules - legalising stablecoins in the Eurozone will make them MORE - not less - risky! Simplistically the regs force stablecoin issuers to hold their #fiat-backed token reserves/collateral as deposits in European #Banks.... Vs say US Treasuries or other highly rated and liquid collateral. BlackRock Fidelity Investments [partially] owned stablecoin issuer Circle ($34bn) has been the first to comply. Market leader Tether.io $112bn) says it won't... What is key that these bank deposits are UNINSURED. So the EUR stablecoin exposes the holders to European Banks by design... We all know how safe they are... right? Circle themselves already lost ~3% of their stable coin collateral when their deposits were in the SVB banking collapse before depositors were made whole by a 'bailout'. So be mindful that not all stablecoins - despite being backed by the par USD or EUR value collateral - are not equal. Counterparty risk is very real. CRYPTO EURODOLLAR MARKET Indebted govts with 'hard currency' status (USD + a continually weakening GBP, EUR, JPY) will discover new emerging market demand for their debasing currency - especially US #Dollars. The crypto version of the multi trillion EuroDollar market is on the way! The ECB is not happy. A dolarised world accelerates the inevitable demise of the Euro and constrains its ability to abuse citizens with stealth taxes. Currently stablecoin volumes are ~$160billion... but all EM countries want USD... Argentina, Nigeria, Turkey etc etc... Anecdotally 99%+ of SC volume is in USD. #DeFi is in USD. While SCs do not solve the fiat/debasement/money printing/inflation/corruption/riba/ monetary abuse angle.. .. they are still infinitely preferable to #CBDCs given the greater #decentralization and [control/privacy] layers between individual and the state. https://lnkd.in/djp6Pjn7

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Crypto Valley Conference Session dedicated to MiCA: MiCA is gaining speed in adoption. According to panelists, the most advanced countries in implementing the EU crypto regulation are France, Germany, and Liechtenstein. Switzerland, with its own regulation, is also a top European country for regulatory clarity. Under MiCA, for utility tokens, you must produce a proper white paper. If you want to list the token in Europe, the white paper must have proper content and a prospectus, including a description of the technology and information about the issuer—beyond just pictures and basic text. With MiCA, reverse solicitation will be limited while marketing your token. Who will control the implementation and how remains an open question. For example, if you issue your token in Switzerland, distributing it within the EU will not necessarily be easier. The question also arises about listing non-EU issued tokens. If you are targeting EU platforms for listing, it’s better to be issued within the EU.

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A small step for the industry, a big step towards lesser fragmentated liquidity and a more open market structure!

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Bitpanda Pioneers Security Tokens with Steelcoin Listing, Expanding Access for European Retail Investors Bitpanda Bitpanda, a European leader in digital assets, has taken a pioneering step by introducing security tokens to retail investors—starting with Steelcoin, a regulated token tied to steel products. This marks a significant milestone for European investors, offering a new asset class that merges traditional financial products with the security of blockchain technology. Security tokens, like Steelcoin, are digital representations of real-world assets, such as stocks and commodities, and are subject to strict legal regulations. In partnership with Frankstahl, a major player in the steel industry, Steelcoin provides investors the opportunity to gain exposure to the performance of steel, a crucial yet under-explored commodity in global markets. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted the future-oriented nature of the offering: “Tokenization is the future of investing, and we want to shape that future. Security tokens are a truly innovative asset class that bring traditional financial assets onto the blockchain.” This listing sets the stage for Bitpanda’s broader ambitions of enabling fractional ownership and portfolio diversification, not just for its retail users but also for its B2B partners, such as banks and fintechs, via Bitpanda Technology Solutions. #Tokenization #Steelcoin #Blockchain #DigitalAssets #Commodities #Fintech #Crypto #ARKInvest

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VEUR and VCHF on TradingView 🌟 Have you heard that VEUR and VCHF stablecoins are now available on TradingView? 🌟 🔗 TradingView serves as the primary terminal and a trusted source of information for crypto traders. You can now seamlessly access VNX Euro (VEUR) and VNX Swiss Franc (VCHF) markets on Bitstamp directly through TradingView. 💡 VEUR and VCHF are stablecoins generated by VNX, referencing the two most popular European fiat currencies. They provide stability and convenience for the trading needs. 🚀 Dive deeper into VEUR and VCHF on TradingView via Bitstamp integration! Visit https://lnkd.in/gMXQ6sn for more information.

