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Table of Contents
News
Global
California Governor Signs Digital Financial Assets Law
- The bill mandates that crypto companies operating in California must obtain a license.
- The new regulations are scheduled to take effect in January 2025.
Australian Government Proposes Crypto Exchange Regulation
- The Australian government is moving quickly to regulate the exchange-level market, and it may soon mandate that crypto exchanges get a financial services license.
- The main goal of the new regulatory framework is to control bitcoin service providers and exchanges rather than the actual coins or tokens.
South Korean Regulator Maps Out Strategy for Strengthening Digital Asset Regulations
- Reports from the local community state that the FSS of South Korea is working on laws to add to the Virtual Asset Users Protection Act completed earlier this year.
- Before the law’s enactment, the FSS head stated that new regulations must be available by January.
EU Adopts DAC8 for Crypto Tax Reporting in Major Regulatory Move
- Under DAC8, crypto service providers will be obligated to report transactions involving European Union clients to the tax authorities of EU member states
- The DAC8, or the Eighth Directive on Administrative Cooperation, was initially presented to the EU on December 8, 2022
Inspector General Urges FDIC to Enhance Crypto Risk Assessment Process
- The FDIC’s OIG released an assessment report on the FDIC’s approach to managing the risk associated with crypto.
- The FDIC sent a letter to institutions inquiring about their crypto operations to better understand them.
Hong Kong SFC Revises Crypto Policies Address Evolving Market
- The Hong Kong SFC declared that it will be updating its regulations and rules regarding the sale of virtual currencies.
- Under the SFC, virtual assets are now deemed “complex products” governed by the same regulations as other financial products.
Platform and Tokens
Upbit Gains Preliminary Approval in Singapore for Crypto Operations
- The application for a Major Payment Institution (MPI) license in Singapore has been granted in principle to the Singaporean subsidiary of Upbit.
- If Upbit receives complete approval, it will become one of the fifteen cryptocurrency firms granted full MPI digital payment token service licenses by MAS.
Tether Seizes $873k Worth Crypto Tied to Terrorism in Israel & Ukraine
- Tether collaborates with Israel’s National Bureau for Counter Terror Financing to combat cryptocurrency-funded terrorism and warfare.
- Tether froze 32 addresses holding $873,118.34 linked to illicit activities in Israel and Ukraine.
Genesis gets 5 day deadline to produce documents to comply with Terra subpoena
- Genesis alleged to have withheld specific documents tied to the sudden downfall of TerraUSD.
- Genesis has a strict five-day deadline from October 13th to produce the requested documents.
South Korean Crypto Platform Haru Invest to Halt its Servers
- After stopping withdrawals in June 2023, Haru Invest’s unsatisfactory cryptocurrency platform intends to terminate its server within a few months.
- Lee added in the release that the company does not yet have a solid plan for the server suspension.
Binance Suspends Registration for New UK Users Amid Regulatory Adjustments
- On October 16, users in the UK will no longer be able to register on the cryptocurrency exchange Binance.
- The ruling forbade REBS from promoting products and services offered by Binance, among other things.
Fantom Wallets Hacked For Crypto worth $550,000
- Fantom Foundation Wallets Suffer Exploitative Hack for 550K
- Stolen Funds Aggregated in Single Address, Tallying Approximately $7 Million
Crypto Exchange Patricia Offers Controversial Debt Token Conversion Amid User Discontent
- Patricia has announced that the shares obtained through the conversion will be managed by a trusted third-party trustee licensed by the SEC
- Patricia is offering its users the opportunity to transform their debt tokens into convertible notes at a favorable discount
Project Updates
MetaMask Temporarily Removed from Apple App Store
MetaMask has been removed from the Apple App Store, but this removal may only be temporary. The cause for the takedown of the Ethereum wallet app remains undisclosed.
Token Swaps Will Now Cost 0.15%, Per Uniswap Labs
Uniswap Labs started charging a 0.15% charge for ETH, USDC, and other token transactions on October 17. Only swaps conducted using the Uniswap Labs front-end are subject to this charge. Transactions between wrapped ETH and stablecoin swaps are not subject to this cost.
Official Announcement of Scroll’s Mainnet Launch
Scroll formally declared the opening of its mainnet on October 17. According to Scroll, their proprietary EVM-compatible bytecode-level zkEVM offers a virtually identical experience to Ethereum.
Podcasts and Interviews
- Interview with Ruud Feltkamp, founder of Cryptohopper
- “Blackrock is BAD for Bitcoin” podcast by Altcoin Daily
- “The Debt Spiral” podcast by What Bitcoin Did
Job Listings
- VP Technology, Senior Web Devs (Wallet) & Backend Devs | Gnosis
- Lead Solidity Engineer | Ebay
- UX Engineer and Staff Rust Engineer | Aave
- Senior Operations Security Expert | Ethereum Foundation
Looking for an internship? Don’t worry; we’ve got you covered.
- Nethermind Internship Program
2k23 Events
- ETH Hong Kong from October 22 to October 24
- ETHLondon Hackathon from October 27 to October 29
- ETH Miami festival & hackathon from October 27 to October 29
- Paradigm CTF from October 28 to October 30
- ETH Lisbon hackathon from November 3 to November 5
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!
