MyAlgo Wallet is a [digital cryptocurrency wallet](/news/article/solana-phantom-wallet-guide) launched by the Algorand Foundation. This project by Algorand is fairly new and is the second digital wallet in their collection. Here's how you can create a new wallet on MyAlgo and activate it properly.

## Create an account on MyAlgo Wallet’s website

Open your browser of choice and head to the [MyAlgo Wallet website](https://wallet.myalgo.com/new-account). 

Here, you'll see the terms and conditions and a rather in-your-face disclaimer. The website will warn you of the decentralized nature of the digital wallet, and also remind you to take special care of your mnemonic seed, which we'll discuss below.

Then, you set a password that passes the requirements set by the website and click on "New Account". This will allow you to create a new MyAlgo Wallet.

## Store and verify your mnemonic seed phrase

On your screen, you'll come across five cards consisting of a collective total of 25 words. This will be your mnemonic seed phrase. Ensure you save it, store it somewhere safe physically on a piece of paper, and never lose it. It will be the only verification method to access your account should a mishap occur.

You'll also be asked to verify this seed phrase in the same order as it was displayed previously. Make sure you get this part right!

## Set an account name and voila!

Finally, set a name for your wallet and hit the "Create Account" button. You're now set and ready to start trading ALGO crypto coins!

We must stress this again; it is essential that you make sure that your mnemonic seed phrase is secure and accessible only to you. If someone else gets access to it, they'll automatically have access to your account. 

Don't leave yourself vulnerable, and be safe out there!


blue image of hands opening wallet with myalgo logo

MyAlgo Wallet: How to Make and Use One

News from the US reveals that Nexo Capital has agreed to pay $45 million in penalties to the SEC and the North American Securities Administrators Association (NASAA). 
 
This occurred due to Nexo's failure to list the agreement and sale of its Earn Interest Product. The crypto lender did not contest the SEC's conclusions.

The SEC and NASAA revealed the announcement in separate statements on 19 January. According to the SEC announcement, Nexo agreed to pay a $22.5 million penalty and discontinue its unlisted offer and sale of the EIP to US investors. 

A further $22.5 million will be paid in fines to satisfy identical claims brought by state regulatory agencies.

## Nexo news - NASAA view 

NASAA stated in a report that the settlement, in principle, follows an inquiry into suspected offers and sales of securities during the previous year. During the investigation, it was determined by Nexo that EIP investors might receive passive interest on digital assets by lending those assets to the business.

They also retained complete control over the revenue-generating operations used to create returns for investors.

The firm sold and advertised the EIP and other products to investors in the US through its website and social media platforms, implying that investors may get returns of up to 36% in some cases, NASAA said.

## Nexo news - SEC view

The SEC claimed that the commission considered Nexo's degree of cooperation throughout the settlement talks and the swift corrective actions taken to rectify their inadequacies. 

"We charged Nexo with failing to register its retail crypto loan product before providing it to the public, circumventing important disclosure rules needed to safeguard investors," said SEC Chairman Gary Gensler. 

"Where crypto firms fail to comply, we will continue to hold them accountable based on the facts and the law."
In this situation, he noted that Nexo, among other things, is discontinuing its unregistered loan product to all US investors.

## Nexo news - How settlement came about

Nexo's settlement is based on a cease-and-desist order agreement that prevented the company from breaching any Securities Act of 1933 requirements. 

At least 17 different state securities authorities conducted the inquiry, and they all agreed to the conditions of their settlement. While the respective states were not identified, the crypto lender agreed to pay a $424,528 fine to each of them.


yellow image of sec law paper and nexo logo

Nexo News: $45M Settlement Agreed

Genesis Global Capital Inc. has joined the ranks of the FTX contagion victims. The crypto lender has filed for chapter 11 bankruptcy protection in the Manhattan federal court.

It has been struggling since the collapse of FTX in November 2022.

Genesis bankruptcy is a major setback for its parent company, [Digital Currency Group](https://dcg.co/) (DCG). Barry Silbert’s DCG relied on the business of this crypto lender, and now it is likely to face a liquidity crisis. 

According to the insolvency filing, the firm has more than 100,000 creditors. In addition, it has accumulated liabilities of $1 billion-$11 billion. It also includes the liabilities of the clients of the Gemini Earn program.

## Genesis bankruptcy - Official statement

The firm announced the bankruptcy through a [press release](https://www.businesswire.com/news/home/20230119005955/en/) on 19 January. It mentioned that the Chapter 11 filing would only be effective on its crypto lending business. However, its spot trading, derivatives, and brokerage businesses will carry on their operations.

In the official statement, the company announced that it has started "a court-supervised restructuring plan", which will allow it to find "a holistic solution".

The bankrupt lending business claims more than $150 million in liquidity. It plans to use this fund to back up its business operations and to use it for restructuring plans.

## Crypto crisis after the FTX collapse

Since the collapse of the [Sam Bankman-Fried](/news/article/former-ftx-ceo-sbf-arrested) exchange, the industry has been going through a meltdown. FTX contagion spread to several firms, including [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals), 3AC, [Gemini](/news/article/gemini-crypto-exchange-falls-prey), Salt, and others.
 
Earlier, Genesis paused withdrawals from its customers' accounts. It affected the operations of the lending program of [Gemini and Genesis](/news/article/genesis-gemini-sec-takes-action). These firms are now facing a lawsuit from the Securities and Exchange Commission. Following this situation, it also [laid off 30% of its workforce](https://www.coindesk.com/business/2023/01/05/crypto-lender-genesis-lays-off-30-more-of-its-staff/). 

And now, it has filed for protection from bankruptcy. This could also affect DCG's businesses, as it may cause a further liquidity crisis.


red image of bankrupt newspaper and genesis logo

Genesis Bankruptcy: Crypto Meltdown Continues 

A crypto wallet is required to store and access your crypto assets. However, not all wallets are as secure as a hardware wallet like Nanoledger.

A crypto investor can use different types of wallets to safeguard their crypto tokens. A cold wallet is often recommended as it provides top-notch security and protection to almost all kinds of digital assets, including NFTs. 

The most affordable option in cold crypto storage comes from Ledger. These wallets find a decent connection between ease of use and security. They deliver a high level of protection in an offline environment while being user-friendly.

The France-based company Ledger produces these hardware wallets. It was launched in 2014 by a group of eight experts with the goal of creating secure solutions for blockchain applications. These are multicurrency wallets that store your private keys offline. Ledger offers mainly three variants of offline wallets: Ledger Nano S Plus, Ledger Nano X wallets, and Ledger Stax.

![france.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/france_86bd7984fa.png)

## The necessity of securing your private keys

When we get a crypto wallet, we buy a pair of public and private keys, both unique and cryptographically generated on the blockchain. The private key unlocks our publicly stored assets on the blockchain.

Most of the time, we tend to buy and store our digital currencies on exchanges, but here comes the problem of not having the private key in our control.

"Not your key, not your crypto"

Without private keys, you actually don't own your crypto. However, if you own the keys, you are responsible for keeping them secure. That is where Nanoledger comes to play.

## How Nanoledger differs from other wallets

The simple truth is that we don't really own any crypto if we don't have the private key to it. The Nanoledger is a secure hardware wallet that stores [these private keys](https://www.investopedia.com/terms/p/private-key.asp). It is the most popular hardware wallet on the market, and there is a good reason for that. It is small, inexpensive, and does exactly as advertised - it keeps your coins safe.

## What kind of security?

These cold wallets are device-based, which means they use storage mechanisms like USB drives to store private keys offline. This makes it difficult for hackers to access the key from an online location.

These USB storage devices enable users to perform various functions like sending and receiving crypto from other blockchain users. The wallets can also employ 2FA for various crypto-related websites. To protect the crypto assets of a user, Nanoledger combines a secure environment and a sole operating system.

These wallets use a 24-word backup recovery phrase that can be used to import wallet assets in case the physical wallet is lost. To be more cautious, the 24-word phrase can be etched into a device called Billfodl, which holds them in a physical form.

## Ledger Nano S Plus Review

According to the company's security standards, the Nanoledger is an innovative way to secure crypto assets. 

Previously it was called Ledger Nano S, where one could only store up to 1,100 tokens. In the latest version, investors can store more than 5,500 crypto coins and tokens.

Features:

•	The Ledger Nano S Plus is quite affordable at £69.

•	Being a cold wallet, Nano S users hold their private keys.  The keys are not accessible via the web and are never removed from the device.

•	Having extensive memory, this wallet allows us to install up to 100 Dapps.

•	Managing NFTs can be fun with Ledger Live. One can send and sign NFT transactions with complete transparency.

•	It has two buttons instead of a touchscreen, making it a less complex device.

•	This device requires a USB cable to connect to a computer or Android device.

## Ledger Nano X Review

This Nanoledger is the second hardware wallet introduced by Ledger. Investors can store more than 5,500 cryptocurrencies with a new Bluetooth-enabled hardware wallet. All your digital assets are secured in one place, and you can receive and send your crypto assets easily.

Features:

•	Bluetooth is compatible with Ledger Live Mobile and costs only £136.

•	Battery life is better than S Plus. The battery lasts around eight hours while in use and a few months when idle, once fully charged.

•	Nano Ledger X is 10mm larger than S plus.

•	Because of its phone-friendly interface, the Nano Ledger X is the perfect hardware wallet for managing crypto.

•	Nano X doesn't require cords unless charging and is compatible with iOS and Android.

## How to transact with Nanoledger

Follow four simple steps to accomplish a successful transaction using Nanoledger. The steps are as follows:

•	Set up the Nanoledger.

•	Connect it to the app in which we are hoping to transact. Let's say we want to transfer some Bitcoin, then we need to open Bitcoin App.

•	Open Ledger Live and choose the Bitcoin account there.

•	Click on the "receive" option to see the Bitcoin Address.

One can send Bitcoins to this address, and, importantly, the Nanoledger wallet is not required to be connected to the system to receive funds.

## What if I lose my hardware wallet?

Here comes the nightmare - lost wallet! It's not a big issue if you have saved your recovery phrase and your wallet has a pin. Using the phrase, you can import your current wallet to a new hardware device, and the pin protects your lost device from unauthorized use. Enjoy your cryptos with Nanoledger knowing that all your crypto assets, including coins, tokens, and NFTs, are always secured and protected.

