Crypto adoption is rising in Saudi Arabia and South Africa, while countries worldwide are coming together to introduce a coherent framework to crypto regulations. Meanwhile, China is investing billions to become a Metaverse leader while the US is winning the Bitcoin mining race. Find out the top 5 crypto news of this week.
The Crypto Explorer podcast: Exploring smart financial contracts
Sygnum Bank’s Aliya Das Gupta and Dominic Lohberger joined Ralf Kubli, Board Member at Casper Association, to discuss the impact of smart contracts in the finance industry. The conversation started by exploring the definition of smart contracts, the importance of Ethereum in popularising the concept, and its relevance in the decentralised finance (DeFi) ecosystem. The chat evolved to analyse the applications of smart contracts in the finance industry, especially in open finance, and the opportunities to incorporate such technology. Read more
G20 regulators call for new global rules on cryptocurrencies
A new global framework for crypto regulations may come to fruition in October. The Financial Stability Board (FSB) will submit a report proposing a framework for G20 countries. The FSB, representing regulators, treasury officials, and central banks, is developing a global and coherent approach to crypto asset regulations, given the latest market turmoil. The proposed document will include a regulatory approach for cryptocurrencies, including stablecoins, while minimising their potential risks and spillover effects. Read more
Shanghai allocates $1.5B to Metaverse development fund
Shanghai is supporting the development of the Metaverse by launching a $1.5 billion fund to propel it into a $52 billion industry in less than five years. China has a national strategy to propel blockchain technology and the Metaverse, while Shanghai is supporting companies working on these technologies.vAccording to research by Statista, the interest in NFTs and virtual realities like the Metaverse is bigger in Asian countries than in Europe or the US. Read more
US treasury opens door for public comments on Biden’s crypto order
The US Treasury Department is opening a public consultation on President Biden’s latest bill, executive order 14067, to regulate cryptocurrencies. The US agency wants to incorporate ‘the expertise of the American people and market participants’ amid the global need to establish coherent rules for digital assets. The executive order will bring clarity to the market, from regulations on Bitcoin to stablecoins, while helping investors, companies, and public agencies. Read more
State regulators intensify scrutiny of Voyager: Report
US state regulators are scrutinising the latest market events that led to the demise of crypto providers like Celsius and Voyager. Regulators in the states of Texas, Alabama, and New Jersey launched their own investigations into the way these providers disclosed information and acted during these events. These new investigations align with the global trend for more crypto regulations, bringing more security and rules for crypto investors and providers. Read more
About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage and operates globally. To learn more about Sygnum, please visit www.sygnum.com.
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