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Monetary Authority of Singapore Announces New Crypto Investor Protections

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Singapore’s central bank, the Monetary Authority of Singapore (MAS), has unveiled new measures to enhance investor protection and market integrity within the cryptocurrency sector.

The MAS recently announced that crypto service providers will be required to hold customer assets in a statutory trust by the end of the year, effectively mitigating the risk of asset loss or misuse and facilitating asset recovery in the event of insolvency.

These custody measures were developed following a public consultation launched in October 2022, which aimed to identify regulatory measures to minimize risks associated with crypto trading.

The MAS received substantial interest from a diverse range of respondents during the consultation process.

READ MORE: Gemini CEO Threatens Legal Action Against DCG Over Delayed Funds

In response to the consultation, the central bank highlighted that a majority of respondents agreed that digital payment token service providers (DPTSPs) should be allowed to pool user assets in the same trust account.

However, some respondents argued that DPTSPs should be required to segregate each customer’s assets in separate blockchain addresses to enhance transparency and verification of holdings.

In addition to custody requirements, the MAS mandated that crypto companies perform daily reconciliation of customer assets and maintain accurate books and records.

DPTSPs must also ensure operational independence of the custody function from other business units and maintain access and operational controls to customers’ digital payment tokens in Singapore.

Furthermore, the MAS is considering a proposal to restrict crypto service providers from facilitating lending or staking of retail customers’ digital payment tokens, while allowing such activities for institutional and accredited investors.

Respondents offered varied suggestions, with some advocating for explicit consent and risk disclosures from retail customers, while others proposed a complete ban on these high-risk and speculative activities.

The MAS emphasized its commitment to monitoring market developments and consumer risk awareness, stating that it would take appropriate steps to ensure the ongoing balance and suitability of its regulatory measures.

These new investor protection measures aim to address industry incidents like the FTX implosion, which resulted in substantial losses for customers.

Furthermore, Singaporean firms were significantly impacted by the crypto lending crisis in 2022, with notable local entities, including Three Arrows Capital and Hodlnaut, going bankrupt during the bear market.

By implementing these measures, Singapore’s central bank seeks to bolster investor confidence and establish a robust framework that safeguards customers’ assets while promoting responsible practices within the cryptocurrency industry.

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UK Law Commission Pushing For Major Crypto Revamp

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The Law Commission of the United Kingdom is advocating for the establishment of a unique category of personal property that caters to the distinct characteristics of cryptocurrencies and digital assets.

In response to a directive from the British government, the commission conducted a comprehensive analysis of common law frameworks in England and Wales to determine how they can effectively accommodate digital assets, including non-fungible tokens (NFTs) and cryptocurrencies.

The most notable recommendation put forth by the commission is the creation of a fresh and distinct category of personal property specifically for digital assets.

The commission intentionally refrained from defining clear boundaries for this proposed category, asserting that the determination of which digital assets fall within this framework should be left to the discretion of the U.K.’s common law system.

According to a statement released by the commission and shared with Cointelegraph, the introduction of a new personal property category would enable a nuanced approach to recognizing a broad spectrum of digital assets, ranging from cryptocurrencies to digitized instruments like carbon emission credits or export quotas.

READ MORE: NFT Blue Chip Collections Plummet to Near Two-Year Lows

In addition to this, the Law Commission proposed the establishment of a panel consisting of industry-specific technical experts, legal practitioners, academics, and judges.

This panel would be responsible for providing non-binding advice to courts regarding various legal issues and considerations pertaining to the digital asset sector.

Another key recommendation put forth by the commission is the development of a tailored legal framework aimed at facilitating the operation and enforcement of collateral arrangements.

Lastly, the commission called for statutory law reforms that would provide clarity on whether specific digital assets fall under the purview of the U.K.’s Financial Collateral Arrangements Regulations of 2003.

The Law Commission’s review of the legal challenges associated with the cryptocurrency sector commenced in October 2022 at the request of the Ministry of Justice.

