In the past, Buterin was forced to pay over $800 for a single privacy-preserving transaction, but this is no longer the case thanks to the development of Ethereum layer 2s.

Vitalik Buterin emphasized the significance of the declining transaction fees within the Ethereum ecosystem before reflecting on some of the most iconic crypto-themed songs from the past.

Speaking about the crypto industry’s evolution, Buterin noted that the previously high transaction fees were among the main challenges of mainstream adoption.

However, transaction fees on Ethereum layer-2 (L2) networks have gone down to “basically zero,” marking a significant milestone for crypto, according to Buterin, who said during his speech at Token 2049 in Singapore:
″From being somewhere between $10 and $0.50 to being under $0.01, basically zero. At the same time, Optimism and Arbitrum, two major Ethereum layer twos, have hit this important security milestone… So rollups are rapidly becoming safer and rollups are finally affordable."

Ethereum gas fees, or transaction fees, previously skyrocketed to over $200 for high-priority transactions during peak network congestion. L2 networks are essential for making the Ethereum mainnet cheaper and more scalable by offloading some of the transactions from the mainnet to the secondary chain.

In the past, Buterin said he was forced to pay over $800 in gas fees for a single privacy-preserving transaction.

Beyond the decreasing L2 transaction fees that make crypto more usable for day-to-day transactions, Ethereum’s confirmation time also saw a significant improvement.

Ethereum’s transaction confirmation time saw a significant improvement thanks to the Merge, which transitioned Ethereum to a proof-of-stake network in September 2022.

Buterin explained:
“One of the things that the merge did is it also cut in half the average waiting time until the next block. And so with both of those things, actually these days I quietly have my transactions confirmed in 5 to 15 seconds.”
To the delight of crypto enthusiasts, Buterin also took a moment to reflect on some of the most iconic anthems from past crypto projects

Crypto industry needs to satisfy mainstream needs and maintain decentralization
Looking forward, Buterin noted that the industry needs to cater to the needs of mainstream users while upholding the ethos of decentralization.

Buterin noted that we need to strive for both industry practicality while maintaining decentralization:
“We need to satisfy the needs of mainstream adoption, and we need to hold on to open source and decentralization values, at the same time.”
Finally, Buterin urged industry participants to strive for practical solutions that facilitate the next wave of mass adoption without sacrificing the industry’s inherent decentralization.

#Token2049 #Token2049singapore #Singapore #CryptoNewss #Write2Earn! $BTC $ETH $BNB

