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Blockchain Life 2024 thunderstruck in Dubai
https://blockchain-observatory.ec.europa.eu/news/blockcha...Dubai, April 17, 2024 - The 12th edition of the Blockchain Life Forum, known as the leading gathering for global cryptocurrency leaders, concluded with an impressive turnout of 10,162 attendees despite the unprecedented storm that happened in Dubai.
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Final report
https://reforms-investments.ec.europa.eu/document/downloa...Crypto-assets and decentralised finance Impact on money laundering and terrorist financing investigations led by Financial Intelligence Units EUROPEAN UNION Co-funded and implemented by the Council of Europe Co-funded by the European Union This publication was developed within the framework of the project on the “Development of French Financ
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April Trends Report.pdf
https://blockchain-observatory.ec.europa.eu/document/down...Page 1 | 8 Technological Trends & Developments The latest updates from the ETH2 roadmap As outlined in an updated briefing from Ethereum Foundation developer Tim Beiko, currently there is no official data for the Merge yet. According to Beiko, the network’s much-anticipated shift to proof-of-stake might not come until the fall. A date will
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Trend Report April 2024
https://blockchain-observatory.ec.europa.eu/document/down...Page 1 | 6 Regulatory Updates Uniswap’s Encounter with the SEC The SEC has issued an enforcement notice to Uniswap, highlighting the regulator’s increasing focus on decentralized finance (DeFi) platforms. Uniswap is a decentralized finance protocol used for exchanging cryptocurrencies. It enables users to trade various tokens directly without
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January 2024 Trends Report
https://blockchain-observatory.ec.europa.eu/document/down...Page 1 | 7 Regulatory Updates US SEC approves Spot Bitcoin ETF On January 10, 2024, the US Securities and Exchange Commission (SEC) approved the rule changes to allow regulated spot Bitcoin exchange-traded funds (ETFs) to be listed and traded. Multiple companies like Invesco Galaxy, VanEck, Fidelity, Valkyrie, BlackRock, Grayscale, and Frank
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March2022_Trends Report.pdf
https://blockchain-observatory.ec.europa.eu/document/down...government officially requested from eight big crypto exchanges, Coinbase, Binance, Huobi, KuCoin, Bybit, Gate.io, Whitebit and Kuna, to halt support for the Russian ruble, ruble spot pairs and fiat getaways. However, so far only Whitebit has responded positively to this request, while the majority of the other crypto exchanges claim a complete ban of ordinary Russian citizens contradicts the principles of crypto. Coinbase, one of the world’s largest cryptocurrency exchanges, announced that it would block 25,000 accounts linked to Russian people or entities engaged in illicit activity. (source) Following Switzerland’s September 2021 decision to put the Bitcoin Law into effect, allowing all residents and visitors to use BTC as legal tender alongside the US dollar, Lugano, a city in southern Switzerland plans to accept BTC, USDT and LVGA token as ‘de facto’ legal tender. More specifically, Tether’s chief technical officer Paolo Ardoino said that the firm set up a fund with 3 million Swiss francs in collaboration with Lugano official, aiming to encourage the adoption of the cryptocurrencies by the shops and businesses of the city. Moreover, there are future plans for the project to extend payments to parking tickets, public services and tuition fees for students. (source) On 9 February, two major factions of the EU Parliament, led by Belgian MEP Assita Kanko (European Conservatives and Reformists) and Spanish MEP Ernest Urtasun (Greens–European Free Alliance), submitted a policy blueprint for regulations to counter money laundering and terrorism financing in crypto transactions. The blueprint follows Financial Action Task Force (FATF) official advice about money laundering and terrorism, an advice that puts the organisation in a very decisive position on how European policy is shaped. Kanko and Urtasun support that, since small transactions with cryptocurrencies are being used more than often to fund terrorism and laundering, exchanges and wallet providers should record the “travel information” for every single transfer, obtaining the name of the sender and the recipient, the sender's home address, passport number and the wallet address of both the sender and recipient. In this context, they also argue that the €1,000 threshold for crypto transactions should be removed, allowing however a whitelist of crypto exchanges to be excluded. (source) USA https://news.bitcoin.com/proof-of-work-ban-removed-from-europes-proposed-crypto-regulation/ https://www.coindesk.com/policy/2022/03/01/eu-parliament-scraps-proof-of-work-ban-following-backlash-report/ https://decrypt.co/94280/eu-taking-measures-prevent-russia-evading-sanctions-crypto-le-maire https://decrypt.co/94205/ukraine-government-asks-binance-coinbase-other-major-crypto-exchanges-halt-support-ruble https://cointelegraph.com/news/the-city-of-lugano-will-accept-bitcoin-tether-and-lvga-token-as-de-facto-legal-tender https://www.coindesk.com/policy/2022/03/03/ukraine-government-cancels-airdrop-ahead-of-scheduled-snapshot/ Page 5 | 9 Along with 43 other co-sponsors, New York State Assembly Members Amy Paulin and Ken Zebrowski support the New York State proposal to suspend fossil fuel-powered proof-of-work (PoW) mining for three years. The three-year suspension requires the New York State Department of Environmental Conservation (NYSDEC) to assess New York’s crypto mining industry, regarding the impact on water, air quality and greenhouse gas emissions. According to Anna Kelles this assessment would determine whether an immediate mining ban should be in order. She said: “If that is what’s necessary to ensure that the industry does not prevent us from reaching our climate goals.” (source) New York State is speeding up in enforcing sanctions against Russia with the Department of Financial Services (DFS) expediting the adoption of additional blockchain analytics technology. More specifically, the DFS aims to use this technology to efficiently detect exposure to Russian individuals and entities subject to federal sanctions and is looking into a set of technology tools and service providers to enhance current supervisory capabilities. Along the same lines, Federal Reserve Board Chair Pro Tempore Jerome Powell, commenting on whether Russia could use cryptocurrencies to bypass sanctions, stated that there is an imperative need for Congressional action on digital finance, especially cryptocurrencies, with the set of a corresponding regulatory framework. The Federal Reserve also noted the possibility of terrorists or other malicious actors using cryptocurrency as further examples of the need for additional regulation. (source1, source2) According to a Bloomberg report, the US Securities and Exchange Commission (SEC) is investigating NFT creators and marketplaces for regulatory violations. More specifically, the SEC has sent subpoenas related to the investigation in order to determine whether NFTs “are being utilised to raise money like traditional securities”. Although the investigation does not guarantee an enforcement action, the SEC wants to examine whether the cryptocurrency projects are just coming up with new ways of unregistered securities. (source) UK The United Kingdom’s Financial Conduct Authority (FCA) has announced it has more than 300 cases of unregistered crypto firms in the last six months, 30 of which are currently active. This suggests there is a high possibility for many of them to be scams. The investigation was sparked by the 16,400 inquiries sent by UK residents between April and September of 2021. The regulatory body is working on applying more assertive supervisions and to become tougher with firms that operate in the UK. (source) REST OF THE WORLD The South African Treasury aims to finalise further crypto regulations during 2022. The aim is to address any person providing advice or intermediary services related to crypto assets as a financial services provider who must comply with the act’s requirements. However, Hermann Vivier, the founder of Bitcoin Ekasi — a South African Bitcoin Beach-inspired project authorities stated that this is a “one-size-fits-all solution” and not a beneficial one for those who earn below a certain level. Moreover, the Treasury report hints at examining the risks presented by stablecoins to be addressed in 2022, with a prospect of launching CBDCs in South Africa by the end of the year. (source) The central bank of China, the People’s Bank of China (PBoC), claimed in a recent note that China's share in the global Bitcoin (BTC) transactions has aggressively dropped from over 90% to 10%. China is among the few nations that have maintained an outright aggressive stance against crypto use since the beginning. However, despite China’s banks and regulators aggressive stance against crypto, Chinese tech colossus Tencent has filed a patent for virtual concerts in the Metaverse, leading China’s charge into the Metaverse, in response to Chinese companies racing to secure metaverse trademarks. (source1, source2) https://cointelegraph.com/news/new-york-bitcoin-mining-moratorium-bill-garners-more-support https://www.coindesk.com/policy/2022/03/02/fed-chair-powell-war-underscores-need-for-crypto-regulation/ https://cointelegraph.com/news/new-york-state-ramps-up-blockchain-monitoring-to-enforce-sanctions https://www.bloomberg.com/news/articles/2022-03-02/sec-scrutinizes-nft-market-over-illegal-crypto-token-offerings https://www.bloomberg.com/news/articles/2022-03-02/sec-scrutinizes-nft-market-over-illegal-crypto-token-offerings