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Sygnum Secures Liechtenstein Crypto License, Eyes EU Expansion under MiCA https://lnkd.in/dqjF5R6c #Sygnum #CryptoLicense #Liechtenstein #MiCA #EUCryptoRegulation #BlockchainBanking #DigitalAssets #CryptoExpansion #RegulatedCrypto #FinTechInnovation

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Stablecoin Issuers Now 18th Largest Holder of U.S. Debt. Stablecoin issuers, including Tether and Circle, now hold over $120 billion in U.S. Treasury notes, making them the 18th largest holders of U.S. debt, surpassing countries like Germany and South Korea. Tether holds $91 billion, while Circle holds $29 billion. Although stablecoin legislation has not yet passed, there is optimism it will become law soon. Source: businessinsider In my opinion, it is becoming increasingly important to understand the potential impacts and complexities of stablecoins as their growth continues. #blockchain #stablecoins

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🚨 Breaking: Crypto giant Bybit plans EU headquarters in Vienna. Validvent founder Georg Brameshuber: 'Austria is doing something right!'🇦🇹 According to a report of Austrian newspaper Kronenzeitung, crypto giant #Bybit, the world's second-largest crypto exchange by volume, is planning to establish its EU headquarters in Austria. Vienna aims to become a hotspot in the international crypto scene. Krone article: https://lnkd.in/dGF7r929 The Austrian Financial Market Authority (FMA Finanzmarktaufsicht Österreich ) told Krone, that they anticipate 20 cryptocurrency companies to apply for a licence this year. Among the most prominent is #Bybit. This Chinese platform, with 50 million customers, is now the second-largest crypto exchange in terms of trading volume worldwide. According to the company register, Bybit founded several companies in Vienna's 22nd district Donaustadt in September. The company is currently seeking office space in a city centre location. Obtaining a location and a MiCA-licence in an EU country is essential to secure a licence for the entire EU market from 2025, thereby enabling customers to trade in cryptocurrencies. US crypto exchanges such as #Coinbase and #Kraken have also already established bases in Ireland for this reason. Why did Bybit choose #Austria? Well, the Austrian Financial Market Authority plays a significant role in this choice, according to #Krone. It is internationally respected and is perceived as open and judicious concerning virtual currencies. Its expertise in the crypto sector is highly regarded. Previously, some crypto exchanges attempted to enter the market via the Baltic states or Malta; however, the regulatory authorities there are less well-regarded. A licence from these locations does not carry the same weight with regulators in other countries. ‘Austria has positioned itself effectively here and is trying to avoid past mistakes,’ says Georg Brameshuber in the Krone interview. Georg is one of the most experienced crypto tax and regulation expert in DACH region, founder of Validvent, board member at the DAAA | Digital Assets Association Austria and advisor for many crypto HNWIs and whales. International Competition increasing: It may take some time before Bybit receives the full licence for the European market, expected in 2025. If Bybit were to establish itself in Austria, this move would significantly enhance the attractiveness of the domestic location as crypto hub. This is because both Bitpanda, the leading European crypto broker, and Bybit, the second-largest exchange worldwide, would be based in Vienna. ‘Austria is positioning itself as an attractive location for international players in the crypto world,’ told #Brameshuber during the Krone #interview: ‘This is an opportunity for Austria to be at the forefront of such a growing industry.’

