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IMVU Set to Launch VCOIN after Receiving SEC No-Action Letter

The Securities and Exchange Commission (SEC) staff no-action letter clears the regulatory way for avatar social platform IMVU to launch its VCOIN digital asset. The Nov 17 letter emphasizese that the SEC based the decision on IMVU’s operational and governance features.  KYC/AML details in focus The SEC paid attention to the fact that IMVU is … Continued

The post IMVU Set to Launch VCOIN after Receiving SEC No-Action Letter appeared first on BeInCrypto.

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The Securities and Exchange Commission (SEC) staff no-action letter clears the regulatory way for avatar social platform IMVU to launch its VCOIN digital asset. The Nov 17 letter emphasizese that the SEC based the decision on IMVU’s operational and governance features. 

KYC/AML details in focus

The SEC paid attention to the fact that IMVU is incorporating Know Your Customer and Anti-Money Laundering (KYC/AML) measures upon wallet opening, and with confirmations further on. The company will not use proceeds from VCOIN for bootstrapping purposes. Furthermore, IMVU will not support third-party sales or listings, and will maintain supply in order to keep VCOIN at a fixed price. Users will also need to affirm that the coins are for consumption, and not speculation. 

At the same time, IMVU states in its press release that VCOIN enables users to “hold, earn, convert to real value off-platform” in a way that is not possible in-game. Moreover, users do not have to undergo KYC to handle VCOIN when on IMVU’s platform. IMVU checks identity only when transferring VCOIN off-platform. 

“Users of IMVU, and really all virtual and game users, want to be able to earn real value for the services and goods they offer, and VCOIN will be the first to provide this,” according to IMVU Chief Strategy Officer John Burris.

VCOIN is built to the ERC-20 standard. The release of VCOIN is currently slated for January 2021.

Just how big is it?

The IMVU platform contains over 400,000 destinations used by seven million monthly users, with an in-game economy that already sees 27 million transactions per month. IMVU’s digital asset catalog contains over 50 million items. According to IMVU, the catalog is growing by over 400,000 digital items per month with over 50,000 creators. In all, over 200,000 people already earn money from these items, including virtual fashion, furniture, and rooms. 

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Source: https://beincrypto.com/imvu-set-to-launch-vcoin-after-receiving-sec-no-action-letter/

Blockchain

Kazakhstan Reportedly Planning to Enable Banks to Process Cryptocurrency Purchases

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The ruling body of Kazakhstan will reportedly allow local banking institutions to offer cryptocurrency exposure to clients. The implementation will run for one year, after which the government will decide whether to extend it.

Bank Accounts for Crypto Transactions in Kazakhstan

The Kazakhstani news channel Khabar 24 reported that the government plans to officially authorize local banks to open accounts for transactions with digital assets.

Numerous institutions will soon be granted permission to provide businesses and firms with cryptocurrency exposure. This should allow the government of the Asian country will be able to assess the risks and benefits of virtual currencies.

Sergey Putra – an executive from the Data Center Industry – believes that the upcoming move would be a step towards further cryptocurrency adoption for the country. He reminded that Kazakhstan is already a mining hub, and many residents are quite actively trading various digital assets. Putra outlined that the crypto market could bring serious money flow to Kazakhstan, and thus the nation should focus on it:

“It is billions of dollars in daily turnover around the world. And even if Kazakhstan takes some fraction of a percent, this is serious money that will come to Kazakhstan in the form of investments…it will remain here in the form of taxes, in the form of jobs, and salaries. This is a very large industry, which Kazakhstan still bypasses.”

The government will allow trading venues to cooperate with banks legally. All they will need to do is sign a mutual agreement in the capital Astana. The pilot project will reportedly last for 12 months, meaning that local investors will be able to purchase and sell Bitcoin and altcoins safely during this period.


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Cryptocurrency Mining Concentrates in Kazakhstan

The Asian nation showed its intentions to be one of the leaders among the countries mining digital assets. In September last year, Kazakhstan raised $715 million, aiming to expand this sector in the Central Asian nation.

Following the China crackdown this year, numerous companies shifted their businesses away from the country and moved their infrastructure elsewhere.

Such is the example with the investment firm IBC Group. The company, which has significant cryptocurrency mining operations in China, announced its intentions to close down all its Bitcoin and Ethereum mining facilities throughout the country. The organization plans to move its workers to various other nations, with Kazakhstan being one of them.