Subsequently, in March 2023, the U.K. Treasury and Home Office announced their intentions to implement robust regulations on the cryptocurrency sector to combat its potential misuse for criminal activities.

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TON Foundation Introduces On-Chain Encrypted Messaging Feature

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The TON Foundation, developer of the Open Network (TON), recently announced the release of an on-chain encrypted messaging feature.

This development allows users of TON to send private messages to one another, ensuring enhanced privacy and security.

TON originated as a blockchain network that was forked from code initially developed by the team behind the popular Telegram instant messaging app.

Despite Telegram discontinuing its involvement with the project in July 2020 without launching a mainnet, they open-sourced TON’s code, enabling others to continue building upon it.

The TON Foundation took up the reins and built the current network, known as “TON,” emphasizing its scalability, transaction throughput, and decentralized nature compared to other options within the Web3 ecosystem.

READ MORE: Gemini CEO Threatens Legal Action Against DCG Over Delayed Funds

Previously, TON users could include messages within their transactions, but these messages were fully public.

With the introduction of the new encrypted messaging feature, users can now encrypt these messages end to end, ensuring that only the intended recipient can read them.

According to Anatoly Makosov, a core developer of TON, this feature was created to personalize transactions.

Users have long been able to include text for the recipient, such as “for coffee” or “happy birthday,” thereby enhancing the interaction.

Now, this popular feature is available with full encryption.

Additionally, Makosov highlighted the utility of encrypted messaging in scenarios where traditional messenger servers fail, referring to it as a reliable and safeguarded method of private communication.

Several retail wallet apps, including MyTonWallet, OpenMask, and TON Wallet, currently support encrypted messages.

The TON Foundation also announced that the feature will be incorporated into the mobile wallet app Tonkeeper in upcoming updates.

In efforts to foster the growth of the network, the TON Foundation launched a $25 million accelerator program in May to incentivize app developers to build on TON.

Furthermore, an independent development team introduced a Telegram trading bot in November, facilitating user onboarding to the TON network.

With the introduction of on-chain encrypted messaging, TON continues to solidify its position as a blockchain network that prioritizes privacy and security while offering a scalable and decentralized ecosystem for its users.

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BlackRock’s Bitcoin ETF Filing Includes Surveillance-Sharing Agreement with Coinbase

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Asset management giant BlackRock’s recent filing for a Bitcoin exchange-traded fund (ETF) has taken an interesting turn with the inclusion of a “surveillance-sharing agreement” with Coinbase, a leading cryptocurrency exchange.

The filing, made on June 29 with the United States Securities and Exchange Commission (SEC), requested a rule change to allow the listing of BlackRock’s Bitcoin ETF on the Nasdaq stock exchange.

The document revealed that a June 8 agreement between Nasdaq and Coinbase was designed to enhance the exchange’s market surveillance program and grant access to data on spot Bitcoin trades.

READ MORE: NFT Blue Chip Collections Plummet to Near Two-Year Lows

This announcement followed ARK Investment Management’s amendment to its own spot Bitcoin ETF application, which incorporated a surveillance-sharing agreement with the Chicago Board Options Exchange (Cboe) and an undisclosed U.S.-based crypto exchange.

Speculation arose that the agreement was with Coinbase, potentially conflicting with BlackRock’s ETF application.

On June 30, the SEC reportedly stated that the crypto ETF filings with Nasdaq and Cboe were insufficiently clear and comprehensive, urging the applicants to provide additional information on surveillance arrangements.

It is worth noting that BlackRock initially submitted its application for the spot Bitcoin ETF on June 15.

Despite several market participants submitting ETF applications linked to cryptocurrency investments, the SEC has yet to approve any spot ETF related to crypto.

In response to the denial of its spot Bitcoin ETF in June 2022, Grayscale Investments filed a lawsuit against the SEC, accusing the regulator of applying inconsistent treatment to similar investment vehicles.

