Regulatory News
UK - Financial Conduct Authority (FCA): The FCA has outlined requirements for UK crypto businesses to comply with the Travel Rule, a regulation demanding the collection, verification, and sharing of information on crypto transfers, starting September 1, 2023. The FATF urges swift global adoption of the Travel Rule to standardize crypto practices across financial services. The FCA emphasizes the responsibility of firms to diligently adhere to the Travel Rule, even when utilizing third-party services, and to adjust procedures for non-compliant jurisdictions.
UAE - GCC Business: Dubai's Department of Economy and Tourism (DET) and Virtual Assets Regulatory Authority (VARA) join forces through an Memorandum of Understanding (MoU) to bolster the virtual assets sector, ensuring security and effective regulation. This collaboration covers customer care, VASP registration, and upholding consumer protection under VARA's oversight, promoting a robust virtual assets ecosystem.
UK - Financial Conduct Authority (FCA): UK's Financial Conduct Authority (FCA) has disclosed registration stats for crypto companies, revealing that since 2020, 291 applications were received, with only 38 being approved, amounting to a 13% success rate. The FCA's response to a right-to-know request outlined that most applications were withdrawn (155) due to incomplete criteria, encouraging resubmission.
Brazil - National Congress: The Joint Committee of the National Congress set up to assess the federal government's Provisional Measure No. 1,172 (Art. 9º, § 1º, I) this week approved the report by Congressman Merlong Solano (PT-PI). Although the text sent by the government focused on the minimum wage increase for 2023, the final text received amendments that will change taxation for investments in cryptocurrencies abroad. The final text includes crypto assets in the definition of "financial assets'' for tax purposes on financial investments abroad. As a result, cryptocurrencies invested outside Brazil will be subject to the same tax rules as other investments.
Argentina - CoinDesk: Argentina has launched an investigation into Worldcoin's data collection practices, particularly its facial and iris scanning procedures for financial compensation. The Argentine Agency for Access to Public Information (AAIP) is focusing on Worldcoin's compliance with data protection regulations and security measures in place for user privacy. This scrutiny follows similar actions by other governments, such as Kenya's suspension of Worldcoin's operations and police raids on its premises.
Industry News
UK - CoinDesk: Europe's inaugural spot Bitcoin exchange-traded fund (ETF) has debuted on Euronext Amsterdam, courtesy of London-based Jacobi Asset Management. The Jacobi FT Wilshere Bitcoin ETF, under the ticker "BCOIN," gained approval in October 2021, although its listing was postponed due to unfavorable market conditions. Notably, this ETF precedes similar offerings in the U.S., despite numerous past applications to the Securities and Exchange Commission (SEC) having been rejected.
Brazil - P2E Game: Real estate-focused blockchain firm Ribus recently completed the sale of a property in downtown Rio de Janeiro using its native RIB token as payment.
General News
BeInCrypto: Analyzing MicroStrategy's $4.5B Bitcoin investment led by Michael Saylor highlights the power of Dollar-Cost Averaging (DCA). This strategy, involving consistent fixed-amount investments, mitigates vulnerability to short-term price fluctuations. While DCA offers advantages such as automation and decreased risk, it also brings drawbacks like modest returns and possible elevated fees. Jumping to the present, MicroStrategy stands as a massive institutional Bitcoin holder, possessing an astounding 152,800 BTC, procured at an average cost of $29,672, amounting to an impressive $4.53 billion.
CoinTelegrapgh: Sei Network, a Layer 1 trading blockchain, attained a fully diluted valuation of $1.8 billion on its token listing day. Major exchanges like Binance, Bybit, and Bitget simultaneously listed Sei's (SEI) token, which opened at $0.064 before surging to $0.48 and later trading at $0.18. Sei also launched its mainnet's beta phase, boasting rapid transaction finalization, and has plans to introduce 30 applications by year-end.
Reuters: On August 14, 2023, the adoption of non-fungible tokens (NFTs) has extended to the food and beverage sector, with major fast food chains like Pizza Hut and Papa John's launching NFTs to promote their products, as per a Research and Markets report on NFT trends. The report predicts that the global food and beverage NFT market will surpass $2 billion by 2032, with NFT integration expected in unique ways such as virtual reality, video games, promotions, and advertising. The use of NFTs in this industry is being influenced by concerns about food quality, safety, and origin, prompting a need for transparency and traceability.
CryptoNews: Rising interest rates have propelled the Maker Protocol's annualized revenue to a 2-year high of over $165 million. Notably, the surge is evident in data from Makerburn.com, surpassing previous highs and reaching levels last seen in May 2021. The increase in revenue aligns with the attraction of a higher deposit interest rate of 8% annually, approved by the Maker community, driving users, including notable figures like Justin Sun and OlympusDAO, to deposit DAI for enhanced returns.
CoinDesk: Bitso, a prominent crypto exchange in Latin America, has collaborated with Stellar's Anchor Network to amplify the payments link between the region and the world. This partnership facilitates global businesses to conduct transactions in USDC to Argentina, Colombia, and Mexico through Bitso's direct ties to local banking systems. Bitso reported processing $3.3 billion in transactions between Mexico and the U.S., witnessing a 32% rise in international transfers during the latter half of 2022.
