24 April

“After quietly executing an experimental launch with sTSLA last month, we are now ready to publicly roll out a full suite of the some the most actively traded stocks in traditional finance. As with all Synths on Kwenta, these stocks can be traded directly for any other Synth with zero slippage, no matter the trade size.

Stocks currently available [include] Tesla (sTSLA), Apple (sAAPL), Amazon (sAMZN), Netflix (sNFLX), Facebook (sFB), and Google (sGOOG). Both synthetic Microsoft stock and synthetic Coinbase stock will be added within the coming weeks.

Encouraging liquidity pools for these assets is particularly important because equities do not undergo any price action during out-of-market-hours, and thus are not tradable through the Synthetix protocol during this time. Therefore offering liquidity via an AMM such as Balancer means there can still be some price discovery + access to the assets outside of this period.”

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“The U.S. Securities and Exchange Commission (SEC) has begun its formal review of Kryptoin’s bitcoin exchange-traded fund application, starting the countdown clock for a decision on the proposal.

This is the third active bitcoin exchange-traded fund application the federal regulator is evaluating, after VanEck and WisdomTree. The regulator has up to 240 days to approve or deny each. It’s possible the agency may approve multiple ETFs at once to promote competition and to avoid favoring one company over another.”

See Also: NYSE Files to List Shares of Valkyrie’s Bitcoin ETF
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Biden’s proposed treatment of capital gains as income, which stipulates a rate of up to 39.6% instead of the current 23.8%, has had “a shock effect in all markets.” Still, cryptocurrency is likely to be unaffected over the long-term. According to Landsberg-Sadie, the drop in bitcoin’s value on Friday has been an “overreaction” to Biden’s capital gains proposal and will likely bounce back to the Pantera projections where its next high is somewhere above $70,000.

The difference between cryptocurrency and any other market is that we’re seeing more and more large-scale crypto buyers who simply have no intent on exiting the position.

Instead, the stock-to-flow model cited by blockchain hedge fund Pantera Capital for its prediction that the price of bitcoin will reach $115,000 this summer will be a ‘much stronger driver of value than fiat-based tax.'”

See Also: Market Wrap: Bitcoin Steadies After $300B Market Cap Dump on Taxation Trepidation

“Stablecoin issuer and blockchain startup Paxos has become the third crypto-native company to score a federal trust charter through the U.S. Office of the Comptroller of the Currency (OCC). Becoming an OCC-regulated trust is one way crypto exchanges can operate nationwide without needing to secure state-level licenses in each of the 49 different U.S. states.

The move is another sign that the global cryptocurrency ecosystem is becoming increasingly acceptable to regulators. In particular, the preliminary approval indicates that the OCC is comfortable with Paxos as a custodian.

With the approval, Paxos joins Anchorage and Protego in becoming one of the only national trusts that were born in the crypto ecosystem. Kraken and Avanti have also become state-regulated crypto bank entities after securing Special Purpose Depository Institution charters through Wyoming.”

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“Mastercard will help consumers directly offset carbon emissions and choose better products for the environment via its blockchain-based Provenance Solution.

Once the company is tracking and storing the carbon footprint on its blockchain, it can break it down into the level of a “coffee cup or even a t-shirt,” and provide evidence to the consumer that the carbon emissions have been offset. A carbon credit represents one tonne of carbon dioxide that has been removed from the atmosphere. Companies offset their emissions by purchasing the equivalent amount of carbon credits.

So this is notable because it’s reaching down to the specific good. It can be three liters of milk. It could be a cup of coffee, it could be sunglasses, it could be a T-shirt. The carbon footprint of that product will be offset with full integrity upstream.”

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“In a move that could point toward greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer.

The decentralized autonomous organization, with over 3,500 global members, is now sufficiently decentralized and no longer needs a “legal wrapper” in the form of a limited company. Nexus originally launched with a “a UK-based limited company” in order to protect the team from legal liabilities and tax-related issues.

Nexus Mutual’s platform is currently offering 285,153 Ether (ETH) and 67,497,888 Dai worth of cover across nearly 4,000 policies, worth an aggregate $721,332,712. These policies are earning NXM stakers a total of $20,350,781 in annual premiums.

Lifting the KYC burden could grow these metrics considerably, as privacy-focused users could gain access to policies without revealing their real-world identities.”

“The head of South Korea’s financial regulatory agency has created controversy by saying all the country’s cryptocurrency exchanges could be shut down in September.

Chair of the FSC said the agency has yet to receive any Virtual Asset Service Provider (VASP) applications required under a recently amended law going into effect later this year. The FSC began accepting applications for registration on March 25, but no exchanges have applied yet.

There are an estimated 200 cryptocurrency exchanges in the country. But if the current situation continues then all of them could be shut down.

The most important qualification for VASP registration is an official partnership with a local commercial bank. Out of the some 200 exchanges to which Eun alluded, only the country’s four largest exchanges, known as the “Big 4,” have established such partnerships thus far. Many industry insiders already think the Big 4 will end up being the only exchanges to survive the regulatory tidal wave.”

See Also: Seoul Seizes Tax Dodgers’ Crypto From Exchanges: Report

Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding Thursday to promote blockchain collaboration in the Asia Pacific. The MoU aims to engage with regulators to ensure legal compliance alongside raising industry awareness and education through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC.

The growth in the digital assets and blockchain industry is tremendous and BAS is proud to collaborate with our Asean and Australia counterparts to further support the growth of the industry in a healthy and sustainable pace.”

Draper said Bitcoin (BTC) could incentivize governments around the world to compete for the attention and devotion — and seemingly, money — of its citizens. According to the venture capitalist, crypto levels the playing field, so lawmakers will have to choose if they want to make people’s lives better, otherwise they will simply move to somewhere that will.

People are already realizing that they would rather have Bitcoin than fiat currency.”

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