Weekly Update: 21 September 2023
1) Hong Kong regulator: Crypto firms cannot claim to be ‘banks’ [The Block]
– The Hong Kong Monetary Authority on Friday warned unlicensed crypto firms against describing their services as banking.
2) New York regulator seeks tougher norms for adding, de-listing crypto coins [CoinDesk]
– Licensees in the state will have to set out technology, market, and regulatory risks for listed cryptocurrencies under the state’s BitLicense regime.
3) Bitcoin Adoption Fund launched by Japan’s $500B Nomura bank [Cointelegraph]
– The Bitcoin Adoption Fund will have long-only exposure to Bitcoin and be available to institutional investors.
4) Citi Token Services will provide payments, liquidity to institutional customers [Cointelegraph]
– The new blockchain-based service will use tokenized deposits for trading and liquidity services after two pilots.
5) Court approves sale of FTX digital assets, up to $3.4B worth to be unleashed [Cointelegraph]
– Assets will be sold off weekly, with special handling for BTC, ETH and “insider-affiliated tokens.”
6) Digital trading platform MetaComp offers clients stablecoin-to-TradFi security path, claiming Singapore first [CoinDesk]
– Trading volume has climbed to around $50 million since the service was introduced last month.
7) EU parliament votes overwhelmingly in support of DAC8 crypto tax reporting rule [Cointelegraph]
– The measure received 535 votes for with 57 against and 60 abstentions in a plenary session.
8) Genesis has ceased all crypto trading services: Spokesperson [CoinDesk]
– Company was hit hard by the collapses of Three Arrows Capital and FTX.
9) Mark Cuban loses $870K in hot wallet hack [Cointelegraph]
– Mark Cuban confirmed that he was hacked but doesn’t know precisely how.
10) $Violet’s decentralized exchange Mauve goes live for trading compliant and real world assets [CoinDesk]
– The DEX was developed in a direct response to the fallout from the collapse of crypto exchange FTX.
