Binance obtains operating license in Dubai with regulatory
restrictions
Binance obtained the MVP Operating License in Dubai, allowing
qualified users to access authorized services in compliance with
VARA guidelines. However, the license has restrictions, being
restricted to qualified investors. Binance continues to face
challenges in other markets due to regulatory issues. In
Japan, the exchange returned to the market, but faced regulatory
problems in other countries, such as Germany, Austria, Belgium and
the Netherlands, and legal actions in the United States due to
unregistered operation.
SEC had requested suspension of cryptocurrencies by Coinbase,
causing regulatory dispute
Coinbase (NASDAQ:COIN) CEO Brian Armstrong revealed that
the SEC has requested that the company suspend trading in all
cryptocurrencies except Bitcoin (COIN:BTCUSD) before starting legal
action against the exchange. The SEC considers the remaining
assets to be securities, but Coinbase disagrees with this
interpretation. Armstrong stated that complying with this
request would effectively spell the end of the US cryptocurrency
industry. The dispute shows the SEC’s intention to exercise
greater regulatory authority over the cryptocurrency market.
SEC sues Richard Heart for unregistered offerings and fraud with
Hex, PulseChain and PulseX projects
The US SEC has sued Richard Schueler, known as Richard Heart,
and his projects Hex, PulseChain and PulseX, alleging that he
raised more than $1 billion in unregistered offerings and defrauded
investors by using funds for personal property. PulseX
(COIN:PLSXIOUUST) and PulseChain (COIN:PLSUST)
projects struggled after launch, with token prices
falling.
Mike Novogratz on BlackRock’s Larry Fink
Larry Fink, CEO of BlackRock (NYSE:BLK), went from a disbeliever
to a believer in Bitcoin (COIN:BTCUSD), according to Mike
Novogratz, CEO of Galaxy Digital (TSX:GLXY). Novogratz sees
BlackRock soliciting a Bitcoin ETF in the US as a major change for
the cryptocurrency industry. He also sees Ripple’s partial
victory over the SEC as a sign that the rules are unclear in the
cryptocurrency market.
TRON Network sees growth in DeFi sector despite regulatory
challenges
TRON Network (COIN:TRXUSD) saw significant growth in Q2, with
daily active accounts up 14%, new accounts up 13.4% and
transactions up 28.9%, according to Messari. The release of
BitTorrent Bridge and Stake 2.0 boosted user engagement and
revenue, resulting in a TRX burn to sustain the token’s
value. Despite regulatory challenges, TRON expands into the
DeFi sector and has future plans to improve its functionality and
capabilities.
Tether boosts reserves and will carry out share buybacks
Tether increased its excess reserves by $850 million, bringing
the total to $3.3 billion, according to its latest financial
statement for Q2 2023. The report reveals that Tether owns around
$72.5 billion in bonds US Treasury, backing its
stablecoins. The company allocated profits to build up
reserves after industry failures. Its total assets are
estimated at $86.4 billion, with $83.17 billion in liabilities
related to the outstanding USDT tokens (COIN:USDTUSD). Tether
will also undertake a $115 million share buyback and invest in
energy initiatives.
Celo moves to Tier 2 Ethereum solution with CLabs approval
CLabs, developer of the Celo blockchain, has gained approval to
transition Celo from a tier 1 independent blockchain to a tier 2
Ethereum solution. With 128 votes in favour, two votes against and
one abstention, the move aims to facilitate liquidity sharing
between the two networks, providing greater security and
compatibility with the Ethereum Virtual Machine. The
blockchain’s native token, CELO (COIN:CELOUSD), saw a 6% increase
on Monday.
PancakeSwap announces revenue sharing program for CAKE token
holders
PancakeSwap has announced a revenue sharing program for holders
of the CAKE token (COIN:CAKEUSD). Starting August 9th,
fixed-term CAKE participants will receive 5% of the trading fee
income of all PancakeSwap v3 pairs on a recurring and weekly
basis. The program aims to align the interests of CAKE holders
with the growth of the PancakeSwap protocol and offers additional
income in addition to staking rewards.
