No Need For Crypto Regulation: New Zealand Central Bank Says

While other countries are busy looking for ways to regulate cryptocurrencies, New Zealand wouldn’t have any part in it. The Reserve Bank of New Zealand in a statement today Friday 30 June notified citizens of its intention to monitor the industry, but stated that there is no need for any regulatory oversight.

The release of the statement was necessitated by a recent submission to the bank about the risks of private money on the financial system and monetary sovereignty. The bank had also considered input from the submissions of 50 stakeholders on crypto and decentralized finance (DeFi).

“We agree with the balance of submitters that a regulatory approach isn’t needed right now, but increased vigilance is,” Ian Woolford, Director of Money and Cash at the Reserve Bank of New Zealand, said in a statement.

Among stakeholders who submitted inputs are the crypto advocacy group BlockchainNZ, blockchain company Ripple, and banks like Westpac and the Bank of New Zealand. The bank confirmed that the submissions on the opportunities and risks of cryptocurrencies reinforces their views on the industry.

“The submissions reinforce our view that there are significant risks and opportunities from stablecoins and other private money innovations, but also significant uncertainties about how the sector will develop and where the optimal balance will lie. We agree that caution is needed, which also reinforces the need for enhanced data and monitoring to build understanding,” Woolford added.

Reserve Bank of New Zealand Can’t Regulate Crypto

In several countries, the central bank in collaboration with the financial regulators are at the forefront of crypto regulation. In New Zealand, Woodford said the bank does not have the jurisdictional right to regulate the industry for “crypto assets and other innovations.”

However, the New Zealand’s Financial Markets Authority (FMA) has raised concerns on what it describes as ‘volatile and risky’ Bitcoin. The position of the central bank in New Zealand is contrary to that of many countries where crypto regulation is a top priority.

“However, issues such as consumer and investor protection or potential commercial or regulatory barriers to entry do matter for the collective vision we have for a reliable and efficient money and payment system that better meets the evolving needs of New Zealanders,” the statement added.

Regulating the crypto isn’t necessarily bad for the industry, it helps in many ways. Jurisdictions like Hong Kong and the UAE which have drafted regulatory frameworks for crypto have attracted a large number of crypto companies as a result. This means that the industry actually prefers regulation to a lack of clear direction as is the case with the US.

Clearly, New Zealand isn’t in a hurry to delve into the idea of digital currencies. The bank has up to this time not taken a stand on a central bank digital currency either, even when many countries are actively chasing the idea.

It may not be very long from now before the country starts thinking along this line though, as the world is gravitating towards digital life rather quickly.

New Zealand Falls Behind

New Zealand may be known for its Rugby team and beautiful landscapes, but not for crypto. While you may wonder why, it could have something to do with the central bank not showing any interest in the industry, much less regulating it.

However if regulators in the country can take the industry seriously and come up with a good regulatory framework, it will not be long before it starts booming with crypto, since it is a peaceful country with a welcoming culture, two things any business needs to thrive, including crypto.

The country already considers crypto assets as taxable assets though. However unlike other countries, it groups crypto income together and taxes it at the same rate — whether it comes from gains on disposals or cryptocurrency earned.

It however does not put undue pressure on the industry the way countries like the US do, making it a better haven for crypto than the US currently.

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Coinbase Layer-2 Network Base Ready for Mainnet Launch

On Thursday, the largest crypto exchange in the US by trading volume, Coinbase, announced plans to release its Base platform. The Base platform is a new layer 2 networks centered on the Coinbase platform.

The team behind Base confirmed that the launching of the new platform is in the final phase. The developers are planning on conducting the final criteria test to proceed with the mainnet launch of the Base protocol.

Importance of Base Platform

According to the June 29 announcement, the Coinbase team mentioned that the Base platform had undergone a six-month security audit. The new platform will be positioned on the Optimism platform and utilize the Ethereum network to improve the security of the Base protocol. The Coinbase team has expressed optimism that the Base platform will become the next big thing in developing decentralized applications.

Based on the announcement, Base developers confirmed conducting internal and external audits for the new platform. Per the criteria requirements, the completed security audits are the second last stage before the launch.

In a statement, the Base project team confirmed fully complied with the security audit requirement. The Base team stated that the criteria for mainnet launch are currently ⅘ towards completion of the project. 

From the completed audits, the developers confirmed that no code bugs were observed. This implies that the developers could proceed with the final stage, which involves the mainnet launch.

Overview of Base Criteria Tests

Before then, the Base team had completed the criteria test for Regolith, which involved launching the hard fork on the testnet. The second criterion requirement is infrastructure assessment, which Optimism Labs conducted. In contrast, the first criterion involved the Bedrock upgrade on Optimism.

On February 23, the Coinbase team launched Base to provide users with a cost-effective, secure network. During the launch, the crypto exchange aimed at creating a user-friendly network for developers to create decentralized applications (dAPPs).

Reacting to the news, the community anticipates that the launch of the Base platform will enable the crypto exchange to onboard more investors and companies to the Ethereum network.

From the completed audits, the crypto exchange confirmed to invest in conducting internal audits. This audit aimed at enabling the protocol team to spot any system vulnerability that could be present on the Layer 1 or Layer 2 networks. An internal audit was also conducted on the bridges for security purposes.

Besides the internal audits, the crypto exchange launched a public smart contract audit through the Code4rena platform. At this stage, the community was privileged to interact with the Optimism tech stack and identify any system failure.

The Coinbase team announced that the community security audit test was conducted from May 27 to June 10. To motivate the participants, the Coinbase team launched a compensation system to recognize the best bounty hunters.

When Will Coinbase Launch Base?

Earlier, the Base team confirmed to conduct more than 100 studies on securities to support the audits. From the study findings, the community and the Base team found no critical vulnerability. 

The objective of the completed security studies aimed to assess vulnerabilities on the Optimism’s node application, smart contracts, bridges, and Ethereum Virtual Machine (EVM). Meanwhile, the Base team plans to conduct the final criteria test, which will involve testing the stability of the testnet. After the completion of testnet stability, the Base team completes the mainnet launch.

According to the post, the Base team failed to provide further details on how the final criteria will be conducted. However, the Base team confirmed to review the 100 researchs conducted during the public intelligent contract audit dubbed “Spearbit and Sherlock.”

After completing the final criteria phase, the Base team revealed plans to launch Pessimism, an open-source device that will be used to monitor developers’ activities on the protocol. Through the Pessimism protocol, the Base team can track any account balance irregularities and changes between the Layer 1 and Layer 2 networks, among others.

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Blockchain Australia CEO Calls for Regulatory Collaboration to Address Crypto Scam

Simon Callaghan, the newly appointed chief executive officer at Blockchain Australia, announced today the need to address crypto scams. Callaghan urged the financial institutions in Australia to join hands with the government and crypto firms in implementing proactive measures to avert crypto-related crimes. The executive lamented that crypto scams have recently increased.

During Australia Blockchain Week held in Melbourne, the participants proposed strategies to improve the adoption of blockchain technology in the Australian market. The event aims at proposing ways to leverage blockchain technology to foster innovation and stimulate economic growth in Australia.

Factors Contributing to Increase in Crypto Scam

On June 30, Callaghan presented the risks associated with crypto scams at the blockchain event. In his presentation, Callaghan mentioned that the Blockchain Australia would prioritize exploring ways to prevent crypto scams. He added that the association will work closely with the Australian banking sector and the government to protect consumer interests.

The CEO highlighted that most crypto crimes were reported through social media platforms and other telecommunication sites. Callaghan suggested the implementation of policy standards at the initial contact to address such scams.

The executive confessed to conducting a study to examine the factors contributing to the rise of crypto scams in Australia. He noted that the crypto scams rate occurs mostly compared to chains. Callaghan observed that cryptocurrency is a critical element in the life cycle of a scam since it is mainly used as an exit point. 