## Final words

Every crypto investor loves their crypto assets. That's why they should opt for the best security. Ledger has provided different Nanoledger options for cold storing your crypto, and you can choose between them according to your pocket and need. Make sure to back up the recovery phrase, so you don't lose access to your cryptos even when you lose your physical Nanoledger wallet.


blue image of blockchain mining servers with nano ledger in foreground

Nanoledger - Essential for 2023

On 18 January, 2023, US authorities confirmed the arrest of a co-founder and major shareholder of Hong Kong-registered crypto exchange platform Bitzlato for facilitating and harboring money laundering criminals.

A Russian native currently living in China, Anatoly Legkodymov, was arrested in Miami on 17 January, 2022. 

He was booked under a section of the US Patriot Act aimed at preventing money laundering and terrorist financing. His charges included operating an unlicensed money exchange business.

Bitzlato is a crypto exchange platform [based out of Hong Kong](/news/article/is-crypto-legal-in-hong-kong) with global operations. The platform allegedly exchanged more than £500 million in cryptocurrency on the Hydra Market. The Hydra Market was the largest darknet marketplace in the world before it was shut down in April 2022. The crypto exchange co-founder also allegedly received £12 million in ransomware proceeds.

## Bitzlato labeled primary money-laundering concern 

The US FinCEN (Treasury's Financial Crimes Enforcement Network) previously named the crypto giant a "primary money-laundering concern".

This is among the most serious sanctions from the US anti-crime team as it usually works by cutting the target off financially around the globe.

The platform allowed users to sign up and operate by providing little to no personal information, making it a haven for criminals. It also allegedly posted ads on Russian-language sites telling users that they can sign up and start using the site by only providing their email address and nothing else. The company made it exceptionally easy for users to buy crypto for cash for a negligible fee and practically no personal information.

The seizure of Bitzlato does not come as a surprise. US law enforcement has been hard at work because the crypto community has been under a microscope since last year following [scandals in the industry](/news/article/how-to-avoid-crypto-scams). US authorities charged [FTX CEO Sam Bankman Fried in 2022 with eight counts of fraud](https://www.bbc.com/news/business-64036615) after the exchange filed for bankruptcy.

The operations of the Hong Kong-based exchange platform Bitzlato have been seized until the trial.


red image of bitzlato logo on red background

Bitzlato co-founder charged with laundering over £500m

Leading blockchain infrastructure provider and data aggregator for guilds and [Web3](/news/article/what-is-web-3.0-crypto) projects, [BlockchainSpace (BSPC)](https://www.blockchainspace.asia/) has [acquired the majority stake](https://twitter.com/Blockchain_SPC/status/1615680705916198912) at gaming and e-sports media house and agency, Metasports. The move sets the stage for excellent prospects for the Web3 community as the year 2023 unfolds.   

The strategic partnership with Metasports, at a time of increased market uncertainty, is expected to generate more value for BSPC's Guild Hub, the firm's flagship product, while giving Metasports a solid foundation to access high-impact Web3 communities.

BlockchainSpace founder and CEO Peter Ing said the partnership aligns with similar objectives. It will become a springboard toward a robust 2023, hoping it will enable the firm to take even more significant strides as the year progresses.

Commenting, Ing stressed that the companies look forward to "unlocking the potential of blockchain technology" as well as "discovering new ways to drive growth".

## BlockchainSpace addressing business legitimacy issues

BlockchainSpace launched the Guild Hub project in November 2022 after noticing that while the emergence of increasing online Web3 communities associated with gaming guilds was instrumental in driving web adoption and creating entrepreneurial opportunities, business owners needed a forum for legitimizing their businesses. 

The Guild Hub, therefore, is a forum aiming at addressing the business legitimacy issues and offering a more effective way of monitoring the Web3 community while guaranteeing that every guild is accounted for and is safe to partner with.

With Guild Hub, BlockchainSpace provides all guilds with a "Guild Profile", a BSPC-certified identity enabling the stakeholders to access various projects and platforms besides viewing participating platforms, products, services, news, analytics, and crypto on-ramps and off-ramps. The Guild Hub is also designed to enable [Web3 games](/news/article/web3-games-raised-millions) to determine what guilds to partner with while players can select the right communities with which to connect.

## Introducing significant changes

Launched in December 2021, [Metasports](https://www.metasports.gg/) is the go-to media house and gaming agency and the parent organization behind successful online publications like Lunacian Sports League, Kookoo TV, SEAesport News & Media, and others.

The firm offers access to leading content creators and more than 500 Web3 guilds, besides acting as a bridge between Web2 and Web3 gaming.

Through their newfound partnership, both firms are geared toward introducing noteworthy changes to impact their business development, besides significantly contributing to the success and longevity of the up-and-coming global Web3 community.


blockchain space logo over image of cryptocurrency coins

BlockchainSpace Takes Bold Leap in Web3 Gaming 

The cryptocurrency market has experienced massive growth and sharp declines in the past two years. Total crypto market capitalization rose by 283% from $782 billion on 1 January, 2021 to $3 trillion on 10 November, 2021. Since that day, the market cap of the entire crypto market has plunged by 72% to around $815 billion on 9 December, 2022.

While the massive growth was attributed to a significant rise in institutional adoption of cryptocurrencies as a method of payment and an investment instrument, most of the decline has been attributed to waning interests by crypto enthusiasts, global macroeconomic instability, and the collapse of popular crypto projects.

In December 2017, when BTC reached a peak of $20,000 (resulting in a bear market through 2018 and 2019), many analysts predicted the end of Bitcoin and the entire decentralized finance market. Most market analysts affirmed their positions on the future of crypto in the next 5 years when the financial markets (centralized and decentralized) plummeted to all-time lows during the peak of the coronavirus pandemic in March and April 2020. 

Despite their forecasts, BTC and [Ethereum](/news/article/neo-network-china-ethereum) (ETH) weathered the storm and exchanged hands for more than $60,000 and $4,000, respectively, in November 2021.

Five years on from BTCs peak in 2017, some analysts believe crypto could rise to the moon and recover. Others believe the crypto market could stabilize, while the naysayers think the next five years look like a bad period for the future of crypto, which could see it crash and burn. Skeptics should know that the era where demand and supply determined the price of cryptocurrencies is over. Whether crypto will boom or go bust in 2023 and beyond depends on regulation in the United States and abroad, the rise in the demand for crypto-tied exchange-traded funds (ETFs), and the mass adoption of cryptocurrency as a method of payment and an investment asset by individuals and mainstream companies.  

## Government regulation could brighten the future of crypto in the next 5 years

Despite the potential of decentralized lending platforms, which give users above-average minimum annual percentage yields (APYs) of 5%, billions of people have stayed away from many decentralized applications (Dapps).

Aside from the two most popular cryptocurrencies in the form of BTC and ETH, other digital assets like Shiba Inu (SHIB), Dogecoin (DOGE), and SafeMoon (SAFEMOON) have brought more than 10,000% gains to investors in a short period. Despite the quick earnings in less than one year, billions of potential investors have stayed away from investing in cryptocurrencies and using Dapps to earn a consistent passive income because they are unregulated by institutions they trust.

According to a June 2022 study by [The Ascent](https://www.fool.com/the-ascent/research/study-americans-cryptocurrency/), which is part of the Motley Fool, around 46.5 million Americans who have never engaged with any cryptocurrency said they are considering becoming crypto owners in 2023. 

The same study said that more than half of Americans surveyed who have never owned cryptocurrency said they would consider purchasing the new asset class if they could store their coins and tokens in their primary bank.

More importantly, around 50% of Americans believe crypto should be regulated.

The United Kingdom’s top regulator, the [Financial Conduct Authority](/news/article/ftx-uk-warning) (FCA), revealed its [crypto asset consumer research for 2021](https://www.fca.org.uk/publications/research/research-note-cryptoasset-consumer-research-2021), and findings showed the need for regulation. 

Many residents said they have heard about stablecoins, especially the United States Dollar Tether (USDT) and the United States Dollar Coin (USDC). Stablecoins are cryptocurrencies pegged to fiat currencies such as the USD, Euro (EUR), or Great Britain Pound (GBP). 

Around 59% of people surveyed said they stored their digital assets on the cryptocurrency exchange from which they purchased. About 24% made it known that they have zoomed into self-custody and, as a result, store their coins in digital [wallets](/news/article/tony-fadell-launches-crypto-wallet). Some pointed out that they have opted for hardware wallets due to their traits of being offline and not in the reach of cybercriminals who spread malware to compromise wallets and make off with billions of dollars in stolen crypto.

Bitcoin was the most popular coin, followed by Ethereum, Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH).
The FCA’s concern was that ownership had risen significantly from 1.9 million in 2020 to 2.3 million in 2021. 

According to the [FCA](/news/article/uk-crypto-license), many investors mistakenly believe that the cryptocurrencies they engage with have regulatory protection, which they don't. Due to a lack of regulation, about 43% of people surveyed said they were discouraged from buying crypto due to the consumer warnings on the FCA's website. Mistaken beliefs and a lack of understanding about an industry that continues to experience billions of dollars in losses are the reasons why crypto should be regulated.

## The future of crypto in the next 5 years

Chris Oldfield, the co-founder of Fitburn, told Moni Talks:
"Predicting the future of crypto in the next 5 years is hardly possible. However, we can look at it from different perspectives, investors, companies, and banks. From an investor's perspective, crypto is the only way to own an uncontrollable asset in many countries around the world.

This applies to both buying and selling. Investors still have the opportunity to get in early enough to position themselves well and earn high returns over time, contrary to previous asset levels.

"This also applies to day traders, who find a very young and strongly fluctuating market. Companies can quickly and easily digitize their business through the smart implementation of blockchain technology and build a fiat-independent trading business through cryptocurrencies with various partners worldwide."

Without regulation, millions continue to pour billions of dollars into the crypto industry. Regulations will give investors protection, which could motivate new investors to get involved with the new asset class and keep it alive.

"In general, I am very optimistic about the future of crypto, although we should keep an eye on regulations imposed by countries. Especially macroeconomically, crypto is volatile and can quickly be shaken by new laws and regulations. All in all, it will still take some time and some ups and downs until cryptocurrencies shape our everyday lives," Oldfield added.

Aside from government regulation, other industry-wide factors could influence the future of cryptocurrency in the next 5 years. 