As the global cryptocurrency market continues to evolve, Asia remains a critical hub for innovation, adoption, and regulation. This region is home to some of the fastest-growing crypto markets, as well as governments that are actively shaping the future of digital assets. In this roundup, we explore the latest developments in Asia’s crypto scene, focusing on Indonesia’s new roadmap, Thailand’s regulatory sandbox, and other key updates.
Indonesia’s Crypto Roadmap: Charting the Future of Digital Assets 🛤️
Indonesia, Southeast Asia’s largest economy, has been steadily embracing the potential of cryptocurrencies. Recently, the Indonesian government unveiled a comprehensive crypto roadmap aimed at regulating and fostering the growth of digital assets within the country. This roadmap is a significant step towards creating a more structured and secure environment for crypto activities.
The roadmap outlines several key initiatives, including the development of a regulatory framework that will oversee cryptocurrency exchanges, Initial Coin Offerings (ICOs), and digital asset trading. The government plans to collaborate with industry stakeholders to ensure that regulations strike a balance between innovation and consumer protection.
One of the standout features of Indonesia’s roadmap is its focus on education and awareness. The government aims to increase public understanding of cryptocurrencies and blockchain technology, recognizing that a well-informed population is crucial for the sustainable growth of the crypto market.
Moreover, Indonesia is looking to harness the power of blockchain for various sectors, including finance, logistics, and agriculture. By integrating blockchain solutions, the country hopes to improve efficiency, transparency, and security across these industries, further boosting its digital economy.
Thailand’s Regulatory Sandbox: Testing the Waters of Crypto Innovation 🧪
Thailand has long been a proactive player in the crypto space, and its latest initiative—a regulatory sandbox for cryptocurrencies—underscores its commitment to fostering innovation while ensuring market stability. The Thai Securities and Exchange Commission (SEC) recently launched this sandbox to provide a controlled environment where crypto-related businesses can test their products and services under the watchful eye of regulators.
The sandbox is designed to encourage experimentation with new technologies and business models, allowing companies to explore innovative solutions without the full burden of regulatory compliance. This approach not only promotes creativity but also helps regulators gain a deeper understanding of emerging trends and potential risks in the crypto market.
Participants in the sandbox will benefit from relaxed regulations during the testing phase, along with direct support from the SEC. However, they must also adhere to strict guidelines to protect consumers and maintain the integrity of the financial system. Successful projects may be fast-tracked for full regulatory approval, paving the way for broader adoption in Thailand’s vibrant crypto ecosystem.
Thailand’s regulatory sandbox is already attracting interest from both domestic and international companies. It is seen as a critical step in positioning the country as a leader in the global crypto space, with the potential to influence regulatory practices beyond its borders.
Other Noteworthy Developments Across Asia 🌐
In addition to the major moves in Indonesia and Thailand, other countries in Asia are also making headlines with their crypto-related developments:
- Singapore: Known for its progressive stance on digital assets, Singapore continues to refine its regulatory framework. The Monetary Authority of Singapore (MAS) has been actively engaging with industry players to update its guidelines, particularly around anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. Singapore’s approach is often seen as a model for other countries looking to balance innovation with security.
- South Korea: South Korea remains one of the most active crypto markets globally. The country is focused on implementing stricter regulations to prevent market manipulation and protect investors. Recent efforts include tighter scrutiny of exchanges and the introduction of new tax policies targeting crypto gains. Despite these measures, South Korea continues to support blockchain development and is investing in research to explore the technology’s broader applications.
- China: While China has maintained a stringent stance on cryptocurrency trading and mining, it is making significant strides in the development of its digital currency, the Digital Yuan. The People’s Bank of China (PBOC) is rapidly expanding pilot programs for the Digital Yuan, aiming to make it a central component of the country’s financial system. China’s approach to digital currency could set a precedent for other nations considering similar initiatives.
Conclusion: Asia’s Dynamic Crypto Landscape 🚀
The developments in Indonesia, Thailand, and other Asian countries highlight the region’s dynamic approach to cryptocurrency and blockchain technology. As governments and regulators across Asia continue to adapt and innovate, the region is likely to remain at the forefront of the global crypto revolution.
For investors, entrepreneurs, and industry watchers, Asia’s evolving crypto landscape offers both opportunities and challenges. Staying informed about these changes is crucial for navigating the complexities of this fast-paced and rapidly growing market. As countries like Indonesia and Thailand take bold steps to integrate cryptocurrencies into their economies, the future of digital assets in Asia looks brighter than ever.
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$UNI
$RAY
#ASIAlliance #China #Japan
#Singapore #SuperMacho

#Singapore -based cryptocurrency #exchange Fairdesk has announced its upcoming shutdown due to unfavorable market conditions and industry regulatory changes.

#fairdesk positioned itself as a platform to provide spot and futures trading services for digital #assets . However, the company's management decided to wind down all operations by Nov. 30, citing negative market conditions and legal regulatory concerns.

“Starting October 17, all trading activity on Fairdesk will be halted, only withdrawals will be allowed until the final closing date. We ask users to withdraw their funds before the November 30 deadline. We apologize for any inconvenience caused and will be happy to meet you next time at a more appropriate time,” the statement said.

