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Atlas Navi Partners with One of Europe's Largest Oil and Gas Companies - Ledgernomic
Atlas Navi has just announced a new partnership with OMV Petrom – Southeast Europe’s largest oil and gas company. On X, the AI navigation app, which enables users to earn cryptocurrency while driving, unveiled that AtlasNavi drivers can now convert their $NAVI tokens into fuel vouchers directly within the Atlas Market app. Right now the vouchers can be utilized at any of OMV/Petrom’s 555 fuel stations across Romania. However, Atlas Navi hinted they would expand the partnership to other European […]
Hong Kong is Moving Forward with Both Retail and Wholesale CBDC - Ledgernomic
A number of announcements have recently come out of Hong Kong regarding Central Bank Digital Currencies (CBDCs). The recent announcements from the BIS Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) center on both the tokenisation of interbank payments and making retail CBDCs more palitable to the general public by focusing on privacy. Let’s delve into the key developments in both retail and wholesale CBDC initiatives: “Project Ensemble” focuses on advancing wholesale Central Bank Digital Currency […]
Good News for Gemini Earn Users - Ledgernomic
Gemini Earn users finally got a resolution to the “EARN” saga, as yesterday the crypto exchange resolved the ongoing dispute surrounding the defunct program. The company reached a settlement with the New York Department of Financial Services (NYDFS), which guarantees full asset recovery for users affected. As part of the settlement terms, Gemini has pledged to allocate $40 million to Genesis, the service provider for the Earn program, to assist in its ongoing bankruptcy proceedings. Additionally, the company has committed […]
The SEC Adopts Controversial New Rule: Potentially Problematic for DeFi - Ledgernomic
The Securities and Exchange Commission (SEC) has introduced a controversial new rule requiring market participants engaged in significant liquidity-providing roles, including those in the cryptocurrency sector, to comply with federal securities laws. According to a statement by SEC Chair Gary Gensler, the rationale behind this rule is to enhance investor protection, market integrity, and transparency. The rule applies to transactions involving crypto assets meeting the definition of securities or government securities, with exceptions for entities with assets less than $50 […]
What is SAB 121 and How Could It Impact Crypto Adoption in the US? - Ledgernomic
The Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121 is a controversial rule that was introduced in 2022. The rule has significant implications for crypto adoption, particularly in the context of cryptocurrency custody by banks. SAB 121 has had quite a lot of pushback, and just this week (February 2024) US legislators in both the House and Senate have taken steps to have the controversial rule revoked. Let’s take a closer look at SAB 121 and why it’s […]
UAE Moves a Step Closer to Digital Dirham - Ledgernomic
On January 29, the Central Bank of the United Arab Emirates (CBUAE) successfully executed its first cross-border digital dirham transfer through the mBridge central bank digital currency (CBDC) platform. The transaction involved the transfer of 50 million dirhams to China via mBridge. Project mBridge was launched in 2021 and is a collaborative effort between the CBUAE, Hong Kong’s Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Bank for International Settlements. […]
Applications Filed for BTC ETF Options Trading - Ledgernomic
The United States Securities and Exchange Commission (SEC) has officially acknowledged proposals from Nasdaq and Cboe regarding the commencement of options trading on Bitcoin exchange-traded funds (ETFs). Nasdaq submitted a rule change application to facilitate options trading on BlackRock’s iShares Bitcoin Trust, while Cboe sought approval for trading options on “ETPs [exchange-traded products] that Hold Bitcoin.” The trading of BTC ETFs commenced on Nasdaq and Cboe on January 11, following SEC approval obtained a day earlier. Catherine Clay, the executive […]
Trump Says He Will Never Allow Digital Dollar - Ledgernomic
Donald Trump (who is currently in the running for the Republican presidential nomination) has declared his staunch opposition to the creation of a central bank digital currency (CBDC). In a campaign speech delivered in New Hampshire on Wednesday, the former US president asserted that the introduction of a CBDC could potentially give too much power to the federal government in matters concerning currency. In his address, Trump emphasized his commitment to protecting Americans from government tyranny. Trump stated, “Tonight, I […]