## The impact of alternative blockchains is essential to the future of crypto in the next 5 years

The Proof-of-Work (PoW) blockchain had environmental concerns due to its high carbon emissions. Proof of the impact of PoW chains can be attributed to the use of the most popular cryptocurrency, Bitcoin.

Due to the power needed by BTC, it has been estimated that the first cryptocurrency creates more climate damage than global beef production.

Such environmental concern is why [Tesla](https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html#:~:text=Tesla%20announced%20Monday%20it%20has,maximize%20returns%20on%20our%20cash.%E2%80%9D) and Wikipedia broke their relationships with BTC after announcing the cryptocurrency as a payment method earlier.

Stakeholders of the crypto industry have not overlooked the adverse effects of PoW. This is why many developers have jumped into Proof-of-Stake (PoS) blockchains.

Ethereum has embraced PoS in its transition from PoW in September 2022 and other blockchains, such as Solana, Avalanche, TRON, Algorand, and Binance Smart Chain. Its introduction has made it easy for networks to process thousands of transactions every second while maintaining security.

PoS blockchains do not rely on application-specific integrated circuits (ASICs) but instead rely on Central Processing Units (CPUs) and Graphic Processing Units (GPUs) powering desktops and laptops to validate transactions.

This has led to a substantial reduction in high energy consumption, with most PoS chains tagging themselves as zero-carbon technologies.

Many reports point to the fact that an improvement in transaction validation could be a primary factor in the future of crypto in the next 5 years. This is because decentralized finance applications and non-fungible tokens (NFT) can be used with their transactions processed without any security problems or network congestion.

"As a blockchain is a great tool for transactions traceability and transparency, and smart contracts play an important and reliable role in securing transactions in a very cost-efficient way, eliminating mediators, most likely that crypto will replace a huge part of the traditional fiat transactions.

"On the other hand, the crypto ecosystem is moving forward, developing amazing monitoring and tracing tools that enable the regulators and community to identify suspicious transactions, wallets, and projects. This will lead to purity and maturity to minimize scams, hence big adoption in various businesses," Mohammed AlKaff AlHashmi, co-founder and Chief Brand Officer (CBO) at Islamic Coin, told MoniTalks.

## Broader institutional adoption could create a great path for crypto

The market capitalization of crypto reached a peak of $3 trillion because of institutional adoption. Three of the institutions that took the market to such heights were Tesla Inc., Grayscale, and MicroStrategy. 

In February 2021, Tesla announced that it had purchased $1.5 billion in BTC. Bitcoin reached a then peak of [$58,330.57](https://coinmarketcap.com/currencies/bitcoin/historical-data/) on the back of the purchase on 21 February, 2021.

As of September 2022, MicroStrategy’s total BTC holdings were 130,000, up 42% from March 2021’s total holdings of 91,064 BTC. Co-founder of MicroStrategy Michel Saylor has been a huge proponent of BTC since his firm began investing in BTC as far back as August 2020, when 21,454 BTC were purchased for $250 million. 

[Grayscale Investments](https://grayscale.com/) is the largest digital asset management company in the world. The firm launched Grayscale Bitcoin Trust in September 2013 and followed this up with Grayscale Ethereum Trust in December 2017. Due to the success of BTC and ETH Trusts, Grayscale followed up with Trusts for [Filecoin](https://grayscale.com/products/grayscale-filecoin-trust/) in March 2021, [Solana](https://grayscale.com/products/grayscale-solana-trust/) in November 2021, [Decentraland](https://grayscale.com/products/grayscale-decentraland-trust/) in February 2021, [Chainlink](https://grayscale.com/products/grayscale-chainlink-trust/) in February 2021, [Livepeer](https://grayscale.com/products/grayscale-livepeer-trust/) in March 2021, and [Basic Attention Token](https://grayscale.com/products/grayscale-basic-attention-token-trust/) in February 2021. 

Despite the plunge in market prices, Grayscale remains unshaken and continues to maintain the Trusts.

A repeat of the investments made by these companies in the future could keep the crypto industry alive for many years. 
Aside from making direct investments in crypto, the adoption of crypto trading by mainstream companies can also bode well for the future of crypto. 

On 1 November 2022, [MoneyGram](https://ir.moneygram.com/news-releases/news-release-details/moneygram-introduces-new-crypto-service-enabling-customers-buy), a cross-border payment company, announced the launch of what it called a new crypto service that enables its customers to buy, hold, and sell cryptocurrency via its MoneyGram App. This saw MoneyGram join other financial services firms like PayPal Inc. and Skrill (from PaySafe Group, which also includes Neteller) in allowing their customers to buy, store, and sell cryptocurrencies on its platform. 

MoneyGram is one of the biggest names in cross-border payments. If more companies join in offering crypto services to millions of their customers, this could positively impact the fortunes of crypto in the future.

## Acceptance of ETF vital to the future of crypto

In centralized finance, an exchange-traded fund (ETF) comprises a basket of securities bought and sold via a stock exchange or a brokerage firm. Since BTC is the first and most popular cryptocurrency, ETFs backed by the cryptocurrency have been trending over the past few years.

 Bitcoin ETFs are pools of BTC-related assets offered on trading exchanges by brokerages to be traded as ETFs. The purpose of BTC ETFs and other crypto-backed EFTs that will be joining the industry is to give retail investors and other investors who are not comfortable with investing in cryptocurrencies access to digital assets without actually owning them. 

Some of the best Bitcoin ETFs as of December 2022 are ProShares Bitcoin Strategy ETF (BITO), Valkyrie Bitcoin Strategy ETF (BTF), VanEck Bitcoin Strategy ETF (XBTF), AdvisorShares Managed Bitcoin Strategy ETF (CRYP), Global X Blockchain & Bitcoin Strategy ETF (BITS), and ProShares Short Bitcoin ETF (BITI). 

## Crypto investor and community support essential

Despite the need for regulation, the use of PoS blockchains, mainstream adoption by major corporations, and crypto-backed ETFs, the future of crypto in the next 5 years still depends on crypto investors and the crypto community.

Without the community, the crypto industry wouldn’t have survived into its 13th year. While many naysayers have predicted doom for the crypto sector, some industry experts remain optimistic about the future of crypto. One of them is Slava Demchuk, co-founder of AMLBot, founder of the AMLSafe app, and CEO of PureFi. 

He told MoniTalks: "The cryptocurrency ecosystem is developing rapidly, with growing investor interest and increasing transparency of crypto issuers and intermediaries. 

The convenience, speed, and security of cryptocurrency payments will continue to improve gradually. Due to the formation of a legal framework, comprehensive regulation, and oversight, cryptocurrencies will have a clear legal status, and market participants will have the right to legally conduct business and protect their interests. Most likely, all these developments will contribute to the spread of payments in cryptocurrencies, and their share in people's savings and investment portfolios will increase. 

Exchanges will de facto turn into brokers and send information about their trading activities to the tax authorities at the place of the user's tax residency. 

Cryptocurrency will get its own tax status and method of accounting and valuation. Higher transparency of the cryptosphere will lead to the situation when it will be almost impossible to use dirty crypto anywhere."

Despite the positives, crypto still faces an uncertain future and needs to tackle its cybercriminals' problems as well as find an answer to its emerging competitor in central bank digital currencies (CBDCs). 

## The future of crypto in the next 5 years looks uncertain

While many believe crypto is the future of money, the emergence of national digital currencies could end this narrative. 

China banned banks from interacting with cryptocurrencies in 2013 and followed this up with the banning of initial coin offerings (a way of raising funds to support crypto projects just like what is done in the stock market called initial public offering) in 2017. The country’s attention turned to crypto mining in 2019, and in May 2021, China banned crypto and mining. 

As a major power of the 21st century, China took the lead by launching the digital Yuan (e-CNY) in 2021, and millions of Chinese are using the national digital currency. 

According to the People’s Bank of China (PBOC), the e-CNY app had around 261 million users as of the end of 2021 and has been involved in more than 360 million transactions worth over $14 billion. The digital Yuan is available to residents in 23 cities across the country. 

China’s lead in CBDC has been embraced by other countries such as The Bahamas and Sweden. The [Dominican Republic](https://newsdirect.com/news/dominica-selects-tron-as-its-national-blockchain-to-issue-the-countrys-official-coin-607432614) announced in October 2022 that it had selected TRON as its national blockchain as it plans to issue its first official coin, Dominica Coin (DMC).

In November 2022, the Federal Reserve of the state of New York launched a digital dollar pilot program with nine financial institutions, which included Mastercard, Wells Fargo, and Citibank, to test the utility of a digital dollar using distributed ledger technology (DLT). Millions of Americans and billions worldwide are also concerned about crypto scams.

If cybercriminals continue to have their way due to a lack of regulation, crypto could crash and burn in the future.



bue image of man walking in futureistic city with bitcoins falling from sky

The Future of Crypto in the Next 5 Years 

On 17 January, cryptocurrency exchange [FTX](/news/article/curve-finance-leverage-ftx-crash) revealed in a report to creditors that a significant amount of funds, estimated at $415 million, were stolen in a series of hacks. 

The company stated that despite efforts to recover lost assets, significant shortfalls remain at the FTX US and international exchanges.

FTX told the bankruptcy judge in Delaware last week that it has managed to [recover more than $5B](/news/article/ftx-news-assets-recovered) in various assets, including crypto, cash, and liquid securities. However, the exchange attributes a portion of the remaining shortfall to the hacks, reporting that $323M in crypto was stolen from the international exchange and $90M from the US exchange since filing for bankruptcy on 11 November.

The company's founder Sam Bankman-Fried has since challenged aspects of the report in a [blog post](https://sambf.substack.com/p/ftx-us-balance-update-2023-01-17) that provides information on the assets that FTX US holds. He has been [accused](/news/article/ryan-salame-exposed-ftx-truth) of using customer funds to cover the debts incurred of his crypto-focused hedge fund, Alameda Research.

Bankman-Fried contested FTX's recent financial report. He claimed that an "extremely misleading" impression of the company's finances had been presented by FTX lawyers at Sullivan & Cromwell. An S&C spokesperson declined to comment on the statement. According to SBF's "best guess," the company still has enough funds to repay US customers, whom he estimates are owed between $181M and $497M.

Attorneys at the firm stated in a recent court filing that they had rejected efforts by SBF to remain involved in the company's bankruptcy proceedings. Also, he has been denied access to the company’s records since stepping down as CEO in November.

