Author: Adam Smith

Online broker eToro has issued an update on the distribution of Spark tokens. The broker is supporting the distribution of the Spark tokens by the Flare network to all eligible users.

According to Flare’s latest announcement, there is now a somewhat definite distribution window: the period between October 24 and November 6, 2022. Flare also added that “The exact date will be dependent on feedback from exchanges.”

eToro reminds its clients about the eligibility requirements that users of the investment platform must meet in order to receive Spark tokens or the USD equivalent value:

• Users must have held the XRP tokens consecutively between 00:00 on 11.12.2020 GMT, and 00:00 on 13.12.2020 GMT. XRP tokens that were pending deposit or withdrawal at the time of the snapshot were not counted towards a user’s XRP balance. The broker records at the moment of the snapshot are regarded as conclusive evidence.
• The snapshot did not include leveraged positions, CFD positions, short positions, CopyTrade positions or Smart Portfolio positions in XRP, or any cross transactions of XRP with other crypto assets and/or with currencies or such transactions otherwise classified as CFD on the platform.
• Holders of XRP in the eToro Money crypto wallet (formerly “eToro Wallet”) were not included in the snapshot and therefore are NOT eligible for the Spark distribution.
• Users must be fully verified at the time that the snapshot was taken, and must still be fully verified at the time of each Spark or USD distribution.

The Spark token distribution program supported by the broker is subject to regulatory requirements, is not guaranteed to happen, and could be accompanied by further terms, as applicable to eligible users and the mechanics of the distribution. The eligibility criteria and the manner and timing of such distributions are therefore subject to change.

Eligible users have received emails from us in the past, informing them of their eligibility.

The broker notes that its clients in the US who held XRP at the time of the snapshot are still eligible to receive Spark tokens, despite XRP no longer being available on the US platform.

About eToro

Etoro is an Israeli multinational social trading and multi-asset investment company that focuses on providing financial services. The headquarters are located in Central Israel, with registered offices across Cyprus, the UK, the US, and Australia.

eToro provides a wide selection of stocks, currencies, commodities, crypto assets, ETFs and indices through its own innovative investment platform. Using professional tools and analyses on eToro, eToro clients can track and invest in a variety of financial instruments.

For more information read our detailed review on eToro.

The European Union has passed a landmark piece of legislation aimed at regulating the digital asset market. The 28 to 1 member-state lawmakers voted to pass the Markets in Crypto Assets Regulation (MiCA) bill, which will come into effect in 2024.

The Markets in Crypto Assets regulation (MiCA) lets providers of wallets and other crypto services market themselves across the bloc if they register with national authorities and meet minimum guarantees intended to protect investors and maintain stability.

The European crypto industry has broadly welcomed the regulatory recognition, even if there are some qualms over the restrictions it places on the use of stablecoins, crypto assets that seek to maintain their value with respect to fiat currencies, as well over uncertainties about whether the rules will apply to non-fungible tokens (NFT).

The law will enter into force between 12 and 18 months after being published in the bloc’s official journal, which is likely to happen next spring.

The European Union Commission is also looking to supervise the decentralized market (DeFi) market more closely. The authority said that it wanted to consider embedded supervision of the niche.4

The effort would involve a pilot that uses built-in technology to monitor the DeFi market. It indicates that the EU is not done as far as crypto regulations are considered.

The EU’s decision to take the MiCA bill to the last stage of voting signals its intent to regulate the crypto market. There may be more regulation on the horizon as it puts the DeFi under the microscope next. The bill could prompt other countries, such as India and the UK, which have been working on crypto regulation for a long time. 

The crypto market is currently reacting to new economic data published in the United States. Ethereum, like many other cryptocurrencies, has been following trends and giving back its profit from this past week as it moves along with Bitcoin and other large digital currencies.

Ethereum trades at $1,300 with a 2% loss and sideways movement in the last week. Other cryptocurrencies in the top 10 by market capitalization record similar price action with the exception of XRP. This token is showing strength against the trend and continues to knock on profits over the same period.

The recent price activity has elicited a favorable response from the Ethereum price, with bid (buy) liquidity entering the market at today’s low. As a result, the price of ETH has received support, allowing it to rebound to the vicinity of approximately $1,340.

Despite the selling pressure, there has been a reduction in selling activity over the past few hours. Significant players with bid orders amounting up to $100,000 have entered the Ethereum market, purchasing the cryptocurrency for over $800 million within a short period.

This significant buying activity could potentially provide support to the price of ETH in the near term. However, ETH’s price may face a risk as the market approaches the weekend.

For Ethereum and Bitcoin, $1,200 and $18,500 are key levels to prevent a fresh leg down into the yearly lows. According to a pseudonym trader, as long as these levels hold, the cryptocurrency will hold the line with more days of sideways movement.

As part of its eighth round of sanctions, the European Union has implemented a broad prohibition on offering cryptocurrency services to individuals in Russia. The move comes just days after Russia announced they would let the industry accept bitcoin and cryptocurrencies for international trade without restriction.

The new measure steps up restrictions that had been in place since April.

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 [$9,900] was allowed),” reads a press release published on the European Commission’s website.

The increased measures are intended as punishment for “Russia’s continued escalation and illegal war against Ukraine,” including its mobilization of additional troops and open issuance of nuclear threats.

Forbes Russia notes that after Visa and Mastercard left the Russian market earlier this year and some banks were disconnected from SWIFT, cryptocurrencies, in particular stablecoin USDT, became one of the most popular ways for Russians to move money abroad.

However, even with sanctions from the EU, decentralized exchanges will remain available for Russian users, which do not have a centralized intermediary between the seller and the buyer, and crypto assets are traded using smart contracts.

Such exchanges cannot control transactions between their users – they also do not store their clients’ funds and passwords from their crypto wallets.

“In the event of a ban, traders from Russia can switch to such crypto exchanges as FTX, Huobi, Bybit. But if the site is interested in the European market, then it will most likely have to choose – either to keep the audience in Russia, or to support sanctions and not have problems in the European Union,” Sergey Mendeleev, CEO of InDeFi Smart Bank, says.

He advises investors not to hold large amounts on centralized exchanges, especially if the account is verified with a Russian passport.

Denmark-headquartered broker, Saxo Bank announced its intentions on Thursday to become a public company by merging with the blank check company DCAC. The merger will allow for increased access and opportunity in both Europe as well as other parts of the world while still maintaining the quality customer service that has been known throughout this industry all along

Broker’s SPAC partner, DCAC, is listed on Euronext Amsterdam since last October. If the deal is materialised, the Saxo Bank shares will be distributed to DCAC shareholders with the subsequent delisting and liquidation of DCAC, putting Saxo Bank on the Euronext Amsterdam listing. The blank-check company is now seeking approval from its investors and shareholders on the offer.

The broker has detailed that the main purpose of the potential listing is to diversify its shareholders’ base resulting in an increased company profile to accelerate future growth strategy.

“We have a strong ownership, which we hope to strengthen and diversify even further, with full confidence that Saxo Bank is heading in the right strategic direction,” said Kim Fournais, the Founder and CEO of Saxo Bank.

Broker’s current shareholders, Geely Financials Denmark and Sampo Plc are intending to liquidate a limited proportion of their holdings. While some board members of the company and some senior management, including CEO Kim Fournais, are planning to raise their stake in the company.

The potential transaction values the shares of the broker at a pro forma aggregate amount of at least €2 billion.

Saxo Bank is a Danish investment bank specialising in trading and investment. The company operates as a broker with a bank license. The broker is trusted by more than 185,000 clients across the globe with 85+ billion EUR in client assets. For more information visit their official website