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BaFin: Beware of These Firms Offering Unlicensed Financial Services

BaFin: Beware of These Firms Offering Unlicensed Financial Services

The German financial regulator, BaFin, has issued a
warning about the activities of two companies, including one supposedly
facilitating the trading of Contract for Differences (CFDs). Taurumax.com, a firm purportedly headquartered
in Frankfurt and Vienna, is accused by the regulator of providing financial and investment
services without the necessary authorization.

Unauthorized Operations

According to BaFin, Taurumax.com, which supposedly
offers CFD trading services, is not authorized to offer financial and
investment services in Germany. Despite claims of regulatory compliance,
Taurumax.com’s activities reportedly do not meet the standards set by BaFin.

In Germany, entities offering banking, financial, or
investment services must obtain permission from BaFin to operate legally. This
regulatory framework aims to safeguard investors’ interests and maintain the
integrity of the financial sector.

Similarly, BaFin has flagged ApolloKapital.com for
offering unauthorized financial services. The German financial watchdog has
cautioned the public against engaging with the services offered on
ApolloKapital.com. Despite claims made by ApolloKapital Ltd. Luxembourg,
BaFin maintains that the company is not authorized by the agency.

Navigating Regulatory Compliance

BaFin mentioned: “ApolloKapital Ltd. In the
imprint of the website, it describes itself as a subsidiary of Apollo
Investment Holdco Sarl and, in this context, provides a commercial register
number. A company, Apollo Investment Hodco SA, is actually registered under this
number. However, the corporate relationship described cannot be confirmed; this
is probably a case of misuse of identity.”

BaFin’s warning against ApolloKapital.com is based on the regulations provided by the Banking Act, which mandates regulatory
compliance for entities offering financial services within Germany. BaFin’s
action aims to protect investors from unauthorized financial activities.

Last month, BaFin launched an investigation into the
unauthorized activities of a suspicious website, fx-flat.com. The regulator
cautioned users that this website falsely offers banking transactions and financial
services without proper authorization, posing a serious threat to consumers and
the integrity of financial institutions.

BaFin highlighted the potential risks posed by such
unauthorized operations. Notably, FXFlat Bank GmbH distanced itself from the
website, emphasizing its lack of affiliation with the fraudulent activities
conducted under its name.

BaFin’s recent actions against fx-flat.com echo its previous
warnings concerning unauthorized financial activities and identity theft. In a
similar case, BaFin cautioned the public about tradestatisticsview.com, a firm claiming to be
headquartered in London but operated without proper authorization.

This article was written by Jared Kirui at www.financemagnates.com.

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EU Crypto Regulations Getting Closer: ESMA Publishes Final Report

EU Crypto Regulations Getting Closer: ESMA Publishes Final Report

The
European Securities and Markets Authority (ESMA) has taken significant steps
towards regulating the crypto-asset industry by publishing its first final
report and launching a third consultation package under the Markets in
Crypto-Assets Regulation (MiCA).

ESMA Finalizes First Rules
for Crypto-Asset Service Providers

In its
first final report, ESMA has outlined proposals on the information required for the
authorization of crypto-asset service providers (CASPs), the notification
process for financial entities intending to provide crypto-asset services, the
assessment of the intended acquisition of qualifying holdings in CASPs, and how
CASPs should address complaints.

The report
aims to promote fair competition between CASPs and create a safer environment
for investors across the European Union.

ESMA’s
Securities and Markets Stakeholder Group has advocated for a “level
playing field” where financial institutions providing crypto-asset
services are subject to the same oversight and regulation as intermediaries
offering similar financial services.

The group
has endorsed a “two-track approach” involving notification
requirements for regulated financial entities that largely align with the
authorization requirements for other entities.

“By
striking a balance between investor protection and fostering innovation,
regulators are rightly aiming to promote trust in the crypto ecosystem and
ensure its sustainable growth in the long term,” Kok Kee Chong, the CEO of
AsiaNext, commented on the final report.

Third Consultation Package
Seeks Input on MiCA

ESMA’s
third consultation package
seeks input from stakeholders on four sets of
proposed rules and guidelines.

These cover detecting and reporting suspected market abuse in crypto-assets,
policies and procedures for crypto-asset transfer services, suitability
requirements for certain crypto-asset services, and ICT operational resilience
for entities under MiCA. Stakeholders have until June 25, 2024, to provide feedback.

“With
crypto markets known for their high volatility, a sound risk framework helps an
exchange minimise the impact of market uncertainties for institutional traders,
Aligning with wider financial industry best practices, it is key for exchanges
to engage in proactive risk management,” Kok Kee Chong added.

The
European Banking Authority (EBA) has also been consulting on the
measures under the MiCA regulation since its completion in 2023. Earlier in the
month, EBA and ESMA released a draft of regulations for issuers of stablecoins.

As the
crypto ecosystem has experienced concerning developments, such as the collapse
of crypto-asset service providers, ESMA has incorporated these lessons into the
regulatory framework.

This article was written by Damian Chmiel at www.financemagnates.com.

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tymt™ – A Game Launcher Transforming Gaming Experiences

tymt™ – A Game Launcher Transforming Gaming Experiences

The Gaming Landscape: An Ongoing Struggle

Gaming, an essential part of global culture, connects over a billion people worldwide through entertainment, escape, and social interaction. However, within this vast realm of gaming platforms and titles, a perpetual battle for dominance, revenue, and player engagement persists.

Gamers encounter numerous options for game launchers, from major players like Steam and Epic Games to smaller platforms like EA Origin and Good Old Games, as well as niche, open-source, and game-specific launchers.

