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In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

From blockchain engineers to surgeons: Here are the 10 top-paying jobs in India in 2023

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said. Addressing a financial sector seminar organised by business daily Mint here, the Reserve Bank of India (RBI) chief also said that for emerging market economies and advanced economies, travelling down that path of cryptocurrencies will create huge risks which will be very difficult to contain going forward. "The question is why do you want to go down that road? What is it that you are going to get?," Das said while responding to a query about the development in the US with respect to cryptocurrencies. <keyword id="20153809" type="General" weightage="20" keywordseo="personally-das" source="keywords">Personally Das</keyword> and RBI, as an institution, are opposed to private cryptocurrencies on the grounds that they pose tremendous threat to the financial stability. "The US capital markets regulator in the same announcement also issued necessary cautionary advice and necessary warning to investors to be careful along with the risks it poses. Our position, my position and the RBI's position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them," he said. The remarks were in the context of the US regulator SEC permitting bitcoin ETFs. The approval is seen as a landmark event in the adoption of cryptocurrencies in mainstream finance as the ETF structure gives institutions and financial advisors a familiar and regulated way to have an exposure to bitcoins. "I don't wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks in the product and advised people to be very careful. "We are all familiar with the Tulip mania in the Netherlands that had led to an asset bubble in the past. I don't think emerging markets and the world can afford a crypto mania that could lead to similar outcomes," the governor said. On whether he sees the forthcoming vote-on-account to be inflationary, Das said that going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures. Further, Das mentioned many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

The world cannot afford a crypto mania: Shaktikanta Das

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

<ul class="summary-list"><li>The best option for <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> is to ban private cryptocurrencies, one of the country's top central bankers said Monday.</li><li>Private <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> is worse than Ponzi schemes and pose a threat to financial stability, Rabi Sankar said.</li></ul>India's best choice is to ban private cryptocurrencies because of the risks they pose to the country's financial systems and sovereignty, a top central banker has warned.Rabi Sankar, deputy governor of the <keyword id="11894000" type="UNKNOWN" weightage="60" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, took aim at private crypto in a <a href="https://m.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1196">speech at a local banking conference</a> on Monday, underlining Indian authorities' tough stance. He said cryptocurrencies can't really be defined as a currency, asset, or commodity, given that they don't have any underlying cash flow or intrinsic value, and that they are like a "Ponzi" scheme or even worse. For these reasons alone, private cryptocurrencies should be kept away from the formal financial system, he said."More substantially, they can (and if allowed most likely will) wreck the currency system, the monetary authority, the banking system, and in general government's ability to control the economy," Sankar said. This adds up to a threat to a country's financial sovereignty, he warned. It becomes vulnerable to manipulation by the private companies that create digital currencies or the governments that control them, according to Sankar."All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India," he told the conference.Sankar's tough words highlight Indian authorities' efforts to keep a grip on digital currencies in a country with an estimated 15 to 20 million crypto investors. India is second only to Vietnam in crypto adoption, according to the <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from Chainalysis.The government plans to <a href="https://markets.businessinsider.com/news/currencies/india-crypto-blockchain-cbdc-tax-ethereum-bitcoin-digital-assets-finance-2022-2">impose a 30% tax</a> on income from cryptocurrencies and other digital assets such as NFTs, or non-fungible tokens. It also wants to deduct 1% in tax at source on payments related to buying such assets.While<a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms#slideid=89499616"> many</a> saw this as a move towards legitimizing crypto,<a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms#slideid=89499616"> some</a> were worried the high tax might discourage crypto trading. At the same time, India plans to roll out its own digital currency, nicknamed the "digital <keyword id="6355302" type="UNKNOWN" weightage="60" keywordseo="rupee" source="Orion">rupee</keyword>," suggesting it is the private nature of private cryptocurrencies that is worrying authorities.India plans to introduce its <keyword id="11939356" type="UNKNOWN" weightage="60" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword>, or <keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="cbdc" source="Orion">CBDC</keyword>, before March 2023. Major central banks such as the US Federal Reserve and the Bank of England are already developing CBDCs, which provide a centralized, official alternative to pure cryptocurrencies. But it is the Chinese central bank that is leading the way in CBDCs, and is it several years ahead of its counterparts in its development program. Its <a href="https://markets.businessinsider.com/currencies/news/digital-yuan-china-central-bank-currency-visitors-2022-winter-olympics-2021-4-1030316791">digital yuan</a> is in use at the Beijing Winter Olympics on right now.Lawmakers in India's lower house in December introduced a bill to <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11">prohibit all private cryptocurrencies</a>, but the government later said it could instead <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">bring in regulation</a>.But Sankar said none of the arguments for crypto regulation stand up to basic scrutiny. "We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution."