Strategies to Address Crypto Scams

In his study, Callaghan discovered that a few countries had established collaborative efforts to address crypto scams. From the success stories of Denmark, Finland, and New Zealand, Callaghan believes that Australia will leverages its position to become a leading country with the least crypto scam. He expressed his optimism that Australia can combat scam concerns through strong leadership and support other jurisdictions in preventing such crimes.

Recently crypto scam cases has been making headlines and received negative sentiments in Australia. The Commonwealth Bank of Australia (CBA) reportedly adopted restrictive measures to prevent scam activities in May. The CBA report stated that from the risks related to the scam, the bank was forced to put some of the payments made through crypto exchanges on hold.

Will Australian Authority Reduce Scam and Fraud Cases?

Besides the measures adopted by banks to mitigate scams, the Australian government has taken strategic action to address the concern. On July 1, the consumer regulatory watchdog Australian Competition and Consumer Commission (ACCC) will launch a National Anti-Scam Center (NASC).

This center will conduct public awareness campaigns to educate Australians about scam risks. The ACCC training will underscore the need to report scam cases and inform the public about utilizing the Scamwatch software.

Furthermore, the NASC and ACCC plan to provide the public with resourceful information to prevent scam activities. The two agencies will collaborate in sensitizing the community on ways to avoid scams or being scammed. 

In an earlier report dated June 26, the assistant secretary at the Australian Treasury, Trevor Power, confirmed that the government would invest in minimizing scam cases. Power noted that the NASC team would be mandated to deal with cases involving crypto scams.

He restated that cryptocurrency has recently attracted scammers. The assistant secretary confirmed that the NASC would focus more on addressing such scams.

In a media release issued on June 28, the Blockchain Australia team revealed plans to conduct a study to review data on crypto scams. From the survey, the Blockchain Australia team plans to obtain relevant information on ways to prevent fraud and scams.

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Binance Loses Major Banking Partner Gets Rejected by Germany

The world’s leading crypto exchange Binance continues to face trouble in Europe with a major banking partner pulling out of the partnership with the exchange. Binance announced that its euro banking partner, Paysafe Solutions, will stop supporting euro payments for the cryptocurrency exchange from September 25. 

This is coming on the heels of regulators in the UK expressing concern over Binance’s use of the country’s payment network.

“Following this date, you will be required to use new banking details to make EUR deposits into your Binance fiat wallet and may be required to accept new terms and conditions,” the exchange notified users.

The new changes will however only affect euro deposit and withdrawal functions provided by Paysafe, such as through Bank Transfer (SEPA). Paysafe had entered a partnership with Binance earlier this year to facilitate euro deposits and withdrawals, but this attracted the attention of the FCA which expressed concern over the deal, leading to the company’s withdrawal of its services.

This is a common occurrence with crypto companies in many countries. Binance has faced a similar challenge in Australia when its major fiat banking partner withdrew its services due to regulatory pressure. The exchange is still looking for a replacement for the partner at this point.

Binance Rejected in Germany

Binance has faced several regulatory challenges in the US and is till in court over allegations of securities laws violation and mismanagement of customer funds. The challenges have spread to Europe where several regulators have either denied the crypto giant regulatory license or ordered it to stop offering its services.

Germany is the latest to deny the exchange an operational license. A local financial news website, Finance Forward reported that the financial regulator in Germany, BaFin, is not willing to grant operational license to Binance. However, Binance has expressed determination to meet all the conditions set by BaFin in order to operate legally in the country.

The exchange recently expressed the same determination when it was denied an operational license in the Netherlands, forcing it to withdraw its services from the country. Even more recently, regulators in Belgium ordered the exchange to stop offering services to Belgians since the partners offering the services were not based in the EEA.

These new developments have complicated Binance’s situation, making it more difficult for the exchange to operate, particularly in Europe. The pressure has also made it necessary for Binance to look elsewhere for a welcoming environment.

Binance Mulls Focus on Middle East

With the multifaceted challenge that Binance is facing in the US and in Europe, the exchange recently indicated it may be focusing on the Middle East. Clearly, the exchange is attracted to the regulatory approach in the region which although strict, is open to supporting the growth of crypto and blockchain, particularly in the United Arab Emirates.

The government of the country has once and again shown its commitment towards developing and making itself a major hub for blockchain and crypto technology. Binance CEO had earlier mentioned his desire to build a physical global headquarters in Dubai, due to its friendliness towards crypto.

With the current situation, it seems that dream will finally come into fruition as Binance seeks a crypto haven to to thrive in. Other exchanges like Coinbase may not be left out of the decision to move to a saner climate for crypto if the US does not change its approach.

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Australian Stock Exchange Considers Listing Tokenized Real-World Assets

On Wednesday, the Australian Securities Exchange (ASX) announced plans to list tokenized real-world assets, including gold, on its platform. The ASX team confessed there had been challenges in listing crypto assets directly on its trading platform.

Dan Chesterman, the chief information officer at ASX, restated that the trading platform will consider listing the tokenized real-world assets over cryptocurrency. The executive mentioned that most crypto assets fail to meet the listing requirement at the primary phase.

Conditions for Listing an Asset on ASX

He confessed that the ASX team had initially tried listing cryptos on its platform, but the efforts failed to see the light. Chesterman expressed delight that he will access tokenized products on the ASX platform at the end of the listing process. 

According to Yahoo Finance March 28 report, the ASX ranks position 16 as the largest stock exchange by market capitalization. In Q1 of 2023, ASX reportedly generated 82% of the total dollar turnover per the local equity market product.

In a previous report, an executive from a leading bank in Australia expressed optimism about blockchain technology. The executive labeled blockchain as an efficiency driver.

In support of the executive comments Howard Silby the National Australia Bank (NAB) chief innovation officer, affirmed that large institutions and fast-growing banks will continue to explore the blockchain ecosystem. Silby added that the highly valued customer experience is only obtained from innovation.

Why Did ASX Suspend Blockchain Updgrades?

On the contrary, the ASX team agreed to pause integrating blockchain technology on its trading platform. Chesterman noted that the ASX team had experienced recurring delays on the blockchain network. He added that the ASX team agreed to pause launching on the blockchain network to prevent exposing the customers to uncertainties and delays.

In the meantime, the ASX team will continue working with digital assets company to debut Synfini a blockchain development platform.

Following the suspension of ASX blockchain-powered upgrades on its clearing and settlement system, the public has condemned the stock exchange. Initially, the trading platform confirmed to invest around $166 million in developing the current clearing and settlement system.

Elsewhere the managing director of blockchain and digital assets at Commonwealth Bank, Sophie Gilder, argued that through the tokenization of assets and digitization of payment, institutions would manage to improve their efficiency, reduce risk and cut the operational cost.

She noted that it was difficult to outline the benefits of digital assets in the current market. In her opinion, Gilder admitted that digital assets provide efficiency and endless benefits to the user.

She mentioned that the world has shifted from irrational exuberance, which undermines market growth since it focuses more on capital than add-on utility services and products.

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Tether Collaborates with Georgia to Improve P2P Infrastructures

Tether, the world largest stablecoin issuer by market capitalization, announced on June 28 plans to work with the government of Georgia in creating peer-to-peer (P2P) infrastructures. In the report, the stablecoin issuer confirmed to seal a memorandum of understanding (MoU) outlining the intended purpose of the partnership.

The MoU report mentioned that Tether would support the Georgian authority in developing the revolutionary infrastructure necessary to boost the startup ecosystem. Beyond this, the partners agreed to shape the Georgia landscape to become a center of interest among investors. Through the joint forces, Tether and the Georgian government will onboard more decentralized investors.

Tether Partners with Georgian Government

Referring to the MoU document, the partners plan to implement effective strategies that will accelerate the growth of P2P technology at the national level. The partners agreed to support the development of critical financial tools that would stimulate the development of the P2P space.

