Australian cryptocurrency exchange Swyftx is introducing an “Earn and Learn” educational platform to reward users for completing courses that cover various crypto scams. The platform aims to equip the public with crypto knowledge, particularly related to scams, as the industry awaits full regulation. The courses will help users identify scams, understand the crypto market, and reduce their susceptibility to fraudulent schemes.

Combatting Crypto Scams

Swyftx’s educational platform will cover a range of scams, including fraudulent tokens, pig butchering schemes, social media cons, and pump-and-dump schemes. It will also provide users with a checklist to assess the utility of tokens, considering factors like the project’s team, tokenomics, financials, VC backing, and project goals.

Matthews said that the demand for more education has been largely driven by the high level of grassroots crypto adoption in Australia, adding:

“The demand for quality educational resources is close to exponential at the moment. The next market cycle will be driven by knowledge, not hype and people are now far more aware of the risks around token scams or failures in the wake of Terra/Luna.”

Growing Demand for Crypto Education

Swyftx identified a significant increase in demand for crypto education during bear markets. The platform plans to reward users with Bitcoin for completing courses. The first 4,000 people who complete the fundamental analysis course will receive $3.20 in Bitcoin, with up to $64.30 in total rewards available per participant over the next year. Swyftx anticipates up to 80,000 Australians will participate.

“This includes areas like the background of their founding teams, the strength of their tokenomics, any weaknesses in the project, the strength and profile of their VC backing, the financials and tokenomics, and understanding the project’s goals and relevance.”

Educational Initiatives in the Crypto Industry

Swyftx joins other cryptocurrency exchanges like Coinbase and Binance in launching educational platforms with crypto incentives. These initiatives aim to educate users about cryptocurrencies, blockchain technology, and the risks associated with the crypto market while promoting safe and informed investment decisions.

Cristiano Ronaldo, the renowned soccer legend, recently underwent a lie detector test where he disclosed his involvement in the world of nonfungible tokens (NFTs) and hinted at plans for future NFT collections.

The lie detector test coincided with the launch of Ronaldo’s second NFT collection, developed in partnership with the cryptocurrency exchange Binance. This collection, released in July, celebrated Ronaldo’s achievement as the highest goal scorer in the sport. During the test, Ronaldo faced a series of soccer-related yes-or-no questions, including inquiries such as “Will Portugal win the World Cup?” and “Will you still be playing at your highest level in your 40s?”

Ronaldo’s NFT Ownership Confirmed

When asked if he currently owns any NFTs, Ronaldo responded with a confident “yes.” The lie detector test results supported his claim, confirming the truth of his statement. Similarly, when queried about his future plans to release more NFTs, the test validated his intentions.

Ronaldo initiated his NFT journey by partnering with Binance in 2022. This collaboration aims to introduce Web3 technology to soccer fans worldwide through a series of NFT campaigns. Ronaldo’s NFT releases offer fans exclusive opportunities to engage with the soccer superstar, further bridging the gap between the athlete and his global fanbase.

Ronaldinho Gaúcho’s Crypto Involvement

In contrast to Ronaldo’s positive NFT endeavors, Brazilian soccer star Ronaldinho Gaúcho found himself embroiled in a crypto fraud investigation in Brazil. Local media reported on August 27 that Ronaldinho failed to appear before Congress regarding an investigation into a pyramid scheme allegedly linked to one of his companies.

Ronaldinho eventually appeared before a committee inquiry on August 31, vehemently denying any involvement in the scheme, which promised a daily 2% return on cryptocurrency investments. A lawsuit seeking $61 million in damages was filed against the company, with Ronaldinho disavowing any partnership with it. He asserted that the company had used his images without authorization and claimed that he, too, had fallen victim to the fraudulent scheme.

Australia’s proposed legislation for regulating digital assets, introduced by Senator Andrew Bragg in March 2023, has encountered several delays in the Senate’s review process. The Senate Committee on Economics Legislation has now provided feedback on the bill, suggesting amendments.

Minor Changes Recommended

In their report on the “Digital Assets (Market Regulation) Bill 2023,” the Senate committee recommended several minor amendments to the legislation. Notably, they proposed removing the term “nonfungible tokens (NFTs)” from the definition of regulated digital assets. Additionally, they suggested excluding specific asset-based tokens like the Gold and Silver Standard and the BetaCarbon Token from the definition of stablecoins. The committee also recommended extending the transition period from three to nine months.

Tax Treatment of Digital Assets to be Reviewed

The Senate report urged the Board of Taxation to conduct a comprehensive review of the tax treatment of digital assets and transactions within Australia. The goal is to introduce legislation addressing this matter in early 2024.

Furthermore, the report emphasized the importance of implementing the recommendations made by the Council of Financial Regulators concerning potential policy responses to debanking in Australia. This issue has arisen due to some banks cutting off services to cryptocurrency firms, which could have unintended consequences such as pushing the industry into unregulated spaces.

Senator Bragg’s Efforts

Senator Andrew Bragg introduced the “Digital Assets (Market Regulation) Bill 2023” earlier this year, with the aim of safeguarding consumers and promoting investor confidence in the cryptocurrency space. The bill proposes regulatory measures related to stablecoins, exchange licensing, and custody requirements.

The Senate Committee’s latest report came after several delays in the review process. Originally expected by August 2, the committee sought extensions to the reporting date, with deadlines extended to August 16, August 25, and ultimately September 4.