Earlier, the Monetary Authority of Singapore (MAS) raised digital asset exchange platforms' risk tolerance level from medium-low to medium-high. The reason: new laws on combating money laundering and terrorist financing came into force.
#SUIHitsATH

Post By: CryptosHeadlines.com

Singapore’s central bank and financial regulator are interested in collaborating more closely with other countries on their project to tokenize assets. They want to work with regulators and central banks in other nations to explore this initiative further.The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, is looking to establish partnerships in the crypto sector with several European countries and Japan. They aim to collaborate with regulators and central banks in these regions to explore opportunities in the crypto space.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), is partnering with regulatory agencies from Japan, Switzerland, and the UK to conduct digital asset pilot programs. These pilot initiatives will focus on various digital assets, including those related to fixed income, foreign exchange, and asset management.
This collaboration builds upon Singapore’s ongoing Project Guardian, an initiative launched in 2022. Project Guardian involved the MAS working alongside 15 financial institutions to conduct pilot programs for tokenized assets. These pilots demonstrated significant potential for enhancing transaction efficiency in the digital asset space.
Recognizing the increasing scale and complexity of these digital asset projects, the MAS has established the Project Guardian policymaker group, which includes regulatory authorities from Japan, the UK, and Switzerland. This group aims to facilitate closer cross-border cooperation among policymakers and regulators.
The newly formed Project Guardian policymaker group, comprising regulatory bodies from Singapore, Japan, Switzerland, and the UK, has several objectives. They plan to initiate discussions on policies and accounting practices related to digital assets and tokenized solutions. The group will work to identify potential risks and legal gaps in the digital asset landscape.
Additionally, Project Guardian seeks to explore the creation of common standards for designing digital asset networks and discover best practices from various jurisdictions. Their focus extends to areas such as interoperability, regulatory sandboxes, and education within the digital currency industry.
Leong Sing Chiong, the Deputy Managing Director of Markets and Development at the MAS, expressed that this partnership reflects policymakers’ strong commitment to understanding both the opportunities and risks associated with digital asset innovation. Their goal is to promote the development of common standards and regulatory frameworks that can facilitate cross-border interoperability and the sustainable growth of the digital asset ecosystem.
Singapore has been proactive in collaborating with global financial authorities concerning digital currencies. In September 2023, the MAS, in partnership with the Bank for International Settlements, the central banks of France and Switzerland, successfully conducted a joint test of cross-border trading and settlement for wholesale central bank digital currencies. This reflects Singapore’s dedication to advancing digital currency solutions on an international scale.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #Singapore #Japan #Switzerland! #UK

Post By: CryptosHeadlines.com

Gabor Gurbacs, a strategy advisor at VanEck, believes that El Salvador’s economy will grow significantly in the coming years due to new investments and an influx of immigrants.
He thinks that El Salvador can become a financial hub in the Americas, similar to Singapore’s status in Asia. Gurbacs shared this perspective in a post on October 28.
El Salvador’s Economic Growth Drivers
Gabor Gurbacs, a strategy advisor at VanEck, predicts that El Salvador’s economic growth will mirror what Singapore achieved in the late 1900s. He believes that new investments and immigration will play a vital role in this growth.
These insights come after Max Keiser, a U.S. broadcaster and Bitcoin enthusiast who now resides in El Salvador, encouraged people to consider the country as the “New Land of the Free.”
Keiser highlighted factors like Bitcoin and the U.S. dollar being legal tender, reduced crime, beautiful beaches, and excellent coffee as compelling reasons to take notice of this Central American nation.
El Salvador’s economy has been gaining recognition as an emerging market, especially since Nayib Bukele became the country’s president in June 2019.
In 2023, El Salvador’s sovereign bonds have performed exceptionally well, delivering a remarkable 70% return by August. This outstanding performance has attracted the interest of prominent investment firms like JPMorgan and Eaton Vance.
El Salvador’s Bitcoin Initiatives
In September 2021, President Bukele and the El Salvador government made Bitcoin legal tender and introduced the Chivo Wallet, a Bitcoin custodial wallet for all citizens. They’ve also harnessed their volcanic resources to kickstart a Bitcoin mining venture called Volcano Energy, backed by a $1 billion investment, with Max Keiser as its executive chairman. They’ve recently launched their first mining pool through a partnership with Luxor Technology.
To bolster their Bitcoin efforts, El Salvador appointed Dr. Saifedean Ammous, the author of “The Bitcoin Standard,” as an economic advisor to the National Bitcoin Office in May. The country aims to use Bitcoin to reduce its debt in the next five years. In a bid to attract more tech entrepreneurs and foreign investments, President Bukele eliminated all taxes on technology innovations in April.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #ElSalvador #Singapore #VanEck