Per the report, the partners plan to invest in educating the public on Bitcoin and blockchain technologies. In addition, Tether intends to provide technical and technological support to enable the Georgian government to create a payment system for retail clients.

The partners will also consider revamping the P2P communication network in Georgia. In a statement, the stablecoin issuer pledges to support the Georgian government in establishing a robust financial and communication system. The Tether team will join hands with the Georgian authority to push for adopting a P2P digital payment platform and innovative communication systems.

Moreover the partners will prioritize improving the existing financial and communication tools to support the growth of blockchain-based technologies. On the other hand the community believes that the partnership between Tether and the Georgian authority would transform the public and private sectors.

How will Tether Transform Georgia’s P2P Sector?

In a press release, the chief technology officer at Tether, Paolo Ardoino mentioned that the stablecoin issuing company has remained committed to improving global strategies and expanding its product line. The CTO asserted that the stablecoin issuer would focus more on enhancing towns by increasing the adoption of emerging technologies such as blockchain, P2P, and Bitcoin.

In his report, Arduino mentioned Keet and Holepunch tech firms that leverage P2P technologies to provide innovative solutions to the public.

Elsewhere the deputy minister of economic and sustainable development in Georgia, Irakli Nadareishvili, revealed that Tether has a growing interest in investing in Georgia. The minister opined that in the coming day, the stablecoin issuing company plans to establish a unique funding project to offer financial support to early Georgian startups.

Nadareishvili added that Tether’s funding project would support the growth of blockchain technology in the region. Primarily the stablecoin issuing company plans to create a friendly environment for technological startups in Georgia.

In his concluding remarks, the minister outlined the need to involve scholars from different fields to improve the suitability of the Georgian market and attract more companies to join the vibrant market. 

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Bybit Secures MVP License in Dubai Amid Expansion Plans

Global derivatives crypto exchange Bybit has secured a Minimum Viable Product (MVP) license in Dubai. Bybit FinTech FZE, a branch of Bybit operating in the Middle East, announced yesterday (Tuesday) that the exchange has obtained the license following approval by the the Virtual Asset Regulatory Authority (VARA).

The preliminary license permits Bybit to offer cryptocurrency services to a small group of customers in Dubai for now. However after the full authorization, it can spread its services to customers in other parts of the United Arab Emirates (UAE).

Bybit is a crypto derivatives exchange that offers services to a global customer base. Created in 2018, the exchange currently serves over 10 million customers worldwide, and is known for its ease of use and low trading fees. It also provides services such as peer-to-peer trading, spot trading and other important services offered by other top cryptocurrencies.

Bybit had in April moved its global headquarters to Dubai. At the time, it had no license to operate in the region. This MVP license therefore is establishing the exchange in Dubai, with potential for expansion to other parts of the country. Bybit is one of the fastest growing exchanges worldwide, which makes it a great fit for the UAE.

UAE Attracting Crypto Exchanges

The UAE is one of the most crypto-friendly countries in the world currently. The country has attracted most top crypto exchanges and is still doing so because of its regulatory approach to cryptocurrencies. The regulatory body, VARA, has drafted clear regulations for the crypto industry, making it attractive to cryptocurrency companies.

The country has clearly shown its willingness to pursue crypto innovation and allow the crypto industry to thrive as confirmed by Bybit CEO Ben Zhou.

“We would like to express our gratitude to VARA for their careful consideration of our application and for granting us the MVP Preparatory License. This is a crucial step forward for Bybit in the UAE, as Dubai plays a pioneering role in advancing the world’s development of financial innovation and digital assets,” Zhou said in a statement.

“We consider the receipt of this license to be a significant milestone that acknowledges the hard work, dedication, and strong commitment to compliance exhibited by our team,” he added.

The approach of the UAE is quite different from those of other countries such as the US. Crypto exchanges like Binance have been under intense pressure in the US as the securities and exchange commission (SEC) brought a sweeping wave of crackdown in the country.

Coinbase, an indigenous US exchange is also in court to defend itself against allegations of securities laws violations by the SEC. Crypto exchanges like Bittrex have since moved out of the country in search of more friendly environments since the US has become so hostile.

Most of the companies fleeing the US are moving to places like Hong Kong and the UAE where the environment is more fair.

Bybit has Licenses in Other Countries

Prior to securing this preliminary MVP license in Dubai, Bybit had secured licenses in other countries. The most recent is the license from Cyprus which allows it to offer crypto and custody services to customers in Cyprus.

It had earlier secured another license in Kazakhstan, another crypto-friendly country that also recently issued an operational license to Binance.

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Magic Eden Integrating BRC-20 Tokens on its Multichain Platform

On Tuesday, the best-performing community-centric NFT marketplace Magic Eden revealed plans to expand its Ordinals offering. The Magic team plans to introduce a new set of tokens centered on the Bitcoin network to support the BRC-20 tokens. On June 27 at 8 pm ET, the Magic team supported the BRC-20 token by allowing theusers to trade their digital assets on the secondary market.

The Magic Eden team will soon allow users to create digital tokens on the Bitcoin network. Later the traders will mint the Bitcoin-powered token on the Magic Eden launchpad.

Magic Eden Supports BRC-20

Presently the NFT marketplace offers artists premium services on its Magic Eden launchpad. Also, the creators are provided with human support in the marketing and strategy sector. 

The Magic Eden team released its Ordinal marketplace in March to provide users with Bitcoin digital collectibles. The firm has leveraged its brand name to support the growth of NFT ordinals.

Initially, Magic Eden gained popularity after offering a unique marketplace for Solana-based NFTs. Due to the drastic changes in the crypto market, Bitcoin has been recognized as an emerging frontier for buying and selling digital collectibles.

Interestingly to gain a competitive advantage, the Magic Eden team launched a platform for trading inscriptions on March 21. According to Dune Dashboard, Magic Eden and its rival OKX have the largest transaction volumes for Ordinal inscription.

In a press release, the co-founder of Magic, Eden Zhuoxun Yin, confirmed that the firm plans to create a fast-growing NFT platform that support the Bitcoin ecosystem. Elsewhere Magic Eden’s chief gaming officer Chris Akhavan mentioned that BRC-20 traders would incur an extra cost on transaction charges.

He added that the newly launched BRC-20 tokens would be available on the Magic Eden launchpad even though the firm will split the charges into two halves. The Ordinal protocol group and the Magic Eden team will bear the cost of the new-inscribed BRC-20 tokens.

Factors Contributing to Increase Demand for Bitcoin Ordinals

Akhavan applauded the commendable achievements made by the Ordinal team. He underscored the need to support creators in the digital sector. The CGO believes that people will continue to invest in developing the Bitcoin ecosystem.

Recently the Bitcoin Ordinal sector has been positively welcomed by the community. It was observed that the Ordinal inscription reached over 13 million, being minted on the blockchain network and other software.

Akhavan demonstrated that, at present, the Magic Eden launchpad had been used by over 40 creators. This illustrates that the launchpad is user-friendly and easily accessible. Akhavan noted that the launchpad ranks the best among creators.

Ordinals refer to a protocol that allows contents, including images, art, and text, to be inscribed on personal Satoshi. The Ordinal was launched in January by famous developer Casey Rodarmor. 

Reportedly the BRC–20 was developed by a data enthusiast called Domo. He confessed that the idea behind the BRC-20 was obtained from the ERC-20 platform centered on the Ethereum platform. Recently the BRC-20 token has witnessed a surge in market capitalization, reaching over $261 million.

Bitcoin Ordinal Market Outlook

Per CoinMarketCap, the BRC-20 token ORDI was exchanging hands at $6.86, down by 7.93% in a day. The ORDI trading volume has plummeted by $18693902 over the last 24 hours.

As of this publication, the Magic Eden team ranks first to confirm supporting BRC-20 tokens. Reflecting on Yin’s report, the Bitcoin Ordinals and BRC-20 tokens garnered bullish steam in early January.