https://decrypt.co/94268/sec-targets-nft-creators-marketplaces-ico-sales-report https://cointelegraph.com/news/uk-financial-watchdog-is-investigating-50-unauthorized-crypto-firms https://cointelegraph.com/news/experts-weigh-in-on-new-crypto-regulations-in-south-africa https://cointelegraph.com/news/china-s-share-in-bitcoin-transactions-declined-80-post-crackdown-pboc https://cointelegraph.com/news/tencent-files-for-patent-related-to-virtual-concerts-in-metaverse Page 6 | 9 Binance and Cuscapi Berhad acquired a key stake in MX Global, one of the four Recognised Market Operators - Digital Asset Exchange licensed by the Securities Commission (SC) in Malaysia. This signifies their return to the Malaysian markets. Binance aims to expand the sustainable growth of the crypto market in Southeast Asia and to cooperate with regulators, while MX Global aims to rely on the recent partnership and new flow of capital to expand its market and become a leading liquidity hub in the region. (source) The Australian Cyber Security Industry Advisory Committee released a study citing the rise in crypto adoption and the urgent need for regulatory settings that provide greater clarity and safety on how the cryptocurrency market can operate in Australia. More specifically, the federal advisory suggests the exploration of four core fields that can help determine the regulatory context: minimum cyber security standards, awareness through specialised training, the follow-the-lead approach and operator transparency, with a primary goal of reducing the cybersecurity threats aiming at cryptocurrency. (source) Bitfinex, a major global cryptocurrency exchange, is moving forward with its security token (STO) platform in Kazakhstan. The platform is regulated within Kazakhstan’s national financial hub, the Astana International Financial Center (AIFC). Bitfinex Securities, Bitfinex’s blockchain-based investment platform operates from a special economic zone in Kazakhstan that comes along with an independent court system. Bitfinex Securities inaugurates trading with the Blockstream Mining Note (BMN), a STO offering non-US investors an option to mine Bitcoin or invest in Bitcoin mining stocks. (source1, source2) Hamas, a militant group based in the Gaza Strip, was linked to a set of 30 crypto wallets from 12 exchange accounts. Israeli authorities seized the crypto wallets, which Israel said were being used by Hamas leaders to fund terrorists’ efforts against the nation. Israel’s National Bureau for Counter Terror Financing (NBCTF) conducted the seizure of the wallets. (source) Hong Kong welcomes the launch of a cryptocurrency over-the-counter (OTC) service, launched by the virtual asset platform Huobi Technology Holdings. According to the related announcement, Huobi Technology allows investors to trade crypto via OTC using crypto block trading services and fiat currencies. (source) Market Updates EUROPE Many investors have commented on Russia’s invasion of Ukraine as a big test for the future of Bitcoin. The token has been fluctuating between a range of $37,000 and $45,000 over the past few weeks, surpassing the $40,000 threshold following Russian President Vladimir Putin announcement that the negotiations might be heading towards a positive shift. Yuya Hasegawa, a cryptocurrency market analyst with Tokyo-based cryptocurrency exchange, Bitbank, made the following comment: “A highly volatile asset like bitcoin has been and will be affected by the stock market volatility, but a tug of war between risk off sentiment and inflation hedge will likely force bitcoin to move within the current mid-term range.” (source1, source2) Sweden is moving closer towards establishing a digital currency issued by its central bank and completely eliminating cash, as stated in a review announced by the government. The review is the latest among the many that have been introduced over the last years about removing cash from the country’s economy. https://cointelegraph.com/news/binance-back-in-malaysia-via-a-strategic-stake-in-regulated-digital-exchange https://cointelegraph.com/news/aussie-advisory-committee-lists-key-factors-for-easing-crypto-adoption https://cointelegraph.com/news/bitfinex-security-token-platform-goes-live-in-kazakhstan https://bitcoinmagazine.com/business/is-kazakhstan-a-home-for-bitcoin-mining https://cointelegraph.com/news/israeli-authorities-seize-hamas-linked-crypto-accounts https://cointelegraph.com/news/hong-kong-listed-huobi-tech-launches-cryptocurrency-otc-service https://finance.yahoo.com/news/bitcoins-tug-of-war-during-russia-ukraine-crisis-stirs-debate-about-the-future-210937628.html https://www.coindesk.com/markets/2022/03/11/bitcoin-jumps-to-40k-as-putin-sees-positive-shift-in-ukraine-talks/ Page 7 | 9 However, as Per Bolund, Sweden’s financial markets minister has commented, the country has yet to figure out the specifics of implementing a digital currency, since “it can have large consequences for the