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⚖️ Regulatory evolutions around the World
UK Moves to Recognize Crypto as Personal Property: The UK Parliament has introduced the "Property (Digital Assets, etc.) Bill," a groundbreaking legislative move to recognize digital assets, including cryptocurrencies and NFTs, as personal property under English and Welsh law. This development is set to provide enhanced legal protection for crypto asset owners against fraud and scams. It introduces a new category of personal property, "things," specifically for digital assets, separate from "things in possession" (like cars) and "things in action" (like debts). The bill aligns with the UK's ambition to become a global crypto hub by providing a clearer legal framework that encourages investment and innovation in the sector. Justice Minister Heidi Alexander emphasized that the law's update is crucial to keep pace with evolving technologies, ensuring the UK remains a leader in crypto assets regulation and related legal matters. Read more
Hong Kong Tightens Crypto Regulations: Hong Kong's Securities and Futures Commission (SFC) has introduced a new licensing regime for crypto trading platforms, specifically for over-the-counter (OTC) activities. This move aligns with the city’s broader strategy to become a regulated hub for digital assets, emphasizing investor protection while promoting a secure trading environment. The new regulations aim to deter money laundering and fraud, setting a precedent for other jurisdictions considering stricter crypto oversight. Read more
Latvia's Central Bank Offers Pre-Licensing Consultations: The Central Bank of Latvia has initiated pre-licensing consultations for crypto firms seeking to establish operations in the country. This proactive approach aims to provide clarity and support to businesses navigating the regulatory landscape, reinforcing Latvia's commitment to fostering a balanced environment for digital innovation. Read more
North Carolina Passes Anti-CBDC Legislation: North Carolina’s legislature has successfully overridden the governor's veto of an anti-central bank digital currency (CBDC) bill, becoming one of the few states to actively push back against the federal exploration of CBDCs. The bill prohibits the use of a potential US digital dollar in the state, reflecting broader concerns about financial privacy and government control over digital transactions. Read more
Kraken Criticizes Australian Regulatory Uncertainty: Kraken, a major crypto exchange, has criticized the Australian Securities and Investments Commission (ASIC) for creating regulatory uncertainty that could stifle innovation in the country's digital asset sector. The exchange highlighted concerns over inconsistent enforcement actions and the lack of clear guidelines, calling for a more transparent regulatory framework to support the growth of the crypto industry in Australia. Read more
Binance Subsidiary Secures Indonesian Crypto License: Tokocrypto, a Binance subsidiary, has successfully secured a crypto license in Indonesia, enabling it to offer regulated services in the rapidly growing Southeast Asian market. The licensing aligns with Indonesia's broader efforts to regulate the crypto space and attract global players to its market, ensuring investor protection and market integrity. Read more
Binance and Bybit Near Regulatory Approval in Kazakhstan: Binance and Bybit are close to becoming Kazakhstan's first regulated Digital Asset Trading Facilities (DATFs), as the country continues to establish itself as a regional hub for crypto innovation. The licensing of these exchanges is expected to enhance investor confidence and attract more players to the Kazakhstani market. Read more
💵 Growing usage of stablecoin for real world use case
Visa, Stablecoins, and Real-World Applications: A recent survey conducted by Visa, Brevan Howard, and Castle Island Ventures reveals growing confidence in the real-world applications of stablecoins. The study shows that institutional players are increasingly exploring stablecoins as efficient payment mechanisms, hedging instruments, and tools for remittances, with an eye toward integrating them into existing financial systems. The adoption of stablecoins is seen as a bridge between traditional and decentralized finance, offering a more stable and scalable solution compared to more volatile cryptocurrencies. Read more
SWIFT’s Ambitious Experiment with Tokenized Assets: SWIFT, the global financial messaging network, is set to pilot solutions that interlink fiat currencies with tokenized assets. This initiative aims to create seamless interactions between digital and traditional assets, facilitating smoother cross-border transactions. By testing interoperability, SWIFT hopes to enhance the efficiency of global financial markets, addressing key concerns around liquidity and settlement delays. This move signals a significant step toward the broader institutional adoption of blockchain technologies. Read more
Trust Wallet CEO Sees Growth in Africa and South Asia: Trust Wallet's CEO has noted significant growth in crypto adoption in Africa and South Asia, driven by a rising demand for stablecoin access to USD. As users in these regions seek alternatives to unstable local currencies, stablecoins are increasingly being viewed as a reliable store of value and medium of exchange, fueling further interest in crypto services. Read more