Yin mentioned that despite the growth of Ordinals and the BRC-20 tokens, the two lacked sufficient fluidity. The CEO confirmed that the launching of BRC-20 on the Magic Eden will work seamlessly with the Ordinals.

Yin expressed optimism that the NFT marketplace will soon meet the needs of JPEG users and the developers of meme coins launched on the Bitcoin network.

Speaking at the 2023 NFC Libson, an artist called YuLiang “YuYu” Liu explained how he utilized themes from conventional painting and BDSM to launch a unique NFT exhibition dubbed GAG.

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Circle CEO Expresses Optimism for Bitcoin ETF Approval

The CEO of fintech company Circle, Jeremy Allaire has expressed confidence that the securities and exchange commission (SEC) will soon grant a license for a Bitcoin spot ETF. Jeremy, who’s also a co-founder of the company said the chances of approval is high due to the evolving nature of the industry.

Speaking with Bloomberg, he said that the concerns that hitherto hindered the approval for a Bitcoin spot ETF are currently being addressed, making way for a final approval.

“I think progress is being made with more mature market structures that would support something like that. You have mature spot markets, well-regulated custody infrastructure, and good market surveillance,” he said in a statement.

There have been several applications submitted for a bitcoin spot ETF over the years, but none of them have been approved by the SEC. The commission has on several occasions rejected such applications, citing concerns about investor protection in the highly volatile crypto industry

Companies such as VanEck have applied multiple times, but the best that has been approved is a Bitcoin futures ETF. While it is also an ETF, it does not give investors the direct exposure to Bitcoin that a spot ETF does.

Concerns Being Addressed

The concerns around the crypto industry are real and genuine. For example, the issue of volatility is a characteristic of cryptocurrencies that cannot be denied. One of the solutions to this is stablecoins. Although they are technically cryptocurrencies, they are pegged to a relatively stable fiat currency such as the USD, or to a commodity like gold.

This makes them stable enough to use as a currency for buying and selling, since the value doesn’t change so wildly in a short time.

Other adjustments in the industry include compliance with regulatory requirements which even though the US doesn’t have clarity on, the industry is trying to comply. This is seen in the decision of crypto exchanges to delist cryptocurrencies tagged as securities by the SEC.

Right now, the SEC is in a major crackdown on cryptocurrencies in the US, with Binance and Coinbase dragged to court despite their efforts at complying with the unclear regulations. This leaves a lot of questions on whether the SEC would ever grant approval for a Bitcoin spot ETF.

Potential Growth for Crypto

It is no secret that the SEC has strong negative sentiments towards cryptocurrencies and associated companies, which is why many would doubt any possibility of a Bitcoin spot ETF seeing the light of day.

However if Allaire’s optimism turns out to be true, the crypto industry may experience a boost like never before. Industry experts have severally said that a Bitocin spot ETF is what many corporate investors are waiting for to enter the industry.

These are the companies with the big money, but they’re concerned about the many uncertainties in the industry. If the industry can fully address those concerns and succeed in securing a Bitcoin spot ETF, there will be a lot of room for bitcoin and other cryptocurrencies to grow significantly.

With a Bitcoin spot ETF, investors will be able to trade shares representing bitcoin without actually owning bitcoin. They will then benefit from the growth of the asset without being exposed to the risks associated with holding and managing it. This is what the industry is waiting for.

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Central Bank of Switzerland Launching Wholesale CBDC Pilot Test Using Real Money

An official Swiss National Bank (SNB) report dated June 26 revealed that the apex bank would soon launch wholesale central bank digital currency (wCBDC) trials. In an exclusive interview with the Reuters reporters, the chair of SNB, Thomas Jordan, confirmed that the trials for the wCBDC will be launched in the coming days. 

Speaking at the Point Zero Forum held in Zurich, Jordan stated the proposed wCBDC would be available on a regulated Swiss-based platform, SIX digital exchanges. Jordan mentioned that the CBDC would be issued for a limited time.

Nature of Swiss CBDC Pilot Project

He added that the SIX digital platforms own a significant share of the largest stock exchange in Switzerland. Jordan explained that the upcoming wCBDC pilot project would not just be an ordinary experiment. The pilot project will involve real money, which has a similar value to the bank reserves.

Per Jordan’s report, the main objective of the wCBDC pilot project aimed to experiment with the real transaction of digital currency with key market players. He later expressed concerns about the risks associated with retail CBDC that could limit the expansion of financial tools. Jordan mentioned that some of the use cases of the retail CBDC were complex to be regulated. 

In his statement, Jordan confirmed that the SNB would launch the retail CBDC in the future, but currently, the regulators are more hesitant to launch the digital fiat.

In a previous report, SNB board member Thomas Moser asserted that the proposed Swiss CBDC would operate well in the decentralized finance platform. Earlier, Moser stated that stablecoin exposed the user to counterparty risk. He supported the launching of CBDC since there were fewer risks compared to stablecoins pegged to the Swiss Franc.

Moser’s report was released when the SNB team integrated the wCBDC into back-office systems owned by five major banks in Switzerland. The completed integration supported the SNB in completing Project Helvetia’s proof of concept (PoC) for the proposed CBDC. In 2019 the SNB signed a partnership agreement with the SIX Digital Exchange to launch the CBDC pilot test.

Significance of Launching Swiss Wholesale CBDC

Before then, Carlos Lenz, SNB’s chief economist, considered blockchain networks unsuitable for CBDC. He confirmed that the SNB team would not center the its CBDC on the blockchain network.

During last week’s Point Zero forum, the SNB officials announced that the CBDC has limited features that could replace the local fiat currency. Andrea Maechler, the chair of SNB, stated that real money had provided households a way to own central bank currency. She urged the regulators to maintain the features of the Swiss fiat currency despite the technological advancement.

Reportedly the CBDC has similar features as stablecoins since they are digital tokens pegged to a currency such as a dollar or Swiss Franc. The only difference is that CBDC is issued by trusted government agencies such as central banks.

Following the depreciation in dollar value, numerous countries have invested in launching their CBDC. Switzerland has now joined the growing list of countries conducting CBDC pilot projects.

According to Atlantic Council data, roughly 18 countries across the globe are conducting CBDC pilot trials. Remarkably four countries have completed the pilot program for the wholesale CBDC. This pilot test involves large transactions conducted between financial institutions such as banks. 

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Cyprus Regulators Green Lights Bybit License

On Monday, the Dubai-based crypto exchange Bybit confirmed it received license approval from the Cyprus market regulators. The report stated the regulator’s final nod would allow the crypto exchange to operate as a regulated exchange and custodial service provider in Cyprus.

The Bybit team plans to offer Cyprus users fiat currency pairs, financial services on digital assets, and crypto trading options. In a press release, Bybit chief executive Ben Zhou highlighted the need for the crypto exchange to expand its geographical presence.

Zhou mentioned that crypto assets provide users with an alternative option to exit the crowded traditional financial system. He expressed delight in launching Crypto Ark in the Cyprus market.

Bybit Expands to Cyprus

Additionally, Zhou mentioned that the Bybit team would contribute to building a compliant, secure, and transparent crypto sector. Recently the Bybit team received the ISO 27001:2013 certification after revising its Know Your Customers (KYC) measures and the anti-money laundering (AML) policies. The certificate enabled Bybit to cement its market position as a compliant, safe, and secure crypto exchange.

In a recent study, Cyprus ranks among the third most populous country in the Mediterranean Sea. The statistics provided by Cyprus authorities revealed that the population had reached over 1.2 million. This implies that Cyprus has a growing crypto-savvy community.

Besides the high population, Cyprus has witnessed a modest increase in crypto adoption. It was reported that the rise in crypto activities has resulted in the growth of a crypto center in Cyprus. 

