CoinCodeCap WeekInFocus: November 5, 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.



UK Treasury Unveils Conclusive Framework for Regulating Crypto and Stablecoins

  • The UK finalizes cryptoasset regulations, integrating the industry into traditional financial service regulations.
  • Treasury releases a report with responses and updated changes to proposed regulations following consultation.

Singapore’s MAS Collaborates with UK, Japan, and Swiss Regulators for Crypto Initiatives

  • Singapore, Japan, UK, and Swiss regulators join forces in Project Guardian to pioneer asset tokenization trials.
  • The initiative aims to explore digital asset tokenization in areas such as fixed income, foreign exchange, and asset management products.

Turkey’s Crypto Regulations: Striking to Remove FATF ‘Grey List’

  • Turkey is purportedly creating new regulations to control cryptocurrency assets in an attempt to persuade the FATF to take it off the “grey list” of countries.
  • Simsek said that the only unresolved issue with regard to technical compliance is cryptocurrency assets.

Abu Dhabi Global Market Unveils DLT Foundation Blockchain Regulations

  • Regulations mandate that DLT Foundations disclose the names of their key figures.
  • DLT Foundations are barred from engaging in activities that require a license from the ADGM Financial Services Regulatory Authority.

Dubai Financial Services Authority Grants Approval to Ripple

  • Ripple declared that the virtual assets program of the Dubai Financial Services Authority (DFSA) had accepted the XRP coin.
  • XRP and Toncoin (TONNE) were approved together. Ripple earlier this year outlined its plans to grow in Dubai.

Platform and Tokens

Thailand’s Kasikorn Bank Invests $103M in Satang Crypto Exchange

  • Thailand’s Kasikorn Bank said it had purchased 97% of the parent business of the Satang cryptocurrency exchange.
  • K-Bank is “actively pursuing the remaining licenses” for cryptocurrency in Thailand, having just obtained a license to operate as a crypto exchange.

LastPass Security Breach Result in $4.4M Crypto Drain

  • The breach impacted approximately 80 crypto addresses belonging to the 25 victims.
  • Reportedly, the hackers also managed to obtain a backup of encrypted customer vault data.

Terraform Labs and Do Kwon Seek Dismissal of SEC’s Lawsuit

  • Do Kwon has asked the judge to dismiss the federal securities regulator’s lawsuit alleging securities and fraud as it does not provide sufficient evidence of their wrongdoing.
  • The SEC asserted in its February lawsuit against Kwon that he transferred $10,000 worth of Bitcoin to a Swiss banking institution and removed $100,000.

Sam Bankman-Fried’s Legal Team Seeks Modifications to Jury Instructions

  • Lawyers for SBF have filed with the presiding court another letter requesting modifications to the jury instructions.
  • In order for misappropriation to have happened, the plan asks the case’s twelve jurors to assess whether FTX and its clients had a fiduciary connection.

Oyster Protocol Founder Sentenced to 4 Years in Prison for $5.5M Tax Evasion

  • For tax evasion, the 31-year-old creator of the now-defunct cryptocurrency project Oyster Protocol received the maximum punishment of four years in prison.
  • Elmaani advertised Pearl (PRL), a cryptocurrency, as a means for investors to buy data on Oyster Protocol during September and October 2017.

SEC Shakes Up PayPal with Subpoena Over USD-Pegged Stablecoin

  • PayPal confirmed it received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its USD stablecoin, PYUSD.
  • The company introduced PYUSD, a U.S. dollar-pegged stablecoin, in August, but additional details about the subpoena remain undisclosed.

FTX CEO Sam Bankman-Fried Convicted on All 7 Charges in Fraud Trial

  • After nearly four hours of deliberation, a jury in the criminal trial of former FTX CEO Sam Bankman-Fried (SBF) found him guilty on all seven charges.
  • Judge Kaplan will make the final decision about the sentence, although government prosecutors will propose one.

SafeMoon Confronts Recent Exploits Amid SEC Charges

  • SafeMoon faces SEC allegations of security rule violations and fraud.
  • SafeMoon officials are actively addressing the allegations and working to promptly resolve the violations.

US Supreme Court to Rule on Coinbase User Agreement

  • US Supreme Court Takes on Coinbase User Agreement Dispute: Arbitration vs. Courtroom Litigation
  • US Supreme Courts Challenges Coinbase’s Arbitration Preference

Project Updates

Standard Chartered’s Zodia Crypto Platform to Debut in Hong Kong

The financial company Standard Chartered and the institutional cryptocurrency custody platform Zodia are extending their services to Hong Kong. Sawyer states that institutional investors are primarily responsible for the demand for cryptocurrencies in Hong Kong.

WorldAPP Reports More Than A Million Active Users Each Month

Worldcoin Wallet WorldAPP revealed on November 2nd that it is now the sixth most popular hot wallet in the world, with over 1 million monthly active users, 4 million downloads, and over 22 million transaction counts.

Link to the Ethereum Mainnet Launch Announced by Radiant Capital

Radiant Capital, a cross-chain lending protocol, tweeted on October 31st, announcing that it had started on the Ethereum network and would be deployed in 72 hours.

Podcasts and Interviews

  • Interview with Kartin Wong, founder of Hyper Oracle
  • “Crypto Regulation News” podcast by Thinking Crypto
  • “Super Bullish” podcast by Scott Melkar

Job Listings

Looking for an internship? Don’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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