## FTX's recovery report

The company neither provided an estimate of the amount owed to FTX US or international customers nor responded to SBF's blog post.

In a recent FTX update on its recovery efforts following the $415M hack, the company reported that it had recovered $1.7B in cash, $3.5B in liquid cryptocurrency, and $300M in liquid securities.

The crypto assets recovered to date include $685 million in Solana, $529 million in FTX's proprietary FTT token, and $268 million in Bitcoin, based on the crypto prices on 11 November, 2022.


Red image of hacker hacking. Dollars falling from sky and Sam Bankman-Fried smiling in foreground

FTX US Reports $415 million Hacked

The global crypto crisis in recent months has sent shockwaves throughout various industries - especially the financial sector. 

More often than not, the infrastructure of crypto technology itself was blamed. However, Japanese crypto and finance experts have suggested otherwise, putting pressure on global financial regulators to monitor the industry properly.

One of the [major statements](https://www.bnnbloomberg.ca/japan-pushes-global-counterparts-to-regulate-crypto-like-banks-1.1870854) came from the deputy director-general at the Financial Services Agency's Strategy Development and Management Bureau, Mamoru Yanase. He believes that crypto should be regulated just like any other financial institution on a global level.

"What's brought about the latest scandal isn't crypto technology itself," said Yanase, with regard to FTX's failure in the US and Japanese crypto markets. "It is loose governance, lax internal controls, and the absence of regulation and supervision."

Financial experts from the US are mainly of the opposing opinion, as they consider crypto an inadequate technology - one that's not sustainable for the long term. However, the Japanese crypto viewpoint considers the industry to be of immense significance - only lacking the vigilant and proactive regulation that such a large industry requires.

This entire discussion is based on the [FTX case](/news/article/ftx-bankrupt-who-to-blame) that's been going on since November. The fallout from FTX sent the entire crypto industry into an unforeseen frenzy. And, looking back at it now, it was probably the lack of supervision and control that led to the whole mess in the first place.

## Sale of FTX’s Japanese crypto branch imminent

Mamoru Yanase also touched upon the sale of FTX Japan, as the crypto company went bankrupt last year. He mentioned how the Financial Services Agency has helped to "segregate client's assets" from FTX Japan's account to ensure their safety. 

Furthermore, he added that clients would be able to withdraw their assets from their FTX Japanese crypto accounts as early as February.

As per a report from [Cointelegraph](https://cointelegraph.com/news/japanese-regulators-want-crypto-treated-like-traditional-banks) based on a recent court filing in the US, there were 41 parties interested in buying out FTX Japan.

It only makes sense to put in place controls and regulations for crypto transactions, like those for the banking sector globally.

This must be done to avoid future issues like money laundering and stealing of assets. Otherwise, a proper revival of the crypto industry seems far off from happening any time soon - at least in the eyes of Yanase.


japan backgound in yellow with Mamoru Yanase

Japanese Crypto Regulation Call Made

Curve Finance's decentralised exchange Curve may be just two years old, but it has made some giant strides at a time the crypto industry is in a state of "quo vadis".

The collapse of FTX, the second-largest cryptocurrency exchange at the time, has massively shaken traders' trust in centralised exchanges. A recent report by the Financial Times indicates that traders pulled out a record 91,363 BTC worth $1.5 billion from several notable centralised exchanges in November 2022. According to data from CoinCompare, this is the largest outflow of Bitcoin from exchanges on record.

Every day, new stories come out to add new dimensions to what continues to be an unfolding saga. The saying "not your keys, not your tokens" has come to haunt many who had funds in the bankrupt exchange. The collapse of FTX and several other centralised crypto exchanges have inadvertently opened the door to new opportunities for decentralised exchanges such as Curve Finance. But what does this all mean for you as a crypto investor and for Curve and other decentralised exchanges?

## Curve Finance: A pathway to the new crypto future

Before the FTX saga, there were already problems in the centralised exchange ecosystem. Some of these issues date back to 2014 when the first high-profile crypto exchange hack occurred. Since then, several other hacks of notable crypto exchanges have happened. Others went bust and took down investors' funds with them. Even as customers of Mt.Gox are now getting back their holdings after an eight-year process, many other investors have yet to be as lucky. Clients of collapsed exchanges WEX and QuadrigaCX still don't know what happened to their funds.

The setup of centralised crypto exchanges requires users to leave their cryptos on these exchanges to be able to buy, sell or transact with them. This exposes such tokens to being stolen, hacked, or disappearing outright.

Even more unnerving are details that have emerged from the FTX collapse. One of these is that the unregulated operation was basically being run from a penthouse in the Bahamas by a 10-man team of acquaintances of Sam Bankman-Fried, some of whom were romantically involved. There has yet to emerge any information on these individuals to suggest that they meet the [strict competency requirements](/news/article/sec-crypto-enforcement-warning) that operators in the forex, commodity, and equity markets are guided by to control such a large multi-billion dollar operation.

These problems spurred the next generation of crypto exchanges which captured the decentralisation essence of the blockchain. By keeping their crypto holdings in an external wallet that only required connection to the DEX for a transaction, users could at least be sure they are in control of their funds, sparing them from some of these unfortunate events. This was the environment that birthed the Curve DEX platform.

Curve is a decentralised exchange from the stable of Curve Finance. It features a governance token (CRV) and a crypto economy providing decentralised finance tools access. Curve Finance came on board in 2020, when global financial markets were in a pandemic-induced tailspin, and the crypto market underwent a renaissance after a three-year downturn.

How has Curve been able to ride the latest crypto storm, and should users consider this a safer alternative to centralised crypto exchanges?

## What has been Curve Finance's story since the FTX contagion?

The data on the performance of Curve and other decentralised exchanges shows that the trust of crypto market participants has mainly remained unblemished in the period following the FTX saga. There is every reason to be hopeful about the performance of the CRV token in the months and years ahead.

A 17 November, 2022, report by [Delphi Digital on its Twitter page](https://twitter.com/Delphi_Digital/status/1593031160845799425?s=20&t=SoTm6wx29aKmvqj-r0QUxA) indicated that DEX tokens massively outperformed tokens of centralised exchanges. CEX tokens lost 2.5% in the week under review, while DEX tokens, such as CRV, gained 26%. Crypto research portal Messari indicated that Uniswap and Curve Finance were the two decentralised exchanges expanding their user base.

DappRadar currently ranks Uniswap as the top DEX with a total value locked (TVL) of $4 billion. However, the value of the Uniswap token UNI fell 36% in November following the FTX collapse. It was able to claw back some of these losses, gaining 25% as of the first week of December. In contrast, Messari found that not only did CRV gain 66% after dropping to an initial low of $0.4, but Curve's unique user base grew to an all-time high in November 2022, following an 11% increase over the May 2022 previous all-time high.

In essence, Curve Finance performance in terms of CRV's price appreciation and the number of new users has exceeded that of Uniswap in the period following the collapse of FTX. It is also noteworthy that in September 2022, the total value locked on Curve Finance briefly topped that of Uniswap.

The figures show much potential in investing in the CRV token over the long term and participating in various crypto investment activities on Curve's decentralised exchange.

## What activities are performed on Curve's DEX?

Currently, Curve provides two levels of service:

•	Quick Swap (the service for buying and selling crypto tokens)

•	Liquidity pool (the crypto lending portal).

Decentralised exchanges are, by nature, non-custodial. They do not maintain a centralised wallet to which investors must move funds before they can transact. 

Therefore, users must connect their wallets to use the platform. Compatible wallets include Trezor, Ledger, Metamask, Coinbase Wallet, Fortmatic, WalletConnect, Torus, and Portis. Base wallet currencies supported include Ethereum, Avalanche, Gnosis, Kava, Celo, Fantom, Polygon, and MoonBeam. Once connected, you can swap CRV, DAI, USDT, USDC, LUSD, ETH, and wBTC for each other and an extensive list of other non-descript tokens.

Curve also features liquidity pools for crypto lending and borrowing and presents traders with the Quick Swap exchange portal, where non-custodial crypto tokens are swapped. Liquidity pools are maintained in various cryptos: Bitcoin, Ether, DAI, USDT, and the US Dollar are all featured currencies. 

## Conclusion

The data points are clear: investors are trooping to Curve. This shows that the future of crypto lies in decentralised exchanges. This segment of the crypto market is still nascent, with room for growth in 2023 and beyond.


image of curve finacne logo on blue background of trading stats

Curve Finance to Leverage FTX Crash? 

Entering 'is crypto regulated' as a search term on Google returns 15.9 million results in 0.50 seconds. Entering the same phrase, is crypto regulated, into Yahoo brought forth thousands of search results.

The millions of results indicate that skeptics of the emerging industry are interested in what regulatory bodies worldwide have done and continue to do to ensure the safety of investor money.

While some regulatory agencies have made efforts, the lows and highs of the crypto finance sector have made it difficult for regulators to design a comprehensive global regulatory framework for this booming industry.

In the beginning, crypto projects such as Namecoin (NMC), Peercoin (PPC), Novacoin (NVC), Terracoin (TRC), Devcoin (DVC), and WorldCoin (WDC) were low-cap digital assets (had less than $2 billion as market capitalization) with less useful underlying infrastructure. Innovative technologies back current projects.

This is why projects such as Solana (SOL), Cardano (ADA), Ripple (XRP), Ethereum (ETH), TRON (TRX), Polkadot (DOT), Cosmos (ATOM), Algorand (ALGO), and Flow (FLOW) have market caps that range in the billions of dollars. 

As of the end of November 2022, the market capitalization of Bitcoin (BTC) alone was bigger than that of Samsung, Bank of America, Coca-Cola, PepsiCo, Oracle, Alibaba, Shell, Toyota, McDonald, Nike, and Morgan Stanley.

During the peak of the markets in November 2021, BTC's market cap was [higher](https://companiesmarketcap.com/) than Walmart and Visa and competed with Alphabet (Google), Microsoft, and Apple in terms of market value. 

The boom in crypto, which saw BTC and Ethereum rise to all-time highs (ATH) of [$68,789.63](https://coinmarketcap.com/currencies/bitcoin/) and [$4,891.70](https://coinmarketcap.com/currencies/ethereum/), benefitted a particular group in the decentralized finance (DeFi) sector. That group was cryptocurrency exchanges. 