India Leads in Global Crypto Adoption Index: India has emerged as the leader in the Global Crypto Adoption Index by Chainalysis, demonstrating the highest levels of cryptocurrency adoption worldwide. The index, which considers factors like on-chain activity, trading volume, and peer-to-peer transactions, reflects India's rapidly growing interest and participation in the crypto economy. This comes despite regulatory uncertainty and restrictions within the country, underscoring a robust grassroots-level enthusiasm for digital assets. As India's crypto ecosystem expands, it poses an interesting case study of how local markets can thrive amidst regulatory ambiguity. Read more
Singapore's Stablecoin Payments Soar: Singapore's stablecoin payments reached a staggering $1 billion in Q2, reflecting a surging demand for digital payment solutions. This growth highlights the increasing reliance on stablecoins for financial transactions in the region, driven by their lower volatility and faster settlement times. As more businesses and consumers turn to stablecoins for daily transactions, Singapore's position as a leading crypto-friendly hub continues to solidify. Read more
PayPal and Venmo Partner with ENS for Crypto Payments: PayPal and Venmo have announced a new partnership with the Ethereum Name Service (ENS) to facilitate crypto payments. This collaboration allows users to create customized payment addresses linked to their ENS names, streamlining the process of sending and receiving crypto assets. The integration highlights the growing trend of combining traditional finance with blockchain technologies to create more seamless and user-friendly payment solutions. Read more
BBVA Expands Crypto Services in Switzerland: BBVA has expanded its crypto services in Switzerland by integrating USD Coin (USDC) into its offerings. This expansion reflects the bank's commitment to meeting growing customer demand for stable and regulated digital asset services, solidifying its position as a pioneer in the adoption of cryptocurrencies in traditional banking. Read more
📈 Global usage of crypto still steadily growing
Crypto Ownership Remains Steady: A recent report shows that crypto ownership levels have remained steady across the US, UK, France, and Singapore, despite regulatory uncertainties and market fluctuations. This consistency suggests that digital assets have established a firm foothold among retail investors, who continue to see value in holding cryptocurrencies as part of a diversified portfolio. The findings underscore a maturing market where digital assets are increasingly viewed as viable long-term investments. Read more
Peaq Network and Lufthansa: Pioneers in Web3 Innovation: Peaq, a decentralized physical infrastructure network (DePIN), has attracted the interest of giants like Lufthansa and Deutsche Telekom, signaling a significant step forward for Web3 adoption. These companies have committed to leveraging Peaq's Web3 framework to create decentralized applications (dApps) that promote more efficient and transparent logistics, air travel, and telecommunications services. The collaboration is expected to drive Web3 innovation across various sectors, emphasizing the real-world utility of blockchain technology beyond just cryptocurrencies. This partnership reflects a growing trend of traditional industries exploring blockchain solutions to enhance their operational efficiency and user experience. Read more
Nubank Shuts Down Nucoin Operations: In a surprising move, Nubank, the largest digital bank in Latin America, has decided to terminate its native cryptocurrency, Nucoin, as part of its restructuring process. Launched in partnership with Polygon in March 2023, Nucoin aimed to provide rewards and incentives to Nubank's customers. However, due to market volatility, Nubank has opted to suspend all trading and conversion activities related to Nucoin, giving users a grace period of 15 days to convert their tokens to Bitcoin or USDC. This decision marks a significant shift in Nubank’s crypto strategy and raises questions about the future of digital banking in Latin America. Read more
Swiss Crypto Bank Expands in Austria: Amina, a Swiss crypto bank, has obtained a Virtual Asset Service Provider (VASP) license in Austria, allowing it to offer its services across the European Union. This move reflects the bank's strategy to expand its footprint in Europe and capitalize on the growing demand for regulated crypto services. Amina's expansion comes amid increasing scrutiny of digital assets by European regulators, underscoring the importance of compliance in the crypto sector. Read more
Russian Businesses Push for Unrestricted Crypto Use: Russian businesses are urging Moscow to allow the unchecked use of cryptocurrencies and stablecoins, especially for international transactions. This push comes amid ongoing Western sanctions, highlighting the strategic importance of digital assets as tools for bypassing economic restrictions. Read more
Russia Develops Crypto Infrastructure to Evade Sanctions: Russia is reportedly developing its crypto infrastructure to evade Western sanctions, as per a recent report by Chainalysis. The report suggests that Moscow is increasing its use of cryptocurrencies to facilitate international trade and circumvent restrictions, posing new challenges for global financial regulators. Read more