entire financial system.” (source) The global crypto derivatives and spot trading exchange FTX is expanding to Europe, under the name of “FTX Europe,” after receiving approval from the Cyprus Securities and Exchange Commission (CySEC). This new venture, headquartered in Switzerland along with regional headquarters in Cyprus, will offer leading products of the company to the EU clients via a licensed investment firm across the European economic area. FTX will also be able to offer its derivative crypto products, a big breakthrough given Binance’s shut down of all crypto derivatives products across Europe last year. (source) The financial services company, Fidelity International, is planning to list a Bitcoin exchange-traded product on the SIX Swiss Exchange and Germany’s Xetra digital stock exchange. However, according to an announcement from Deutsche Börse, a physical Bitcoin exchange-traded product (ETP) from Fidelity International is currently available for trading on the Deutsche Börse Xetra and Frankfurt Stock Exchange, under the ticker FBCT. Fidelity Digital Assets is going to act as a custodian for the physically-backed Bitcoin ETP, which will be cleared with global exchange Eurex Clearing. (source) UK The UK’s Financial Conduct Authority (FCA) has announced that all 81 UK cryptocurrency cash machines (ATMs) are operating illegally and must be shut down. Although crypto-ATMs are used for people to buy cryptocurrency, such as Bitcoin, using their bank cards, no company offering cryptocurrency services in the UK has a license to operate a crypto-ATM. The FCA stated that the shutdown of the crypto-ATMs is necessary because crypto assets are unregulated and high-risk and people should be prepared to lose their money. (source) There is news the UK is considering turning their crown jewels – some of its most physical images, into non- fungible-tokens (NFTs). Moreover, Rupert Murdoch’s publishing arm is evaluating turning the Time and the Sun’s extensive archive of cartoons, photos and classic front pages into non-fungible-tokens (NFTs) as well. (source) USA According to new research from crypto analytics project the crypto-related lobbying expenditures in the U.S had totalled $4.9 million during 2021, which is more than double from the $2.3 million spend during 2020. According to the available data, Ripple Labs, the developer of Ripple, is the biggest-spending crypto company in terms of lobbying expenses, with approximately $2 million over the past 5 years. Coinbase is moving forward with its plans for a crypto derivatives business in the United States, which comes months after Coinbase announced its acquisition of FairX, a CTFC-regulated derivatives exchange, now known as Coinbase Derivatives. JPMorgan Chase announced the decision to invest in a blockchain intelligence entity, TRM Labs. The acquired entity has expertise in blockchain and delivers functionalities in detecting and investigating frauds in digital asset transactions. https://www.investopedia.com/sweden-takes-another-step-toward-a-digital-currency-5092069 https://cointelegraph.com/news/ftx-expands-to-europe-with-cysec-approval https://cointelegraph.com/news/fidelity-international-launches-bitcoin-etp-on-deutsche-boerse https://www.bbc.com/news/technology-60709209 https://www.theguardian.com/media/2022/feb/16/news-uk-explores-cashing-in-crypto-boom-nfts-sun-front-pages-photos http://cryptohead.io/ https://www.businesswire.com/news/home/20220224005227/en/TRM-Labs-Announces-Strategic-Investment-from-JPMorgan-Chase-Co.-in-Blockchain-Intelligence-Platform Page 8 | 9 Propy, a real estate tokenisation blockchain startup, has sold its first property in the United States, with the new owners to receive a non-fungible token (NFT) as digital proof-of-ownership. The NFT is associated with the ownership of an LLC which owns the physical asset, and not the housing deed itself. Illinois aims to approach Bitcoin miners to the state with data centre tax incentives. To qualify, applicants must invest at least $250 million and create 20 jobs. According to publications, Jared Polis, the governor of Colorado, said Colorado will accept state taxes and fees in cryptocurrency by the summer of 2022. Though the state will not hold those assets, it will utilise a payment platform to convert them directly into dollars. This initiative aims to serve as a matter of convenience for the users, but also for supporting faster payment speeds. ASIA NFTs are a tool to facilitate and structure the digital economy, so collaborations are announced between companies with technological companies in launching projects. The South Korean entertainment company, YG, along with Binance are to introduce an NFT project with the subject K-pop. The collaboration has an expert in blockchain development and infrastructure partnered with an organisation that can provide the content. Asia attracts entities to invest in the region, as knowledgeable experts can support the development of