Binance, FTX, Mandala Exchange, Upbit, MEXC, Coinbase, Bitrue, OKX, Gate.io, Crypto.com, Huobi, and CoinTiger saw record revenue generation due to the fear of mission out (FOMO) taking over the market in 2021. FOMO saw billions of dollars poured into the crypto industry, bringing at least 1,000% gains for several unsophisticated traders and investors (those that lack crypto knowledge and do not conduct fundamental or technical analysis before making decisions).

Blockchain technology and cryptocurrency were on a high throughout 2021, and another area, called DeFi, started attracting a new audience. The new audience was hard-working individuals fed up with the infinitesimal interest rates offered by traditional finance (TradFi).

While the real interest rate in the US was 2.3% in 2020, according to the [World Bank](https://data.worldbank.org/indicator/FR.INR.RINR?locations=US), the interest rate fell below zero in 2021. This could not be compared to the minimum annual percentage yield (APY) of 5% offered by DeFi lending platforms and certain exchanges through staking services. The boom in crypto lending led to the creation of several now-insolvent firms, such as Voyager and Celsius.

Millions of people have lost more than a trillion dollars since November 2021, with the current crypto market capitalization below $1 trillion a year later. Much blame has been placed on cryptocurrency exchanges and crypto lending firms. While these firms bear the lion's share of the responsibility, many potential traders ask 'is crypto regulated' in their jurisdiction so that they will not fall victim to investment losses due to the rapid collapse of crypto companies.

## Is crypto regulated by SEC in the United States?

Cryptocurrencies are found on a blockchain and can be stored in crypto wallets. They are primarily traded on a cryptocurrency exchange, of which there are two types: centralized exchanges (CEXs) and decentralized exchanges (DEXs).

The best way to differentiate them is compliance with rules and regulations. While CEXs comply with rules such as Know Your Customer (KYC), which helps prevent money laundering and combat terrorism financing, DEXs thrive on anonymity. They do not require users to submit any documents for review.

Despite this, CEXs record more volume than DEXs. A great example can be attributed to Binance. It is the largest CEX by volume, seeing more liquidity in the first two days of October (around [$66 billion](https://nomics.com/exchanges/binance/history)) than Uniswap, the largest DEX by volume, which recorded around [$42 billion](https://dune.com/queries/1847/3261) throughout the month. Such statistics by CEXs have made them the go-to platforms for several traders. 

The collapse of FTX in November, and the reduction of staff by others such as Crypto.com, Coinbase, BlockFi, Bybit, and Gemini in previous months, have led to calls for crypto regulation. 

Many industry experts have asked why the top regulator in the US, the Securities and Exchange Commission (SEC), maintains focus on the "cryptocurrency securities" relationship, with an eye on its case with Ripple, instead of drawing up a comprehensive regulatory framework that will answer the question is crypto regulated in America. 

In the US, Coinbase is the biggest exchange by trading volume and is a centralized exchange. The exchange has the necessary licenses for operations in more than 40 US states.

Despite this, Coinbase is not insured by FDIC, the Federal Deposit Insurance Corporation. The FDIC is an independent governing body created by US Congress in 1933 to maintain public confidence and stability in the country's financial system.

If the exchange with the most customers in the country is not insured due to "cryptocurrency" not being subject to the protections of the FDIC or Securities Investor Protection Corporation (SIPC), many people may lose hope in the crypto industry due to a lack of regulation.

Blame continues to be placed on the SEC, but the Commodity Futures Trading Commission (CFTC) has also been drawn into the 'is crypto regulated' trend.

In 2015, the [CFTC](https://www.cftc.gov/digitalassets/index.htm) said it classifies virtual currencies like BTC as commodities under the Commodity Exchange Act (CEA). In September 2022, SEC Chair [Gary Gensler](https://www.investopedia.com/gensler-on-crypto-6544288#:~:text=U.S.%20Securities%20and%20Exchange%20Commission%20Chair%20Gary%20Gensler%20said%20most,and%20other%20crypto%2Drelated%20issues.) affirmed his stance on classifying cryptocurrencies as securities. 

This is the reason why current CFTC Commissioner Summer K. Mersinger told crypto news portal [Coindesk](https://www.coindesk.com/policy/2022/11/28/regulating-crypto-not-a-one-agency-solution-cftc-commissioner-says/) on 28 November that crypto regulation is not a "one-agency solution". She admitted that the CFTC would need to work with the SEC in regulating the emerging sector. While she did not give a clear view about how the two agencies could regulate the industry, she assured stakeholders that the agencies would need to liaison with global regulators before regulations could be implemented.

Despite the delays in crypto regulation due to unclear CFTC crypto and SEC cryptocurrency rules, Chief Executive Officer (CEO) of Stifel Ron Kruszewski has called on the SEC to extend the customer protection rule to the crypto sector.

The Customer Protection Rule (Rule 15c3-3) was adopted in 1972 by the SEC in response to a congressional directive to create rules around the acceptance, custody, and use of customer securities. The rule requires broker-dealers to protect the securities that customers leave in their custody. It also ensures that, at any time, brokerage clients can withdraw assets, and a brokerage has to work to uphold it.

With such a rule in place, customers of bankrupt exchanges like FTX, and lending firms such as Voyager and Celsius, would have been protected from huge losses suffered from the halting of deposits and withdrawals.

## Is crypto regulated by the Europe Union?

In Europe, Germany leads the rest of the countries as the world's most friendly crypto nation. 

Unfortunately, the Financial Conduct Authority's (FCA) stiff stance on the highly-volatile industry has made the United Kingdom (UK) less of a crypto-friendly country.
 
In March 2022, the FCA warned residents of [illegal crypto ATMs](https://www.fca.org.uk/news/news-stories/warning-illegal-crypto-atms-operating-uk) operating in the country. In trying to limit UK residents’ exposure to virtual currencies, the agency warned ATM owners to shut their operations or face strong action by law enforcement. The [FCA](https://www.fca.org.uk/news/press-releases/fca-clamps-down-marketing-high-risk-investments-consumers) followed this by clamping down on the marketing of high-risk investments to consumers in August 2022.

While a cryptocurrency exchange such as Binance has had a hard time dealing with the FCA, Chanpeng Zhao’s innovation has received the regulatory nod in [France](https://techcrunch.com/2022/05/04/binance-france-regulatory-approval-europe/), [Italy](https://www.binance.com/en/blog/ecosystem/binance-obtains-regulatory-approval-in-italy-421499824684903920), [Cyprus](https://coingape.com/just-in-binance-expands-european-stronghold-with-new-license/#:~:text=Binance%20Gets%20License%20in%20Cyprus&text=The%20new%20license%20allows%20the,(AML%2FCTF)%20rules.), and [Kazakhstan](https://www.binance.com/en/news/flash/7226912). This shows that CEXs with the right whitepapers, assets, and Proof of Reserves (PoR) can weather the storm and be accepted by other European countries with different due diligent processes.

With that said, the [Markets in Crypto-Assets (MiCA)](https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)739221), first proposed by the European Commission (EU) in August 2020 and scheduled to take full effect in 2024, will establish agreed rules for all crypto assets at the EU level. This will bring some legal certainty for crypto assets not provided by existing legislation within the EU.

## Is crypto regulated in the Asian Pacific region?

In Asia, China has banned cryptocurrency use in all of its forms and has instead created and popularized the use of the country's national digital currency called the digital Yuan (e-CNY).

In trying to limit the use of cryptocurrency as a transactional currency and investment asset, authorities in [India](https://www.internationaltaxreview.com/article/2aubz4iwirgo9jk0avwg0/this-week-in-tax-indias-crypto-tax-may-kill-the-industry#:~:text=The%20Indian%20government%20has%20imposed,into%20effect%20from%20July%202022.) have imposed a 30% tax on capital gains accrued from crypto transactions in July 2022. 

Unlike China, crypto is legal in Japan. One of the best ways Japan’s [Financial Services Agency](https://complyadvantage.com/insights/japan-to-introduce-travel-rule-for-crypto-to-track-illegal-transfers/) (FSA) regulates crypto is by introducing a travel rule for crypto to track illegal transfers. The Travel Rule, scheduled to take effect in May 2023, will help reduce money laundering using cryptocurrencies.

Aside from the FSA, the [MAS (Monetary Authority of Singapore)](https://coingeek.com/singapore-rejects-over-100-licensing-applications-from-digital-currency-firms/) is one of Asia's top players and has a rigorous process regarding issuing virtual asset service provider (VASP) licenses. Despite receiving more than 170 applications for licenses, MAS has granted one to less than 10% of applicants, with many crypto companies still waiting for a positive outcome.

Aside from China, India, Japan, and Singapore, it is not uncommon to come across the question, 'is crypto regulated?' in [Australia](https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/australia#:~:text=Australian%20law%20does%20not%20equate,perceived%20use%20for%20wholesale%20CBDCs.). As of January 2022, there is no legislation to tackle cryptocurrency as a discrete area of law in Australia. That said, cryptocurrencies can be captured within the existing rules of Australia. 

Cryptocurrency is not the only area in the crypto stratosphere without legislation in the country; blockchain and other distributed ledger technology (DLT) do not have a regulatory framework in Australia.

Despite their impact on centralized finance, Australia does not regard cryptocurrency as money. This is in direct contrast to the notion held by some countries that digital currencies can be equated with fiat currencies. While China has taken the lead in the creation of central bank digital currencies (CBDCs), Australia does not have plans to issue a retail CBDC in the near future.  

## Is crypto regulated in Africa?

Crypto regulation in Africa is largely non-existent. Despite the majority of Africans using crypto as a hedge against inflation, most central banks and local regulatory bodies do not have cryptocurrency laws.

The only African country that has given the green light for the use of crypto so far is the Central African Republic (CAR). 

The Central African country followed El Salvador to become the second country across the globe to legalize BTC as a legal tender. Much of this has been done to aid international trade due to African countries' consistently depreciating local currencies. 

African countries have not gone unchecked concerning cryptocurrency regulations. [The International Monetary Fund (IMF)](https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations) announced in November 2022 that the growing crypto market within the region needs better regulation. 

According to the IMF, the collapse of FTX and the tanking of the market should prompt central banks in African countries to set up cryptocurrency laws so that consumers can be protected from high volatility. The financial body said that the widespread acceptance and use of crypto could create macroeconomic instability within the region.

