Commodity
Belgium says BTC, ETH and other decentralized coins are not securities
Belgium’s financial regulatory body has confirmed its position that Bitcoin (BTC), Ether (ETH) and other cryptocurrencies that are issued solely by computer code do not constitute securities. The explanation came from Belgium’s Financial Services and Markets Authority (FSMA) in a Nov. 22 report, a draft of which was opened for comment in Jul. 2022. The clarification comes following an increase in demands for answers as to how Belgium’s existing financial laws and regulations apply to digital assets, according to the FSMA. While not legally binding under Belgium or European Union law, the FSMA stated that under its “stepwise plan,” cryptocurrencies would be classed as a security if it was issued by an individual or entity”: “If there is no issuer, as in cases where instruments are cre...
Ether staking could trigger securities laws — Gensler
Ethereum’s upgrade to proof-of-stake may have placed the cryptocurrency back in the crosshairs of the Securities and Exchange Commission (SEC). Speaking to reporters after the Senate Banking Committee on Sept. 15, SEC chairman Gary Gensler reportedly said that cryptocurrencies and intermediaries that allow holders to “stake” their crypto may define it as a security under the Howey test, according to The Wall Street Journal. “From the coin’s perspective […] that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” WSJ reported Gensler as saying. The comments came on the same day as Ethereum’s (ETH) transition to proof-of-stake (PoS), meaning the network will no longer rely on energy-intensive “...
Community reacts after SEC’s Gensler affirms BTC’s commodity status
Securities and Exchange Commission Chairman Gary Gensler riled up Crypto Twitter on Monday after affirming that Bitcoin (BTC) is a commodity. Questions were raised about its impact on Grayscales’ proposed Bitcoin ETF and why Ethereum wasn’t mentioned. Speaking to Jim Cramer on CNBC’s Squawk Box on Monday, June 27, the SEC chair said while many crypto-financial assets have the key attribute of a security, Bitcoin is the “only one” that he was comfortable publicly labeling as a commodity. “Some, like Bitcoin — and that’s the only one I’m going to say because I’m not going to talk about any one of these tokens, but my predecessors and others have said they’re a commodity.” Grayscale Bitcoin ETF The remarks kicked up chatter about Grayscale’s application to convert its Bitcoi...
Here’s why Bitcoin bulls will defend $42K ahead of Friday’s $3.3B BTC options expiry
Over the past two months, Bitcoin (BTC) has respected an ascending triangle formation, bouncing multiple times from its support and resistance lines. While this might sound like a positive, the price is still down 11% year-to-date. As a comparison, the Bloomberg Commodity Index (BCOM) gained 29% in the same period. Bitcoin/USD 1-day chart at FTX. Source: TradingView The broader commodity index benefited from price increases in crude oil, natural gas, corn, wheat and lean hogs. Meanwhile, the total cryptocurrency market capitalization was unable to break the $2 trillion resistance level and currently stands at $1.98 trillion. In addition to 40-year record high inflation in the United States, a $1.5 trillion spending bill was approved on March 15, enough to fund the government through Septem...
Customs arrests six for smuggling adulterated diesel in polythene bags
The Nigeria Customs Service (NCS) on Friday paraded six suspects who smuggled 45,000 litres of adulterated diesel contained in 750 giant polythene bags, which were carefully concealed among sacks of sawdust to deceive security operatives. The seized product has an estimated value of N21,920 million. Also seized were 237 bags of 50kg foreign rice hidden in a petrol tanker. The Controller Enforcement at the Customs headquarters, Kayode Olusemire while parading the smugglers said that the Customs officers on patrol intercepted the smugglers in Suleja, who immediately declared that they were conveying sacks of sawdust from Port Harcourt to Kaduna State. “But the officers perceived unusual odour despite concealing it in sawdust, prompting them to dig further. “That was when they discovered dies...
Minister: Nigerian government to scale up domestic gas expansion, monetisation drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its current domestic gas expansion drive as well as its monetisation programme to increase the country’s supply of the much needed foreign exchange earnings. Speaking when he appeared virtually at the formal opening of the new headquarters of the Nigeria Liquefied Natural Gas Limited (NLNG) in Port Harcourt, Rivers State, the minister stressed that the company was expected to play a major role in achieving the objective. Sylva noted that the country’s gas reserves must be fully explored for the full benefit of Nigerians, noting that has remains a major game-changer for Nigeria, especially with the renewed attention to the commodity as a lower carbon energy source. “In ...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
Women lament high cost of food items, consumables in Makurdi
Residents, particularly housewives in Makurdi, the Benue state capital, have lamented the increase in prices of food items. A survey conducted by NAN on Tuesday in Makurdi showed that prices of food items have been increasing on a daily basis. Many housewives interviewed by newsmen said that feeding their families has now become very difficult as the prices of essential food items have multiplied in the past few months. Mrs Rose Onazi, a housewife, said that the sharp rise in prices of various goods, especially food and household items, has made nonsense of the amount she receives as a monthly housekeeping allowance from her husband. Onazi said that many of the items she bought a week before had increased either by 50 per cent, 100 per cent or even more. She said that the development had s...
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
Minister tasks NSDC boss on ensuring self-sufficiency in sugar production
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has tasked the newly appointed Executive Secretary of the National sugar Development Council (NSDC), Zach Adedeji to work towards the realisation of the Federal Government’s goal in ensuring self-sufficiency in sugar production. Speaking at the inauguration of Adedeji as the Chief Executive Officer of the NSDC at the weekend in Abuja, Adebayo said the Federal Government relied on him to work assiduously towards the realisation of the country’s self sufficiency in the sugar production. He noted that the appointment of Adedeji was based on his performance in his former positions, adding that the nation expected him to leave landmark achievements by the time he would be leaving office. “You are therefore expected to discharge...
Commodities trading: SEC issues new rules on warehousing, collateral management
File Photo In a bid to ensure a vibrant commodities trading ecosystem, which would in turn boost foreign exchange earnings for the country, the Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management, among others. According to the rules, every warehouse that stores commodities to be traded on a registered exchange shall apply to be registered by the SEC, while the commission shall maintain a register of all registered warehouses to be published on its website. The new rules also provide that any warehouse applying for registration shall submit proof of ownership or registered-lease deed or rent agreement, alongside a disclaimer from the owner of the warehouse/property providing waiver of ownership regarding commodities stored in such ...
Price of garri soars in Enugu
ArewaLife Price of cassava flakes popularly called garri and regularly consumed by Nigerians have continued to increase in Enugu State, according to newsmen. NAN correspondent, who conducted a market survey in Enugu on Friday, reported that the price of the staple food has increased by 20 per cent between January and March, 2021. NAN reports that a 4.5 liter bucket of the food item now sells for between N1,100 and N1,400 as against between N900 and N1,000 sold in January, depending on the type. A visit to some markets in the state capital showed that a 4.5 liter paint bucket of white garri sold for N900 in January now went for between N1,100 and N1200. At the Ogbete, Garki and New Markets, a paint bucket of white garri is sold for N1,100 while the yellow garri of the same bucket goes for N...
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