In an earlier report, the former Deputy Minister for Research, Innovation and Digital Policy European Union, Kyriacos Kokkinos, affirmed that Cyprus would become the hub of emerging technologies such as blockchain and crypto in the coming days. Before then, the central bank of Cyprus had adopted prohibitive measures against cryptos.

Overview of Crypto Adoption in Cyprus

Despite the efforts made by the regulators to shape Cyprus’ crypto regulatory landscape, less has been implemented. In 2021 the regulators drafted the Distributed Ledger Technology Bill, which the Cyprus Ministry of Finance opposed in April.

The proposed bill demonstrated that Cyprus was willing to adopt blockchain and crypto technologies. Irrespective of this, it was observed that crypto adoption in Malta is higher compared to Cyprus.

Malta, a Mediterranean country, has numerous employment opportunities for blockchain experts. Following this, Malta’s island has been renamed “Blockchain Island.”

Last week the largest crypto exchange by daily trading volume, Binance, submitted documents to the Cyprus regulators seeking to be deregistered as a crypto asset service provider. The Binance team announced plans to set foot in larger markets with lesser regulations. 

Despite Binance exiting the Cyprus market, the Bybit team believes the Mediterranean country has a viable market for crypto. The Bybit team plans to contribute towards the growth of the Cyprus crypto market. 

They added that the approval of the license demonstrated Bybit’s steadfast commitment to upholding compliance. The permit allows Bybit to widen its market presence in the European Union after exiting Japan, Canada, and the UK due to regulatory pressure.

The expansion of Bybit to Cyprus came when the EU was preparing to implement the market for crypto assets (MiCA) regulation in 2024. Under the MiCA regulation, European regulators will issue licenses to crypto firms in the region.

Reportedly to pave the way for the MiCA regulation, the Cyprus authority has introduced a registration regime for crypto assets.

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Binance Considers Middle East as Regulatory Pressure Mounts in Europe and US

World’s largest crypto exchange Binance is considering shifting its focus to the Middle East as regulatory pressure is becoming unbearable in Europe and the US. General Manager of Binance Dubai, the United Arab Emirates (UAE), Alex Chehade said the UAE may become the main base for crypto businesses.

According to Chehade, the region is great for crypto businesses to thrive because of favorable and transparent regulations. In addition, he noted that the leadership of the region is willing to develop it and make it a leader in the web3 space, plus its desire to diversify from oil.

These factors contribute to making the UAE an ideal place for crypto companies such as Binance. He mentioned in an interview with Cointelegraph that the Middle East makes laws that are predictable, making it a safe place for crypto exchanges like Binance, unlike places like the US where the ground is always shifting.

This is coming on the heels of a major crackdown on crypto in the US. Binance has been the main focus in this wave of crackdown, not just in the US but all over the world. The only place where Binance still enjoys some level of security is in the UAE, which explains why there is a positive attitude towards the region.
Binance Global CEO Changpeng Zhao had earlier hinted that Binance may build a physical head office in Dubai, one of the biggest commercial cities in the UAE. With the recent trends, it appears as if the proposal may finally come into fruition.

UAE Laws Attracting Crypto

The Virtual Assets Regulatory Authority (VARA) is the regulatory body in charge of cryptocurrencies in the UAE. Unlike the securities and exchange commission in the US which is responsible for the departure of many crypto companies from the US, VARA is directly responsible for making the UAE an attractive destination for crypto companies like Binance.

The agency has released a regulatory framework for the crypto industry that is fair and clear, giving crypto companies clear direction to follow. This makes the region easy for running crypto businesses. This is why most top crypto exchanges in the world have offices in Dubai, or one of the cities in the UAE.

It is therefore not surprising that most crypto holders live in the UAE as indicated by Biance’s statistics. The data shows that 28% of UAE residents hold cryptocurrencies, which is much higher than the global average of about 4.2%.

Binance Overdue for Relocation

Binance has been through a lot with regulators around the world. The challenge with the US has been around for a long time, it was the reason the company had to create a separate exchange – Binance.US – for US residents. Yet, the SEC has come after the exchange this year, dragging it to court.

In Europe, Binance had to exit the Netherlands after failing to secure an operational license, while regulators in Belgium have ordered it to stop offering services in the country. It also had to exit in Canada, the home country of the CEO Changpeng Zhao because of unfriendly regulations.

With these challenges, it looks like Binance is long overdue for a relocation. This is especially important since most of the crypto market which initially was in the west is now moving to the Middle East where the environment is much more favorable.

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Belgian Regulators Order Binance to Stop Offering Services to Citizens

The Financial Services and Markets Authority (FSMA) has issued an order to Binance, the world’s largest crypto exchange by trading volume to stop servicing clients in the country. The regulator issued the order Friday 23 June.

The reason for the order is that Binance has been servicing Belgian citizens from countries that are not within the European Economic Area (EEA). Binance is to immediately stop offering its digital asset exchange and crypto custody services in the country, as well as return all customers’ crypto holdings and keys.

According to FSMA, Binance did not dispute offering such services in Belgium, confirming its suspicion. The agency said 27 “Binance operators” were providing operational and or technical support for Binance’s crypto exchange and custody services to Belgian clients. 

FSMA decided to stop Binance’s operations when the exchange failed to proof that 19 of the 27 operators “are in fact based in the European Economic Area and are authorized, based on their domestic laws, to provide such services in Belgium,” the watchdog noted.

In a statement, the agency stated that no entity is allowed to offer crypto services to Belgians outside of the EEA.

“Persons or firms governed by the law of a country that is not a member of the European Economic Area are prohibited from offering or providing, within Belgium, by way of a professional activity – even if supplementary or ancillary – exchange services between virtual currencies and legal currencies or custody wallet services,” FSMA said in a statement.

Binance Fighting Multiple Battles

Binance has been the biggest crypto exchange by trading volume for years. It seems this title has recently drawn too much attention to the exchange as it is currently facing challenges with regulators in many countries all at once.

At the top of the list is the United States, where the exchange has been in court for weeks, trying to defend itself and the CEO Changpeng Zhao from allegations of securities laws violation and mishandling of customer funds.

Just last week, the exchange had to move out of the Netherlands because of its inability to secure a Virtual Asset Services Provider (VASP) license in the country. The Belgian authorities are the latest to order the platform to stop offering its services.

Similarly, the securities and exchange commission (SEC) in Nigeria has ordered an entity known as Binance Nigeria to stop offering its services to Nigerians. The SEC referred to the company as illegal, and cautioned citizens against using their services.

Although Binance has since denied any affiliation with an entity with that name, this shows how the global exchange has been targeted by regulators all over the world.

More Regulatory Pressure Underway

The EU recently passed a crypto regulatory bill for member countries. This has caused a kind of awakening in Europe which could trigger stricter regulatory measures. This means that Binance may be facing more regulatory hurdles in the region in the future.

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Amazon Investing $100M to Establish a Generative AI Center

A recent announcement conveyed by the largest eCommerce platform Amazon revealed plans to invest around $100 million in establishing an artificial intelligence center. The Amazon cloud unit, also known as AWS, will create the proposed AI center.

The AWS team is optimistic that the AI center will enable Amazon to remain ahead of the curve and outshine its closest competitors, such as Microsoft and Google. 

Amazon Investing in AI

In an exclusive interview with the Bloomberg news site, the AWS team mentioned that the Generative AI Innovation Center would provide the Amazon technical team a platform to connect with the client and other developers exploring emerging technologies.

The team behind the new AI center explained that the generative AI would utilize the algorithm technology to create unique content in audio, image, text, video, and coding sectors. According to the Amazon report, the tech firm has selected a few companies which will be the first to use the AI center.

Per the announcement, Highspot, Ryanair, Twilio, and Lovely Planet were selected by the AWS team for the first trial of the AI center. AWS confirmed that the proposed AI center would be more of a program than a physical entity. 

