CoinCodeCap WeekInFocus: November 12, 2023

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.

News

Global

Hong Kong SFC Considers Allowing Spot Crypto ETFs: Report

  • Currently, both Hong Kong and the United States allow futures-based cryptocurrency ETFs.
  • Under the SFCโ€™s digital asset regulations, retail investors can engage in trading major crypto on licensed exchanges.

Japan intends to introduce an experimental digital yen CBDC in 2023

  • The Bank of Japan intends to launch a digital yen CBDC pilot in early 2023, according to one of the most recent reports by Nikkei.
  • The decision to lawfully embrace a digital yen will be made in 2026.

Bank of England Unveils Regulatory Blueprint for Stablecoins in the UK

  • The Bank of England, the central bank of the UK, has unveiled a strategy to regulate the stablecoin cryptocurrency market. 
  • The UK government has proposed laws starting in early 2024 for fiat-backed stablecoins.

Kenyan Lawmakers Seek Blockchain Associationโ€™s Expertise in Crafting Crypto Legislation

  • Kenya may be the first nation in the world where industry members create the crypto regulatory framework.
  • This is the first time a parliamentary committee has ordered a stakeholder organization or association to design a bill and present it to the legislature for approval.

Kazakhstan Blocks Coinbase Over Violation of New Digital Assets Law

  • Kazakhstanโ€™s authorities have officially blocked access to the cryptocurrency exchange Coinbase.
  • Kazakh authorities are pointing to Coinbaseโ€™s non-compliance with the newly enacted Law on Digital Assets.

UAE Central Bank Cracks Down on Unlicensed Virtual Asset Service Providers

  • The CBUAE and other regulatory bodies in the country have released new cooperative guidelines for VASPs doing business nationwide.
  • The new guidelines come when virtual assets are more readily available, according to a press statement from the head of the NAMLCFTC and the governor of the CBUAE.

EU Banking Watchdog Recommends Liquidity Guidelines for Stablecoin Issuers

  • The new liquidity guidelines aim to mitigate the risk of bank runs and contagion in a crisis by guaranteeing that the stablecoin may be swiftly redeemed even in volatile market conditions.
  • The stress test will reveal any flaws and liquidity issues with the stablecoin, enabling EBA to only certify fully backed stablecoins with a sufficient cushion of liquidity.

47 Countries Unite to Embrace Crypto-Asset Reporting Framework by 2027

  • A collective commitment has been made by just under 50 national governments to โ€œswiftly transposeโ€ the new worldwide standard on CARF.
  • The authors of the statement plan to initiate exchange agreements so that information transfers can start by 2027.

Indian Supreme Court Denies Petition for Crypto Trading Regulations

  • A PIL that sought to create rules and a set of principles for cryptocurrency trading in India was denied consideration by the Indian Supreme Court.
  • The petitioner is being detained by the Delhi Police in relation to a crypto case.

Platform and Tokens

Bankrupt FTX Seeks Approval for $744 Million Crypto Trust Asset Sale

  • The main aim behind the sale of these โ€œtrust assetsโ€ is to ensure readiness for creditor distributions 
  • The proposal includes the establishment of a pricing committee with representation from all stakeholders.

Starling Bank Has Implemented A Crypto Transaction Ban

  • Following a review of its stance on โ€œfinancial crime,โ€ Starling Bank has decided to stop supporting cryptocurrency transactions for its customers.
  • The bank placed the ban into effect by notifying users via the Starling app.

Germanyโ€™s DZ Bank Set to Launch Crypto Custody for Institutional Investors

  • Launching its blockchain-based digital asset custody platform, DZ Bank is the third-biggest bank in Germany based on asset size.
  • The bank also intends to provide institutional and individual clients with the ability to purchase cryptocurrencies in the future, โ€œlike Bitcoin.โ€

Conflux Multichain Protocol ShuttleFlow Closes Down After 2 Years of Operation

  • The Shanghai Tree-Graph Blockchain Research Institute maintains the ecosystem multichain protocol ShuttleFlow, which will shut down after two years. 
  • Towards better integrating its ecosystem users into decentralized finance, Conflux introduced the Shuttleflow asset bridge in 2021.

SEC Counters Binanceโ€™s Motion to Dismiss with Legal Opposition

  • US SEC opposes Binance and Binance.USโ€™s motions to dismiss the lawsuit, urging the court to reject the request.
  • The latest filing by the US SEC specifically contests Binanceโ€™s most recent motion.

Australian Crypto Exchange CoinSpot Suffers $2.4 Million Hack

  • The breach occurred owing to a potential private key compromise
  • One transaction involved a total of 1,262 Ether (ETH), which is currently valued at $2.4 million.

JPEX Scandal Unfolds: Taiwan Identifies New Suspects in Alleged Fraud

  • With the reported discovery of further suspected individuals by Taiwanese prosecutors, the story surrounding the collapsed JPEX keeps unfolding.
  • Chang and JPEX lecturer Shih Yu-sheng were called suspects by the authorities in the investigation.

Crypto Scam OneCoinโ€™s Compliance Chief Pleads Guilty to Fraud

  • Dilkinska allegedly facilitated the transfer of $110 million in fraudulently obtained proceeds to an entity in the Cayman Islands. 
  • Charges involve one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering.

Project Updates

Binance Announces Discontinuation of Russian Ruble Deposits Starting Next Week

Binance is preparing to stop accepting deposits in local currency next week as part of its withdrawal from Russia. According to the news, customers of Binance can move their money to CommEX, which bought Binanceโ€™s Russian subsidiary in September 2023.

The Starknet Foundation Declares the DeFi Committee’s Formation

The Starknet Foundation stated on November 9th that a DeFi Committee would be formed, with six individuals serving as its chairs. Its main goal is to direct and advance the Starknet DeFi ecosystem. The committee aims to establish Starknet as the go-to option for DeFi application developers and users by researching, designing, and implementing on-chain liquidity incentive programs.

Following Bedrock, Optimism Announces First Network Upgrade

Optimism unveiled Canyon, the first network improvement following Bedrock, on November 8. The Superchain testnet, which includes OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, and Zora Sepolia, is set to launch on November 14 at 17:00 UTC.

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • โ€œDid Blur Cause a Decline in the NFT Market?โ€ podcast by Unchained Crypto
  • โ€œAustrian Economics & Brutal Takedownsโ€ podcast by Blue Collar Bitcoin

Job Listings

Looking for an internship? Donโ€™t worry; we’ve got you covered.

2k23 Events

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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