The inclusion of surveillance-sharing agreements in these recent ETF filings reflects a growing emphasis on market surveillance and investor protection.

Regulators are keen to ensure that proper monitoring mechanisms are in place to prevent market manipulation and illicit activities within the crypto space.

By partnering with trusted cryptocurrency exchanges like Coinbase, BlackRock and ARK Investment Management aim to address the SEC’s concerns and provide a transparent and secure environment for investors looking to access Bitcoin through regulated investment vehicles.

As the SEC continues its evaluation of the latest ETF filings, the crypto industry eagerly awaits a breakthrough in the approval of a spot Bitcoin ETF, which could potentially open up new avenues for institutional and retail investors to participate in the crypto market.

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Empowering the Future of Finance: A Deep Dive into AllianceBlock

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In the dynamic landscape of decentralized finance (DeFi), innovation and adaptability are key. As businesses and individuals alike seek to navigate this new frontier, they require robust, secure, and user-friendly tools to facilitate their journey. One company that stands at the forefront of this revolution, providing the infrastructure necessary for businesses to thrive in this new era of finance, is AllianceBlock. 

Pioneering Decentralized Tokenized Markets

Since its inception, AllianceBlock has been a trailblazer in the world of DeFi, building an end-to-end infrastructure for decentralized tokenized markets. This innovative platform empowers businesses of all sizes to tokenize assets and compliantly issue, manage, and trade in an inclusive financial ecosystem. AllianceBlock’s services include a trustless KYC/AML module, a holistic DeFi Terminal, a trustless identity verification system, etc.

Moreover, the platform features a Data Tunnel, a compliant peer-to-peer (P2P) funding system, full regulatory compliance for cross-border transactions, and a DEX & Bridge, offering various functionalities.

The platform offers easy setup and integration, allowing businesses to start quickly with off-the-shelf solutions or seamlessly integrate with development kits to accelerate their objectives. Moreover, AllianceBlock’s technology is secure, decentralized, and compliant by design, making it a reliable choice for businesses venturing into the DeFi space. To ensure compliance with global financial regulations, AllianceBlock has implemented the Prometheus Protocol, a multi-layered architecture that facilitates capital transfer across borders in a legally compliant and regulated manner.

The Evolution of Brillion: A Case Study in Growth

One of the most exciting developments in AllianceBlock’s journey in the recent past has been its partnership with Brillion, a self-custodial wallet aiming to bridge billions of users to the future of finance. Brillion, which started as dua Pay — a remittance and cross-border payments solution — has evolved into a much larger brand aiming to facilitate the financial inclusion of billions of people.

AllianceBlock’s technology has been instrumental in this transformation, providing solutions for cross-border activity, regulating token issuance, offering compliant DeFi solutions, fund distribution, and regulating digitized derivatives, among others.

Brillion’s mission is to help billions of people bridge into web3 with the right tools that help them navigate the ecosystem with full control of their assets, identity, and data.

The wallet supports multiple networks and offers novel recovery features via connected credentials such as social media accounts and emails. It also provides identity management and verification in-app (KYC), ensuring that users are in control of their data, how much they share, and whom they share it with.

AllianceBlock and Brillion: A Strategic Partnership

From the getgo, AllianceBlock’s suite of products has been instrumental in Brillion’s evolution. The partnership began in 2022 when Brillion used AllianceBlock’s technology to develop a wallet for its large user base. The collaboration has opened doors to new opportunities outside of Brillion’s user base, resulting in new ideas and solutions that exceeded the limits of a single wallet and clientele.

AllianceBlock’s product lineup, including its aforementioned DeFi Terminal, the Fundrs app, and its fully functional DEX, has played a significant role in this collaboration. The DeFi Terminal allows users to participate in liquidity mining and staking, offering rewards for their participation. The Fundrs app is a decentralized crowdsourcing platform that enables capital seekers and providers to collaborate from the early stages of project development. The AllianceBlock DEX, on the other hand, offers a peer-to-peer marketplace where users can swap tokens without using an intermediary. 