India should ban 'Ponzi' private cryptos or risk wrecking the country's financial system, a top RBI central banker has warned

<ul class="summary-list"><li>The Indian government will roll out a digital currency over the coming year, the finance minister said. </li><li>India previously suggested banning <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, but now plans to regulate and <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> it, the minister said.</li><li>India is a major digital trading hub, with an estimated 15 to 20 million crypto investors.</li></ul>India appears to be warming up to cryptocurrencies, with an announcement by the finance minister on Tuesday of plans for a digital currency rolled out by the central bank, along with a framework to regulate and tax crypto assets.Finance minister Nirmala Sitharaman, as part of her annual budget speech, said the central bank would aim to roll out a digital rupee in the coming fiscal year. This marks a major U-turn for the government, which had signaled it <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">could ban cryptocurrencies</a> outright, until the upper house of parliament <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">clarified</a> that digital assets should be kept on exchanges and monitored correctly by a market regulator."The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," Sitharaman said.According to its budget plans, the government will impose a 30% tax on income from cryptocurrencies and other digital assets, as well as apply a 1% tax deduction at source on payments related to purchasing such assets.Central bank digital currencies (CBDCs) offer a centralized, official alternative to pure cryptocurrencies. Major central banks, such as the Federal Reserve, the Bank of England and the European Central Bank are all looking into developing their own digital currencies.But it is the emerging economies where progress is actually happening. China already has a <a href="https://markets.businessinsider.com/news/currencies/china-digital-yuan-years-ahead-in-development-cbdc-cryptocurrencies-chainalysis-2021-8">digital yuan</a> in circulation through various pilot programs, putting it several years ahead of G7 central banks in this respect. The effect of India creating an official digital currency, along with a framework for crypto trading and investment could be significant. The <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> <a href="https://markets.businessinsider.com/news/currencies/asia-global-cryptocurrency-adoption-retail-investors-india-pakistan-vietnam-2021-8">showed</a> Asia is leading the way in global crypto adoption and India is second only to Vietnam. It is estimated that there are between 15 and 20 million <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> investors in the country.Cryptocurrency <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were up slightly on Tuesday, gaining some respite from the almost-unbroken pressure during January, when investors booked profits on some of 2021's big winners. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> posted gains of 4% and 9% over the past 24 hours respectively, according to CoinMarketCap. Read more: <a href="https://www.businessinsider.com/bitcoin-price-bear-market-bull-run-experts-reveal-things-watch-2022-1?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">'Hodlers' last stand': Crypto experts at a major exchange say bitcoin and ethereum can still avoid a bear market. Here are the 4 key things they say you need to watch to figure out what's next</a>