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Source: https://cryptopotato.com/kazakhstan-reportedly-planning-to-enable-banks-to-process-cryptocurrency-purchases/

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Blockchain

Solana Announces Exclusive Hackathon for Indian Developers

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To support the Indian blockchain development ecosystem, Solana, a high-performance blockchain network, has revealed that it will be rolling out a new hackathon exclusively for Indian developers and entrepreneurs.

Solana Unveils Hackathon with Over $80k in Prizes 

In a tweet on Tuesday, Solana noted that the hackathon, dubbed “Building Out Loud,” will last for 3 weeks and registration for it is open to students, Web2 and Web 3 developers, engineers, and basically anyone who is looking to get into the crypto space.

The hackathon will be organized in collaboration with Superpumped and Devfolio, two tech firms that have helped host thousands of hackathons across the globe.

Participants will have the opportunity to win prizes from a pool containing more than $80,000, be able to launch a global product starting from the first day of the hackathon and raise capital from a list of prominent investors.

There are also several special prizes from the Solana Foundation, Lightspeed Ventures, Balaji Srinivasan, CRED, Kunal Kapoor, Superpumped, Serum, and many more.


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Envisioning One of India’s Largest Social Hackathons

In a statement, Solana disclosed that it is aiming to make the “Building Out Loud” event one of the largest social hackathons India has ever experienced.

The project intends to keep growing its ecosystem by using hackathons as a tool for growth, bringing the crypto industry to more mainstream users.

The “Building Out Loud” hackathon is aimed at becoming a social movement for the young generation of entrepreneurs that are searching for new opportunities to launch a global product and raise capital from prominent global investors.  

The three top winners of the hackathon will receive cash prizes of $10,000, $7,000, and $5,000, respectively, among other special incentives. Registration for the hackathon is currently ongoing and is set to last until August 12, 2021.

Not the First for Solana

Just last month, Solana announced the winners of its Solana Season Hackathon competition, a $1 million initiative that was established to support new projects on the Solana blockchain.

It selected about 39 winners out of the 13,000 participants and more than 350 projects that it received in the competition from across the globe. 

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Source: https://cryptopotato.com/solana-announces-exclusive-hackathon-for-indian-developers/

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Blockchain

Solana Announces Exclusive Hackathon for Indian Developers

Published

on

To support the Indian blockchain development ecosystem, Solana, a high-performance blockchain network, has revealed that it will be rolling out a new hackathon exclusively for Indian developers and entrepreneurs.

Solana Unveils Hackathon with Over $80k in Prizes 

In a tweet on Tuesday, Solana noted that the hackathon, dubbed “Building Out Loud,” will last for 3 weeks and registration for it is open to students, Web2 and Web 3 developers, engineers, and basically anyone who is looking to get into the crypto space.

The hackathon will be organized in collaboration with Superpumped and Devfolio, two tech firms that have helped host thousands of hackathons across the globe.

Participants will have the opportunity to win prizes from a pool containing more than $80,000, be able to launch a global product starting from the first day of the hackathon and raise capital from a list of prominent investors.

There are also several special prizes from the Solana Foundation, Lightspeed Ventures, Balaji Srinivasan, CRED, Kunal Kapoor, Superpumped, Serum, and many more.


ADVERTISEMENT

Envisioning One of India’s Largest Social Hackathons

In a statement, Solana disclosed that it is aiming to make the “Building Out Loud” event one of the largest social hackathons India has ever experienced.

The project intends to keep growing its ecosystem by using hackathons as a tool for growth, bringing the crypto industry to more mainstream users.

The “Building Out Loud” hackathon is aimed at becoming a social movement for the young generation of entrepreneurs that are searching for new opportunities to launch a global product and raise capital from prominent global investors.  

The three top winners of the hackathon will receive cash prizes of $10,000, $7,000, and $5,000, respectively, among other special incentives. Registration for the hackathon is currently ongoing and is set to last until August 12, 2021.

Not the First for Solana

Just last month, Solana announced the winners of its Solana Season Hackathon competition, a $1 million initiative that was established to support new projects on the Solana blockchain.

It selected about 39 winners out of the 13,000 participants and more than 350 projects that it received in the competition from across the globe. 

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PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


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Click here to access.

Source: https://cryptopotato.com/solana-announces-exclusive-hackathon-for-indian-developers/

Continue Reading
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