Furthermore, to enhance the interoperability of different blockchain networks, AllianceBlock recently launched AllianceBridge, a decentralized solution that enables communication between disparate blockchain networks to achieve various economic goals​.

Looking Ahead

In conclusion, AllianceBlock has proven to be a significant player in the DeFi space, providing a range of solutions that cater to the needs of both businesses and individuals. It has set an example of how blockchain technology can be leveraged to foster financial inclusion and create a more equitable financial system. With continued innovation and a commitment to user-centric design, AllianceBlock is poised to shape the future of decentralized finance.

US Crypto Hub Still Thriving Despite Regulatory Challenges, Says Blockchain CEO

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According to the CEO of Merkle Science, the United States will not lose its position as a crypto hub despite recent regulatory actions.

While many top crypto executives have started looking elsewhere due to hostile regulatory measures in the US, Mriganka Pattnaik believes that crypto activity will continue to thrive in the country, at least in the medium term.

Pattnaik argues that the US possesses a higher level of innovation and a deeper talent pool compared to regions like India, China, and the United Arab Emirates, which have strong consumer markets.

Pattnaik also points out the general market dynamics of the American economy, particularly the clarity around taxation, as key reasons why crypto firms are likely to maintain the bulk of their operations in the US.

READ MORE: Co-Founders of Collapsed Three Arrows Capital Pledge Donation to Creditors

While recent actions by US regulators, such as the Securities and Exchange Commission’s actions against crypto firms, have led to a narrative of innovation moving offshore, Pattnaik believes that over time, regulations will become more moderate and provide greater clarity in the US.

However, not everyone shares this view. Binance Dubai general manager Alex Chehade argues that clear and consistent regulation is essential for large crypto firms, including those in the US, in order to have predictability, plan effectively, and budget accordingly.

Ripple CEO Brad Garlinghouse has also stated that the crypto industry has already begun moving outside the US, citing the country’s regulatory approach falling behind other crypto-friendly regions like Singapore, the UAE, and Switzerland.

Indeed, there have been instances of crypto firms exploring opportunities outside the US.

More than 80 firms from around the world applied for a crypto services license in Hong Kong, and Winklevoss-owned crypto exchange Gemini announced its pursuit of a crypto services license in the United Arab Emirates, citing hostility and a lack of clarity on crypto regulation in the US as the reason for the move.

While regulatory actions in the US have prompted some concerns and led to the exploration of alternative crypto-friendly regions, the CEO of Merkle Science believes that the US will remain a prominent crypto hub in the coming years.

The country’s innovation, talent pool, and market dynamics, along with the potential for regulatory moderation and increased clarity, contribute to its ongoing appeal for crypto firms.

However, the need for clear and consistent regulation remains a crucial factor for the success and growth of the industry.

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NFT Blue Chip Collections Plummet to Near Two-Year Lows

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Floor prices of prominent ‘blue chip’ nonfungible token (NFT) collections have plummeted to their lowest levels in almost two years.

Yuga Labs’ Bored Ape Yacht Club (BAYC) collection, the second-largest by market capitalization, reached a floor price of 27.7 Ether (ETH), equivalent to $54,200, on July 3.

This drop marks a significant decline not seen since September 2021. Other notable collections, including Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks, and DeGods, also experienced a decline in floor prices over the past week.

However, there has been a slight recovery in floor prices across most of the top collections in the last 24 hours, bringing some relief to NFT holders. Azuki Elementals emerged as the biggest gainer with a nearly 32% increase in floor price.

In an unexpected move, Credit Suisse, the Swiss-based bank, has entered the NFT space by partnering with the Swiss Football Association.

They announced the launch of 756 Ethereum NFTs, with all proceeds dedicated to supporting women’s soccer in Switzerland.

