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Ethereum software company ConsenSys announced on 18 January that it will lay off 96 staff, which represents 11% of its workforce. The company said it aimed to reduce operating expenses while increasing the strength and focus of product teams to adjust to challenging and uncertain market conditions. It has been a challenging year for the crypto industry and many crypto companies like Silvergate Capital Corp and Coinbase Global Inc are laying off staff to cut operating costs in recent months in the midst of the crypto winter.

Crypto lending firm Genesis Global Capital is reportedly planning for a bankruptcy filing as early as this week. According to the report from Bloomberg, the firm has previously warned of the possibility of a bankruptcy filing if it fails to raise funds amid a liquidity crunch. However, the plan is not finalized as the negotiation is ongoing. The company is currently charged along with crypto exchange Gemini for offering unregistered securities through the latter’s “Earn” Program by the US Securities and Exchange Commission.

US-based crypto exchange Coinbase will reportedly cease its operations in Japan and conduct a complete review of its business in the country owing to market conditions. The exchange assured the customers that the transition would be made as smooth as possible. Fiat deposit will no longer be available starting from 20 January. The existing users could withdraw their fiat and crypto holdings from their accounts to any other virtual assets services provider, Coinbase Wallet, any other self hosted wallet or domestic bank account before 17 February.

Following the regulatory approval in France, Italy, Lithuania, Spain, Cyprus and Sweden, the crypto exchange Binance announced on 18 January that it had also been registered as a virtual asset services provider (VASP) in Poland to provide crypto assets and custody services in the country. Its local unit in Poland, Binance Poland sp. z o.o., will comply with the country’s regulatory standards. The existing users are required to sign new Terms and Conditions with the Polish entity to continue using its services. Kyrylo Khomiakov, Binance’s Head of Ukraine and Eastern Europe stressed the company would continue following the strictest KYC requirement in the industry and improving its security systems.

Fidelity-backed digital asset platform OSL which provides digital assets trading and custody services, and software solutions for institutional investors, is reportedly laying off staff and reducing its headcount to reduce the operating cost by about a third. Hugh Madden, CEO of OSL’s parent company BC Technology Group said the decision was due to the current market conditions. The company refuses to respond to the number of employees affected

The California-based Silvergate Bank has announced a $1 billion net loss in the fourth quarter of 2022, resulting in a loss of $949 million last year. Customer deposits also plummeted to $6.3 billion in that quarter. The Bank said it was preparing for a sustained period of lower deposits and would be offboarding certain non-core customers. The crypto-focused bank has been accused of assisting FTX in transferring its clients’ funds for Alameda Research

The Securities and Exchange Commission of Thailand has published regulation mandating virtual asset service providers that offer crypto custody services to establish a digital wallet management system. The requirements include a contingency plan to be in place in the event of any situation that may affect the management system of digital wallets and keys. The regulator also expects policy and procedures for designing, developing and managing digital wallets as well as policy and guidelines for overseeing risk management and management of digital wallets and keys. The regulation has taken effect since 16 January and full compliance with the regulation is required within six months from the effective date.

The Seoul Metropolitan Government announced the launch of the first stage of the city’s metaverse project on 16 January. Mayor of the country’s capital Oh Se-hoon said the virtual environment will be a place of communication for Seoul’s citizens, who could virtually visit many city’s attractions and access official documents. They may also lodge complaints and raise questions about filing municipal taxes. The first stage of the project costs around $1.6 million. He added that the next phase is expected to be more accessible to the elderly.

According to the report from Bloomberg, the Bank of Thailand will allow virtual banks to provide services in the country by 2025. The application will be opened later this year and the central bank plans to grant three different licenses to applicants by 2024. There are already 10 parties expressing interest in applying for the licenses. Virtual banks operating in the country will be subject to the same regulatory standards as those for traditional financial institutions and they will also be under close supervision by the authority in their first years of operation.

Tokyo-based online brokerage firm Monex Group has reportedly expressed interest in buying FTX Japan, which is one of the four FTX assets on sale following the exchange’s bankruptcy proceedings. Monex CEO Oki Matsumoto said the Japanese crypto market has much potential and it would be a very good thing for the company if there were less competition in the domestic market. There are reportedly 41 potential buyers showing their interest in buying FTX Japan.

The Central Bank of Iran is reportedly working with Russia to issue jointly a new stablecoin to facilitate payment for cross-border transactions. According to Alexander Brazhnikov, the executive director of the Russian Association of Crypto Industry and Blockchain, the new stablecoin will be pegged to gold. The crypto would operate in a special economic zone in Russian city Astrakhan. However, a Russian lawmaker emphasized that the project would only be implemented when the country’s digital asset market becomes fully regulated.

Binance Nordics AB, which is the crypto exchange Binance’s local arm in Sweden, has reportedly received approval from the Swedish Financial Supervisory Authority on 10 January to manage and trade digital currencies in the country. The decision comes after Binance obtained similar regulators’ approval in France, Bahrain, Spain and Dubai to provide crypto services. The exchange stressed that great care had been taken to ensure that the local unit had adopted risk and AML policies to meet the regulatory standards in both the EU and Sweden.