Snapshot Web3

September 25, 2023

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Regulatory and Legal News

Coinbase secures AML registration from the Bank of Spain

Coinbase has received an Anti-Money Laundering (AML) compliance registration from the Bank of Spain, allowing it to offer its services to retail and institutional investors in Spain. Spanish users can now hold custody of their crypto assets on Coinbase and conduct transactions in euros. The registration aligns with the positive outlook on digital assets in Spain, with 29% of adults viewing crypto as the future of finance. Additionally, crypto has become the second most preferred payment method in the country. Coinbase continues to prioritize regulatory compliance globally, having obtained VASP registrations in several countries over the past year. This development follows Crypto.com's regulatory approval in Spain earlier this year.

Presidential hopefuls are getting louder on crypto issues, at least for now

Cryptocurrencies are gaining attention in the early stages of the 2024 US Presidential election, particularly among Republican candidates like Vivek Ramaswamy and Florida Governor Ron DeSantis. Ramaswamy criticizes regulatory agencies like the SEC for their enforcement-focused approach, while DeSantis vows to end what he sees as "Biden’s war on Bitcoin and cryptocurrency." Although engaging with crypto voters is seen as important, both candidates face challenges in gaining popularity. There's speculation that SEC Chair Gary Gensler, seen by some as anti-crypto, could be replaced if a Republican wins the White House. Democratic candidate Robert F. Kennedy Jr. has also expressed pro-bitcoin views. The level of importance given to crypto in the campaign may evolve over time.

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Innovation and Launches

Decoding Atomicals: Unpacking the Newest Addition to Bitcoin's Tech Suite

Atomicals is a new data-embedding technology on the Bitcoin blockchain, introduced alongside other innovations like Ordinal inscriptions, BRC20 tokens, and Bitcoin Stamps. Atomicals enable the creation of ARC20 tokens and NFTs, along with a domain structure called Realms. They revolutionize how digital objects are handled on the Bitcoin blockchain, offering a dynamic chain of ownership governed by clear rules. Since its introduction, approximately 69,847 Atomical transactions have been confirmed on the Bitcoin ledger, contributing 5.772 BTC (around $153,611) to miners. The broader acceptance and demand for Atomicals remain to be seen.

Ethereum core developers discuss if Dencun upgrade may be deployed early next year

Ethereum's Deneb-Cancun upgrade, or "Dencun," might be delayed to early next year due to concerns about testing on public networks. Dencun aims to improve scalability with EIP-4844. Without a public testnet launch before November's DevConnect conference, mainnet activation could be pushed to 2024. This upgrade focuses on scalability through EIP-4844, enhancing data storage and retrieval for off-chain data, and reducing transaction costs on Layer 2 rollup solutions.

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NFT, Gaming and Metaverse

Gucci's Milan Fashion Week Show Debuts on Roblox and Zepeto

Gucci debuted its Milan Fashion Week show on Roblox, Zepeto, and QQ. The collection, named "Ancora," conveys joy and inclusivity. In Roblox, users can engage with interactive art and unlock real-world show elements. Zepeto features avatars viewing the physical show in a dedicated theater. QQ hosts a screening for its Gucci community. This digital initiative aligns with Gucci's "Digital First" strategy.

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Scams and Hacks

JPEX scandal masterminds still at large as 11 suspects taken into custody

The masterminds behind Hong Kong's JPEX crypto exchange scandal, one of the city's largest financial frauds, remain at large. Despite 11 individuals questioned, leaders remain elusive. Victims have filed over 2,265 complaints, with estimated losses of around $178 million. Those in custody include crypto influencer Joseph Lam Chok and employees of JPEX Technical Support Company. Police are collaborating with Interpol to trace suspicious crypto transfers. Further arrests are expected, and authorities have requested local telecom providers to block access to JPEX's website. The scandal emerged on September 13 with over 1,000 complaints about the unregistered platform.

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Interesting Reads

Coinbase holds 5% of all Bitcoin in existence

Coinbase holds nearly 1 million Bitcoin, worth over $25 billion, accounting for about 5% of all Bitcoin in existence. However, only around 10,000 Bitcoin, or roughly $200 million, is directly owned by the exchange. This revelation has sparked mixed reactions from the community. Business intelligence firm MicroStrategy remains the largest BTC holder among companies, owning over 152,800 BTC, valued at over $4 billion.

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Quick Links

From walls to wallets: Barcelona graffiti artists share their love for Bitcoin

Nine months after launching, the Street Cy₿er artist collective has over 100 street artists, musicians and Bitcoin enthusiasts involved.

Terra Classic Votes to Halt USTC Minting; Community Eyes Future Re-Peg

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved.

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Resource of the Day

What are Bollinger Bands, and how to use them in crypto trading?

Bollinger Bands are technical analysis tools used in trading, consisting of upper, middle, and lower bands that adjust based on price changes. They help traders assess volatility, identify overbought or oversold conditions, determine trend direction, and generate potential reversal signals. Constructed using a simple moving average and standard deviation, they provide insights into market dynamics. Traders often use them alongside other indicators for comprehensive analysis. However, they may produce false signals in low volatility or strongly trending markets, and should be combined with proper risk management strategies for effective use in trading.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.