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On 11 July, 2024, Bitcoin (BTC) stabilized around the $57,000 mark, while the German Government continues to transfer Bitcoin to exchanges, and US spot Bitcoin ETFs recorded significant inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally. According to data from Akram Intelligence, the German Government's Bitcoin holdings decreased from 40,000 to 16,000 BTC this week. This reduction, translating from $2.2 billion to $896 million, has sparked Fear, Uncertainty, and Doubt (FUD) among traders, possibly contributing to a decline in Bitcoin's price. Despite these transfers, US spot Bitcoin ETFs experienced their fourth consecutive day of inflows on Thursday, amounting to $78.90 million. Cumulatively, these inflows reached $737.50 million this week, signaling growing investor confidence. As of Thursday, the combined Bitcoin reserves held by these 11 US spot Bitcoin ETFs amounted to $50.49 billion. Data from...

Securities and Exchange Commission (SEC) announced updates to its website to enhance compliance with federal statutes and standards, as well as to improve functionality and user experience for market participants and the public. “I’m pleased that these updates will improve our website’s compliance with federal standards,” said SEC Chair Gary Gensler. “These changes will benefit investors, issuers, and the broader public.” The updates to SEC.gov include a revamped information architecture to better align with the 21st Century IDEA, the General Services Administration’s U.S. Web Design Standards, and Section 508 of the Rehabilitation Act of 1973. Notable improvements feature a more responsive design, increased mobile usability, enhanced search capabilities, and streamlined content organization. These changes aim to enhance the site’s accessibility for all users, including those with disabilities, and support a variety of devices and screen sizes. The SEC has made navigation more...

On 11 July, 2024, reports emerged that Binance is in the final stages of negotiations to sell a majority stake in South Korean crypto exchange Gopax to local cloud service provider Megazone. The move aims to reduce Binance's 72.6% ownership in Gopax to around 10%, following requests from South Korean financial authorities to improve the exchange’s governance structure. Binance's decision to offload the majority of its stake comes as Gopax faces an August 11 deadline to renew its real-name account contract with Jeonbuk Bank, initially signed in August 2022 for a two-year term. Binance had acquired its controlling stake in Gopax in February 2023 as part of efforts to re-enter the South Korean market after ceasing multiple operations there in 2021. However, South Korean regulators have so far denied approval for the change in majority ownership, blocking Binance’s capital injection into Gopax. An unnamed industry insider told The Chosun Ilbo that Binance is pursuing the stake sale to...

On 10 July, 2024, the Bank of Russia published an analytical report examining the economic and legal nature of stablecoins, alongside international trends and approaches to their regulation. This report comes as Russia and other countries deliberate on appropriate frameworks to manage these increasingly significant digital assets. Stablecoins were initially created to address the excessive volatility of cryptocurrencies, offering a more stable payment facility within the crypto industry. Typically, stablecoins are pegged to fiat currencies, but they can also be linked to other assets such as gold, commodities, or even a basket of various assets. The report highlights that the diversity of stablecoin types allows them to share characteristics with various financial instruments, sometimes combining features of multiple asset classes. Globally, the stance on stablecoins is still forming, with no universally accepted definition or regulatory approach. International organizations and...

On 9 July, 2024, Bank of Italy Governor Fabio Panetta announced that the central bank will soon release guidelines to facilitate the implementation of the European Union's Markets in Crypto-Assets Regulation (MiCA). These guidelines aim to ensure the effective application of MiCA and protect cryptocurrency holders, according to Panetta's address to the Italian Banking Association. Panetta detailed that MiCA categorizes tokens into two primary types suitable for payments: electronic money tokens (EMTs) and asset-referenced tokens (ARTs). However, the Bank of Italy's assessment found that only EMTs can fully function as a means of payment while maintaining public trust. EMTs are linked to a single official currency, such as a US dollar-backed stablecoin, whereas ARTs are pegged to various assets like the gold-backed token PAX Gold (PAXG). In his speech, Panetta emphasized the risks associated with unbacked crypto-assets, such as Bitcoin and Ethereum, which he described as having no...

The TON Application Chain (TAC) and Polygon Labs have announced a strategic partnership to integrate Ethereum Virtual Machine (EVM) functionality into the TON ecosystem, significantly enhancing its capacity to support decentralized applications (DApps) across various sectors, including decentralized finance (DeFi), gaming, and identity solutions. This announcement was made on July 9, 2024, and is poised to revolutionize the user experience within the TON network. The integration involves the TON Layer 2 integrating Polygon CDK and the interoperability protocol Agglayer, facilitating EVM-compatible DApps on TAC. This move will enable a broader range of applications for TON users, including DeFi platforms, gaming applications, and advanced identity solutions. TAC CEO Pavel Altukhov highlighted that EVM compatibility will eliminate existing barriers, attracting significant interest in DeFi and GameFi applications on the network. Currently, EVM applications are not available on the TON...