EU Introduces Strict New AML Rules for Crypto Transactions - Ledgernomic
The European Union (EU) has agreed on the introduction of new rules aimed at combating money laundering (AML). The new rules are set to significantly impact the crypto sector, with all “cryptoasset service providers” (CASPs) mandated to conduct thorough due diligence on their customers. Under the agreed-upon provisions, CASPs are obligated to apply customer due diligence measures for transactions exceeding €1000. This entails verifying crucial facts and information about customers and promptly reporting any suspicious activities. The regulatory framework also […]
Bank of England Points to Risk of Tokenization on Public Blockchains - Ledgernomic
This week the Bank of England released its Financial Stability Report for December 2023. The Report had several observations regarding the crypto market and associated systemic risks. Crypto: Not a Systemic Risk… Yet The report noted that the crypto and stablecoin markets do not yet pose a systemic risk to the wider financial system. In particular, it noted that the size of the crypto market is still relatively small when considered within the wider context and that large-scale institutional adoption […]
Japan Considers Introducing More Crypto-Friendly Tax Rules - Ledgernomic
In a bid to retain businesses and curb the exodus to tax-friendly destinations like Singapore and Dubai, Japan’s ruling coalition is contemplating a significant tax reform. Under the proposed change, Japanese companies may no longer face taxes on unrealized gains from cryptocurrencies held for purposes other than short-term trading. This exemption aims to align Japan with global norms and counter the current rule, which taxes companies based on mark-to-market valuations of their cryptocurrency holdings. The proposed change, expected to be […]
Ripple CTO David Schwartz Reflects on Selling Ethereum at $1 - Ledgernomic
In a recent series of tweets, Ripple CTO David Schwartz opened up about missed opportunities in the volatile world of crypto, sharing his own experiences and drawing parallels with his father’s stock trading. Schwartz began by revealing a pivotal moment from his past, stating, “As many of you know, I sold 40,000 ETH at about $1 to put solar panels on a house I no longer own. That ETH was worth over $100 million shortly after.” The Ripple executive went […]
Prosecutors: CZ Should Remain in US and Not Return to UAE before Trial - Ledgernomic
A federal judge has accepted CZ’s guilty plea for violations of the Bank Secrecy Act. This comes as part of the recent $4.3 billion settlement with the Binance founder made with various U.S. agencies. As part of the settlement, CZ stepped down as Binance CEO and paid $150 million to regulators. However, CZ could still face up to 18 months in prison. As well as this, the judge has yet to decide whether CZ can leave the U.S. before his […]
IOTA Registers with Abu Dhabi Global Market - Ledgernomic
Yesterday, it was announced that the IOTA Ecosystem DLT Foundation has become the first Distributed Ledger Technology (DLT) foundation registered with Abu Dhabi Global Market (ADGM) in the United Arab Emirates. The foundation is set to receive a substantial injection of over $100 million in IOTA tokens, earmarked to support the growth of the IOTA protocol and nurture the IOTA ecosystem in the Middle East and North Africa (MENA) region. The foundation said it will leverage its position in Abu […]
Kraken: SEC's Enforcement Actions for a "Regime that Doesn't Exist" - Ledgernomic
Yesterday the SEC charged yet another crypto exchange of buying and selling unregistered securities. This time it’s Kraken’s second turn in the US securities regulators’ crosshairs. As well as the offering of unregistered securities, the SEC alleges that Kraken co-mingled customer funds. Kraken quickly responded with a statement that strongly rejected the SEC’s assertions. In particular, Kraken pointed to the recent Torres ruling in the Ripple case, in which the judge found that Ripple did not violate federal securities law […]
The $500 Trick That Sent XRP Soaring? Lawyer Jeremy Hogan Weighs In - Ledgernomic
In a recent tweet, lawyer Jeremy Hogan (@attorneyjeremy1) exposed a potentially alarming loophole that allows for the fraudulent creation of an “XRP ETF” Trust. According to Hogan, perpetrating this fraud is surprisingly straightforward and comes with a cost of just $500. Hogan detailed the process, revealing that with just two filed documents (attached to the tweet), a payment of $500, and minimal effort, one can secure a “placeholder” on the state website for the fake XRP ETF. The ease with […]
FCA Warns Crypto Firms of Upcoming Financial Promotion Rules - Ledgernomic
