Weekly Update: 27 Oct 2022
1) Binance launches native oracle network, starting with BNB Chain [CoinDesk]
– The oracle service will directly benefit some 1,400 applications running on BNB Chain, with 10 BNB Chain projects already integrated with the Binance Oracle network. The service is, however, chain-agnostic and will eventually support more blockchains as well.
2) The Monetary Authority of Singapore (MAS) proposes measures to reduce risks to consumers from cryptocurrency trading and enhance standards of stablecoin-related activities [MAS]
– MAS has published two consultation papers proposing regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to support the development of stablecoins as a credible medium of exchange in the digital asset ecosystem. These measures will be part of the Payment Services Act.
3) Apple appears to be clamping down on crypto and other NFT apps circumventing its App Store fee model, which demands up to 30% commission [Blockworks]
– Apple has restricted App Store apps to basic NFTs which don’t unlock content or additional functionality. Showcasing NFTs is still allowed but external links are prohibited, considered a move to gather revenue from in-app purchases.
4) Central Bank of Turkey Plans to Launch a CBDC in 2023: Turkey is poised to launch a central bank digital currency (CBDC) next year [CoinDesk]
– The Digital Turkish Lira system will be integrated with digital identity tools and a payment system operated by the Turkish central bank called FAST.
5) Flagship A16z crypto fund lost 40% in first half of 2022 [Blockworks]
– Venture funding in the crypto space has been on the decline this year compared to 2021, according to a second-quarter 2022 report. In 2021, 999 venture funds focused on crypto launched, compared with 415 in 2022 as of June 30.
6) Swiss Bank SEBA custodies blue-chip Ethereum NFTs [Blockworks]
– The bank will only accept ERC-721 NFTs, the same token standard powering top collections such as Bored Ape Yacht Club and CloneX. SEBA supports over 16 cryptocurrencies and specializes in bitcoin custody and lending, with a small selection of staking options.
7) Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022 [Cointelegraph]
– The electric vehicle maker’s actual BTC losses are far lower, with $64 million worth of previously realized profits to offset the decline.
8) UK Lawmakers Vote to Recognize Crypto as Regulated Financial Instruments. [CoinDesk]
– The United Kingdom’s lower house of Parliament voted to recognize crypto as a class of regulated financial assets during an amendment made to a regulatory proposal.
9) Western Union Trademark Filings Signal Crypto, Web3 Exploration [Blockworks]
– The applications made by Western Union imply that the company intends to launch its very own virtual currency exchange and cryptocurrency token. The financial services company also has plans to expand into managing and administering digital assets.
