Blockchain Mainnet FNCY to Collaborate with Web3 Community Platform GALXE

VCs Say US Crypto Crackdown Opportunity for AsiaA couple of Hong Kong-based venture capitalists told Bloomberg TV in an interview that aired on Tuesday that the current crypto crackdown in the United States is a boon for Asia and particularly for Hong Kong in establishing itself as a global crypto hub.© Pexels/lalesh aldarwishMartin Baumann, Managing Partner and Co-Founder of CMCC Global, one of Asia’s first VC funds focused purely on blockchain and crypto, said that “Hong Kong has always been a financial capital of Asia and we believe in this location.”Golden opportunityWhile the fund has a global mandate, it believes that investor focus is shifting away from North America towards Asia. Baumann’s colleague, CMCC Global Managing Partner and Co-Founder Charlie Morris said that “the US has been quite negative from the regulatory perspective and it really seems to us that the US is shooting itself in the foot with a machine gun.”Morris elaborated, stating that the US crypto crackdown is handing a golden opportunity to other world regions to lead on blockchain and crypto. Baumann chimed in to clarify that one third of all blockchain equity deals are currently being done in Asia. He maintains that most of the investment community in the West doesn’t appreciate the extent to which capital is being committed into the space by Asian entities.Morris expanded further: “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city.”Launching $100M blockchain fundAgainst that backdrop CMCC Global is launching a $100 million fund, where funding will be allocated to blockchain projects. Specifically the duo are targeting crypto and blockchain firms at Series A and Series B funding stages. Baumann believes that in tandem with the fact that there’s a lot of innovation emerging in Asia, “there’s plenty of capital sitting on the sidelines waiting for the right entry valuations to pull the trigger.”While Baumann and Morris are majority stakeholders in CMCC Global, the Winklevoss twins (Cameron and Tyler Winklevoss) also have an equity stake in the business. Founders of the Gemini crypto exchange platform, they are investors alongside Hong Kong based Richard Li, who has a net worth estimated to be in the region of $4.6 billion.VC investment into crypto slowed down considerably since the onset of the most recent crypto winter. However, that activity has still been ongoing, something that is entirely different to the 2018 bear market when investment came to a complete standstill. In April, CMCC partnered with Switzerland-based Syz Group with the objective of establishing a funding vehicle with a minimum $50 million fund earmarked for crypto-centric hedge fund investment.Meanwhile, in speculating on the prospects of bitcoin, the CMCC duo expressed the view that double digit gains are well within reach. Morris envisages a Bitcoin unit price of $40,000 in 2023. From a long term perspective the CMCC co-founder suggested that “I can easily see us breaking all time highs and easily breaking $100,000 for bitcoin.”

Celsius and BlockFi Filings Reveal Bhutan Crypto InvestmentThe tiny kingdom of Bhutan, nestled in the Himalayas, has been secretly holding millions of dollars in cryptocurrency, according to recent filings in the bankruptcy processes of crypto lenders Celsius and BlockFi. The revelation has surprised many observers, given the country’s reputation as a conservative and traditionalist society that places a high value on spiritual well-being and happiness over material wealth.©Pexels/Prateek KatyalDruk Holdings and InvestmentThe cryptocurrency holdings were reportedly managed by Bhutan’s Druk Holdings and Investment, which was established in 2018 with the aim of investing in a range of assets to help diversify the country’s economy and reduce its dependence on hydro-power exports. It’s understood that the fund had invested in a number of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and had seen significant gains as a result.While the exact amount of cryptocurrency held by the Bhutan Investment Fund is not known, a Forbes report estimates that it could be worth several million dollars. This represents a significant portion of Bhutan’s overall foreign reserves, which stood at $1.2 billion at the end of 2022.The news of Bhutan’s cryptocurrency holdings has sparked a debate about the role of digital assets in the country’s economy. Some experts have argued that cryptocurrencies could provide a valuable source of revenue for Bhutan, particularly as the country seeks to reduce its reliance on hydro-power exports. Others, however, have expressed concerns about the risks associated with investing in such a volatile and unpredictable asset class.A new frontier for investmentDespite these concerns, it appears that the Bhutan Investment Fund is committed to continuing its cryptocurrency investments. In a statement to Blockworks, the fund’s CEO, Tenzin Lekphell, said that “digital assets represent a new frontier for investment, and we believe that they have the potential to provide significant returns for our investors.”The news of Bhutan’s cryptocurrency holdings comes at a time when many countries around the world are grappling with the question of how to regulate and manage digital assets. While some countries, such as China, have taken a hardline approach and banned cryptocurrencies altogether, others, like Japan, have taken a more moderate approach and have sought to regulate the industry to prevent fraud and protect investors.Others still, like the United States and India have flip flopped on the subject with the United States having taken a regulatory hard line in recent months.A crypto opportunity for smaller nationsIt remains to be seen what approach Bhutan will take towards cryptocurrency regulation. However, the news of the country’s cryptocurrency holdings is a sign that even small, remote nations can take advantage of the opportunities provided by digital assets. On Tuesday Jason Lau, COO of crypto exchange Okcoin, stated that Bhutan’s investment was no surprise, with the expectation that other sovereign wealth funds would follow suit.Bhutan’s decision to invest in cryptocurrency has raised eyebrows in the international community. However, it is also a testament to the country’s willingness to explore new and innovative approaches to economic development. As the world continues to grapple with the opportunities and challenges posed by digital assets, Bhutan’s example may provide a valuable case study for other nations seeking to diversify their economies and embrace new technologies.