Yesterday, the UK Financial Conduct Authority (FCA) sent a letter warning cryptocurrency firms marketing to UK consumers. The letter noted that many overseas crypto firms have refused to engage with the FCA about its upcoming regime for financial promotions. The regulator said that despite their best efforts “only 24 firms responded to a survey that was sent to over 150 firms”. The FCA went on to say that the lack of engagement raised “serious concerns about unregistered firms’ readiness to […]
TradeFinex and SBI Join Forces to Expand XDC Network - Ledgernomic
Today, 29th September 2023, SBI Holdings released a notice stating that they have signed an agreement with TradeFinex to establish a joint venture that will work to expand the use of layer-1 blockchain XDC Network. The press release noted that XDC “is expected to be used in economic activities around the world, such as trade finance, supply chain management, and cross-border payments”. This is not the first association between SBI and XDC. In May of this year, SBI VC Trade, […]
The Ultimate Guide to Bitcoin ETFs - Ledgernomic
Bitcoin ETFs, short for Exchange Traded Funds, offer investors a gateway to the Bitcoin and crypto market without the need for direct cryptocurrency management. While we’ll primarily delve into Bitcoin ETFs in this article, it’s worth noting that there are ETFs centered on other cryptocurrencies as well. For instance, ArkInvest and 21Shares recently submitted an application for an Ethereum Spot ETF. Now, returning to Bitcoin ETFs, there are two main categories: Bitcoin Spot ETFs and Bitcoin Futures ETFs. Spot ETFs […]
London Stock Exchange to Leverage Blockchain - Ledgernomic
The London Stock Exchange (LSE) Group reportedly will use blockchain technology as part of a new initiative aimed at transforming the way traditional financial assets are managed and traded. By harnessing the power of blockchain, the LSE Group seeks to significantly enhance the efficiency of various processes involved in managing, purchasing, and selling traditional financial assets. The objective is to create a more streamlined, cost-effective, and transparent ecosystem for these assets. “The idea is to use digital technology to make […]
Chainlink Teams Up with Swift for Cross-Chain Tokenization Experiment - Ledgernomic
Today, Swift reported the results from its recent tokenization experiment conducted in collaboration with Chainlink and several major financial institutions. The experiment’s goal was to enhance the smooth transfer of tokenized assets across existing Swift infrastructure and several blockchain networks. The experiment used CCIP (Chainlink’s Cross-Chain Interoperability Protocol) to transfer the tokenized assets across multiple blockchains. Chainlink’s CCIP, which was launched in July, can be used to build interoperable applications. Interoperability is a critical factor in advancing the potential and […]
XDC Network Leveraged for Tokenized Treasury Bonds - Ledgernomic
Tradeteq, a U.K.-based private debt and real-world asset marketplace, has unveiled a new tokenized U.S. Treasury offering on the XDC Network, a layer-1, third-generation blockchain. The XDC Network blockchain uses a proof of stake consensus mechanism, which ensures the network is cheap, fast, and secure. USTY are tokenized shares in a U.S. Treasury bond exchange-traded fund (ETF). USTY will be exclusively available to professional investors through Tradeteq’s Yieldteq platform. Securitize, a leading name in tokenization services, was chosen as the […]
Why has a Sealed Motion been Filed Against Binance? Former SEC Chief Shares His View - Ledgernomic
While the crypto community last night focused on Greyscale’s victory over the SEC, the U.S. regulatory agency quietly filed a sealed motion relating to Binance, the global cryptocurrency exchange. The motion, which seeks permission to file documents under seal, has ignited speculation about the nature of the ongoing legal tussle between Binance and the SEC. Former Chief of SEC Internet Enforcement, John Reed Stark, took to Twitter to discuss the rare move by the SEC and what it could imply […]
SEC Takes Aim at NFTs: First Enforcement Action Against Impact Theory - Ledgernomic
Yesterday the SEC announced that they had taken an enforcement order against Impact Theory, the popular podcast company owned by entrepreneur Tom Bilyeu. The SEC claims that Impact Theory’s NFT called “Founder’s Key” constitutes an investment contract as per the Howey Test. Around $30 million worth of NFTs were sold to investors. The SEC alleges that Impact Theory encouraged investors to consider their purchase of Founder’s Key NFTs as an investment in the company. As well as this, they were […]
