Several companies based in Hong Kong announced that their applications for Bitcoin and Ethereum spot ETFs (Exchange-Traded Funds) have been given the green light by the Securities and Futures Commission. Let’s explore this development further.
Ethereum
Ernst & Young, a leading accounting firm, unveiled a novel blockchain solution designed to streamline intricate commercial contracts, cut expenses, and bolster security.
Technology
Gavin Wood, the founder of Polkadot, has unveiled a document, referred to as the “Gray Paper,” detailing the forthcoming update called Join-Accumulate Machine (JAM) for the network.
The Worldcoin Foundation is introducing a new layer-2 blockchain named World Chain. This innovation aims to solve scalability problems and improve network performance by incorporating advanced authentication techniques and focusing on the needs of regular users.
OKX, a major cryptocurrency exchange, has made the public debut of its Layer-2 solution, named X Layer, on its main network. This move aims to boost usage and advancements in the realm of decentralized apps.
Business
An proposal worth $8.8 million from the Polkadot community has been put forward to sponsor Lionel Messi’s Inter Miami football team. This move aims to boost Polkadot’s international visibility.
Safe, a prominent provider of smart contract wallets, is improving its blockchain offerings by purchasing Multis, a company specializing in wallet management software.
Two key executives at OKX, including Global Government Relations Head Tim Byun and Product Chief Wei Lan, have recently decided to leave the company.
NFT
Starting on May 20, PayPal notified that it will no longer provide protection for Non-Fungible Token (NFT) transactions under its Seller Protection Program. Moreover, sales of NFTs valued at $10,000 or more are now excluded from this coverage, leaving sellers unprotected against potential false claims, chargebacks, and financial scams.
Security
Abraham Avi Eisenberg, who is known for exploiting the Mango Markets, has been found guilty of deceit and manipulation offenses concerning this case in a Manhattan federal court.
Regulations
Canada intends to implement the International Crypto-Asset Reporting Framework (CARF) by 2026, taking a pioneering role in worldwide crypto taxation with rigorous reporting obligations for those offering crypto asset services.
Binance, the leading global cryptocurrency exchange, has made headlines with its announcement of re-entering the Indian market as a legally registered entity under the Financial Intelligence Unit (FIU) of the Ministry of Finance. Previously banned by the Indian government in January, Binance now pledges to comply fully with all applicable laws such as the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA) taxation framework.
Senator Sherrod Brown, a Democrat and critic of cryptocurrencies, has indicated he might back laws regarding stablecoins. This could mark advancement in the face of ongoing regulatory difficulties.
Several Hong Kong-based financial institutions announced that the Securities and Futures Commission had given its approval for the filing of Bitcoin and Ethereum spot ETFs.
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2024-04-21 14:22