New Delhi [India], March 14 (ANI/ATK): India is tightening the screws on cryptocurrency as the country's Ministry of Finance, in a gazette notification announced that all transactions related to cryptocurrencies or virtual tokens will come under the Prevention of Money Laundering Act 2002 (PMLA).
Under the provisions, the ministry said it is mandatory for local crypto exchanges and entities dealing with virtual digital assets to conduct KYC due diligence on their users and that every reporting entity maintains a record of all transactions of more than USD 12,200 for a minimum of five years.
The regulations by India on the industry come as US authorities, as well as the International Monetary Fund, contemplate imposing regulations on the cryptocurrency industry as opposed to an outright ban following the crash of FTX which has now led to the closure of crypto-friendly US-based bank Silvergate Capital.
However, the current market sentiment offers investors the perfect opportunity to explore and review up-and-coming cryptocurrencies like Dogetti (DETI), Metacade (MCADE), and FightOut (FGHT) which carry the potential of producing immense returns.
Dogetti - The New Doge Taking Over
Dogetti (DETI) is a new ERC-20 meme token built on the Ethereum blockchain which is currently in the presale stage with the idea of ensuring long-term growth and development for its community, the "Dogetti family" rather than short-term gains in a bid to become the next big meme token in the industry.
Having launched its presale in early February, the project completed the first stage in a matter of weeks and has now entered stage 2. Dogetti has so far raised USD 518,870 in presale tokens and will advance to stage 3 after it raises USD 4 million worth of DETI tokens.
Describing itself as a revolutionary meme token, Dogetti refers to its ecosystem as its flagship feature which offers a 2 per cent reflection protocol. DogettiNFTs allow DETI users to adopt their digital companion to buy, sell and trade other Dogetti NFTs in exchange for fiat or crypto. DogettiSwap can be used to instantly swap any ERC-20 token where 2 per cent is redistributed among all Dogetti token holders, 2 per cent is added to a charity wallet, and 2 per cent is split between the liquidity and burn wallets. DogettiDAO allows the DETI family to shape the project's direction and earn rewards for their participation.
A DETI token which was priced at USD 0.00007 during stage 1 increased by 300 per cent to $0.00029 in stage 2 and will surge by 900 per cent from its stage 1 price to USD 0.0007 in stage 5 when the currency launches. Users can also use the bonus code 'WISEGUY25' and earn an additional 25 per cent DETI tokens when the meme token launches on the market.
Metacade - Bridging Gamers and Crypto Fanatics
Metacade (MCADE) is the ultimate Web3 community hub where gamers and crypto fanatics can communicate and collaborate while ensuring the project's goal of becoming a self-sustaining, revenue-generating community.
Built on the Ethereum network, Metacade will build a treasury reserve to develop new features for its holders and enhance the future of blockchain gaming.
The project has a total supply of 2 billion Metacade tokens, 70 per cent of which will be made available for the presale event and will be released across 9 stages while 12.5 per cent will be reserved for marketing and listing, 10 per cent for development, 5 per cent for DEX liquidity and provision and 2.5 per cent will be held for a competition pool.
FightOut - The Fastest Growing Crypto Game of 2023
FightOut (FGHT) is an Ethereum-powered token with a unique Play-to-earn feature where holders can earn rewards and prizes by competing in leagues, tournaments, or special game modes, and all purchases in the metaverse are made exclusively for FGHT users.
REPS rewards, a flagship feature in the project's ecosystem can be earned, or purchased with fiat or FGHT which can generate 25 per cent additional REPS as a bonus.
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