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⚖️ Regulation Evolutions
- MICA Progress: Just weeks after MiCA took effect, Circle became the first approved stablecoin issuer under the new EU regulations, for the USDC and EUROC. This is a big win for stablecoin legitimacy and paves the way for wider adoption in the EU, especially with the launch of the ERUOC in Europe. Read more
- Paxos ready for Singapore: Paxos received the approval from the Singaporean regulator to issue stablecoins. This will probably strengthen their partnership with DBS Bank. Read more
- US Regulation Debate: The debate on stablecoin regulation in the US continues, with some arguing for immediate action. It will be interesting to see how the US approaches this compared to the EU's framework. Read more
- Hong Kong Review: Hong Kong is set to review its recently introduced crypto asset regulatory framework (New CIES) following the withdrawal of applications by several major exchanges, including OKX. Read more
- Global Disclosure Framework: Global banking regulators approving a framework for banks to disclose crypto exposure shows a growing focus on transparency within the traditional financial system. Read more
- Nigeria temporary regime: Nigeria regulates VASPs with aAccelerated Regulatory Incubation Program (ARIP) until digital asset rules are ready. ARIP includes residency and KYC requirements for VASPs. Read more
💵 Stablecoins for Everyday Use
- Mass Adoption: The Philippines integrating Tether (USDT) for social security payments is a significant step towards mainstream adoption of stablecoins. Read more.
- Multi-Stablecoin Support: Opera expanding its crypto wallet with support for multiple stablecoins like USDT and USDC demonstrates a growing user demand for flexibility and the challenges with interoperability. Read more.
🏦 CBDC Developments
- Collaboration for CBDC Innovation: The Bank of France joining forces with the Hong Kong Monetary Authority for CBDC and tokenization research is a positive sign for international collaboration in this space, which is necessary for global interoperability of the different CBDCs. Read more
- Digital Yuan Security: China's focus on bolstering security and KYC measures for its digital yuan highlights the importance of combating money laundering in the digital asset space. Read more.
➕ Other Interesting Reads
- Survey on Crypto Usage: A survey indicating Canadians are very much attached to cash, and crypto is no exception to that. Read more.
- Gold-backed NFTs: Swarm's launch of gold-backed NFTs showcases the potential of tokenization for traditional assets. However, their approach of leveraging the NFT exemption to potentially bypass MiCA regulations raises questions about long-term compliance. Read more
- On-Chain Net Asset Value: The partnership between Sygnum, Fidelity, and Chainlink to bring net asset value on-chain is a promising development for transparency in DeFi. Read more
- Sony entering crypto Tech giant Sony reportedly entering the crypto trading space signifies not only the growing mainstream interest in digital assets but also the potential for wider adoption within the entertainment and content creation industries: blockchain-based digital rights management, in-game currencies, loyalty programs. Read more