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

<ul class="summary-list"><li>Prices of <keyword id="4521522" type="General" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword>, <keyword id="1985091" type="General" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>, <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>, and tether dropped on a popular <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange in <keyword id="3658" type="General" weightage="60" keywordseo="india" source="Orion">India</keyword>.</li><li>The declines came as the country mulls a crackdown on private cryptocurrencies.</li></ul>Cryptocurrencies dropped in India Wednesday morning as the country mulled a crackdown on digital assets — and its opened up opportunities for witty investors. According to a <a href="https://www.bloomberg.com/news/articles/2021-11-24/a-huge-arbitrage-opportunity-has-just-opened-up-in-crypto">Bloomberg article</a>, shiba inu coin and dogecoin sunk more than 20% on the WazirX crypto exchange in India while on Binance and Kraken, they were relatively unaffected. Bitcoin, for its part, dropped 14% on WazirX and just 0.5% on Binance, the article said. Tether, a stablecoin, also sunk on the exchange while remaining steady elsewhere, <a href="https://www.coindesk.com/markets/2021/11/24/stablecoin-tether-crashes-on-indian-exchanges-traders-buy-the-dip/">Coindesk reported</a>. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed law</a> in India is seeking to ban all private cryptocurrencies, likely causing the price declines on the local exchanges. The price drops opened up an opportunity for investors to buy the dip and profit elsewhere. According to CoinDesk's report, <keyword id="154331" type="General" weightage="60" keywordseo="arbitrage" source="Orion">arbitrage</keyword> opportunities in India are mainly helpful for small-time investors because bigger market makers avoid the country for lack of regulatory clarity. But the trick was figuring out how to transfer funds to a different exchange after purchasing the assets at a lower cost, <keyword id="29740" type="General" weightage="60" keywordseo="bloomberg" source="Orion">Bloomberg</keyword> said. And it's not easy. WazirX <a href="https://twitter.com/WazirXIndia">tweeted out</a> that it was experiencing trading delays in the app, and frustrated users responded that they could not move their crypto. Several hours later the company said the problem was fixed. "We'd like to reiterate that WazirX has an open order book and doesn't determine or control the price of any crypto on the exchange," the platform said in a tweet. "There will always be a difference from exchange to exchange, country to country, etc. depending on the demand and supply." Crypto arbitrage opportunities have been well documented, as the prices can vary between exchanges. <a href="https://www.businessinsider.com/bitcoin-cryptocurrency-arbitrage-2017-11">A 2017 Insider article</a> noted the issue stems from the market being "diffused, unregulated, and disjointed."

Crypto prices are plummeting in India as the country mulls ban on digital assets — and its creating an opportunity for savvy investors

<ul class="summary-list"><li>Activity in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> in Central and Southern Asia, and Oceania grew 706% in the year to June 2021, <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> said Monday</li><li>Ether had the largest share of crypto activity in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, Pakistan and Vietnam.</li><li>DeFi platforms accounted for most crypto activity across the region in the last year.</li></ul>Crypto-related activity in the fast-growing economies across the Asia-Pacific region soared in the 12 months to June this year, fueled by booming interest in decentralized finance (DeFi), according to a new study by Chainalysis.The Central and Southern Asia and Oceania (CSAO) crypto market is the fourth largest in the world, and transaction activity there increased 706% between July last year and June this year, the data analytics company noted in a <a href="https://blog.chainalysis.com/reports/central-southern-asia-oceania-cryptocurrency-geography-report-2021-preview">report</a> released Monday.In dollar terms, that translates into $572.5 billion in value received, or 14% of total global transaction value, it said.The region is home to the top three countries in Chainalysis' Global <keyword id="11921655" type="UNKNOWN" weightage="60" keywordseo="crypto-adoption" source="Orion">Crypto Adoption</keyword> Index, with Vietnam at number one, India at two, and Pakistan at three. In those top three, ether has proven to be the most popular crypto, largely because of its close ties to DeFi applications and platforms. Stablecoins and bitcoin vie for second place, while altcoins come next. "Centralized exchanges are becoming more stringent and harder to use for people in certain jurisdictions. DeFi doesn't discern where you're from, or care if it has a relationship with your bank," Krishna Sriram, managing director at blockchain security platform Quantstamp told Chainalysis. Part of the attraction of a DeFi platform, particularly in regions where market regulators are tough, is its independent nature. They operate free from central players such as governments, central banks, brokers or commercial banks. DeFi platforms attracted more than $60 billion in cryptocurrency value in April and May this year, when bitcoin hit record highs.Ether peaked in May at around $4,000 and has since fallen by 14%, while bitcoin reached a top of around $65,000 in April and has since lost around 23%, but <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-mike-novogratz-rally-crypto-btc-investing-ether-2021-10">broke back through $50,000</a> on Tuesday. Bitcoin is the leading crypto with a market capitalization of $936 billion, while ether is in second place with a market cap of $400 billion. It's not just DeFi that has fed crypto activity in the CSAO region. The report showed non-fungible tokens - a form of digital collector's item - have found huge popularity, thanks to the endorsement of celebrities such as Bollywood star Kunal Kapoor, Quantstamp's Sriram said. Other celebrities, such as Akshay BD and Tanmay Bhat, as well as social media influencers have created a crypto education YouTube channel called <a href="https://www.youtube.com/channel/UCi-pkXLbm7sqXFhV1NBLUfQ">Superpumped</a>. "These people aren't just shouting 'Buy bitcoin!' Influencers are discussing the merits of different projects in a nuanced way," Sriram said.