applications based on blockchain. For example, Cion Digital has established offices in India, as the country has an interest in blockchain and seeks applications to accelerate the country’s digitalisation. The plans involve establishing an R&D centre in Pune, as reported. Another recent initiative took place in South Korea, where the blockchain company, AMAXG, established a research centre. The AMAXG’s aim is to focus and expand its operations in the metaverse, artificial intelligence, and digital personal safe businesses. The entity has observed the need to proactively address issues in a hyperconnected society and support new businesses derived from virtual assets. As the use of cryptocurrencies matures, more entities will find ways to incorporate them into their operations. There are a handful of examples in entities that look for such solutions in Asia. Mitsubishi UFJ Trust aims to use cryptocurrencies for settling securities transactions instantly. Especially, CBDCs can be a cornerstone to accelerate the settlement, unlike contemporary currencies needing days to conclude the procedure. Similarly, Mitsui & Co. is reported to plan for a digital currency linked with gold prices. The currency name will be ZipangCoin (ZPG) and will be initially available via the company's exchange. New projects emerge on the scene and attract investment funds to grow. Degis is a protection protocol on the Avalanche network that was incubated by the HKUST Crypto-Fintech Lab. The protocol is a DeFi insurance protocol for mitigating on-chain and off-chain risks. Degis successfully gathered investments in a seed round. AFRICA There is ongoing adoption of blockchain and cryptocurrencies in Africa. VALR, the exchange hailing from South Africa, managed to raise funds in the largest funding round in order to expand their operations to other African countries and India. In the blog post, the entities involved in raising funds were mentioned. The efforts and work from African entities on cryptocurrencies are ongoing, with the example of Quidax being one. Essentially, Quidax is the first crypto exchange based in Africa that is listed on CoinMarketCap. Blockchain is a technology that can enhance transparency with its adoption in various sectors. In this fashion, Basqet launched a payment gateway to enable businesses to accept cryptocurrencies for settling transactions. https://cointelegraph.com/news/kpop-nfts-binance-and-yg-partnership-will-prioritize-sustainability https://www.asiafinancial.com/blockchain-firm-cion-digital-opens-office-in-india https://www.dqindia.com/us-based-saas-blockchain-cion-digital-to-expand-in-india/ http://www.koreaherald.com/view.php?ud=20220209000848&ACE_SEARCH=1 https://asia.nikkei.com/Spotlight/Cryptocurrencies/Mitsubishi-UFJ-Trust-to-issue-cryptocurrency-for-trading-purposes https://coingape.com/zipangcoin-japans-biggest-bank-mitsui-co-releasing-its-own-cryptocurrency/ https://cryptonews.com/news/announcing-degis.htm https://cointelegraph.com/news/south-african-exchange-raises-50m-in-africa-s-largest-funding-round https://blog.valr.com/blog/valrcom-raises-50-million-in-africas-largest-ever-crypto-raise https://www.prnewswire.com/news-releases/quidax-becomes-the-first-african-crypto-exchange-to-be-listed-on-coinmarketcap-301500565.html https://www.prnewswire.com/news-releases/african-crypto-startup-basqet-launches-payment-gateway-to-enable-businesses-accept-bitcoin-301500567.html Page 9 | 9 A subject for blockchain is the ongoing research on Web 3, and applications are constantly deployed with the vision of achieving a decentralised web. The recent emergence of Super App Jambo, an application aiming to introduce the public to the new digital financial ecosystem with gamification and decentralised finance applications, is notable due to the funds raised in the seed round. Institutions participating in the seed round are Coinbase Ventures and Delphi Ventures. Educational initiatives are organised to support the growth of the blockchain community by establishing skilful individuals. The collaboration between Circle Internet Financial, American-based Bowie State University, and South African-based Rhodes University will offer students a module titled ‘Digital Financial Literacy’. Another news in the business ecosystem in Africa relates to a press release announcing the collaboration between World Mobile Token and Astroswap. In this collaboration, the token from World Mobile Token will be available via the Cardano ecosystem’s DEX. World Mobile aims to establish a communication network, and the adoption will start in East Africa as the initial area. https://www.coindesk.com/business/2022/02/21/african-web-3-super-app-jambo-raises-75m-in-seed-round/ https://www.coindesk.com/business/2022/02/15/circle-launches-digital-financial-literacy-module-for-students-at-bowie-state-and-rhodes-universities/ https://cryptonews.com/news/astroswap-world-mobile-join-forces-further-connect-billions-of-people-africa-beyond.htm