Bitcoin Industry

2023-08-01 15:00:35 South Korea's CBDC Pilot to Take Place in Jeju, Busan, or Incheon, Excluding Seoul

The central Bank of Korea (BOK) has narrowed down the choices for its central bank digital currency (CBDC) pilot venue to three regions. Notably, the nation's capital Seoul is not among these. The major regions chosen as candidates are Jeju, Busan, and Incheon, according to IT Chosun.

Eventually, the bank will choose one of the three. It will then secure franchises that can accept CBDC payments and will start experimenting with payments and distribution at a public level.

The private test is scheduled for next year. The BOK will select the pilot site after considering the expected number of users and the effect on the local economy. An official from a commercial bank said that:

"In the case of Busan, the number of eligible citizens is so large that the Bank of Korea is burdened in many ways, so the opinion was greatly inclined to Jeju, which has the next largest population." Open / Comment

2023-07-29 15:00:32 South Korea's Financial Intelligence Unit Presses Crypto Platforms to Improve Compliance Measures

The Korea Financial Intelligence Unit (KoFIU) in a meeting on Thursday told the Korean crypto industry to double down on their efforts to prevent illegal activities.

At the meeting, KoFIU Commissioner Rhee Yunsu said that a “strategic analysis team” focused on crypto has been set up, and that the team will work more systematically to uncover and analyze crypto-related crimes going forward.

This will be done so that KoFIU can offer “more meaningful and valuable data” to law enforcement and investigators, an announcement from South Korea’s Financial Services Commission said.

In addition, the agency told those in the meeting that the industry needs to “strengthen the compliance capacity,” adding that it is necessary to “bolster response to illegal activities.”

Present in the meeting were five companies from South Korea’s crypto industry, including the local crypto exchanges Upbit and Bithumb. Open / Comment

2023-07-26 14:01:02 Binance Research's H1 2023 Report: A Positive Note in Challenging Times for Crypto

Binance's 120-page "Half-Year Report 2023 July 2023," released on July 20, provides insights into the current state of the crypto market, almost two years after its peak in late 2021.

Despite facing challenges in the first half of the year, the crypto industry has demonstrated resilience, with positive growth in market capitalization on a quarterly, half-yearly, and annual basis.

In the first half of 2023, the crypto market saw a surge in institutional interest and adoption, but it also faced increased regulatory scrutiny.

Despite uncertainties, the total market capitalization experienced a notable 47.0% growth in Q1. The global stablecoin market capitalization dropped by 7.0%, while USDT's market share notably increased by 25.8%.

Additionally, the report indicates a decrease in overall crypto deal activities, particularly venture capital funding, during H1 2023. However, the infrastructure sector emerged as a significant area of interest, attracting the most investments. The gaming/entertainment and DeFi (Decentralized Finance) sectors also received substantial investment attention. Open / Comment

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2023-06-12 19:52:08 Defying SEC: Solana, Cardano, and Polygon Disagree with 'Security' Label

In an ongoing battle against the Securities and Exchange Commission (SEC), Solana, Cardano, and Polygon have united forces to challenge the classification of their cryptocurrencies as securities.

This comes as lawsuits unfold against major exchanges Binance and Coinbase, these prominent projects are pushing back, seeking regulatory clarity that fosters innovation while safeguarding consumer interests.

Our token is non-security, and we urge regulators to collaborate for clear regulations that strike a balance between innovation and consumer protection, stated a spokesperson from the Solana Foundation.

Defying the SEC's assertions, Solana (SOL), Polygon (MATIC), and Cardano (ADA) have boldly challenged the recent classification of their cryptocurrencies as securities.

The SEC included these tokens, among others, as examples of allegedly non-compliant assets traded on major crypto exchanges, leading to lawsuits against Binance and Coinbase. Notably, their prices have recorded stark drops. Open / Comment

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2023-06-09 18:02:00 Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities

Brokerage firm Robinhood has decided to delist Cardano, Polygon and Solana after the US Securities and Exchange Commission said those three were securities in its charges against two large crypto exchanges this week.

Robinhood said it would end support for the three on June 27, and said that investors could still buy, sell and hold ADA, MATIC and SOL until the deadline.

“All other crypto you hold on Robinhood will not be affected,” the firm said in a press release on Friday.

Robinhood said investors don’t have to sell ADA, MATIC and SOL and can send them to another wallet or crypto firm, however any leftover will be automatically sold and credited. Open / Comment

2023-06-06 18:30:54 SEC Chair Gary Gensler Calls for Crypto Firms To Register Following Binance, Coinbase Charges

Conversations with crypto firms have been constructive, but they also need to be compliant with securities laws, said US Securities and Exchange Commission Chair Gary Gensler.

“We’ve had discussions with literally dozens of crypto incumbents, including the ones that you just mentioned,” Gensler said.
The industry has a business model built on noncompliance, Gensler added, comparing it to a situation of “catch us if you can.”

“The conversations have been constructive, but it’s also about them bringing a business model into compliance,” Gensler said.

Gensler spoke shortly after the agency said Coinbase was not registered as an exchange, broker or clearing agency and a day after the regulator sued Binance and its CEO Changpeng Zhao for over 13 charges. Open / Comment

2023-06-03 23:00:02 MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

Mitsubishi UFJ Financial Group hasn’t revealed what firms will be the first to utilize its platform; however, a handful of banks have reportedly opted for a separate stablecoin solution.

Megabank Mitsubishi UFJ Financial Group (MUFG) has announced its stablecoin issuance platform “Progmat Coin” will soon be used by banks in Japan to launch Japanese yen-pegged stablecoins on several public blockchains.

Japanese banks have recently outlined intentions to either look into or launch stablecoins following new regulations that came into effect this month.

In mid-2022, the Japanese government passed a bill prohibiting the issuance of stablecoins by non-banking institutions. The bill officially came into effect on June 1, 2023.

In a June 2 announcement, MUFG outlined the Progmat Coin will be used to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche and Cosmos, with more networks to be added in the future.

MUFG also revealed that its blockchain tech and security partners Toki and Datachain are building a bridge to enable cross-chain transactions, lending and swaps between the supported blockchains.

The bank expects the cross-chain infrastructure to be launched in the second quarter of 2022. Open / Comment

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