Crypto activity in Asia has grown over 700% in a year thanks to a boom in DeFi: Chainalysis

<ul class="summary-list"><li>Top-flight Italian club SSC Napoli said on Tuesday it had partnered up with <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> floki inu. </li><li>The team behind floki inu has also sealed sponsorship deals with Spain's Cadiz and India's Kerala Blasters.</li><li>But the meme coin is under scrutiny from the UK advertising watchdog for a recent ad campaign.</li></ul>Floki inu, a meme cryptocurrency inspired by the likes of <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword> and <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>, has managed to dive into the world of sport and promote itself across Spain, India and most recently <keyword id="11905554" type="UNKNOWN" weightage="60" keywordseo="italy" source="Orion">Italy</keyword>. SSC Napoli, one of the top professional soccer teams in Italy, announced in a <a href="https://www.sscnapoli.it/static/news/Floki-diventa-Jersey-Back-Sponsor-della-SSC-Napoli-24049.aspx">press release</a> on Tuesday that it had partnered with floki inu for sponsorship. Under the terms of the deal, the floki inu logo, which features a cartoon of a Japanese Shiba Inu dog in a Viking helmet, will feature on the back of the SCC Napoli first team shirt, as well as on LED displays around the pitch during all league games as well as on other promotional material. "Our goal is to become the best known and most used cryptocurrency in the world, which is why the partnership with a historically recognized global brand and a fantastic fan base like Napoli represents a fundamental asset in our strategy," floki inu's marketing department said in a statement. "In the first weeks of close collaboration, which led to this partnership announcement today, we discovered that our Club and floki share the same values ​​and aspirations for growth," Serena Salvione, Chief International Development Officer at SSC Napoli, said. The team behind the dogecoin-spinoff cryptocurrency have also partnered with Spain's Cádiz, an elite-level club. The floki inu logo will appear on the sleeves of the players' shirts in time for a key match this Sunday against Atlético Madrid, according to a Twitter <a href="https://twitter.com/RealFlokiInu/status/1461625467094581250">announcement</a> last week. Spain's Cádiz were not immediately available to comment. Floki inu has also managed to seal a deal with Kerala Blasters, an Indian professional soccer club, as its sleeve sponsor for the upcoming season of the Hero Indian Super League, the soccer team announced <a href="https://keralablastersfc.in/kerala-blasters-announces-floki-as-sleeve-sponsor-for-hero-isl-2021-22/">last week</a>. Floki inu launched in June this year, as a nod to Tesla chief executive and <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> supporter Elon Musk saying he was going to get a Shiba Inu dog - the subject of the original "doge" internet meme that gave rise to dogecoin - and name it "Floki". In under six months, it's gone from cult-cryptocurrency to the sponsor of top-flight soccer teams. In the last month alone, it's gained around 200% in value to trade around $0.00017264, according to CoinGecko.But floki inu's quest for world dominationi hasn't all been plain sailing. The marketing team launched an aggressive ad campaign across London's massive public transport system last month, with posters throughout the subway and on the city's famous double-decker buses.Like many crypto assets, it's unregulated in the UK and it didn't take long for the advertising watchdog to look into the campaign, according to <a href="https://www.bbc.co.uk/news/technology-59309304">media</a> reports. <a href="https://markets.businessinsider.com/news/currencies/crypto-ads-floki-inu-london-transport-system-crackdown-regulators-2021-11">Transport for London</a>, the city's public transit authority, said it ensures all ads in the system comply with its own policies, as well as those of the Advertising Standards Agency.

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