## Crypto regulation needed more than ever

While many expect the crypto finance industry to remain highly decentralized so that citizens can control all aspects of their financial lives, unending cases of fraud and scams have shed new light on regulations. Some industry experts have shared their views about crypto regulation. 

"The collapse of the FTX Derivatives Exchange has made the perfect case for regulators. Now they can claim that the emerging crypto ecosystem, despite its revolutionary propositions, needs urgent and comprehensive regulation. In reality, regulators worldwide have often maintained this stance, and crypto proponents are now forced to support the notion en mass.

“FTX deceived everyone, and despite the facade of good health that the company put up, many shady and unethical activities were going on in the background. 

Reporting and accountability standards amongst C-Suite executives are among the key regulatory frameworks that will need to be designed for crypto firms. However, it's more important than ever for the crypto community to point out that, even if FTX dealt with crypto, they were not crypto. They never were, nor is any one centralized company that offers it to their customers. Cryptocurrency exchanges are, if anything, more akin to banks than to cryptocurrencies or even Decentralized Finance.

“If you were to ask me, ‘should the FTX collapse increase centralized institutions' regulation?’ then the answer would be an unequivocal yes. These institutions need regulation, not the sovereign tools and technologies enabling users to eventually surpass them altogether,” Brian Pasfield, CTO of Fringe Finance, told [Moni Talks](/news).
Slava Demchuk, Co-founder of AMLBot, Founder of the AMLSafe app, and CEO of PureFi, also shed light on the current state of crypto regulation.

“The collapse of the FTX exchange will increase the necessity for cryptocurrency regulation. We strongly believe that this situation has become similar to the Subprime mortgage crisis in 2008. It would be the same tipping point for the crypto industry. Such a market condition will inevitably lead to stricter regulation for CEXs and VASPs in general.

“It will include tighter control over exchanges' liquidity, stronger executive responsibility, etc. Conventional crypto-enthusiasts would not suffer from more severe regulation because they are already operating under specifically defined market rules. Moreover, we always used to say, crypto regulation follows the classical financial market, so the collapse of the exchange is just a reason for it.”

## Conclusion

Despite the numerous bankruptcies with the collapse of FTX as the headline of issues miring this emerging sector, blockchain technology and cryptocurrency is the new way of finance. Most traditional financial companies could adopt the blockchain technology infrastructure to scale transactions and rid themselves of the fragmented nature of the old systems.

Although crypto is not regulated globally, crypto regulation will see a significant spike in the number of cryptocurrency exchanges. This will result positively in the trading volume of centralized exchanges.

Many will complain about hidden risks due to the unpredictability of the market, but major developments in the industry prove otherwise. [CoinMarketCap](https://cointelegraph.com/news/coinmarketcap-launches-proof-of-reserve-tracker-for-crypto-exchanges) launched a new feature, called Proof-of-Reserve tracker, for crypto exchanges in November. PoR provides transparency of an exchange's cryptocurrency reserves via a verifiable auditing practice. With the new feature, users can access the total assets held by an exchange, its balance, and its public wallet address ownership.

Exchanges such as Bybit, Huobi, Crypto.com, OKX, Bitfinex, and Kucoin have released their PoRs to show their customers that their coins are in safe hands. 

Crypto regulation is needed. The right time may have come for the SEC, CFTC, European Union, MAS, and the African Union to pull the plug on this highly volatile industry.


yellow image of cryptocurrency statistics and clipboard with regulations on it

Is Crypto Regulated Across the Globe? 

US financial watchdog the SEC (Securities and Exchange Commission) has filed charges against crypto lending firms Gemini and Genesis.

On 12 January, SEC sued the firms over their crypto lending product, Earn, for allegedly breaching investor protection laws.

## The Gemini SEC lawsuit

The [Gemini](https://www.gemini.com/) SEC civil lawsuit has been filed in the Federal Court of Manhattan. As per the SEC, both companies did not register their product before offering them to individual investors. The regulator claims that the Earn program has been used to sell unregistered securities. 

The crypto lending program allowed the exchange’s customers to lend their assets to [Genesis](https://genesistrading.com/) to earn up to 8% interest. The crypto exchange also profited by charging a fee of around 4.29% through this program.

Both these partner firms are under scrutiny after Genesis paused withdrawals unexpectedly in November. Interestingly, it happened right after the FTX exchange crashed. As per the SEC, at that time, the cryptocurrency lending program had more than [$900 million worth of crypto assets](/news/article/genesis-brokers-owes-gemini) of their customers. With this lawsuit, the commission is looking to recover illegal profits and fines for the offence. 

## Tyler Winklevoss's statement on Gemini SEC charges

Soon after the Gemini SEC lawsuit was filed, Gemini’s co-founder, [Tyler Winklevoss](/news/article/tyler-winklevoss-twitter), issued a statement via [Twitter](https://twitter.com/tyler/status/1613674691507679233). He said, "We look forward to defending ourselves against this manufactured parking ticket...".

He also showed his resolve to continue work to recover customers' assets.

On the other hand, Genesis Global Capital is yet to comment on the issue. 

Since the pause of withdrawals, the lending partner has been seeking ways to recover. However, the Wall Street Journal recently reported that the firm might have to file for [Chapter 11 bankruptcy](https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics). The firm has already laid off more than 30% of its workforce in the last week.

Gemini and Genesis have ties with the [fallen exchange](/news/article/gemini-crypto-exchange-falls-prey), FTX, and have been in losses since its decline.



gemini and Genesis logos over red image of US SEC building

Genesis and Gemini: SEC Takes Action

Security is a major concern for cryptocurrency investors as cyber thefts are increasing. In 2022 alone, hackers have drained more than [$3 billion](https://cointelegraph.com/news/scary-stats-3b-stolen-in-2022-as-of-hacktober-doubling-2021) worth of cryptocurrencies from investor accounts. Thus, the demand for the best crypto wallet among investors in th UK and beyond is also growing.

But choosing the right one for your needs can be a challenging task. You not only have to look at its security, but several other features as well. The choice between [hot and cold storage](/news/article/best-crypto-wallet), which currencies it supports, and the authorities' approval are crucial.

We have reviewed and listed seven top names if you are seeking the best crypto wallet in the UK. Let's get started!

## Top picks for best crypto wallet UK

What might be the best crypto wallet UK option? Explore our top picks to find out.

## 1.   Coinbase wallet
Coinbase is one of the most reputable names among [crypto exchanges](/news/article/best-exchanges-for-crypto-uk). It allows storage for the safekeeping of your digital assets, too. Unlike many exchanges which store your assets on their servers, it gives you self-custody through its wallet.

The [Coinbase UK wallet](https://www.coinbase.com/wallet) supports more than 4,000 tokens. It is also compatible with numerous fiat currencies, including GBP, EURO, USD, and others. It is the top choice of investors worldwide, making it ideal for UK investors. 

The option of non-custodial storage and stashing cryptocurrency offline makes it one of the most secure software wallets. Furthermore, it gives you access to various DEXs and decentralised apps, which means you can easily make transactions using one platform. The platform also offers an easy-to-navigate interface, which is a good option for beginners. 

### Pros

•	Coinbase exchange integration option.

•	More than 4,000 tokens.

•	Choice of custodial and non-custodial storage.

•	User-friendly interface.

•	Global popularity.

### Cons

•	High trading fee.

## 2.           eToro wallet
[eToro wallet](https://www.etoro.com/crypto/wallet/) is another UK exchange storage option that covers almost all investors' needs. It deals in digital assets and offers stocks, exchange-traded funds, Forex, and commodities. Furthermore, the platform allows you to make better trades through its copy trading services.

You can get a non-custodial wallet with [eToro](/news/article/etoro-uk-review), which gives you more control over your assets and private keys. Additionally, the platform is authorised by the Financial Conduct Authority ([FCA](https://www.fca.org.uk/)), which ensures that the company takes responsibility for your asset’s security. 

It can also be an ideal solution when considering the finest [Bitcoin wallet](/news/article/top-rated-bitcoin-wallets-uk) in the UK. It provides a secure channel for purchasing, selling, and storing your [BTCs](/coins/btc). Its interactive UI offers a straightforward procedure for signing up and making trades.

### Pros

•	FCA-approved platform.

•	Copy trading feature.

•	Both custodial and non-custodial storage.

•	Ideal for securing BTCs.

•	Interactive UI.

### Cons

•	Lacks advanced features.

## 3.           MetaMask
[MetaMask](https://metamask.io/) is one of the most highly regarded crypto wallet extensions available in the market. It has been operating in the industry since 2016 and has become a go-to storage option globally. Most of the DeFi platforms and DApps are compatible with the Metamask extension. As a best crypto wallet UK option, it can be an efficient choice for you, whether you’re an investor, an NFT collector, or a gamer.

Additionally, the Web3 wallet is relatively easy to set up as it does not demand too many personal details. Though it is known for its browser extension, there is also a mobile-friendly option. iOS and Android users can easily manage their assets on phones with this storage option.

It also supports all Ethereum-based tokens, including ERC-20 and ERC-721.

Moreover, you can manually import tokens from other networks on Metamask wallet and [withdraw funds](/news/article/how-to-withdraw-from-metamask) to your bank account. It also offers the Swap feature, which allows you to exchange your tokens within the platform.
 
### Pros

•	Supported by various DeFi platforms.

•	Crypto wallet browser extension.

•	No personal details required.

•	Swapping feature.

### Cons

•	No technical support.

•	Requires import of several tokens, including BTC.

## 4.           Trezor Model T
Why consider a [Trezor Wallet](/news/article/why-consider-a-trezor-wallet)? When looking for the premier crypto hardware storage and best crypto wallet UK option, [Model T from Trezor](https://trezor.io/trezor-model-t) can also be a viable option. The device can store more than 1,800 cryptocurrencies. It also provides self-custody of your private keys while maintaining a high level of security. 

It protects your crypto through security features like U2F authentication, GPG encryption, and FIDO2 authentication. If you lose the device, you can recover it through mnemonics. For further protection, it activates a timer if you try incorrect PINs several times.

Because of this security, it is ideal for storing long-term investments. However, it may cause quite an inconvenience for daily trading. Besides, it is a big-budget option, so it’s advisable to invest in it if your need is long-term. 

### Pros

•	Features a touchscreen.

•	Commendable security features.

