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BIS PUBLISHES SEVEN-POINT PLAN, HIGHLIGHTING CYBER THREATS OF DIGITAL CURRENCY |1300 HKT | 0600 UKT | 10 July 2023

The Bank for International Settlements (BIS), an umbrella body for central banks worldwide, has introduced a seven-point plan “Polaris security and resilience framework” aimed at safeguarding the countries from cyber attacks against central bank digital currencies (CBDC). Two BIS reports published on 7 July highlighted the complexity and elevated risk of CBDC systems, indicating “gaps” in the security attack modelling systems of CBDCs. BIS advises central banks to acknowledge the new threat landscape brought by CBDC systems, utilise modern enabling technologies supporting security and resilience, leverage existing capabilities, and identify areas for improvement, with a specific recommendation to utilise the global ”MITRE ATT&CK” database of past cyber attacks and “official extension” of the MITRE ATT&CK framework. Source: https://www.reuters.com

BINANCE EXPERIENCES HIGH-LEVEL DEPARTURES AMID REGULATORY CONTROVERSIES |1300 HKT | 0600 UKT | 10 July 2023

Binance, the world’s largest crypto exchange, is experiencing a wave of high-level departures. Key figures including Patrick Hillmann, Chief Strategy Officer; Steven Christie, Compliance Executive; Hon Ng, the General Counsel, and Yibo Ling, Chief Business Officer, have all announced their resignations. These departures come at a time when Binance is grappling with lawsuits filed by the US Securities and Exchange Commission (SEC), accusing the exchange and its CEO, Changpeng Zhao, of deceptive practices. In addition, the US Justice Department is probing Binance for potential money laundering and sanctions violations. Source: https://www.reuters.com

ISRAEL ADVANCES BILL TO OFFER TAX INCENTIVES TO FOREIGN RESIDENTS |1300 HKT | 0600 UKT | 7 July 2023

In an effort to attract global investors and companies, Israel’s parliament, the Knesset, is advancing a bill exempting foreign residents from capital gains tax on the sale of digital currencies. Sponsored by Knesset member Dan Ilouz and passed through a preliminary reading in the parliament on 5 June, the bill also proposes to lower the tax rate on crypto bonuses with employee stock options from 50% to 25%. Nir Hirshman and Shauli Rejwan, co-founders of Israeli Crypto Companies Forum (ICBW3), welcomed the move, perceiving it as the country’s endorsement of cryptocurrencies. The bill also seeks to differentiate the term “digital currency” from “security”. Source: https://cointelegraph.com

BLACKROCK CEO PUSHES FOR BITCOIN ACCESSIBILITY, DESCRIBING IT AS AN “INTERNATIONAL ASSET” |1300 HKT | 0600 UKT | 7 July 2023

BlackRock CEO Larry Fink recently stated the firm’s intention to make Bitcoin more accessible and affordable. Characterising Bitcoin as an “international asset”, Fink highlighted the current high expense to transact Bitcoin. BlackRock filed an application to launch a Bitcoin exchange-traded fund last month, which triggered a wave of similar filings from other asset management firms. Fink hoped that regulatory authorities would view these filings as a step towards crypto democratisation. Despite initial reservations, Fink now sees Bitcoin as digitising gold. Source: https://www.bloomberg.com

BITCOIN REACHES 13-MONTH HIGH, FUELED BY BLACKROCK’S BITCOIN ETF FILING |1300 HKT | 0600 UKT | 7 July 2023

Bitcoin experienced a surge on 6 July, climbing 3.28% to reach a 13-month peak of $31,500. The rise in Bitcoin price is fueled by the asset management giant BlackRock’s plans to launch a US-listed spot bitcoin exchange-traded fund (ETF). Nasdaq refiled BlackRock’s ETF application on 3 July after addressing concerns raised by the US securities regulator over its first submission. Source: https://www.reuters.com

BITGETX JOINS HONG KONG VIRTUAL ASSET CONSORTIUM, REITERATING ITS AIM TO OBTAIN A VASP LICENCE |1300 HKT | 0600 UKT | 6 July 2023

Crypto exchange BitgetX has become a member of the Hong Kong Virtual Asset Consortium (HKVAC), a platform offering ratings and indexes for cryptocurrencies. Fiona Fan, founding member of HKVAC, welcomed the move and said both parties have common objectives to promote the long-term development of the virtual asset industry in Hong Kong. In addition, BitgetX has reiterated its intention to secure a Virtual Service Asset Providers (VASP) under Hong Kong’s new licensing regime regulated by the Securities and Futures Commission to foster a compliant and secure digital asset ecosystem for the global market. Source: https://cointelegraph.com

