Fri. Aug 12th, 2022
Source: AdobeStock / Maksym Yemelyanov

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Regulation news

  • Only five crypto firms — CEX.IOCopper TechnologiesGlobalBlockRevolut, and Moneybrain — remain on the UK Financial Conduct Authority’s (FCA) temporary registration (TRR) list, able to trade while their applications are being considered by the regulator.
  • The UK Financial Conduct Authority (FCA) launched a three-year strategy to “improve outcomes for consumers and in markets” throughout the country, they said, where the key focus is “shutting down problem firms, which do not meet basic regulatory standards.” They claim that this initiative will protect consumers from potential fraud and poor treatment, and create a better market.
  • The National Payments Corporation of India (NPCI) announced that they were not aware of any crypto purchases using their Unified Payments Interface (UPI), a payments system designed to facilitate interbank transactions through mobile phones. They cite “some recent media reports” as the reason for the clarification. The clarification comes soon after major crypto exchange made its debut in India, claiming its platform was supported by the country’s UPI.
  • The Monetary Authority of Singapore (MAS) explained that its guidelines do not allow marketing and advertising of digital payment token (DPT) services to retail consumers in Singapore, but ads to accredited and institutional investors are allowed if service providers can demonstrate how they are targeted only at these specific groups of investors, per the Straits Times. Additionally, sponsorship of international events not held in Singapore but which will be broadcasted there are not in breach of the guidelines and can be allowed.
  • European Union member states agreed to ban the provision of high-value cryptoasset services to Russia as part of a package of sanctions imposed in response to the Ukraine war. They add that “[t]his will contribute to closing potential loopholes” in existing restrictions.
  • The US Federal Deposit Insurance Corporation (FDIC) asked banks to report on their crypto-related activities, citing potential safety and soundness risks as well as financial stability concerns that may come from exposure to cryptoassets. The FDIC will review the information, ask more questions if necessary, and then issue “relevant supervisory feedback,” they explained.
  • US Acting Comptroller of the Currency Michael J. Hsu said that he believes “establishing an intentional architecture for stablecoins can help protect people and the dollar and reflect our values” in his remarks before the Institute of International Economic Law at Georgetown University Law Center. He added that other core values – among them privacy, security, and preventing illicit finance – may also “warrant discussion and consideration”.

Legal news

  • A New York State Supreme Court judge ruled in favor of crypto datacenter and power generation company Greenidge, stating that the project would not harm the environment. This comes after a petition had been filed by environmental companies Sierra Club and Seneca Lake Guardian that claimed the projects could impact the air or water of Seneca Lake.
  • Hong Kong police have arrested a suspected triad member days after a crypto trader was conned out of HKD 800,000 (USD 102,070) in a bogus Tether (USDT) transaction that took place last weekend, per the South China Morning Post. The suspect was detained on suspicion of obtaining property by deception after being picked up in a public housing flat where officers seized about HKD 40,000 (USD 5,100) believed to be crime proceeds.

Exchanges news

  • CEO, Jesse Powell retweeted that the exchange will close its global headquarters on 548 Market Street, in the center of San Francisco, USA. The tweet, first shared by political commentator Richie Greenberg, alleges that “numerous employees were attacked, harassed and robbed on their way to and from the office.”

Adoption news

  • Digital identity verification tech company Netki and crypto exchange software AlphaPoint announced their partnership to implement macroscale cryptoasset onboarding projects. They had previously worked together on the Chivo wallet, which was used for bitcoin (BTC) rollout in El Salvador.

Investments news

  • Nonprofit organization Luna Foundation Guard, which is behind the Terra (LUNA) blockchain project, announced a USD 100m treasury swap with the Avalanche Foundation, the organization behind the Avalanche (AVAX) project. They said that this makes AVAX the first major cryptoasset beyond BTC to be added to their reserve.
  • Alex Kriete, Greg Girasole, and Frank Cavallo, all former executives of banking giant Citi, have formed a new investment management firm dedicated to crypto named Motus Capital.
  • Digital securities exchange ADDX has launched an institutional service called ADDX Advantage for wealth managers, corporate treasuries, and family offices.
  • Earnings platform Community Gaming raised USD 16m in an oversubscribed Series A funding round led by SoftBank Group via its SB Opportunity Fund. With the new funds, the platform is looking to expand its product offerings.
  • Crypto lending network Celsius (CEL) announced it now holds over BTC 150,000 and has paid rewards of nearly BTC 6,100 to its community.

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