Pushing Crypto Regulatory Framework, Binance Joins Chamber Of Digital Commerce

Crypto exchange platform Binance joins forces with the Chamber of Digital Commerce to advance the blockchain ecosystem alongside other industry players and support the building of a crypto regulatory framework.

“As an organization that is at the heart of a fast-growing industry and a complex regulatory environment, it is critical that Binance works closely with policy makers, regulatory bodies, and industry groups such as the Chamber of Digital Commerce,” said Binance’s VP Public Affairs, Joanne Kubba.

Through his official statement, Wednesday (28/12/2022), he added that this is fundamental to the company’s mission to encourage the continued growth of proper regulation of cryptocurrencies and blockchain, which ultimately ensures protection for users.

Meanwhile, VP Public Affairs of the Chamber of Digital Commerce, Blain Rethmeier, assessed that blockchain technology is the future of finance.

“Our members represent leading organizations committed to building the necessary infrastructure to enable a healthier and more inclusive financial system,” he claims.

Rethmeier said Binance had established itself as a leader in this thriving ecosystem.

Provide Education and Do Research

Kubba said the Chamber of Digital Commerce has established itself as a leading voice in blockchain technology policy.

“We look forward to working with this association and finding long-term solutions together as we usher in Web3 and a new era of the global economy,” said Kubba.

Binance will work closely with the Chamber of Digital Commerce, its team, and members to educate, advocate, and present solutions to some of the most pressing issues impacting the crypto industry.

Binance also participates in research, conferences, working groups, and discussions with policy makers and regulatory bodies to help realize appropriate policies that benefit society and users.

As the world’s first and largest trade association representing the blockchain industry, the mission of the Chamber of Digital Commerce is to promote the acceptance and use of digital assets and blockchain-based technologies.

Crypto Market Capitalization Drops IDR 23,230 Trillion Throughout 2022

2022 is coming to an end. Over the past 12 months, the crypto market capitalization has lost around USD 1,486 trillion or around IDR 23,230 trillion against the United States (US) dollar. Crypto market capitalization fell from USD 2.334 trillion to a value of USD 848 billion on 20 December 2022.

Reported Bitcoin.com, Tuesday (27/12/2022), on December 20, 2021, bitcoin was trading for USD 46,406 and has lost more than 63 percent of its value this year, while the second leading crypto-asset ethereum has slumped 69 percent over the past year.

The 24-hour global trade volume is also much larger, with USD 118 billion worth of trades recorded on December 20, 2021.

Today, global trade volume has been cut in half, as there were approximately USD 48 billion exchanges recorded on December 20, 2022. Last year and today, the top ten crypto market caps look very different.

Top Rank Crypto Changes

A number of tokens have been dropped from the top ten, while new coins have been added. Last year’s top ten crypto market caps include bitcoin (BTC), ethereum (ETH), bnb (BNB), tether (USDT), solana (SOL), usd coin (USDC), xrp (XRP), cardano (ADA), terra (LUNA), and avalanche (AVAX).

12 months later, SOL has been knocked out of the top ten, LUNA is booming and spinning under one US cent per coin, and AVAX is also pushed out of the top ten of the standings.

As of December 20, 2021, there were only two stablecoins in the top ten, and today for the first time in history three stablecoins are in the top ten.

The top ten stablecoin assets at the time were USDT and USDC, and in June 2022, BUSD made it into the top ten. New entries into the current top ten include dogecoin (DOGE) and polygon (MATIC).

12 months ago, when the market cap of the crypto economy was USD 2.334 trillion, Bitcoin had a dominance rating of around 38.4 percent and today it is only at 38.3 percent. While BTC’s dominance isn’t exactly daunted, Ethereum’s dominance, on the other hand, has moved from 20.2 percent to 17.3 percent over the past year.