Introducing tymt™: A Unified Gaming Hub

tymt™ presents a fresh perspective and an opportunity for harmony among games. By providing a peak environment for any game, whether traditional, MMO, blockchain-based, play-to-earn, or part of the Metaverse, tymt™ aims to elevate the gaming experience to unprecedented heights.

Venturing into the Metaverse: A New Frontier

Amidst these choices emerges a new category of games known as Web3 games, offering decentralized, immersive experiences fueled by blockchain technology.

Web3 games encompass a diverse range of experiences leveraging blockchain technology to offer unique gameplay mechanics and reward systems:

· Blockchain games enable players to own in-game assets recorded on the blockchain.

· NFT games utilize non-fungible tokens for rare or unique in-game items.

· Play-to-earn games incentivize players with cryptocurrency rewards.

· Play-and-earn games combine traditional gameplay with earning opportunities.

· The Metaverse represents interconnected virtual worlds where players socialize and engage in various activities.

Together, these Web3 games provide a glimpse into the future of gaming, where ownership, rewards, and immersive experiences converge.

Bridging the Gap: tymt™’s Promise

tymt™ serves as more than just a game launcher; it acts as a catalyst for unity in an industry often marked by fragmentation and competition. By integrating traditional, blockchain, Web3, and Metaverse games into a single platform, tymt™ offers gamers a sanctuary for exploration, connection, and endless play.

Demystifying Blockchain Technology

Despite its potential to revolutionize gaming, blockchain technology remains obscure to many. tymt™ aims to demystify this complexity by leveraging the Solar blockchain for all transactions, ensuring platform- and currency-independent gameplay.

Empowering Users with Innovative Features

tymt™’s versatility extends beyond game launching, offering a multi-chain cryptocurrency wallet with integrated social capabilities. By utilizing the Solar Blockchain, tymt™ enhances security, transparency, and benefits for users and investors alike.

What Sets tymt™ Apart?

Unlike conventional game launchers, tymt™ embraces diversity, offering seamless integration with various wallets, multiple access options, effortless crypto game purchases, extensive game libraries, and an interconnected gaming community.

· Seamless Integration with Custodial and Non-Custodial Wallets: Partnering with ChangeNOW ensures top-tier security and flexibility in transactions, instilling confidence as users navigate the gaming landscape.

· Multiple Access Options: Whether logging in with a BinanceID or opting for guest access via Discord, Facebook, or Google credentials, tymt™ provides users with unparalleled flexibility in connectivity.

· Effortless Crypto Game Purchases: tymt™ facilitates smooth and convenient game purchases with cryptocurrencies, streamlining transactions for gamers worldwide.

· Access to Extensive Game Libraries: With the integration of more partners, tymt™ aims to grant users access to a vast library of games, ensuring that gaming adventures are never constrained.

· Interconnected Gaming Community: tymt™ v2 transcends traditional gaming boundaries, fostering a global community where players can connect, chat, and forge friendships across supported blockchains.

· Multi-Chain Universe: Explore a diverse multi-chain universe supported by the Solar Mobile Wallet, granting users seamless access to a range of cryptocurrencies, including SXP, BNB, ETH, BTC, SOL, MATIC, AVAX, OP, and ARB.

From seamless integration with different types of wallets to effortless game purchases with cryptocurrencies,tymt™ prioritizes convenience and accessibility.

Moreover, tymt™ fosters a sense of community among gamers, enabling connections and friendships across supported blockchains. Whether you’re collaborating with fellow players or exploring new gaming worlds together, tymt™ creates opportunities for social interaction and shared experiences.

District 53: Exploring the Metaverse

tymt™ comes equipped with a multiplayer, voxel-based metaverse game platform – District 53.

Based on the open-source engine of Mintetest, District 53 offers a dynamic fusion of cutting-edge technology and familiar “mine-craft-build” gameplay, offering endless possibilities for Creative or Survival adventures.

Unlike conventional virtual worlds, District 53 introduces players to a fully decentralized ecosystem where player-driven economies thrive and every interaction shapes the landscape. With its integration into the Solar Blockchain, District 53 empowers players with true ownership of their digital assets and fosters a community-driven ethos where innovation knows no bounds.

In Conclusion

tymt™ (https://tymt.com/) represents a paradigm shift in gaming, bridging traditional and emerging technologies while empowering users with innovative features. As gaming evolves, tymt™ stands at the forefront, offering a glimpse into the future of gaming.

About Solar Enterprises

Solar Enterprises, funded by the Solar Blockchain Foundation, develops user-friendly, blockchain-based products, including the Solar Wallet, tymt™ game launcher, and District 53 metaverse.

This article was written by FM Contributors at www.financemagnates.com.

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China files a WTO complaint against US electric-vehicle subsidies

China files a WTO complaint against US electric-vehicle subsidies

This might be the beginning of the end of the WTO.

China is challenging US rules in the IRA that require vehicles to use parts from specific regions to qualify for subsidies while excluding products from China and others.

Trade experts say China has a strong case, though it will take many years to resolve and is likely to never be enforced. The US continues to back-door national security rules as protectionism as well, saying car software is a national security risk.

The US already has a 27.5% tariff on imported Chinese EVs. However China’s cars are so competitive (in part due to their own subsidies) that some in the automotive industry worry they could still displace US cars. The Biden administration is considering increasing those tariffs.

China is facing a war on two fronts as Europe threatens to impose back-dated tariffs on Chinese EVs, which are quickly gaining market share in Europe.

European automakers share the same complaints about the IRA as their Chinese rivals and could also join the case.

This article was written by Adam Button at www.forexlive.com.

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