Recently the cloud services sector has experienced fierce competition due to increasing demand. AWS anticipates that establishing the AI center will enable the company to gain a significant market share in the cloud service sector.

A study by Synergy Research Group illustrated that firms investing in cloud service solutions reached $63 million in Q1 of 2023, a 20% surge from the previous year. Reportedly Microsoft and Google were ranked top with the strongest growth rate year over year. The report indicated that Microsoft’s growth rate increased by 23% while Google jumped by 10%. Correspondingly, Amazon in Q1 garnered a 32% increase in growth rate.

Significance of Establishing AI Center

Speaking at the Bloomberg Tech Summit, the chief executive of AWS, Adam Selipsky, confessed that the Amazon team plans to serve its diverse users at zero cost. He added that the AWS team will leverage their expertise to create a generative AI that will outdo others in the market.

The Amazon team recently invested heavily in launching an AI solution called Bedrock. During the launch of the Bedrock platform, the Amazon team aimed at enabling the customers to create a chatbot that resembles OpenAI’s ChatGPT.

In the latter, the Amazon team announced plans to debut Titan, a unique AI-powered platform linked to two main foundational models which utilize Amazon Machine Learning technology.  

Amazon Reveals Next Move

Nonetheless, the Amazon team plans to recruit more data scientists, architects, and engineers in the coming days. Over the past, the Amazon team has managed to cement its market share considerably due to its customer-centric culture. Selipsky stated that Amazon had focused more on the customer and had laid plans to work closely with the user to meet the common goal.

In the quest to meet the customer’s ever-changing needs, the Amazon team invested in manufacturing AI chips to supplement the graphic processing units (GPUs) produced by Nvidia. Recently the market demand for AI chips has gradually increased, necessitating Nvidia and Amazon to increase the supply of AI chips.

In a statement, Selipsky confirmed that a global shortage of compute storage is crucial in developing generative AI tools and machine learning technologies. He observed that most AI users are impatient even though the Amazon team plans to find possible solutions for the supply challenges.

Lately, the current economic uncertainty has limited the customers purchasing power on cloud services. He stated that the customer’s purchasing habits had witnessed some sudden changes since most customers have shifted to cost optimization. 

The CEO confessed that due to the changes in customers’ purchase patterns, it was hard to predict where the next trend would be. 

In an earlier report, Selipsky had projected that AI would become the next big thing in the innovation sector. He admits that AI technology will bring more customers on board.

Editorial credit: rafapress / Shutterstock.com

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International Monetary Fund Officials Projects that Crypto Bans Might Fail to be Effective Long-Term Solution

A recent International Monetary Fund (IMF) study revealed that crypto bans lack an effective and sustainable long-term solution. The IMF official identified gaps in crypto demands that must be addressed rather than implementing restrictive approaches to crypto assets bans.

The IMF compiled its findings into a synthesized document outlining the critical crypto demand drivers. The market regulators noted that crypto firms needed to gather crucial information on the user needs in digital payment platforms. They mentioned the need to improve the transparency of payment methods.

Scope of IMF Study 

Additionally, the IMF recommended capturing crypto transactions in the national statistics to ease the monitoring of demand and traffic. The IMF’s recent research supports a study conducted by Chainalysis which illustrated positive crypto adoption in Latin America.

The Chainalysis report stated that Brazil, Argentina, Colombia, and Ecuador are among the top twenty countries with high crypto adoption. As per the analyst report, the four countries have garnered enormous benefits from digital assets.

Interestingly Chainalysis noted that the pro-crypto countries had utilized cryptocurrency to address macroeconomic pressures. It was reported that crypto adoption had improved financial inclusivity for the unbanked population.

Also, crypto technologies have been used to improve the payment system to be more convenient and affordable. 

Benefits of Crypto Adoption

A few days ago, the regulatory agencies in Argentina adopted restrictive measures on any crypto purchases that will be made through banks. The latest regulatory action in Argentina has sparked heated debates among investors, businesses, and scholars. Some users requested the regulators to clarify whether the approach would be practical.

A scrutiny of the anti-crypto countries revealed that regulators had implemented measures to sustain financial stability, reduce tax cheats, address corruption, and anti-money laundering cases. Other countries have agreed to ban crypto to strengthen the value of the local currency.

Despite the crypto ban in specific jurisdictions, IMF official still believes that crypto regulation will provide comprehensive and sustainable solutions to address the risk associated with digital assets. 

Reflecting on the IMF report, the officials observed that twelve out of nineteen study areas in Latin America have a regulatory framework while the rest are formulating the crypto regulations. They concluded that crypto regulation assists in minimizing the risks of digital assets.

The IMF report underscored the need for adopting clear regulations on crypto assets. They argued that having regulatory clarity, it was easy to reduce illicit activities. The Bretton Woods institution highlighted that crypto regulation supports restoring customers’ and investors’ trust by providing a clear and transparent guidelines that firms must follow.

Why is Crypto Regulation Importance?

Besides formulating and implementing effective crypto regulation, the IMF team outlined the benefits of strengthening international cooperation among the regulatory agencies. They stated that developing solid international cooperation encourages knowledge sharing, which is crucial in implementing crypto regulation. 

Recently the Financial Action Task Force (FATF) joined hands with the G20 group to create a unique platform to encourage the legislative bodies to collaborate more effortlessly. The regulators mentioned that regulation plays a crucial role in stimulating the growth of digital assets and innovation.

However, the regulators are tasked to evaluate how to address digital asset risk and the practical mechanisms that will foster technological development. According to the IMF, a suitable regulatory framework should encourage innovation. This will be achieved by providing regulatory clarity and developing a friendly business environment that encourages firms to explore innovative solutions in the blockchain and crypto sectors.

Beyond this, the IMF team mentioned the benefits of educating the public on crypto technology. Through public education, the IMF noted it was easy to explore the benefits and risks of digital assets. They argued that it was easy to address fraudulent schemes by providing the community with financial literacy learning.

The IMF stated that despite the growth of the global regulatory framework implementing crypto bans fails to provide long-term solutions.

Editorial credit: Bumble Dee / Shutterstock.com

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Cryptolaw.US Founder Says Ripple Court Case is Free Publicity for the Company

A Ripple supporter and founder of Cryptolaw.US, John Deaton says he believes that the ongoing court case between Ripple and the SEC is “free campaign” for the company. Deaton says the recent increase in the number of XRP wallets can be attributed to the ongoing case which seems to have attracted investors to XRP.

Ripple has been in court since December 2020 over allegations by the SEC that XRP is a security and not a cryptocurrency. Ripple and its top executives were charged for raising millions of dollars in an ICO with an unregistered security (XRP).

Although the case caused some negative sentiments around XRP at the time, causing some crypto exchanges like Coinbase to delist the cryptocurrency from their platforms, XRP has since recovered and currently seems accepted. The number of XRP wallets has seen a recent surge which Deaton says is as a result of the court case.

In a tweet, Deaton wrote that he was sure a lot of XRP buyers wouldn’t have known about the cryptocurrency if not for the Ripple vs SEC case.

“I have zero doubt that many more #XRPHolders first became aware and learned about @Ripple and @bgarlinghouse because of the SEC and the lawsuit than any before. There are more than 4M XRP addresses. There are people in this world who own XRP today and still don’t know about @Ripple,” he wrote.”

Ripple Enjoying Free Publicity

The SEC claims that XRP is a security token issued by Ripple. However Deaton in defense of XRP says there are many XRP holders who didn’t know about Ripple prior to the court case. Speaking about the 4 million XRP addresses, he said most of them are from overseas, meaning that many XRP users didn’t know about the SEC or Ripple in the US.

“I was talking to a lawyer who said: “But John, some of these affidavits are from people who bought XRP in January or February of 2021 – after the lawsuit. Do you really think this is believable?” My response was “look at the addresses: Japan, Mexico, Netherlands, Australia. Not everyone gives a shit or even pays attention to what is going on with the SEC in the U.S,” Deaton wrote.