Hedera and Sui to Unlock Tokens this Week, Boosting Circulating Supply - Ledgernomic
Two layer-1 blockchains, Hedera and Sui, will unlock a significant number of tokens and increase their circulating supply this week. According to data compiled by TokenUnlocks, Sui, scheduled to unlock tokens on August 31st, has so far only released 7% of its total supply. In contrast, Hedera, due to unlock tokens on September 1st, currently has 57% of its HBAR tokens already in circulation. Sui intends to increase the number of tokens allocated for staking subsidies. This move will see […]
Australia Publishes CBCD Trial Results; Contributions from Ripple, Binance and Mastercard - Ledgernomic
The global financial landscape has been undergoing a dynamic shift, with central bank digital currencies (CBDCs) emerging as a focal point of exploration for central banks worldwide. Recent research indicates that 18% of central banks were considering the introduction of CBDCs in the near term, signaling a growing interest in leveraging digital currencies to shape the future of payment systems. Earlier this week, the Reserve Bank of Australia (RBA) published the findings of its CBDC research, jointly conducted with the […]
EUROe MiCA-Compliant Stablecoin Expands with Solana Integration - Ledgernomic
Finnish fintech company Membrane Finance announced it will launch its EUROe stablecoin on the Solana blockchain. Membrane Finance’s EUROe integration with Solana offers native euro stability on the blockchain, enabling various use cases including foreign exchange, euro payments, and value storage. EUROe is compliant with MiCA (the EU’s crypto regulatory framework), converting fiat euros into digital currency on a 1:1 basis. According to a blog post on Membrane Finance’s website, the stablecoin is backed by 100% cash and 2% CET1 […]
Binance Reports Over One Hundred Percent Spike in Pig Butchering Scams - Ledgernomic
Binance has witnessed a 100.5% surge in pig butchering scams reported from 2022 to 2023. To safeguard against scams, Binance shared vital tips on its blog for investors to stay vigilant and protected. What Are Pig Butchering Scams? Pig butchering scams target inexperienced investors, luring them with promises of high returns and trust-building tactics. Scammers vanish after victims invest more substantial amounts, leaving no way to recover lost funds. Scammers’ Techniques: Scammers employ various tactics, including social engineering, romance scams, […]
Why Does this Popular Crypto Trader Think a Bull Market is Imminent? - Ledgernomic
In a recent tweet, popular crypto trader and analyst Michael Van de Poppe shared his insights on the current state of the Bitcoin market cycle, suggesting that a bullish period could be on the horizon. Van de Poppe emphasized the cyclical nature of the cryptocurrency market, drawing parallels between different cycles. He looked particularly at bull cycles that came shortly after halving events. He noted that the upcoming halving is approximately 250 days away, and the current phase could be […]
Binance.US Announces USD On-Ramps for its Move to Crypto Only Exchange - Ledgernomic
Yesterday Binance US announced details of its plan to transition to a crypto-only exchange. The platform has introduced significant changes, with USDT (Tether), a stablecoin pegged to the U.S. dollar, taking center stage as the new base asset for transactions. The largest crypto exchange will also partner with payment providers to create USD on-ramps for US customers. The first payment partner announced was MoonPay. In an official blog post, Binance announced that users can purchase USDT stablecoin using USD through […]
Coinbase Invests in Circle; USDC will Add 6 New Blockchains - Ledgernomic
Yesterday in a joint statement, crypto giants Coinbase and Circle revealed a series of changes that are set to reshape the trajectory of the USD Coin (USDC). Firstly, it was announced that USDC will extend its presence across six additional blockchains, expanding its compatibility and potential user base significantly. Governance of USDC will also change, with Circle assuming responsibility for USDC’s issuance and governance. According to the press release, this will enhance operational efficiency and foster a more direct accountability […]
The Policy Pulse, 21 August 2023 - Ledgernomic
Welcome to the Policy Pulse, your go-to source for the latest developments in the crypto and blockchain industry, policy, and regulatory landscape. Singapore’s New Regulatory Regime for Stablecoins Singapore’s Monetary Authority (MAS) officially unveiled its regulatory framework for stablecoins, marking the culmination of a comprehensive review process that included public input from an October 2022 consultation. According to the MAS, the primary focus of this framework is to ensure robust levels of value stability for single-currency stablecoins (SCS) that are pegged to […]