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🚨 Big News in Swiss Crypto Regulation: FINMA's New Guidelines on Stablecoins 🚨 FINMA has introduced significant regulatory changes that could reshape the Swiss crypto industry, especially impacting stablecoins. Here’s a rundown of what these changes mean for the sector: 🔍 Key Changes: • Mandatory Licensing: Stablecoin issuers must now obtain a banking license or secure a bank guarantee. This requirement raises the entry barrier for new projects and could hinder smaller start-ups from launching stablecoins. • Transparency Over Anonymity: New rules mandate the identification of every stablecoin holder, challenging the decentralized finance (DeFi) principle of anonymity. This shift aims to increase transparency but might also push the industry towards a more centralized model. 💡 Potential Impact: 1. Innovation Challenges: The new licensing requirements make it tough for start-ups to enter the market without substantial financial resources. This could lead to fewer innovative projects emerging from Switzerland. 2. Shift Towards Centralization: By enforcing identification and guarantees, these rules could move DeFi projects into a more regulated and centralized framework, affecting the industry's core decentralized nature. 3. Migration of Innovators: Stricter regulations might drive Swiss crypto innovators and start-ups to relocate to more crypto-friendly jurisdictions like Abu Dhabi, Dubai, or Singapore, which are rapidly becoming new hubs for digital assets companies. 🚀 Looking Ahead: Switzerland's regulatory environment is evolving. While these new rules aim to enhance security and transparency, they also raise questions about the future of innovation and decentralization in the Swiss crypto space. How will the industry adapt, and what will this mean for global crypto dynamics? At Legalaes, we're here to help you navigate these regulatory changes. Our team offers expert guidance to ensure your business stays compliant and successful in Switzerland's dynamic crypto landscape. 💚 📄 We’ve also prepared a detailed document for you to review the new regulations in depth. Feel free to check it out in the carousel below. #CryptoRegulations #FINMA #CryptoNews #Stablecoins #DeFi #Legalaes

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Leveraging Boerse Stuttgart Digital’s regulated institutional crypto infrastructure solutions, DZ BANK AG will enable 700 cooperative banks to offer their retail customers to trade cryptocurrencies and to securely store them in licensed fiduciary custody. Read here: https://lnkd.in/ggVwXA3t -with Dr. Matthias Voelkel #fintech #blockchain #crypto #cryptocurrency

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The German government's Bundeskriminalamt (BKA) may be nearing the end of its bitcoin liquidation, having reduced its holdings from around 50,000 BTC ($3.55B) in mid-June to less than 5,000 BTC ($285M) by July 11, according to Arkham data. This significant sell-off has unnerved markets, adding to the broader concerns about a potential economic slowdown in the U.S. later this year or early 2025. Amidst the backdrop of the 7th Ethereum Community Conference, where Ethereum's roadmap as a decentralized and secure layer-1 (L1) was reaffirmed, the crypto market faces a challenging quarter. Discussions and keynote talks, including from Ethereum co-founder Vitalik Buterin, focused on Ethereum’s future and its interaction with layer-2 (L2) scaling solutions. The third quarter began with supply overhangs from indiscriminate bitcoin sales by the BKA, averaging $85M per day, which pressured bitcoin prices despite global daily BTC spot volumes of $10.6B. Market distortions may soon dissipate as the BKA’s holdings diminish. The Mt. Gox Rehabilitation Trust repayments, starting on July 5, also added market uncertainty, although the actual impact remains unclear due to varying processing times across exchanges. Looking ahead, concerns of a U.S. recession and mixed macroeconomic data, including slowing growth and rising unemployment, paint a complex picture. The Fed's potential rate cuts in September could bring more liquidity but also highlight fears of a deeper economic downturn. Retail investors may remain cautious, balancing recession fears with potential fiscal expansion ahead of the U.S. elections in November. For now, crypto markets are expected to remain volatile, with no strong narratives driving sentiment. Uncertainty surrounds potential spot ETH ETF flows, which could either boost or pressure prices. Ethereum’s continued focus on being a settlement L1 and the technological advancements of L2 platforms like Optimism and Arbitrum were key themes at EthCC. However, challenges in L2 interoperability and the centralization of liquid staking tokens (LSTs) remain unresolved. Overall, the next two months are likely to see more market volatility before potential improvements in late September. Ethereum’s future developments and broader economic signals will be critical in shaping market dynamics. #Bitcoin #BTC #Ethereum #ETH #CryptoMarket #EthCC #MtGox #FedRateCuts #Recession #EthereumConference #VitalikButerin #Layer2 #CryptoVolatility #Staking #LiquidStaking #CryptoTrends https://lnkd.in/dtGhmie8

