Crypto Market Overview – August 26th, 2021
Dogecoin will help real dogs
Animal Rescue Organization PAWS Chicago has announced that it has begun accepting cryptocurrency donations DOGE ahead of the launch of its new hospital for homeless cats and dogs. Coinquora reports.
PAWS uses digital banner ads in its marketing campaign, in which a dog shoots lasers out of his eyes. Some of the posters are also based on the Shiba Inu dog — the face of the world's main crypt meme. News agencies have already christened the promo organization “dogenation.”
As for the main mission of PAWS Chicago, the money raised from donations will be used to develop infrastructure to reduce the number of animal euthanasia by municipal services. The organization has already managed to reduce the number of stray animals killed in the Chicago area by 91% thanks to neutering and finding new owners for pets.
The regulator of Thailand proposed new rules for the storage and circulation of cryptocurrencies
The Securities and Exchange Commission (SEC) of Thailand plans to prohibit crypto developers and providers from using investor assets for the "benefit of another client or other persons", as well as the ability to benefit from investors' fiat and digital assets in order to protect investments. Cointelegraph reports. The new rules will entail the creation of an infrastructure for the withdrawal and transfer of fiat money from digital assets accounts, which will meet the conditions of a "decentralized approval authority." According to the regulator, the rules will strengthen the safety of investors and the reliability of cryptographic providers, ensuring the accuracy and relevance of data on participants in transactions.
The SEC is currently accepting public comments and proposals to update regulatory laws by September 22nd.
The Securities and Exchange Commission of Thailand has begun to actively develop new rules for the control of digital assets amid a sharp increase in the adoption of cryptocurrencies in the country. In March, the authorities proposed setting a lower limit for the annual income of citizens, at which they can legally buy BTC, at $ 32,000. And in June, the regulator prohibited crypto exchanges from processing certain intangible tokens.
Facebook plans to get involved in the NFT race
The head of blockchain-sector of social media giant and architect for the development of stablecoin infrastructure Diem (Libra), David Marcus, said that Facebook is in "good position" to enter the NFT market and is already considering several ways to implement this project. Cryptonews reports.
Markus has already spearheaded the Novi universal cryptocurrency wallet project, which will optimize the storage and user flow of crypto for FB. According to him, the wallet is "ready now", but will not be launched until the short release of the Diem project. Recall that Facebook has been actively trying to reorganize and launch the long-suffering stablecoin for about two years, but after strong pressure from European and American regulators, as well as withdrawal from the Mastercard payment service project, it had to be seriously revised. Nevertheless, FB has already taken the first step towards participating in NFT projects by launching its own payment system Facebook Pay. The corporation, it seems, decided to first fully ensure the operation of its own cryptographic financial infrastructure, and only then enter the global market for digital payment services.
OnlyFans may start accepting crypto due to pressure from banks
Following the ban on sexually explicit content on OnlyFans in August, CEO Tim Stokely accused banks of systematically canceling payments from users trying to honestly pay for sex workers. Cryptocoin reports. Stokely explained that several banks are flagging their clients' details and payments sent to them as "sex work-related." He cited Bank of New York Mellon, Britain's Metro Bank and JPMorgan Chase as examples, calling the latter "particularly aggressive in closing accounts of sex workers, or any business that supports sex workers."
It is unclear exactly what rules OnlyFans will apply in connection with the ban on targeted content. Most likely, photos and videos with naked users will remain if they do not carry an explicit sexual message. Stokely said OnlyFans will hire a team of about 200 moderators and 1,000 additional staff to enforce the ban. The new rules will take effect on October 1.
Notably, Nafty.tv, a decentralized alternative to OnlyFans, already accepts its own NAFTY token as a payment method in addition to debit and credit cards. It is likely that Stokely's team will also choose this path in the coming months.