- Snapshot Web3
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- Google Play Store in India blocks Binance, OKX in response to FIU notice 🌐📲
Google Play Store in India blocks Binance, OKX in response to FIU notice 🌐📲
PLUS: Don’t Assume China Will Ease Crypto Restrictions Anytime Soon. MicroStrategy battles a daily surge of Bitcoin scam videos.
Manan Vora
January 15, 2024
Snapshot Web3
January 15, 2024
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Regulatory and Legal News
China continues to maintain strict restrictions on cryptocurrencies, considering them more harmful than useful. Despite rumors, there is no evidence to suggest a change in China's crypto policies. Recent speculation stemmed from an article by the Shanghai Municipal Tax Service, which was later deleted. China's interest in Web3 doesn't imply relaxed crypto restrictions; instead, it aims to develop a Web3 ecosystem with its characteristics. The country is also piloting a blockchain-based real-name verification system, RealDID. While Hong Kong is becoming a digital assets hub, mainland China is unlikely to follow suit, emphasizing control over its digital financial system and the digital renminbi. The one country, two systems model suggests financial system distinctions between Hong Kong and the mainland will persist.
Google Play Store in India has removed Binance and OKX crypto exchange apps in response to a notice from the Indian Ministry of Finance's Financial Intelligence Unit (FIU). The notice, issued on December 28, 2023, stated that exchanges providing services to Indian users must register as "reporting entities" and submit statements to the income tax department. Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex received the notice. Google's move follows a similar decision by Apple's App Store in India in December 2023. Despite the app removal, Binance's application and website are still accessible for existing users.
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Innovation and Launches
IOTA and Zebra have partnered to introduce digital product passports (DPPs) based on transparent and trustful value chains. These DPPs enable users to track products, including details such as origin, composition, durability, and end-of-life handling. The partnership aims to promote a circular economy model, emphasizing new product data management. DPPs provide critical information for sustainability and circularity, offering data such as product information, manufacturing procedures, environmental footprint, tracking events, and certificates. The technology relies on IOTA's Direct Acyclic Graph decentralized ledger, providing a fast and continuous message stream, parallel writing, and efficient parallel processing. The partnership has conducted successful experiments in areas such as electronics and plastic upcycling.
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NFT, Gaming and Metaverse
In 2023, 31% of blockchain games were discontinued, according to data from the Big Blockchain Game List created by Jon Jordan. Out of the 407 games that were discontinued last year, 248 were halted in the first half of the year, while 162 were discontinued in the second half. Of the games discontinued in the second half, 31% were live, and 69% were in the development phase. The BNB chain had the highest number of discontinued games with 18, followed by Polygon with 17, Ethereum with 10, Sui with 9, and Solana with 9. The most common reasons cited for discontinuation were funding and market conditions. Notable games discontinued in 2023 include Mythical Games’ Blankos Block Party and Goals.
Twitter's X has discontinued support for NFT profile pictures, ending the feature that was first introduced in January 2022. Initially, users could link their NFTs to their Twitter profile pictures, turning them into hexagonal shapes as a sign of verification. Under CEO Elon Musk's direction, the profile picture feature became a paid service. However, Musk seemingly soured on the concept, and users recently discovered their profile pictures had returned to circular shapes. The reasons behind the change haven't been publicly disclosed by Musk or Twitter's X. NFT profile pictures gained popularity during the NFT boom but have seen declining interest since then.
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Scams and Hacks
Michael Saylor, the Chairman of MicroStrategy, has warned the Bitcoin community about an increase in scams exploiting the company's name. MicroStrategy is actively combating this issue, taking down around 80 fake YouTube videos per day promoting various forms of fraud. Scammers often use the MicroStrategy name to perpetrate fraudulent activities, such as requesting users to scan a barcode with promises of free Bitcoin. Saylor emphasized that MicroStrategy does not engage in such giveaways and cautioned community members to exercise caution. The company's significant Bitcoin holdings, currently at 189,150 BTC, make it a prime target for scammers.
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Price Action
Celestia's token (TIA) has seen a significant surge, nearing the $20 mark in the first two weeks of 2024. This represents a remarkable 67% increase in value, with TIA's price rising from $11.90 on January 1 to a high of $19.89. TIA has become the top-trending coin on CoinGecko, outshining other contenders. Analysts have varying views on TIA's future, with some taking profits and others expressing confidence in its potential for further growth. The token's surge is attributed to both market speculation and the fundamental strength of Celestia's technology and strategic positioning.
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Interesting Reads
Following the launch of the first spot bitcoin exchange-traded funds (ETFs) in the United States, data has been revealed regarding the number of bitcoins held by these funds. BlackRock leads among the new funds, holding 11,439 bitcoins. Other significant holders include the Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin Trust (BITB), Valkyrie (acquired by CoinShares), ARK 21shares Bitcoin ETF (ARKB), Vaneck HODL, Franklin Templeton EZBC, and Invesco Galaxy ETF (BTCO). Collectively, these ETFs hold approximately 26,152 bitcoins, valued at $1.11 billion. However, this amount is modest compared to Grayscale's holdings of 617,079 bitcoins.
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Miscellaneous
Tether, the company that issues the USDT stablecoin, saw its share of the global stablecoin supply grow from 50% to 71% over the course of 2023, according to data from The Block.
Arbitrum, a layer 2 network built on the Ethereum blockchain, is witnessing a robust performance as the new year unfolds. Notably, the platform has experienced significant upswings in trading volume and the valuation of its native token, ARB.
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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.
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