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In a significant policy shift, the Namibian government has officially signed the Namibia Virtual Assets Act 2023 into law to regulate Virtual Asset Service Providers (VASPs). This landmark legislation, which marks the country’s first legal framework for cryptocurrency-related activities, aims to oversee crypto exchanges, ensure consumer protection, prevent market abuse, and mitigate money laundering and terrorist financing risks. Penalties for non-compliance could reach up to $671,000 and 10 years in prison. However, the country’s central bank maintains that cryptocurrencies will not be considered legal tender. The effective date of the new law will be determined by the Ministry of Finance. Source: https://cointelegraph.com

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has reportedly given Rain, a cryptocurrency firm, approval to provide brokerage and custody services to residents. Rain, headquartered in Bahrain, mainly provides crypto services across the Middle East and Turkey. To strengthen user protection, Rain CEO Joseph Dallago said the firm has partnered with a local bank for its services. This follows the crypto exchange Binance received similar regulatory approval last year. Source: https://cointelegraph.com

The new Worldcoin WLD token is now being traded on crypto exchanges like Binance, Bybit, Huobi and Gate. In addition to standard trading, Binance also allows users to deposit their WLD tokens and plans to introduce leveraged trading. CoinGecko data indicates a total supply of 10 billion tokens, marking a fully diluted value of $25.6 billion on 24 July. The WLD token is associated with the Worldcoin project led by Sam Altman, CEO of OpenAI, which uses biometric verification to authenticate users. Source: https://decrypt.co

The world’s largest crypto exchange Binance, and its CEO, Changpeng Zhao, plan to contest and seek dismissal of a complaint filed by the Commodity Futures Trading Commission (CFTC). The CFTC alleges that Binance contravened the Commodity Exchange Act and certain related federal regulations from July 2019, offering and executing unlawful commodity derivatives transactions for US customers. Binance and Zhao also face allegations from the US Securities and Exchange Commission (SEC) and the Justice Department. Source: https://www.reuters.com

Russia is progressing with its Central Bank Digital Currency (CBDC), the digital ruble, with President Vladimir Putin officially signing the bill into law on 24 July. The law grants the Russian central bank the authority to implement the first CBDC pilot with real consumers in August. The country’s central bank is expected to manage the digital ruble infrastructure and oversee all stored assets. Serving as a payment and money transfer method, the digital ruble will operate as an alternative alongside cash and non-cash rubles. Its use will be optional, with the central bank foreseeing mass adoption no earlier than 2025-2027. Source: https://cointelegraph.com

The Bank of Japan (BOJ) has initiated a series of discussions with 60 firms, including some industry giants like Sony and Toyota, as part of a pilot program exploring the development of a digital yen. These discussions will delve into business and technological aspects of retail settlements using a Central Bank Digital Currency (CBDC). Despite the ongoing discourse, no decision has been made on whether Japan will issue a digital yen. This move comes as central banks around the world are increasing efforts to develop digital versions of their currencies for retail use, with the Bank for International Settlements estimating that around two dozen CBDCs could be in circulation by the end of the decade. Source: https://www.reuters.com

Bundle, a social payments app based in Nigeria, has announced its decision to discontinue its crypto exchange operations. As announced on 20 July, the company’s shareholders have decided to concentrate on its payment solution Cashlink that meets the Web3 ecosystem’s needs. Bundle has already ceased several user services including new registrations, asset deposits, and all asset swaps in Bundle wallet except for Tether. Users are now unable to withdraw via Cashlink without Nigerian Naira or other fiat on Bundle. Bundle users are also advised to withdraw all assets by 12 September 2023. Source: https://cointelegraph.com

Payments network and technology company Ripple has reportedly applied to register as a crypto asset firm with the UK Financial Conduct Authority (FCA), while also pursuing a payments licence in Ireland. This comes after Ripple’s partial triumph in the US court, which deemed Ripple’s XRP token as a security for institutional rather than for retail investors. This move reflects a trend among crypto firms seeking regulatory clarity and business-friendly environments in the UK. Notably, venture capital firm Andreessen Horowitz has recently opened an office in London. Source: https://cointelegraph.com

UK Financial Conduct Authority (FCA) announced on 20 July the launch of its Digital Sandbox, a permanent platform designed to support tech firms in early product development stages. Starting from 1 August, the platform provides a secure testing environment for businesses, startups, and data providers, including those from the banking, investment, lending, and payment sectors to test their products and services. The Digital Sandbox intends to stimulate innovation, promote economic growth, and enhance international competitiveness. Source: https://cointelegraph.com

UK Financial Services Minister Andrew Griffith has refuted a report published by the Parliament’s Treasury Select Committee in May to regulate cryptocurrencies as gambling rather than financial service due to significant risks posed by unbacked cryptocurrencies to consumers. Griffith, in response, warned that such move would create regulatory ambiguity and potential misalignment with international standards and approaches from other major jurisdictions. It could also potentially fail to address sector-specific risks, as evidenced by the collapse of crypto exchange FTX. Source: https://www.reuters.com

Kuwait’s Capital Markets Authority (CMA) announced a complete ban on most cryptocurrency-related activities, including payments, investments, and mining, according to a circular released on 18 July. This includes prohibiting local regulators from licensing businesses to provide services related to virtual assets. However, the ban does not cover securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA. The CMA urged customers to remain vigilant about the risks tied to virtual assets, emphasising that cryptocurrencies lack legal status and are unsupported, making them susceptible to price fluctuations driven by market speculation. Source: https://cointelegraph.com

Nasdaq has reportedly suspended the rollout of its own cryptocurrency custody service, which was initially scheduled for a Q2 2023 launch. The decision comes in response to regulatory uncertainty in the US, as announced by CEO Adena Friedman during the Q2 results call. However, Friedman stressed that the decision would not impede Nasdaq’s commitment to digital asset business development. He also highlighted the firm’s continued vigilance towards upcoming regulatory shifts. Unveiled in September 2022, the crypto custody project aimed to provide customers with secure storage for Bitcoin and Ether. Source: https://cointelegraph.com