Tether to Discontinue Support for Kusama, Bitcoin Cash SLP, and Omni Layer - Ledgernomic
Stablecoin issuer Tether, today announced it will discontinue its support for certain blockchains, including Kusama, Bitcoin Cash SLP, and Omni Layer. Tether noted that one of the key factors for its decision is the level of interest and usage within the community for specific blockchains. While Tether will no longer create new USD₮ tokens on these blockchains, the company said it remains committed to ensuring a smooth transition for existing token holders. Users who currently hold USD₮ on Kusama, Bitcoin […]
Bloomberg: SEC on the Verge of Approving Several Ethereum Futures ETF Applications - Ledgernomic
According to a report by Bloomberg, the US Securities and Exchange Commission (SEC) is reportedly on the verge of granting approval for a number of exchange-traded funds (ETFs) applications based on Ethereum futures. This would be a significant victory for numerous firms that have applied to offer such investment products to the public. Insiders familiar with the matter suggest that the SEC is leaning towards allowing the creation of these ETFs. A handful of companies, including well-known names like Volatility […]
Ripple Pushes Back Against SEC in Ongoing Legal Battle - Ledgernomic
In the latest development of the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency firm Ripple, Ripple has filed an opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal. This move comes shortly after the SEC sought permission to appeal certain aspects of the court’s recent ruling in the case. The court ruling, delivered by Judge Torres, recently clarified the status of XRP transactions and whether they were in violation of […]
Coinbase Receives NFA Approval to Offer Crypto Futures Trading to US Customers - Ledgernomic
Coinbase today announced that it has gotten the green light from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM). This allows for eligible customers in the United States to access cryptocurrency futures directly from Coinbase’s platforms. Here’s what you need to know:
Singapore's Regulatory Framework for Stablecoins Finalized - Ledgernomic
The Monetary Authority of Singapore (MAS) today announced that it has finalized the details for its regulatory framework for stablecoins. The regulatory framework, which follows a rigorous review process involving feedback from a public consultation in October 2022, focuses on ensuring high levels of value stability for single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency. This strategic move underscores Singapore’s commitment to embracing financial innovation while safeguarding the interests of both users and the broader economy. […]
Europe's First Bitcoin Spot ETF Goes Live as SEC Stalls - Ledgernomic
Europe’s first spot Bitcoin ETF has officially been introduced on the Euronext Amsterdam exchange. Unveiled by Jacobi Asset Management, the Jacobi FT Wilshire Bitcoin ETF will be available to qualified professional, institutional, or sophisticated investors only. Operating with the trading symbol BCOIN, the ETF falls under the regulatory oversight of the Guernsey Financial Services Commission (GFSC). Fidelity Digital Assets assumes the role of custodian for the ETF. See Also The Future of Crypto Trading in Hong Kong: HashKey Exchange Welcomes […]
The Policy Pulse: 14 August 2023 - Ledgernomic
Welcome to the The Policy Pulse, your go-to source for the latest developments in the crypto and blockchain industry, policy, and regulatory landscape. SEC Delays Bitcoin ETF Applications On Friday, the SEC extended its review of the Ark 21Shares Bitcoin exchange-traded fund (ETF) application. In an official order, the SEC has invited public input on the ETF proposal, a step which will delay the final decision for several weeks. The general public will have three weeks to provide feedback on the proposal, followed by an […]
Belarus Aims to Launch CBDC to Facilitate Cross-Border Transactions - Ledgernomic
The National Bank of the Republic of Belarus (NBRB) is preparing to introduce its own digital currency, the digital Belarusian ruble, aimed at making cross-border transactions smoother. Dmitry Kalechits, Deputy Chairman of the NRBR’s Board, revealed, “We’re excited to launch the digital Belarusian ruble, which will simplify cross-border use.” The NBRB envisions the digital ruble as a legitimate and equivalent alternative to physical currency, facilitating non-cash payments. It’s set to be issued by the central bank, following similar initiatives in […]