Indeed, Ripple has enjoyed some publicity as a result of the case. The company has even leveraged it to achieve some great things for the crypto and blockchain space. It has been partnering with universities and colleges around the world to enhance knowledge of blockchain and cryptocurrencies among other projects despite the ongoing case.

Is the SEC Losing?

The SEC has been up and down cracking down on crypto exchanges in the US. Most recently, Binance and Coinbase were the victims of its anti-crypto enforcements. These efforts are making the public to take sides with the crypto industry instead, even though the agency claims to be protecting investors.

The Ripple case is another big potential boost for the crypto industry. Some experts have said that a win in the case will be victory for the entire industry, and this has never been more true. Binance and Coinbase winning will be bigger for the industry.

At the time of writing, XRP is the sixth largest cryptocurrency by market cap and one of the best performing among the top ten cryptocurrencies on Coin Market Cap.

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Crypto.com Secures Virtual Asset Service Provider License in France

Top crypto exchange Crypto.com has secured a Virtual Asset Services Provider License in France. This regulatory milestone further expands crypto.com services across Europe, the exchange wrote in a press release shortly after securing the license on Friday 23 June.

Crypto.com is a top cryptocurrency exchange located in Singapore. The exchange serves a global customer base and is known for its high compliance with local regulatory guidelines in countries where it operates.

This could be responsible for the company’s fast expansion. According to the exchange’s CEO Kris Marszalek,

“Receiving the VASP registration from the Bank of Spain is the latest testament to our commitment to compliance and eagerness to work with regulators and public officials in responsibly advancing crypto and blockchain technology.”

“We look forward to continuing to work with the Bank of Spain as we launch our products and services in-market and providing users with the comprehensive, safe and secure crypto experience that they desire,” he added. 

The license is coming after Crypto.com survived a “comprehensive review of its compliance with Anti-Money Laundering Directive (AMLD) and other financial crimes laws, as well as measures to safeguard users.” The license permits it to issue a suite of its products and services to users in Spain.

Crypto.com’s Other Licenses

The DASP license in Spain is just the latest progress that Crypto.com has made in its expansion attempts. The platform has secured numerous other operational licenses in different countries.

It most recently secured a Major Payment Institution (MPI) license for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore.

Singapore has demonstrated its commitment to developing the crypto industry within its domain, just like other jurisdictions like Hong Kong and Australia. Cypto.com is also registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.

Others are the crypto asset business license from the UK Financial Conduct Authority (FCA), approval of its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA), and registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC to name a few.

Crypto.com Seeing Wide Acceptance

Crypto.com has shown its willingness to abide by regulatory demands, and so is seeing wide acceptance in many jurisdiction. All the licenses were secured within a short span of time, which shows that wider crypto adoption is possible.

Other exchanges might as well take cues from the platform to align with regulatory requirements in order to expand and foster the adoption of cryptocurrencies in the world at large. Like most other exchanges, Crypto.com’s main mission is to make crypto available to everyone, everywhere, and it well on its way to achieving that.

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Top Japan Bank to Issue Global Stablecoins

Japan’s largest bank, Mitsubishi UFJ Financial Group Inc. (MUFG), is reportedly in talks with multiple parties to issue global stablecoins. This is in line with the bank’s attempt to leverage blockchain technology to enhance its operations and increase efficiency.

The move is favored by Japan’s recent stablecoin bill, which allows licensed banks, trust companies, and registered money transfer agents in the country to issue stablecoins, which it describes as “digital money”.

The bill also provides that all stablecoins be pegged to the Yen or another legal tender and guarantee holders the right to redeem them at face value, but doesn’t say anything about existing stablecons such as USDT issued by Tether.

According to a tweet on 23 June, by a blockchain enthusiast known on Twitter as Kunal, the bank will leverage the Progmat blockchain to start minting tokens seamlessly. The bank is currently in talks with multiple parties to commence work on the project.

The Vice President of Product at MUFG, Tatsuya Saito in an interview with Bloomberg said the project will bring confidence and security to both stablecoin issuers and users alike. The bank also intends to use the medium to offer stability, security, and scalability for both retail and institutional customers. 

MUFG Adapting to Changing Financial Trends

Several governments and mainstream financial institutions have demonstrated resistance against cryptocurrencies. Many have either called for an utter ban on such cryptocurrencies, or for serious regulatory measures to be taken, especially for stablecoins.

However, MUFG has demonstrated that it is willing to embrace cryptocurrencies rather than fight the industry. This is part of the bank’s strategy to adapt to the changing financial industry which is currently tilting towards cryptocurrencies.

By issuing stablecoins, the bank is taking the responsibility for securing the financial setting rather than leaving it to random issuers. This is because stablecoins have continued to increase in popularity over the years, because of the ease of use and relative stability, unlike regular cryptocurrencies.

 Despite efforts by central banks to discourage the trend, stablecoins are becoming central when it comes to financial transactions, hence the need to participate in growing the industry to fully benefit from it. According to Saito, the bank is considering the use of its Progmat blockchain as a platform for issuing stablecoins for third party issuers as well.

Japan Leading in Crypto Innovation

Japan has been one of the most friendly countries towards cryptocurrencies, thanks to its legislation. This makes it one of the best destinations in the world for developing crypto. With the largest bank in the country embracing stablecoins, it is likely that industry will see further growth in Japan in the near future.

This can easily make the country one of the budding crypto havens where crypto companies can go to thrive, unlike hostile countries like the US.

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Binance Launches Crypto Services Platform in Kazakhstan

Top crypto exchange Binance has launched a regulated crypto services platform in Kazakhstan. The platform will offer exchange and conversion as well as crypto custodial services to the people of Kazakhstan. They will also be able to deposit and withdraw fiat currencies using the platform’s fiat infrastructure.

Binance had last year secured a permanent license by Kazakhstan’s AIFC Financial Services Authority (AFSA) in October. The same license gives the company the status of a regulated platform in Kazakhstan. In a press release, Binance said this demonstrates the platform’s “robust compliance and security controls.”

This is coming at a time when Binance is faced with a tough regulatory fight in the US. The top exchange has been in court for weeks now, defending itself from allegations by the SEC bordering on violation of securities laws and “comingling” of customers’ funds.

The SEC has also sued another top exchange, Coinbase which is indigenous to the US on charges similar to those of Binance. However, countries like Kazakhstan have decided to open their doors to Binance and other crypto companies around the world, which is remarkable.

Developing a Regulatory Framework

Apart from establishing the crypto services platform, Binance is also working with regulators in Kazakhstan to develop a robust regulatory framework for the crypto industry in the country.

The launch of the new platform was announced during a press event on June 20, 2023, in the presence of government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership.

Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, Asset Turysov said the government is running a special initiative to facilitate the interaction between the AIFC, cryptocurrency exchanges, and second-tier banks.

“Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators,” he said in a statement.

Responding, General Manager of Binance Kazakhstan Zhaslan Madiyev, said Binance is working with five regulatory bodies in the country to come up with a regulatory framework.

“I want to express my deep gratitude to all regulators for their huge contribution to the development of the entire cryptocurrency industry. Thanks to constantly being in touch with Kazakhstan regulators, by the end of the year we plan to significantly expand the product line for users of the local cryptocurrency exchange, as well as to have no less than 100 digital assets approved and available on the platform,” he said.

Kazakhstan Becoming Crypto Hub

Kazakhstan has positioned itself as a budding crypto hub. Apart from welcoming crypto companies such as Binance, the country is also known for its bitcoin mining. Clearly, the presence of Binance will open the door for other companies to troop to the country, making it a real crypto destination.

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TradeVision365 Review Is Trade Vision 365 Scam or a Legit Cryptocurrency Broker?