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🚀 ⛓ Bitpanda's new Steelcoin offering: Tokenized Securities move ahead now also on Crypto Exchanges which is great news and congratulations to launching it. Retail investors in particular have to fully understand the product like for any security traded 🚀⛓ Key Highlights: 🥁 ⛓ Bitpanda introduces Steelcoin, a security token available on a crypto exchange to retail investors, offering access to the steel market via blockchain. It is a great case for tokenization using a commodity. This product comes with nuances that retail investors must fully understand. 🥁 ⛓ Steelcoin is an unsecured liability, meaning investors could face risks if the issuer encounters financial trouble, and its value declines by 3% annually, which requires attention from investors. That does not have to be a problem per se, but full awareness is vital and although the token is decentralized the underlying value has a central risk which is elaborated in the prospectus provided by Steelcoin. Many products also in the classic capital markets work like that and full understanding is where it all starts. 🥁 ⛓ Tokenized securities are emerging as the next big use case in finance and various other tokens are traded showing the advantages of using the blockchain for capital markets. 💡 💡 💡 The launch of Steelcoin by Bitpanda is a major milestone in the rapidly evolving world of tokenized securities, bringing innovative investment opportunities to retail investors. However, as with any security, understanding the underlying product is crucial. Steelcoin is an unsecured token with a 3% annual value reduction and unique risks that must be carefully considered. Tokenization is transforming markets, but like traditional investments, success lies in fully comprehending the product and its intricacies.💡 💡 💡 #web3 #digitalassets

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Attention All Crypto Traders: There are many options (here's a few: Binance, UPHOLD, G2 Deals, Kucoin, LocalBitcoins, NiceHash, Bittrex, Kraken, Gate.io, CEX.IO, Poloniex) for digital wallets where you can deposit/buy/send/withdraw and sell your cryptocurrency. I have used several different platforms previously and for the past few months I have been using U.S. based company, Coinbase. I was relatively happy with their service up until this week when they locked my account and restricted access to my money and crypto without providing any reason. I've spent multiple hours on the phone with their customer service (mostly on hold) and have yet to receive an explanation as to why my money has been frozen and my account access denied. Zero explanation! Every time I'm told that the issues should be resolved in 24 hours. The time has come and gone several times over and once again I was told today that my account should be 'good to go' in another 24 hours. Well I am sick and tired of this treatment and now resort to putting them on blast. I'm starting with LinkedIn and I intend to hit all other social media platform until this issue gets resolved. Just imagine having $10,000 (or any sum for that matter) of YOUR money locked in a Coinbase account and they will not give you access to you money and lock your account without telling you the reasons why. I find these business practices to be shady at best and believe there are laws being broken. I hope Executive Management from Coinbase see this message and reach out because I can not imagine this is what they had in mind for the treatment of the customers. Unfortunately, they have lost this customer. Once my account is unlocked and money thawed, I'm gone. I strongly suggest anyone looking to get in to the world of crypto to avoid Coinbase and their shady practices all together. Call me Coinbase!!! YOU DON'T TREAT CUSTOMERS LIKE THIS COINBASE!!!!! https://lnkd.in/gXw3Az_4

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