•	Easy recovery through mnemonics.

•	Ideal for long-term investment.

### Cons

•	Expensive device.

•	Inconvenient for day-to-day trading.

## 5.           Exodus crypto wallet
[Exodus wallet](https://www.exodus.com/) can be another option when considering the [best Ethereum wallet](/news/article/best-ethereum-wallet) in the UK for beginners. It supports 260 crypto tokens and can be used on desktops and smartphones. You can easily integrate the wallet as Exodus also has an exchange. Therefore, it is an all-in-one platform where you can trade cryptocurrencies, making it ideal for crypto newbies.

Another thing that makes it a beginner-friendly crypto wallet is its user experience. Exodus simplifies asset and portfolio management by offering features like portfolio overviews, real-time updates, and live charts. Plus, you can stake your coins on Exodus and generate a passive income through it. 

It has Trezor’s security and is compatible with all of Trezor's hardware. However, there are a few negative things about Exodus. Firstly, it does not offer 2FA, so you will not be notified if someone signs in to your wallet. Secondly, its features might seem to limit advanced traders.

### Pros

•	Over 260 cryptocurrencies.

•	Known for its customer support.

•	Compatibility with Tezor devices.

•	Easy portfolio management.

### Cons

•	2-factor authentication isn't available.

•	Lacks advanced features.

## 6.           Atomic wallet
[Atomic wallet](/news/article/atomic-wallet) can be a best crypto wallet UK option if you are interested in the leading mobile and desktop storage. It is compatible with more than 50 blockchain networks and supports upward of 300 cryptocurrencies. 

Currently, you can get [Atomic](https://atomicwallet.io/) on Windows, macOS, Fedora, Google Play, Apple store, Ubuntu, and Debian. 

You can use this storage option for securing your crypto as well as trading, swapping, and staking features. It also brings convenience and efficiency with all these features. It is beginner-friendly crypto storage - starting out as a trader, you may find Atomic a complete option.

One of the best features of Atomic is anonymity. It does not follow the know-your-customer (KYC) protocol. So, you don’t have to provide personal information for verification or trades. You can remain anonymous while making trades. 

Against all these features, there are a couple of tradeoffs. One is that it does not support non-fungible tokens other than the [Solana blockchain](/news/article/solana-to-gbp-conversion). Second is its high exchange fee. 

### Pros

•	Integrated decentralised exchange.

•	Over 300 cryptocurrencies.

•	User-friendly interface.

•	Rewards for staking tokens.

•	Keeps you anonymous.

•	Easy sign-up.

### Cons

•	Only supports Solana NFTs.

•	High exchange fee.

## 7.           Ledger Nano X
[Cold wallets](/news/article/best-cold-crypto-wallet-uk) are the safest option for securing crypto as they can remotely store assets. In this category, Ledger Nano is among the most famous names. It introduces an array of USB storage that allows offline crypto storage. 

[Ledger Nano X](https://shop.ledger.com/products/ledger-nano-x) is ideal for most investors as it supports more than 5,000 coins and allows NFT management. Additionally, it has an incorporated exchange through which you can securely buy crypto with a wallet. Investors can efficiently operate this device via any 64-bit PC, iOS, or Android.

Its Ledger Live app has many other offerings like payment options and DApps. In addition, you can transfer your assets from different exchanges to Nano X. This makes asset management and trading more convenient while ensuring their safety. 

### Pros

•	Most secure hardware wallet.

•	More than 5000 cryptocurrencies.

•	Desktop and mobile compatibility.

•	Ledger Live App.

### Cons

•	Highly expensive.

## How to move crypto to Ledger Nano X?

If you are confused about transferring crypto to your device, here’s an easy way to move [Ethereum](/news/article/ethereum-price-gbp).

1.	Firstly, set up your cold wallet through the Ledger Live App. You can follow this [step-by-step guide](https://support.ledger.com/hc/en-us/articles/360018784134-Set-up-your-Ledger-Nano-X?docs=true) for setting up a new device.

2.	Then go to the ‘Manager’ tab of the Live app and install the application of crypto you want. In this case, you would have to install an Ethereum app.

![wallet1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wallet1_7bb1b0616b.png)
 
3.	After the installation, a dialogue box will appear with the ‘Manage my accounts’ option. Click on it while simultaneously pressing both buttons on your Nano X.

![wallet2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/wallet2_f4e16a7ace.png)
 
4.	It will open the app on your device and synchronise accounts with the Ledger Live App.

5.	Once the synchronisation is completed, you can go ahead with ‘Done’ and go back to the dashboard.

6.	Then create a unique address for receiving crypto. You can click the ‘Receive’ tab from the dashboard. 

7.	It will show your unique address on the screen. Note it down so you can verify the address on your USB wallet.

8.	Now, verify the address on your device by scrolling right. If it is the same, then click on ‘Approve.’

9.	Then go to your preferred exchange site’s withdrawal page. Here set the amount of Ethereum you want to transfer and paste your unique address. 
 
10.	Finally, verify all the information and migrate the cryptocurrency to your Ledger Nano X.  
 
## How to choose the right crypto wallet?

1.	One of the features of gauging crypto storage is the ease of use. You should prefer its user interface, sign-up procedure, and compatibility with various devices.  

2.	Hot or cold storage? This is determined by your preference for security or convenience. Hot ones are software storages that are best for managing daily trades, but have security risks. Comparatively, cold ones are hardware storages that provide better security, but limit trading. That's why it's better to have both.

3.	Another criterion is the self-custody of assets. Custodial exchange wallets primarily store your assets and private keys on their servers, which affects security. Therefore, non-custodial ones are widely preferred.

4.	You should also look at the number of supported fiat currencies and [multiple cryptocurrencies](/news/article/crypto-wallet-multiple-currencies).

5.	Lastly, its security features and authorisation are key elements.

## Best crypto wallet UK wrap up

If you want to be a seasoned investor, it is advisable to have a reliable cryptocurrency wallet. Here we critically reviewed and listed seven ideal choices for the best crypto wallet UK options. It features software and hardware storage, so you can easily pick one for your requirements. Once you go through this article, you'll get an idea about how you can choose the right storage.


blue image of crypto wallet on phone with bitcoin logo

Best Crypto Wallet in the UK: 7 Top Picks

Barry Silbert, the CEO of Digital Currency Group (DCG), has denied employing “bad faith stall tactics” in a duel pitting DCG against the Gemini Exchange’s Cameron Winklevoss, whose firm is trying to retrieve [$900 million](/news/article/genesis-brokers-owes-gemini) of deposits their clients placed with Genesis.

## Clients unable to access their funds

DCG is currently in the crosshairs of the rest of the crypto industry, and [rumors](https://www.bloomberg.com/news/articles/2023-01-06/barry-silbert-s-list-of-crypto-woes-starts-with-genesis-bankruptcy-angst?sref=ZTdRrSmf) about a looming Genesis [bankruptcy](https://www.reuters.com/technology/us-crypto-broker-genesis-says-it-is-working-avoid-bankruptcy-filing-2022-11-30/) and federal investigations are fueling the allegations. 

The contest with Winklevoss gravitates around allegations regarding a loan Barry Silbert extended to Genesis to the defunct crypto hedge fund Three Arrows Capital (3AC): 3AC owed Genesis [more than $1 billion](https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital/) when it tanked last year. As the two crypto entrepreneurs continue bickering, Gemini’s clients have been unable to access their funds for at least six weeks. 

Genesis and Gemini partnered about two years ago. They launched a high-yield crypto product called Earn, through Gemini, that offered up to 8% ROI on customer deposits. Gemini exchange lent funds from Earn to Genesis, which the latter placed on numerous trading platforms and borrowers. The relationship flourished throughout 2020 and 2021 as the crypto market thrived, but matters went haywire in 2022 when the crypto market dithered, causing the Earn model to fall apart. 

Gemini halted all withdrawals last November at the height of the FTX crisis to the chagrin of more than 340,000 of its retail clients, some of whom are seeking legal redress.   

## Barry Silbert is the public face of DCG

Barry Silbert, the public face of DCG, has never shied away from using Twitter or interviews to opine on the crypto market. The career investment banker is among the pioneer investors in blockchain firms around 2013 and established DCG in 2015; the firm has so far invested in more than 200 crypto startups. 

According to [Forbes magazine](https://www.forbes.com/profile/barry-silbert/?sh=530f2a452950), the Emory University’s Goizueta Business School alumnus had a net worth of $3.2 billion and was the eighth-richest crypto investor in April 2022. 

Apart from Genesis, DCG's lending arm, the $10 billion company has a stake in digital asset manager Grayscale besides owning crypto mining firm Foundry Services, trade publication Coindesk, digital asset platform Luno global, and crypto index provider TradeBlock. Apart from its association with the defunct 3AC, Genesis joins the list of firms suffering from FTX [contagion](/news/article/gemini-crypto-exchange-falls-prey) as its derivative business is said to have had over $175 million locked in an FTX trading account.


red image of stock market with Cameron Winklevoss and Barry Silbert

Barry Silbert Rebuts ‘Bad Faith’ Claims

The [latest FTX news](/news/tag/ftx) could be positive for customers, investors, and lenders – $5B of assets, such as liquid cryptocurrency, liquid investment securities, and cash, have been recovered, according to Andy Dietderich, an FTX attorney.

Dietderich revealed this information to Judge John Dorsey in a Delaware bankruptcy court. The recovered assets do not include those confiscated by the Securities Commission of the Bahamas – where the crypto exchange is headquartered and former FTX boss Sam Bankman-Fried (SBF) was located at the time of his arrest.

## FTX news: who has been named in court filings?

Celebrities such as American football legend Tom Brady, Brazilian fashion model Giselle Bündchen (Brady's former wife), and CEO of the Kraft Group, Robert Kraft, were among those named in the hearings.

Most of FTX's investors and customers facing unfortunate losses have not been mentioned in court filings. At the time of writing, an estimated $8B of customer funds is missing (factoring in the latest recovered funds).

## FTX news: a timeline of events

Here is a timeline of events involving the cryptocurrency exchange and SBF:

•	On 11 November, 2022, FTX, valued at $32B just a year ago, [filed for bankruptcy](/news/article/ftx-bankrupt-who-to-blame).

•	On 12 December, 2022, [SBF was arrested](/news/article/former-ftx-ceo-sbf-arrested) in the Bahamas and extradited to the US.