TradeVision365 Review

TradeVision365 is a latently introduced modern brokerage platform getting popularity at a very fast rate thanks to its various useful and remarkable features. Different useful features under a single platform are making this broker highly recommendable. Read the below-described TradeVision365 review to have a clear outlook.

Best Security Section

TradeVision365 is giving high value to the security section from its build on the first day. Because the entire staff of TradeVision365 knows the significance of protection and understands how this feature is quite valuable for all traders. There is no possibility that any outside resource can access your data without your permission.

Your provided information and the investment amount are highly safe and secure in this brokerage platform. The entire staff of TradeVision365 knows how difficult it is nowadays to build trust among users. That’s why it pays heed to the security and section improvement.

Easy Sign Up Procedure

Easy account creation plays a vital role in continuing trade for all users. When a customer finds difficulty in creating an account on a broker due to a long and complicated registration process, he might quit it.

That’s why TradeVision365 is allowing customers to fill an easy and simple registration form to become an essential part of TradeVision365. There is no need to enter long details with large documentation verifications in this brokerage platform. You can join it easily with a little effort.

Payment Methods

Different transaction methods are important. When a user gets large options for depositing or withdrawing money, he can easily transact money. In TradeVision365, a customer is at a free hand for transacting the money through his liked transaction method. The bank option is also included in these methods. Lots of people are aware of the rules and regulations of banks and they also had experience using them.

That’s why; many people are choosing this method for depositing the investment and withdrawing the profit of the trade.

Customer Help

The customer help section is invariably helpful for different traders. When a customer needs some guidance or help from the staff of this brokerage platform, he/she needs to send an inquiry email. The official email address is mentioned on the platform.

Users need to write the main topic in the subject of the email and a detailed question in the email body. All these credentials should be filled properly in their place. So that gets help without any sort of discomfort or delay. There are some other contact methods as well like live chat and telephone number.

Quick Sign-In

Suppose you are an office person and forget to bring your laptop along with you to your office.  You want to pursue your trade on TradeVision365 in your free time.  There is nothing to panic regarding the continuation of the trade from your trading account.

Because TradeVision365 is providing a chance for all traders for doing trade very easily by simple sign-in. you have to fill sign in information in the form. These sign-in credentials include your name and email address that you had put while creating an account on it.

Referral Reward

There is an opportunity to earn more money besides your specific earning profit. Chance is there to increase your income on TradeVision365. You can invite your friends and get a referral bonus.

Once you invite your targeted person, the profit is added to your trading account as soon as possible. You can invite people by sending emails. Your invite link is created by an automated system of this brokerage platform. So, just do a little effort more to get a high profit in return.

Good Learning Section

The education section on TradeVision365 constitutes webinars and question-answering sessions. It also includes trading charts to clear the entire confusion of users. You can ask the query during the class or after the session. Hence, it becomes very useful for all traders to learn along with earning in TradeVision365.

You can analyze critically all traders under the best supervision of experts and professional traders. In short, the learning session of Tradevision365 is most significant for exploring the trading skills and capabilities of traders.

Final Verdict

TradeVision365 is the name among trusted brokers in the financial market. Good security, numerous suitable transaction methods, and on-time customer care are helping this broker to attain the level of good trading platforms very swiftly. So, go and sign up now.

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Ripple Obtains Preliminary Regulatory Approval in Singapore

Ripple has secured preliminary regulatory greenlight in Singapore, one of the top crypto hubs in the world. The company  announced on Wednesday June 21 that it has achieved ‘In-Principle Approval’ from the Monetary Authority of Singapore (MAS) for its subsidiary Ripple Markets APAC Pte Ltd. 

The license will allow Ripple to offer regulated digital payment token products and services in Singapore, and also afford it the opportunity to grow the userbase of its its crypto-enabled On-Demand Liquidity (ODL) service. Before now, Singapore has played a major role to drive the adoption of the ODL in 2022 with a significant majority of ODL transactions flowing through the country.

This is one of the reasons Ripple is seeking a license in the country, and also because the number of users doubled in the past one year. Speaking on the regulatory environment in Singapore, Ripple CEO Brad Garlinghouse said:

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally,” 

“The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system. We look forward to strengthening this partnership to collectively propel the growth and development of the digital assets ecosystem in Singapore,” he added.

 Crypto Projects Look to Singapore

The crypto industry is facing serious regulatory hurdles the world over. Ripple itself has been in court since 2020 to prove against the US securities and exchange commission (SEC) that XRP is not a security. More recently, crypto exchanges Binance and Coinbase came under intense clampdown from the same agency.

This situation isn’t peculiar to the US, since many other countries are employing harsh methods to enforce crypto regulations. However, Singapore has distinguished itself as an early haven for crypto companies through its friendly regulatory approach.

“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework. This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,” said Stu Alderoty, Chief Legal Officer of Ripple.

Ripple Making Progress Despite Court Case

In spite of the ongoing court case with the SEC, Ripple has been making giant strides in the crypto industry. Apart from its expansion which Singapore is now part of, the company engages in activities that help to develop the crypto industry such as the partnership with tertiary institutions to foster crypto and blockchain development worldwide.

The company will potentially do even greater work if it succeeds in winning the case against the SEC, which will also be a victory for the entire crypto industry. Meanwhile, XRP, the crypto asset under contention is currently one of the top performing cryptocurrencies among the top ten by market capitalization.

Winning the case will further encourage the adoption of the crypto asset and of course, probably take it higher up the ladder. The asset has been one of the best performing since the year began despite the case by the SEC that it is a security.

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Bank of England Completes Project Rosalind Trial Test for CBDC

In an advanced statement, the Bank for International Settlements and the Bank of England announced the completion of Project Rosalind. The financial watchdogs revealed plans to release soon the central bank digital currency (CBDC), commonly known as Britcoin.

After analyzing the development of Britcoin, the developers agreed to integrate peer-to-peer payments to reduce transaction costs. In July 2022, the BIS and BoE entered into a partnership agreement to work towards developing an application programming interface (API) that blends with the Rosalind requirements.

Reportedly the joint effort aimed at exploring various API prototypes that support CBDC use in the retail sector.

Scope of Project Rosalind CBDC Test

Following the launch of project Rosalind, the financial watchdogs agreed to subdivide the projects into two main phases. In the primary phase, the project team integrated revolutionary tools to support developers in building new financial tools crucial to addressing financial crimes.

Additionally, in phase two of project Rosalind, the regulators invested in improving the payment system to improve efficiency and reduce transaction costs.

Subsequently, the regulators engage in testing the functionality of 33 APIs to be integrated into the retail CBDC. During the trials of the APIs, the CBDC use was experimented to around 30 retailers.

Furthermore, the developers examined effective strategies to launch the CBDC on mobile phones, retail vendor machines, and other online stores. It was observed that the regulators conducted extensive research to strengthen the programmability of the digital currency.

Programmability is the latest development used in the customization of digital money, which trains the fiat to behave according to the set conditions.Recently market critics questioned whether CBDC programmability could act against the instructions provided.

 BoE Expands CBDC Use Case

Per the BIS and BoE observation, the API technologies have enormous potential to improve the relationship between most apex banks and private financial institutions in providing CBDC for retail use. They noted that the Rosalind project supported the central bank to improve its financial tools.

In a press release, the head of the BIS London Innovation Hub, Francesca Road, restated that the Rosalind project enabled the regulators to explore ways to integrate API protocol on the retail CBDC. Road noted that through the Rosalind project, the financial regulators introduced a range of various use cases of the CBDC to support the security and safety of the platform.

In a separate report, the Deputy Governor of BoE, Jon Cunliffe, stated that despite project Rosalind’s completion, the proposed CBDC launch might take much longer.Speaking at the Politico Global Tech Day event, Cunliffe confirmed that the CBDC launch was seven out of ten towards completion.

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