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Tykhe Capital Group Limited launched Hong Kong’s first real estate security token offering through its subsidiary, Pioneer Asset Management Limited. PRINCE Token is available to professional investors only and at the minimum investment amount of HK$1,000. This launch aims to raise a total of HK$100 million to fund the acquisition of five interconnected shops in Prince Edward, West Kowloon. Investor returns include rental income and anticipated appreciation in property value. Launching real estate security tokens can save at least one-third of monetary and time costs when comparing with initial public offerings (IPOs) and real estate investment trusts (REIT) listings. Subject to regulatory approval, PRINCE Token may be listed on HKbitEX in the future to boost liquidity. Source: https://tokeninsight.com

Asset management firm Valkyrie has reportedly submitted an application to the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) focused on investments in Ether futures. This development comes in the wake of the crypto market’s rebound this year and rising interest from major asset managers like BlackRock in introducing derivative-based products such as ETFs. While the US regulator has approved Bitcoin futures ETFs since October 2021, it has rejected several applications for spot bitcoin ETFs, citing concerns over potential market manipulation and fraud. Source: https://www.reuters.com

Cryptocurrency exchange Coinbase has secured approval from the National Futures Association (NFA) to roll out crypto futures investment for eligible US customers. With this approval, Coinbase is allowed to operate a Futures Commission Merchant (FCM) platform and launch Bitcoin and Ether futures contracts via its Commodity Futures Trading Commission (CFTC)-regulated derivatives exchange. However, these services would not be immediately available to US investors. In its release, Coinbase emphasised the dominant role of the crypto derivatives market, accounting for 75% of the global crypto trading volume. Source: https://cointelegraph.com

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has granted approval to the virtual asset firm M2 to operate a multilateral trading facility in the UAE capital. Scheduled for a late 2023 launch, the M2 platform aims to serve both institutional and retail investors in the UAE, facilitating trade and custody of virtual assets like Bitcoin and Ether. It will also enable the buying of cryptocurrencies using fiat currency and provide access to derivatives and yield services. CEO Stefan Kimmil regards this licence as a crucial initial step, highlighting their dedication to ongoing collaboration with ADGM. Since rolling out its virtual asset regulatory framework in 2018, ADGM has positioned itself as a significant hub for cryptocurrency firms. Source: https://cointelegraph.com

London-based asset manager Jacobi Asset Management has launched the first spot Bitcoin ETF in Europe on the Euronext Amsterdam exchange. This ETF allows investors to tap into the Bitcoin market without directly owning or holding the digital currency. The ETF, which trades under the BCOIN ticker, uses the FT Wilshire Bitcoin Blended Price Index to pull real-time average Bitcoin prices from select crypto exchanges. Fidelity Digital Assets will oversee its custodial components. This launch closely follows the Melanion Capital’s Bitcoin Equities ETF debut on Euronext Amsterdam exchange in June 2023. Source: https://cointelegraph.com

Binance Connect, previously known as Bifinity when introduced on 7 March 2022, will reportedly discontinue its services on 16 August. This decision comes as a result of its payment service provider withdrawing support for card payments. Originally launched to bridge the gap between traditional finance and the crypto world, the platform allowed fiat-to-crypto exchanges that supported 50 cryptocurrencies and major credit cards such as Visa and Mastercard. The news follows Binance Australia’s suspension of fiat services in the same month due to a third-party issue. Source: https://cointelegraph.com

The Monetary Authority of Singapore (MAS) introduced a regulatory framework for single-currency stablecoins on 15 August to enhance their stability. Non-bank issuers with stablecoins pegged to the Singapore Dollar or any G10 currencies with a circulation of over S$5 million will now fall under its regulatory framework. Key requirements include maintaining value stability, ensuring timely redemption upon request, disclosing audit results to users, and holding a reserve of low-risk assets equivalent to at least 100% of the outstanding stablecoins in circulation. Additionally, they must uphold a minimum base capital higher than S$1 million or half of annual operating expenses. Source: https://www.reuters.com

Crypto custodian Prime Trust has sought Chapter 11 bankruptcy protection in Delaware, citing a significant discrepancy between its liabilities and assets. According to the company’s filing on 15 August, the company has between 25,000 to 50,000 creditors and owes between $100 million to $500 million, while holding assets valued at just $50 million to $100 million. Four associated entities, including Prime Core Technologies Inc. and Prime Digital, LLC are also included in this bankruptcy filing. Source: https://cointelegraph.com

Cryptocurrency exchange Coinbase has announced its expansion into the Canadian market, aiming to capitalise on the country’s strong crypto awareness and regulatory framework. To attract new users, the exchange is rolling out a 30-day free access to its new service, “Coinbase One.” With a focus on staking, this subscription service features zero trading charges and priority customer support. Although a group of thirty Canadian lawmakers recently endorsed crypto and blockchain technology, Canada’s stance on crypto remains ambiguous. Canada’s Prime Minister Justin Trudeau has previously criticised the opposition leaders on their pro-crypto stance. Source: https://decrypt.co

The US Securities and Exchange Commission (SEC) has reportedly postponed its decision on Ark Investment Management’s (ARK) spot bitcoin ETF application, which was originally set to be announced by 13 August as it has decided to gather public opinions before reaching a decision. The SEC has previously turned down numerous spot bitcoin ETF applications due to concerns about potential fraud and market manipulation. ARK and 21Shares US LLC first sought approval for a spot bitcoin ETF in 2021. Notably, BlackRock, the world’s largest asset manager, submitted a bitcoin ETF application in June. Source: https://www.reuters.com

Crypto exchange FTX founder Sam Bankman-Fried has been taken into custody after Judge Lewis Kaplan of the Manhattan federal court ruled that he likely attempted witness tampering related to his fraud trial involving the collapse of the exchange. The allegations arose after The New York Times released diary excerpts from Caroline Ellison, former head of the exchange’s affiliated hedge fund Alameda Research. Bankman-Fried was accused of intentionally leaking the diary to the media as an intimidation tactic against Ellison. Additionally, Bankman-Fried is suspected of attempting to align testimonies with another potential witness. While his legal team intended to appeal the custody decision, the judge said it was unlikely to succeed. Source: https://www.ft.com

Brazilian lawmakers are set to vote on a bill to increase taxes on overseas-held cryptocurrencies on 28 August. The proposed legislation, which has already gained approval from a congressional committee, designates crypto as “financial assets” for tax purposes in foreign investments. This includes taxing profits derived from both price and foreign exchange rate fluctuations. Under the bill, earnings up to 6,000 Brazilian reais (around $1,200) would be tax-exempt. Profits ranging between 6,000 and 50,000 reais (around $10,000) will incur a 15% tax, while those surpassing this threshold will be taxed at 22.5%. The amended bill only targets crypto exchanges without a physical presence in Brazil, potentially making domestic platforms more appealing to investors. Source: https://cointelegraph.com