CFTC INVESTIGATORS ALLEGE CELSIUS AND ITS FORMER CEO BREACHED US RULES PRIOR TO ITS COLLAPSE |1300 HKT | 0600 UKT | 6 July 2023

The US Commodity Futures Trading Commission (CFTC) has determined that the bankrupt crypto lender, Celsius Network and its former CEO Alex Mashinsky breached US regulations prior to the company’s collapse, according to Bloomberg’s report. If a majority of the CFTC’s commissioners agree with these findings, the case could be filed in federal court as soon as this month. Investigators assert that Celsius, without registering with regulators, misled investors, while Mashinsky also broke rules. In parallel, Celsius is under investigation by the Securities and Exchange Commission and Manhattan federal prosecutors. Source: https://www.bloomberg.com

BINANCE AND BINANCE.US WITNESS SHARP MARKET SHARE DROP AMIDST REGULATORY HURDLES |1300 HKT | 0600 UKT | 6 July 2023

In the face of regulatory hurdles, crypto exchange Binance and its US arm Binance.US have both experienced significant market share declines this year. The ongoing lawsuit filed by the US Securities and Exchange Commission (SEC) has led Binance’s global market share to dip from 60% at the beginning of the year to 52%. Binance.US’s share plummeted from over 22% in April to just 0.9% in June after customers were given a deadline to withdraw their dollar funds, following SEC’s asset freeze request. In contrast, Coinbase’s US market share spiked to 55% in June, benefiting from its role as a surveillance partner for asset managers like Fidelity for a spot bitcoin ETF filing. Source: https://www.reuters.com

MAS RELEASES NEW INVESTOR PROTECTION MEASURES, REQUIRING CRYPTO FIRMS TO HOLD CUSTOMER ASSETS IN TRUST BY YEAR-END |1300 HKT | 0600 UKT | 5 July 2023

The Monetary Authority of Singapore (MAS) unveiled regulations on 3 July, requiring cryptocurrency service providers to hold customer assets in statutory trusts by the end of the year. These measures aim to guard against the potential loss or misuse of customers assets and ensure a smooth recovery of assets if a digital payment token (DPT) service provider goes insolvent. The new regulations also require the crypto companies to conduct daily reconciliation of customer assets, have proper record-keeping, maintain access and operational controls to customers’ DPTs in Singapore and ensure that the custody function is operationally independent from other business units. Furthermore, the regulator is considering a ban on crypto service providers from enabling retail customers to lend or stake their DPTs. Source: https://cointelegraph.com

THAI REGULATOR PROHIBITS VASPS FROM USING CLIENTS’ FUNDS FOR LENDING |1300 HKT | 0600 UKT | 5 July 2023

Thailand’s Securities and Exchange Commission (SEC) has set forth the latest investor protection regulations targeting digital asset service providers. The new rules mandate these platforms to prominently display a trading risks disclaimer warning the customers of the potential risks of cryptocurrency trading. Users must acknowledge these risks before using such services. Notably, the new rules also prohibit service providers from using clients’ funds for lending or investment purposes. The regulations, effective from 31 July, come after a catastrophic cryptocurrency lending crisis in the 2022 bear market that led to the bankruptcy of several crypto lending firms. Source: https://cointelegraph.com

UK FINANCIAL SERVICES MINISTER EMPHASISES NEED FOR PRUDENCE ON POSSIBLE DIGITAL POUND LAUNCH |1300 HKT | 0600 UKT | 5 July 2023

UK Financial Services Minister Andrew Griffith called for a careful approach towards the introduction of a digital pound on 4 July, citing privacy concerns. The finance ministry has begun a joint public consultation with the Bank of England on the potential launch of a central bank digital currency (CBDC). The CBDC initiative must be proceeded with caution, which is the current approach in that joint consultation, said Griffith during a meeting with the House of Lords’ Economic Affairs Committee. He stressed the importance of engaging in a thorough public policy debate in the consultation. Source: https://www.reuters.com

BITCOIN HITS ONE-YEAR HIGH AS NASDAQ REFILES BLACKROCK’S BITCOIN ETF APPLICATION |1300 HKT | 0600 UKT | 4 July 2023

Bitcoin reached its highest level in over a year on 3 July, with the price hitting $31,250. This surge has been spurred by efforts from BlackRock and Nasdaq towards launching a Bitcoin exchange-traded fund (ETF). In response to the concerns raised by the Securities and Exchange Commission (SEC), Nasdaq has resubmitted its application to the regulator. The bid for launching the US’s first spot Bitcoin ETF by BlackRock signals a significant institutional adoption for cryptocurrency. Nonetheless, Bitcoin and Ethereum are still 55% and 57% down from their all-time highs respectively. The total crypto market capitalisation, however, has grown from $911 billion to $1.25 trillion over the past year. Source: https://decrypt.co

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