The long-anticipated approval of spot Ethereum exchange-traded funds (ETFs) in the United States appears imminent, with several recent developments indicating that these investment products could launch as early as this month. On 8 July, 2024, Katherine Dowling, chief compliance officer at Bitwise, told Bloomberg that Ethereum ETFs are “close to the finish line,” underscoring significant progress in discussions between issuers and the Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas has suggested 18  July, 2024 as a potential launch date for Ethereum ETFs, although he cautioned that the SEC’s plans remain uncertain. This follows the successful introduction of spot Bitcoin ETFs earlier this year, which attracted approximately $15 billion in inflows over six months, highlighting substantial investor interest in cryptocurrency-based investment products. Several major asset managers, including BlackRock, Fidelity, Grayscale, 21Shares, Franklin Templeton, and...

On 8 July, 2024, Artur Schaback, co-founder and former chief technology officer of Paxful Inc., pleaded guilty to conspiracy to operate a crypto exchange platform without effective anti-money laundering (AML) policies. Schaback, 36, from Tallinn, Estonia, admitted to the charges in a California federal court and faces up to five years in prison. His sentencing is set for November 4, 2024. According to the U.S. Department of Justice (DOJ), Schaback managed Paxful between July 2015 and June 2019, during which he allowed customers to open accounts and trade on Paxful without proper identification checks. He marketed the platform as not requiring Know Your Customer (KYC) protocols, presented fake AML policies, and ignored suspicious activities by users. This lax oversight turned Paxful into a haven for money laundering, sanctions violations, and other criminal activities, including fraud, romance scams, extortion, and prostitution. Schaback's plea acknowledges his conspiracy to willfully...

According to Bloomberg, Blockchain-focused asset manager DigitalX has secured regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF), making it the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX). The DigitalX Bitcoin ETF, listed under the ticker BTXX, will commence trading on July 12, 2024, at 10 am local time, as announced on July 8. DigitalX CEO Lisa Wade described the approval as a “watershed moment,” emphasizing that the DigitalX Bitcoin ETF is a spot ETF product providing ASX customers with direct access to Bitcoin through a regulated and liquid fund structure. “It is exciting to see the growth and development of the digital assets markets reflected in this approval,” added DigitalX’s Chair Toby Hicks. In partnership with investment management firm K2 Asset Management, which will act as the responsible entity and issuer, and cryptocurrency-focused investment firm 3iQ for promotion and distribution, DigitalX is poised to expand its...

In a move aimed at enhancing efficiency and transparency in commercial operations, Dubai Customs has announced the launch of its blockchain platform. This secure and efficient digital network is set to revolutionize trade processes within Dubai and across international borders, marking a significant milestone in the emirate’s digital transformation journey. The initiative underscores Dubai Customs’ dedication to innovation and aims to solidify Dubai’s status as a premier global trade hub. His Excellency Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs, and Free Zone Corporation, highlighted that this launch is part of Dubai's broader blockchain strategy for digital transactions, initiated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai. The goal is to leverage the latest technological innovations to provide secure, efficient, and effective services, thereby enhancing Dubai's position as a...

On 5 June, 2024, North Carolina Governor Roy Cooper vetoed a bill that would have prohibited the state from implementing a US Federal Reserve-issued central bank digital currency (CBDC). Despite receiving near-unanimous support in the state's House of Representatives and Senate, Cooper deemed House Bill 690 as "premature, vague, and reactionary." In a statement on June 5, Cooper explained his decision, emphasizing that ongoing federal efforts aim to ensure appropriate standards and safeguards for consumers, investors, and businesses using digital assets. "North Carolina should wait to see how they work before taking action," he added. The bill, which passed the House with a 109-4 vote and the Senate with a 39-5 vote in late June, aimed to ban the state from receiving payments in CBDC and participating in any Federal Reserve CBDC testing. Given the overwhelming legislative support, North Carolina lawmakers could potentially override Cooper’s veto with a three-fifths majority in both...

In a recent development, the Russian Central Bank announced on Thursday that it will accelerate and expand its digital ruble project, with the next phase set to commence on September 1, 2024. First Deputy Governor Olga Skorobogatova revealed that a substantial number of applicants have requested broader inclusion, leading to the expansion of the digital ruble pilot to encompass real transactions involving real clients. The digital ruble testing process, which began in 2023, is poised to enter a new phase, significantly increasing its reach. "We are expanding our pilot to encompass real transactions from September 1. Currently, 12 banks are taking part in the pilot, and 19 more are in the process of joining. We aim to significantly increase the number of individuals and companies that can participate," Skorobogatova stated at the Russian Financial Congress. Since its launch, the pilot has involved approximately 600 selected individuals in 11 Russian cities. Initially, the expansion...