Uzbekistan Revamps Crypto Mining with New Regulatory FrameworkUzbekistan is ushering in a reset on its approach to cryptocurrency mining with the implementation of a new regulatory framework by the central Asian country’s National Agency of Perspective Projects (NAPP).Photo by Farhodjon Chinberdiev on UnsplashFocusing on solar powerThese freshly endorsed rules were announced earlier this week. They establish stringent guidelines for cryptocurrency mining operations within the country, reserving mining exclusively for registered legal entities and mandating the use of solar power.Under the sweeping regulations, individual miners are barred from participating in cryptocurrency mining activities, a move aimed at bringing structure and oversight to the expanding crypto mining sector within Uzbekistan’s borders.A key feature of the framework is the requirement for cryptocurrency miners to harness electricity generated by solar photovoltaic means. This environmentally conscious approach mirrors global endeavors to promote sustainability and clean energy sources in the crypto mining sector. Miners are also permitted to connect to the national electrical power grid, but only under specific conditions as outlined in the legislation.Safeguarding the power gridIn this respect, Uzbekistan is likely to be learning from the experiences of its northern neighbor, Kazakhstan. Following a ban on crypto mining in China in 2021, Kazakhstan suddenly became the second largest global center for Bitcoin mining. Unprepared for this eventuality, this mining activity caused major problems for the country’s power grid, resulting in blackouts and unrest.The NAPP underscores the necessity for mining operations and service providers to adhere to these newly established rules. To engage in cryptocurrency mining legally, entities must secure the requisite permits and licenses. These permits, valid for five years, come with strict reporting obligations, ensuring transparency and regulatory compliance.Moreover, cryptocurrency miners must prioritize the technical integrity of their electrical supply systems, emphasizing safety and reliability to prevent electrical accidents and maintain secure operating environments.In a bid to nurture a controlled and regulated cryptocurrency ecosystem, Uzbekistan’s crypto watchdog has already issued licenses to several entities, including a cryptocurrency exchange, a crypto depository, and ten other crypto trading platforms. Encouragingly, discussions have taken place with global exchanges like Binance, Huobi, and Bybit, signaling Uzbekistan’s ambitions to establish itself as a cryptocurrency hub.Ban on individual minersThe NAPP’s latest framework also outlaws the mining of anonymous cryptocurrencies designed to enhance transaction privacy, such as Monero (XMR). This measure aligns with international efforts to combat illicit activities linked to anonymous digital currencies.It’s worth noting that these new regulations represent the latest in a series of decrees by the Uzbek government, reiterating the ban on individual miners and the use of cryptocurrencies for domestic payments. Consequently, the full impact of these recent regulations on the nation’s cryptocurrency mining landscape remains to be seen.Uzbekistan’s decision to confine cryptocurrency mining to legal entities employing solar power reflects a growing understanding of the opportunity the activity provides to effectively exploit excess renewable power. In July, the President of eastern neighbor Kyrgyzstan put forward an ambitious project to use crypto mining to exploit the country’s hydro-electric power resources.