💰 Payments
- Stripe Makes Crypto Purchases Easier in Europe: In a move that could significantly boost crypto adoption, payment giant Stripe has expanded its crypto integration to the European Union. This means online businesses in the EU can now offer their customers the option to purchase Bitcoin, Ether and Solana using a regular credit or debit card. Knowing Stripe's focus on User Experience, This is a major step forward in making crypto transactions more accessible to everyday users. Read more
⚖️ Regulation
- Hong Kong Paves the Way for Stablecoin Regulation: Hong Kong has released the results of a consultation on regulating stablecoins, a type of cryptocurrency pegged to a fiat currency [18]. The proposals suggest a licensing regime for stablecoin issuers, which could bring greater transparency and stability to the market. This is a positive development for the future of stablecoins. Read more
- Taiwan Cracks Down on Crypto Crime 🇹🇼: Taiwan has tightened its AML regulations for virtual asset providers, aiming to combat illegal activities involving cryptocurrency [15, 16]. This includes increased reporting requirements and stricter penalties for non-compliance. These measures are necessary to ensure that Taiwan's crypto market operates within a legal framework. Read more
- Australia Sounds Alarm on Crypto Money Laundering: A new report by the Australian Transactions and Reports Analysis Centre (AUSTRAC) highlights the growing risks of money laundering using cryptocurrency. The report identifies several areas of vulnerability, including digital currency exchanges, tokens, luxury goods, and unregistered remittance dealers. This is a confirmation for regulators around the world that it's critical to implement coherent AML/KYC measures in the crypto space. Read more
- More Countries Mull Crypto Regulations ️: Both Argentina and Russia are considering new regulations for cryptocurrency trading. Argentina is urging citizens to declare their crypto holdings to avoid extra taxes, while Russia is exploring the possibility of allowing stock exchanges to offer crypto trading for qualified investors. These developments highlight the growing global focus on regulating the crypto space. Read more on Argentina and Russia
- South Korea's Crypto Law Goes into Effect 🇰🇷: South Korea's first comprehensive cryptocurrency regulatory framework, the Virtual Asset User Protection Act, has officially come into effect [23]. This new law imposes stricter requirements on digital asset exchanges, including requiring them to store at least 80% of user deposits in cold wallets and maintain insurance or reserve funds. This is a significant development for cryptocurrency regulation in Asia, and it will be interesting to see how it impacts the South Korean crypto market. Read more
- OKX Chooses Malta for European Compliance: Crypto exchange OKX has chosen Malta as its hub for complying with EU regulations under the Markets in Crypto Assets (MiCA) framework. This move suggests that Malta is becoming a center for crypto businesses looking to operate in Europe. Read more: OKX chooses Malta as MiCA hub for compliance with EU regulations Read more
- FTX and CFTC Reach Settlement: Infamous and bankrupt crypto exchange FTX has reached a settlement agreement with the CFTC (Commodity Futures Trading Commission) for $12.7 billion. This settlement resolves a lawsuit filed by the CFTC in 2022 fraud by FTX. Read more
📈 Adoption ️
- BlackRock CEO Sees Bitcoin as a Legitimate Asset: In a significant shift in perspective, BlackRock CEO Larry Fink has acknowledged Bitcoin's potential as a hedge against inflation [6, 12]. This is a major endorsement from a leading Wall Street institution and could further accelerate institutional adoption of cryptocurrencies. Read more
- State Street Eyes Stablecoin and Security Token Offerings: State Street, a custody bank giant, is exploring the possibility of issuing its own stablecoin and security tokens. After layoffs in January this year, this move suggests a regain confidence in the industry for State Street. Read more
- Uniswap Labs Launches Wallet Browser Extension : In a move that expands their offerings beyond the realm of their famous decentralized exchanges (DEXs), Uniswap Labs has launched a new multi-chain wallet browser extension. This extension allows users to swap crypto, sign transactions, and send or receive crypto directly from their browser, supporting a wide range of 11 blockchains. Read more
- Moody's Provides Risk Analysis for Project Guardian : Moody's, a credit rating agency, has been tapped to provide risk analysis for Project Guardian, a digital asset custody initiative launched by a consortium of banks [21, 22]. This involvement of a traditional financial institution in a crypto project is a sign of growing institutional interest in the space. Read more
💵 Stablecoins
- Dark Side of Stablecoins: Enabling Criminal Transactions: Chainanalysis reported that stablecoins now make up the majority of illicit transaction volume on the blockchain. This highlights the potential misuse of stablecoins for criminal activity and the need for a balanced regulation. Read more
- Hong Kong is proposing regulation of fiat-referenced stablecoins: Hong Kong's measured approach to regulating fiat-backed stablecoins as a significant move. The FSTB & HKMA's framework balances innovation with consumer safety. Licensing all issuers, foreign presence requirements, and local reserve mandates aim to prevent TerraUSD-like disasters. This fosters a transparent and accountable stablecoin ecosystem in Hong Kong, potentially shaping the future of this financial tool. Read more
