DeFI News by Thebittimes.Com

Numerous initiatives by local and state governments in India — from data management systems to verifiable certificate issuances — currently use blockchain technology. Ever since Bitcoin (BTC) popularized blockchain technology worldwide, the tech has found its way into myriad processes, from finance to public administration. What started as a flex statement for early adopters has now become a way of revamping legacy systems and improving immutability, transparency and decentralization. Despite its proven real-world use cases, most government agencies continue to take a cautious approach to adopting and infusing blockchain into their paper-based processes, given its predominant link to the cryptocurrency ecosystem. However, a change of heart is underway as emerging economies see blockchain as a rare opportunity to establish a trust-based system for society. While still reluctant to legitimize cryptocurrencies fully, India has generally accepted blockchain technology. Numerous initiat...

Regulatory enforcement against the crypto sector has spooked investors, but the total crypto market capitalization continues to hold above $1 trillion. A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11. This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT). Total crypto market cap in USD, 1-day. Source: TradingView Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls. The United States Securities and Exchange Commission tagged multiple a...

The AIFC Financial Services Authority in Kazakhstan granted Binance a permanent license to a digital asset platform and provide custody services in the country. After a build-up of multiple memorandums of understanding (MoU) and an initial “in-principle” approval to operate in Kazakhstan, Binance received a permanent license to operate in the country. As of Oct. 6, the Republic of Kazakhstan’s AIFC Financial Services Authority (AFSA) granted the permanent license to both manage a digital asset platform and provide custody services at the Astana International Financial Center. This newly acquired permanent license gives Binance official status as a regulated platform in the country. Gleb Kostarev, Asia Regional Head at Binance, said this is another step for Binance being a “compliance-focused exchange." Kostarev highlighted Kazakhstan’s recent efforts and activities in the crypto space: “We welcome Kazakhstan’s drive to become a leading player in the field of new digital technol...