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Table of Contents
News
Global
Portugal’s Central Bank Chief Calls for Global Crypto Regulation
- The Governor of Banco de Portugal joins a chorus of regulators who argue that national efforts to regulate crypto would be ineffective without a worldwide framework.
- Centeno spoke of crypto assets, decentralized finance, and the “undeniable risk” of their long-term unviability.
Bank of Korea to launch CBDC pilot program soon
- CBDC pilot program to involve both private banks and public institutions
- For wholesale CBDC, participating banks will tokenize their deposits and circulate them within a network overseen by the BOK, FSC, and FSS.
Hong Kong Establishes Crypto Task Force Amid Ongoing JPEX Investigation
- The SFC and the HKPF have established a working group dedicated to cryptocurrency to address illegal crypto exchange activities.
- The working group will examine the risks of suspicious exchanges, communicate information on suspicious actions, and cooperate on investigations.
Canada’s Regulatory Clarity: Stablecoin Rules Defined for Exchanges and Issuers
- With a focus on stablecoins, the CSA has offered guidelines to exchanges and cryptocurrency issuers on its interim approach.
- Stablecoins “may constitute securities and/or derivatives,” which Canadian cryptocurrency exchanges are not allowed to trade.
European Regulator ESMA Releases Second Consultation on MiCA Regulation
- CASPs will be required to report various details, including transaction date and time, asset identification, pricing information among others.
- Trading platforms are mandated to make pre-trade and post-trade data available to the public.
Taiwan to Introduce Special Crypto Law by November End
- Lawmakers in Taiwan are aiming to create a first draft of a special law about offshore exchanges by the end of November 2023.
- Currently, Taiwan only requires virtual asset service providers to comply with anti-money laundering laws.
Platform and Tokens
Grayscale Files SEC Request to Transform Ethereum Trust into Spot ETF
- Grayscale Investments Seeks SEC Approval to Transform Ethereum Trust (ETHE) into Spot ETF via NYSE Arca
- The company’s Ethereum trust is the largest ether investment product in the world.
Celsius propose revival plan, to repay $2.03 bln crypto to creditors
- Celsius plans to exit bankruptcy with $450 million in seed funding. The exchange plans to repay users by the end of 2023.
- Celsius plans to partially repay its creditors using $2.03 billion in BTC, ETH and stock.
Singapore Grants Payment Institution License to Sygnum Bank Subsidiary
- Sygnum Singapore received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.
- In March 2022, Sygnum Singapore obtained preliminary regulatory approval to provide three further regulated services under the terms of its capital markets services license.
Binance Hit with Class Action Lawsuit Over Alleged ‘Foul Play’ in FTX Crash
- California Lawsuit Targets Binance Accusing Unfair Competition and Harm to FTX Exchange
- The lawsuit contends that Zhao’s proposal to acquire FTX lacked good faith and ultimately contributed to the downfall of FTX.
SEC Urges Judge to Reject Coinbase’s Motion to Dismiss Lawsuit
- SEC argues that certain cryptocurrencies listed on Coinbase qualify as investment contracts under the Howey Test
- SEC states Coinbase’s interpretation of the Howey Test is narrow.
U.S. Court Accelerates Sentencing in AirBit Crypto Ponzi Scheme Case
- U.S. Court Proceeds with Sentencing in AirBit Club Cryptocurrency Ponzi Scheme Case.
- Launched in late 2015, the AirBit Club posed as a cryptocurrency multi-level marketing club.
Yield Protocol Set to Shut Down Operations by December 2023
- Due to a lack of business demand and pressure from international regulations, the DeFi lending protocol, Yield Protocol, has decided to be taken down before the end of the year.
- Yield Protocol stated that the March 2024 fixed rate series launch had been postponed in its announcement describing the “wind down” procedure.
Galxe Protocol Hit by DNS Attack, Losses Surpass $150K
- The Web3 community platform Galxe’s website was down for nearly an hour. Galxe posted on X that its website was offline. Galaxy confirmed that a security breach affecting its DNS record had occurred.
- As of the most recent update, Galxe has successfully recovered.
Project Updates
Ripple Secures Formal Approval for Singapore Payments License
The Central Bank of Singapore has granted Ripple a full license to operate as a major payment institution, allowing it to continue its activities. Singapore has been the Asia Pacific headquarters of the company since 2017, according to Garlinghouse.
Coinbase secures Major Payment Institution License in Singapore
The license grants the exchange the authority to conduct payment services without the prior constraints of transaction limits. Coinbase is now exempt from the monthly transaction limit of 6 million SGD ($4.4 million) for two or more payment services.
Conflux and LayerZero Work Together on a Blockchain SIM Card
According to Blockworks, Conflux, LayerZero, and China Telecom established a partnership on October 3rd to create the forthcoming blockchain-based SIM card (BSIM). LayerZero will be used by users of this BSIM to transfer assets and messages between chains.
Podcasts and Interviews
- Interview with Ruud Feltkamp, founder of Cryptohopper
- “Interest Rates Are On Pause While Bitcoin Is On Sale” podcast by Scott Melkar
- “Crypto & Oil Synergy” podcast by 1000x Podcasts
Job Listings
- Lead Solidity Engineer | Ebay Web3 Team
- UX Engineer and Staff Rust Engineer | Aave
- Product Manager | L2 Blockchain
- Senior Operations Security Expert | Ethereum Foundation
- Distributed Systems Applied Researcher | Logos Nomos
Looking for an internship? Don’t worry; we’ve got you covered this week.
- Nethermind Internship Program
2k23 Events
- ETHOnline/ETHGlobal virtual from October 6 to October 27
- Ethereum Kuala Lumpur conference and hackathon from October 13 to October 15
- Ethereum México on October 21
- ETH Hong Kong from October 22 to October 24
- ETHLondon Hackathon from October 27 to October 29
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!