MEV Finance and Marex collaborate to trade Ether-linked onchain
autocallables
Cryptocurrency trading firms are collaborating with traditional
players to trade onchain structured products such as Ether-linked
“autocallables” (COIN:ETHUSD). MEV Capital and Marex performed
an autocallable using a smart contract from Ribbon Finance, now
called Aevo. This initiative is seen as part of the adoption
cycle in the cryptocurrency industry. MEV bought the two-week
USD Coin-denominated autocallable (COIN:USDCUSD), offering
contingent interest and downside protection. This approach
eliminates counterparty risk and makes products more transparent by
leveraging smart contract capabilities.
Apple faces US regulatory scrutiny over restrictive App Store
guidelines related to blockchain and NFTs
Apple (NASDAQ:AAPL) faces regulatory scrutiny in the U.S. over
its restrictive App Store guidelines allegedly hampering blockchain
and NFT-related apps. Lawmakers have expressed concerns about
the impact on innovation and the potential for suppression of
competition. One specific policy is the 30% fee requirement
for crypto apps, which has sparked controversy and led to interest
in decentralized social media platforms such as Aave’s Lens
Protocol.
Sorare supports fiat payments for digital merchant cards,
eliminating use of Ether
Blockchain-based fantasy sports company Sorare now supports fiat
payments for its digital trading cards, removing the need to use
ether (COIN:ETHUSD). This change, according to the company,
eliminates one of the main barriers to entry for new users and can
stimulate the growth of the game. Sorare is licensed by
several sports leagues and its transactions remain recorded on the
blockchain, even with the adoption of fiat currency payments.
Wine producer sells through NFTs to guarantee provenance and
authenticity
Wine producer Jean-Marie Fourrier has found a solution to
overcome travel bans and reach its international distributors
during the pandemic: non-fungible tokens (NFTs). He became one
of the first to sell wines through Crurated, an online auction
house that issues NFTs to guarantee the wines’ provenance and
authenticity. The application of blockchain to the wine
industry has the potential to bring benefits in tracking, quality
and counterfeit control. While some are skeptical about
wide-scale adoption, others believe the technology will drive the
industry to modernize and attract more young consumers.
Blockchain tool “Salsal” developed to combat looting of ancient
artifacts
Researchers at the University of Abu Dhabi and University
College London have developed the “Salsal” blockchain tool to
combat the looting of ancient artifacts. The platform allows
museums and collectors to submit details about their collections
for expert verification of authenticity and legality. Verified
objects can be converted to NFTs for authentication, ownership
tracking and looting deterrence. Salsal seeks to create a
transparent history and pressure collectors to guarantee the legal
origin of items displayed to the public. This initiative can
help protect artifacts and encourage their return to their
countries of origin.
Japan Blockchain Association seeks to revise tax regime for digital
assets
The Japan Blockchain Association (JBA) has filed a request with
the Japanese government to revise the tax regime for digital
assets. They highlighted three essential steps to ease the tax
burden on cryptocurrency holders. The JBA seeks the
elimination of taxation of unrealized gains for companies that hold
crypto assets, a change in the method of taxation for personal
profits from crypto asset trading, and the elimination of income
tax on profits generated in each crypto asset exchange. Prime
Minister Fumio Kishida reaffirmed the country’s commitment to
fostering the Web3 industry.
Bank of Korea to conduct CBDC pilot in select cities
The Bank of Korea plans to exclude Seoul from potential areas to
test its central bank digital currency (CBDC), piloting it in Jeju,
Busan or Incheon with commercial banks next year. The program
will test CBDC payments and explore their distribution to the
public. South Korea has been stepping up CBDC exploration in
recent years and completed the first phase of the simulation
project in December 2021. The pilot will allow people in the chosen
region to use CBDC as a means of local payment.