Through their CSX app, Credit Suisse will make these NFTs available, without requiring any crypto or crypto wallet.

Swiss francs will be used for purchasing the NFTs, providing a simple and client-friendly approach to accessing digital assets.

Each NFT portrays a player from the Swiss Women’s National Team and offers different levels of perks and benefits based on rarity.

Meanwhile, Melania Trump’s Solana NFT collection, released ahead of Independence Day celebrations in the United States, has seen slow sales. Of the 3,000 NFTs released on June 29, only 586 have been sold so far.

The collection, known as the “1776 Collection,” features six designs adorned with patriotic symbols, priced at $50 each.

French luxury brand Dior recently unveiled a new line of shoes, one of which comes with a digital twin in the form of an Ethereum-based NFT.

Interestingly, Dior’s launch announcement avoided explicitly mentioning the term “NFT,” referring to the digital twin as a “unique and secure digital creation on the Ethereum blockchain.”

The B33 sneaker, priced at $2,150, includes the NFT twin, while the other styles come with a near-field communication chip providing access to a “Digital Certificate of Authenticity.”

In other news, blockchain security firm PeckShield discovered that half of all stolen NFTs are sold within three hours on platforms like OpenSea and Blur.

Hermès, another luxury brand, obtained a significant legal victory against NFT artist Mason Rothschild, as a U.S. judge ordered a permanent injunction on all sales of the “MetaBirkin” NFT collection in an infringement case.

The NFT market continues to evolve rapidly, experiencing both price declines and new entrants from diverse sectors, showcasing the dynamic nature of the digital asset space.

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EU Lawmakers Approve Controversial Law Despite Crypto Concerns

European Union (EU) lawmakers have given the green light to the contentious European Data Act, despite prior criticism from the crypto community.

The act aims to promote the utilization of data resources for algorithm training and proposes updates to the EU’s smart contract regulations, including the introduction of a kill switch option for secure termination.

This move, however, has sparked concerns as it contradicts the fundamental principle of trust in smart contracts.

Simultaneously, the European Commission has presented a legislative plan for the digital euro, with the goal of establishing it as a widely accepted and easily accessible payment method.

The proposal emphasizes that individuals will have the ability to obtain digital euros through their banks upon request, ensuring convenient access and preventing exclusion.

The plan also incorporates provisions for free basic digital euro services, privacy protection, and offline payments.

Despite these developments, the crypto landscape in Europe does hold some positive news, particularly at the local level.

For instance, the National Council of Slovakia has passed an amendment to reduce personal income tax on profits derived from the sale of cryptocurrencies held for a minimum of one year.

The tax rate will be lowered to 7%, a significant decrease from the existing sliding scale of 19% or 25%.

Additionally, payments received in cryptocurrencies up to 2,400 euros ($2,600) will be exempt from taxation.

In the ongoing legal dispute between Coinbase, a major American cryptocurrency exchange, and the United States Securities and Exchange Commission (SEC), Coinbase has submitted a motion seeking the dismissal of the SEC’s complaint.

In a legal document filed with the United States District Court for the Southern District of New York, Coinbase raises concerns regarding the SEC’s interpretation of securities laws, suggesting that the agency has exceeded its legal authority.

Coinbase’s motion asserts that the SEC’s actions represent an extraordinary abuse of process. The exchange argues that the SEC’s attempt to regulate cryptocurrencies as securities goes beyond its purview and disregards the decentralized nature of these digital assets.

Coinbase contends that the SEC’s actions lack legal basis and have a chilling effect on innovation and competition in the cryptocurrency industry.

The outcome of this legal battle will undoubtedly have significant implications for the regulatory landscape surrounding cryptocurrencies in the United States, as well as potential ripple effects globally.

The case highlights the ongoing struggle between regulators and cryptocurrency platforms seeking clearer guidelines and a balanced approach to foster innovation while ensuring investor protection.