•	On 13 December, 2022, US federal prosecutors announced eight criminal charges against SBF, including campaign finance violations, money laundering, and wire fraud. This includes allegations of using customer funds to settle debts at his crypto trading firm, Alameda Research, and indulging in other investments.

•	Co-founder of FTX Gary Wang and former head of Alameda Research Caroline Ellison (SBF's rumoured ex-girlfriend) have also been charged [over their purported role](/news/article/sam-bankman-fried-crypto-execs-admit-fraud) in FTX’s calamitous downfall.

•	On 22 December, 2022, SBF was released on a $250M bail bond – one of the largest in US history.

•	SBF, who was [once worth $26B](https://news.yahoo.com/sbf-once-worth-26-billion-092740219.html), pleaded ‘not guilty’ to each criminal charge against him.

In an interview with BBC news before his arrest, Sam Bankman-Fried claimed he had "unknowingly" committed fraud. He did not want the events that unfolded to happen and admitted to being "not nearly as competent" as he thought.


ftx logo on red background with billions of dollars falling from the sky

FTX News: $5B of Assets Recovered

The [Digital Currency Group](https://dcg.co/), or DCG, located in Stamford, Connecticut, is a venture capital firm specialising in the digital currency sector. Founded by Barry Silbert in 2015, DCG builds and supports Bitcoin and blockchain companies by leveraging insights, networks, and capital access.

Furthermore, DCG owns and manages CoinDesk, the premier blockchain media and events platform, Genesis Trading, the industry's leading Bitcoin brokerage business, and Grayscale Investments, the biggest digital currency asset management organisation. DCG raised $1.3 billion in investment across five rounds. The most recent capital came through a Debt Financing round on 8 November, 2021.

CoinDesk, Foundry, Genesis, Grayscale Investments, and Luno are DCG's five subsidiaries.

## CoinDesk

CoinDesk is a cryptocurrency and crypto news website. For people who are unfamiliar with digital currencies, CoinDesk also offers Bitcoin and crypto guides.

Shakil Khan founded the site, which DCG later bought. CoinDesk Indices are the industry standard for single and multi-asset crypto asset benchmarks. The main CoinDesk [Bitcoin](/news/article/top-rated-bitcoin-wallets-uk) Price Index (XBX) has been running since 2014. Since 2015, Consensus has been considered the most prominent event in crypto and blockchain. 

The company's cryptocurrency festival in Austin, Texas, in June 2022, brought together thousands of participants to hear from sought-after thought leaders and speakers, and join workshops, networking, and learning opportunities.

## Foundry

The Foundry was founded to address the institutional need in the cryptocurrency mining and staking business for improved capital access, efficiency, and transparency.

Foundry, a DCG firm, draws on unrivalled institutional knowledge, finance, and market information to give North American Bitcoin miners and worldwide manufacturers the tools they need to construct, operate, and protect decentralised networks.

FoundryX is a reputable marketplace for purchasing and selling crypto mining equipment. Foundry provides miners with the resources they need to create the decentralised infrastructure of the future. They are protocol-agnostic and wish to encourage like-minded [blockchain](/news/article/what-is-blockchain) businesses that share a commitment to the industry's advancement. 

You could tap into their ecosystem of 200+ buyers and suppliers of cutting-edge mining equipment as they have established a trustworthy and reputable American marketplace to link the appropriate sellers and buyers at the right price, thanks to their extensive knowledge of equipment inventory, pricing, and demand.

## Genesis

[Genesis](/news/article/genesis-brokers-owes-gemini) links institutional investors to the world of digital assets. You can easily trade, borrow, hedge, and perform various things on this fantastic platform. In 2013, Genesis opened the first OTC Bitcoin trading desk. Since then, they've expanded to handle hundreds of billions of dollars in yearly trades. The DCG subsidary has also been establishing and cooperating with the world's most significant digital asset initiatives, networks, and funds at every step of the crypto market structure.

## Genesis Market Activity in 2021

Spot Volume Traded: $116.5B

Loan Originations: $130.6 billion

Derivatives worth $53.8 billion were traded

## Grayscale Investments

Grayscale Investments, located in New York City, is an American digital currency asset management firm and a subsidiary of DCG. Grayscale is a trusted partner for institutional and individual digital currency investors and the burgeoning digital economy.

Grayscale is a digitised native firm with exceptional initial insights into digital economy technologies with growth potential. 

Grayscale's products work inside present regulatory regimes, and its flagship products are the industry's first SEC reporting funds. These goods are the market leaders regarding accessibility and scope, investment prospects, and liquidity.

As the world's leading digital currency asset manager, DCG subsidiary Grayscale has a solid track record and unique experience. Grayscale's private placements, public quotes, and ETFs are popular among investors, advisers, and allocators seeking a single asset, diversified, and thematic exposure.

## Luno

Luno, a DCG subsidiary, is a cryptocurrency wallet programme that enables organisations to buy, store, trade, and manage digital currencies such as Bitcoin and [Ethereum](/news/article/why-is-ethereum-going-down). Administrators may use the platform to create cryptocurrency portfolios and perform trading techniques to manage deposits and withdrawals from a centralised dashboard.

Managers can swap Bitcoins in real-time by processing payments using debit or credit cards. Luno enables teams to get messages and watch market changes based on specified price alerts. 

Operators can use mobile applications on Android and iOS smartphones to plan regular purchases and manage investments. Using a uniform interface, supervisors can also encrypt and store money in multi-signature wallets.

Luno is a worldwide cryptocurrency leader, with more than 2 million consumers in 40 countries and a team of 250+ workers. 

Luno provides an application programming interface (API) that allows organisations to combine the system with various third-party programmes such as TradingView. Luno, headquartered in London, operates throughout Africa, Southeast Asia, and Europe.

Its tools and services make buying, storing, and learning about cryptocurrencies like Bitcoin and Ethereum secure and simple.


light blue image of crypto coins with DCG Digital Currency Group logo

DCG - A Crypto Venture Capital Firm

## Tap Global first to enter London stock listing in 2023

On 10 January, UK-based crypto app Tap Global [announced](https://www.standard.co.uk/business/crypto-trading-app-tap-global-among-london-s-first-public-listings-in-2023-b1051734.html) its listing on the [Aquis Stock Exchange (AQSE)](https://www.aquis.eu/aquis-stock-exchange) through a reverse takeover by Quetzal Capital, a Gibraltar-based investment company. This marks the first listing of a crypto company on AQSE in 2023 and highlights the increasing mainstream acceptance and recognition of the potential growth in the [cryptocurrency market.](/news/article/which-uk-banks-allow-cryptocurrency-purchases)

## First crypto app to enter London's public listing in 2023

Tap Global offers fiat banking services that enable users to trade crypto by connecting them with several exchanges via its app. It also provides access to staking and DeFi protocols for UK and EU residents. The app also offers its own Mastercard, which allows users to pay for online shopping using Bitcoin.

Founded by 29-year-old former software developer Arsen Torosian and prepaid card business veteran Dave Carr, Tap has seen significant growth since its launch in 2018, reaching more than 100,000 users.

This growth contrasts with some other crypto exchanges, which have struggled in recent months as users withdrew funds. The price of Bitcoin falling by 54% over the past year sparked renewed concerns about the volatility of digital currencies.


The reverse takeover by Quetzal Capital involved the exchange of £20.5 million ($24.9 million) of Quetzal stock for ownership of Tap Global. Additionally, Quetzal raised £3.1 million ($3.8 million) by issuing new shares.

According to the press release that was issued, these funds will be utilized to increase marketing efforts and drive international expansion. The company plans to expand its services to Australia and the USA.


According to Tap CEO David Carr, the decision to list on a public exchange "raised some eyebrows" due to the recent collapse of [FTX](/news/article/is-crypto-dead) and the ongoing [investigations ](/news/article/crypto.com-under-investigation)of other major crypto exchanges. 

Despite these challenges, Tap Global went through with the listing to offer a regulated option for [UK](/news/article/crypto-events-to-attend-uk) residents.


blue image of stock market with tap global crypto logo overlayed

Tap Global Enters London Stock Listing

## After initial court approval, Voyager seeks national security review of Binance deal
Adding to the list of ambiguities amidst the recent crypto events, a court has given Voyager approval to sign a deal with Binance worth almost $1bn. However, Voyager is still seeking a positive response from a national security review of the agreement.

The court looked at the Voyager Binance deal on 10 January, as Voyager signed an "asset purchase agreement" with Binance. Michael Wiles, a US bankruptcy Judge, dealt with the proceedings.

This isn't Voyager's first time trying to sign a deal with a major crypto player. Its first attempt to sell its assets was to FTX. However, [that deal was opposed](/news/article/voyager-lending-ftx) by CFIUS (the Committee on Foreign Investment in the US), as FTX was in a state of bankruptcy itself and couldn't afford the deal any longer. Voyager was extremely vigilant this time to ensure the CFIUS didn't oppose this transaction with Binance.

## Terms of the Voyager Binance deal
The Voyager Binance deal includes a few significant terms to keep in mind. The biggest one is that Binance would have all Voyager customers transferred to Binance. This would allow customers to withdraw and use their crypto - something they haven't been able to do with Voyager since last July.

In return, Voyager will receive $20m from Binance as a cash payment. This sale is extremely important for not just Voyager, but its ex-customers too. If the deal breaks down and CFIUS blocks the transactions, Voyager will be forced to sell off all of its crypto possessions to repay customers. This would result in a lower amount than if the Binance deal gets the go-ahead.


The company in bankruptcy estimates its customers would [receive around 51%](https://news.bloomberglaw.com/bankruptcy-law/voyager-customers-projected-to-recover-50-on-crypto-claims) of their crypto’s worth if the Binance deal works out.

## Background of Voyager’s bankruptcy

Voyager wasn't the first crypto exchange to file for bankruptcy last year. The [Terra and Luna debacle](/news/article/terra-luna-collapse) was a massive hit for the crypto industry and resulted in an almost domino-like downfall for many big-name crypto players.
Initially, FTX was Voyager's main candidate to sell its assets to. However, FTX was in a rut and unable to follow through with the deal. The fact that the owner of FTX was arrested amid allegations of fraud was also a red flag for Voyager’s attorneys.


red image of stock market with Binance and Voyager logos overlayed

Voyager-Binance Deal Approved by Court