Shanghai plans urban blockchain digital infrastructure development
The Chinese city of Shanghai has launched a plan to boost the
development of its urban blockchain digital infrastructure from
2023 to 2025. The aim is to promote the digital transformation of
the city and strengthen the use of blockchain in the economy,
public services and urban governance. The digital blockchain
infrastructure is expected to support municipal affairs and
services in various sectors across the region, as well as
coordinate blockchain resources in the Yangtze River Delta and
create an international blockchain exchange hub. China has
been driving the development of emerging technologies, including
the metaverse and the digital yuan.
Crypto companies face hurdles to open bank accounts in Hong Kong
Crypto companies in Hong Kong face hurdles to open corporate
bank accounts, even with government pressure to become a crypto
hub. Reports point out that licensed companies only get
“simple” accounts, but do not specify which services are
excluded. The Hong Kong Monetary Authority has asked banks
such as HSBC (NYSE:HSBC), Standard Chartered (LSE:STAN) and Bank of
China to accept cryptocurrency exchanges as clients. The only
two platforms licensed by the regulator are OSL and Hash
Blockchain.
Miri authorities shut down illegal cryptocurrency mining operation
Authorities in Miri, on the island of Borneo, have shut down an
illegal cryptocurrency mining operation and seized 34 servers using
stolen electricity. Sarawak Energy discovered the operation
through wiretapping. Electricity theft is a problem, despite
Sarawak offering low energy prices. Another complaint in 2023
resulted in the seizure of 137 servers in Senadin. Bitcoin
miners are struggling due to the prolonged bear market, prompting
some to sell BTC in record amounts.
Cryptocurrency investors face losses of $303 Million in July
Cryptocurrency investors have faced losses of $303 million worth
of digital assets from exploits and hacker attacks this month,
according to security audit firm CertiK. The amount stolen in
July is on track to be the highest this year. Decentralized
exchange Curve Finance suffered a recent exploit, resulting in an
estimated $52 million being misappropriated from the
protocol. Furthermore, blockchain bridge protocol Multichain
lost $125 million after shutting down operations due to the arrest
of its chief executive by Chinese authorities. Exploits into
DeFi protocols are taking place at “unprecedented speed” and scale,
a blockchain intelligence expert has warned. Of the $303
million, around $285 million was lost to exploit attempts and
hacks, while exit scams cost $8,000.
White hat hacker recovers stolen ETH from DeFi Curve Finance
protocol
A white hat hacker recovered 2,879 ETH, worth
around $5.4 million, for the DeFi Curve Finance protocol after a
hack worth more than $47 million. While some victims of the
hack were the target of a fraudulent scheme, the attack negatively
affected markets, with Curve’s CRV token (COIN:CRVUSD) down more
than 18%. The incident was caused by a retrancy bug in the
Vyper programming language, affecting certain pools on the
platform.
Whale recovers $74 million worth of Ether from former Ethereum Name
Service (ENS) registrar
A crypto user has recovered $74 million worth of ether
(COIN:ETHUSD) from the former Ethereum Name Service (ENS) registrar
after about four years. The user bid and won several names in
2016/2017, but did not migrate to the new system in 2019, leaving
his funds blocked. Lead ENS developer Nick Johnson said there
are still hundreds of thousands of unclaimed titles in the old
registrar, holding tens of thousands of ether locked up.
DeeLance platform raises US$1.7 million in funding
Decentralized freelance platform DeeLance ended its successful
pre-sale, raising $1.7 million in funding. Upon termination,
the native currency $DLANCE will only be available on
cryptocurrency exchanges at a higher price. With plans for a
metaverse of crypto and NFTs, DeeLance aims to transform the $761
billion freelance industry. Offering transparency, security
and low fees, it seeks to rival Fiverr (NYSE:FVRR) and Upwork
(NASDAQ:UPWK). Analysts project a promising future for $DLANCE
as the platform continues to gain traction on social media and
undergoes audits to ensure credibility.
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