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Gemini CEO Threatens Legal Action Against DCG Over Delayed Funds

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Gemini’s Founder and CEO, Cameron Winklevoss, is once again threatening legal action against Digital Currency Group (DCG) and its CEO, Barry Silbert, over delays in resolving the issue of funds owed to Gemini by bankrupt lender Genesis.

In an open letter to Silbert on July 4, Winklevoss accused DCG of engaging in fraudulent behavior, creating a culture of lies and deceit that has negatively impacted Gemini’s 232,000 Earn users.

One of the key accusations in Winklevoss’ letter is that Silbert intentionally delayed the resolution by abusing the mediation process.

Winklevoss claims that through mediation, DCG has obtained an indefinite forbearance on the $630 million it owes Genesis, essentially for free.

Winklevoss expressed his dismay at Silbert’s attempt to portray himself as a victim in this situation, stating that it takes a special kind of person to owe billions of dollars and still consider themselves a victim.

Genesis, the lender behind Gemini’s Earn program, temporarily suspended withdrawals on November 16, 2022, citing unprecedented market turmoil.

Subsequently, Genesis filed for bankruptcy on January 19, 2023, leaving Gemini seeking to recover its portion of the outstanding debt.

However, Winklevoss claims that there have been multiple delays in resolving the matter, leading him to take a decisive stance. He warned Silbert that his games are over and demanded acceptance of Gemini’s best and final offer by 4 pm Eastern Time on July 6.

Failure to comply would result in a lawsuit on July 7.

Gemini’s offer to DCG includes a payment of $275 million by July 21, an additional $355 million before July 21, 2025, and a final payment of $835 million by July 21, 2028.

The total payment amounts to $1.47 billion. Winklevoss specifically requested that the payments be made in the form of Bitcoin (BTC), Ether (ETH), and the United States dollar.

The funds would be sourced from various entities, including Genesis Global Trading, potential payouts from FTX and Alameda Research’s bankruptcy estates, and tokens such as Avalanche (AVAX) and Near (NEAR) that may be claimed from the Three Arrows Capital’s bankruptcy estate.

Cointelegraph reached out to DCG for comment, but there was no immediate response.

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2023 BTC Bull Run? Institutional Investors Show Renewed Interest in Bitcoin

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According to a report by CoinShares, institutional investors have primarily concentrated on Bitcoin in the past two weeks as the cryptocurrency achieves new 2023 highs.

The research, led by James Butterfill, revealed Bitcoin-centric products accounted for $310.6 million of the total inflows in the past fortnight, marking a considerable 98% of all digital asset flows.

This is a significant shift following nine continuous weeks of outflows.

In 2023, this is the second instance where Bitcoin products composed 98% of total inflows into cryptocurrency investment vehicles.

The recent boost aligns with Bitcoin’s escalating price and market dominance.

The surge is widely attributed to the Bitcoin ETF application by BlackRock on June 15, followed by similar filings from Invesco, Fidelity, Wisdom Tree, and Valkyrie.

Since these submissions, Bitcoin’s price has seen a substantial increase of 25.2%, valued at $31,131.

Additionally, Bitcoin’s market dominance, gauged by its market cap compared to the total market cap of all cryptocurrencies, rose to 51.46%.

Contrastingly, Ethereum investment products registered inflows of $2.7 million last week, marking the second consecutive week of inflows and breaking a prolonged outflow trend.

Fireblocks CEO, Michael Shaulov, indicated in a conversation with Cointelegraph that institutional investors were interested in core assets like Bitcoin and Ether, but less enthusiastic about alternate cryptocurrencies.

Shaulov explained that the Ethereum narrative revolves around the likelihood of future tokenization ecosystems being based on Ethereum Virtual Machine (EVM).

This factor could boost Ethereum’s utility. However, for Bitcoin, the narrative is less defined, but most investors recognize the cryptocurrency’s essentiality in their portfolio.

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