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- India Launches Crypto-Enabled Web Browser Initiative ๐ฎ๐ณ๐, France Amends Crypto Licensing Regime To Sync With MiCA ๐ซ๐ท๐ฉโโ๏ธ
India Launches Crypto-Enabled Web Browser Initiative ๐ฎ๐ณ๐, France Amends Crypto Licensing Regime To Sync With MiCA ๐ซ๐ท๐ฉโโ๏ธ
DigiFT unveils first fully regulatory-compliant US treasury token. A crypto divide grows in luxury fashion.
Manan Vora
August 11, 2023
Snapshot Web3
August 11, 2023
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Regulatory Updates
France is aligning its crypto licensing rules with the pan-European framework (MiCA). Enhanced registration requirements for crypto platforms, including conflict management and disclosure, will be mandatory from Jan. 1, 2024. Platforms registered before this date follow the previous rules. MiCA has raised concerns, including a cap on daily transactions for private stablecoins.
Chinese police are cracking down on Web3 activities due to a rise in identity theft and digital financial crimes. They're monitoring new technologies like deepfake AI and blockchain. There have been cases of fraud using deepfake AI, leading to arrests. Concerns about police involvement in crypto project embezzlement have also emerged, as seen with the defunct Multichain protocol.
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Innovation and Launches
India has launched the Indian Web Browser Development Challenge (IWBDC) to create a secure indigenous web browser with cryptographic features for signing documents, reducing reliance on foreign tech. It aims to strengthen online transaction security, and the initiative offers a substantial prize pool, inviting innovators to contribute. This highlights India's embrace of blockchain and cryptocurrency innovation and aims to pave the way for a self-reliant digital future.
Singapore-based DEX, DigiFT, has launched DUST, the first fully regulatory-compliant US Treasury token on a public blockchain. This bridges traditional finance and blockchain, offering accredited investors a secure way to invest in US Treasuries. DUST's innovative structure allows participation with US dollars or stablecoins, adhering to rigorous regulatory standards. This initiative reflects a growing convergence between blockchain and traditional finance, with DigiFT championing both compliance and innovation in the sector.
Nigeria is using blockchain for NYSC certificates to fight counterfeiting and provide easy verification. This aligns with a broader effort to leverage blockchain's economic potential, with the government collaborating with stakeholders like the Central Bank of Nigeria and SiBAN to expand the blockchain industry in the country.
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NFT and Metaverse
Tapestry, owner of brands like Coach, buys Capri Holdings (Versace, Jimmy Choo, Michael Kors) for $8.5 billion. European luxury brands embrace blockchain (Gucci, Louis Vuitton), while American brands (Coach, Kate Spade) are more cautious. Tapestry's approach to technology may shape the future of the American luxury industry.
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Resource of the Day
A software fork occurs at a point where software is copied and modified. Despite having similar names and ultimately serving the same purpose, hard forks and soft forks differ significantly. This is a simple video explainer for easy understanding.
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Interesting Reads
Genesis Trading's Q2 2023 report predicts substantial growth in crypto derivatives due to falling spot market liquidity and increased adoption of derivatives. Regulatory uncertainty and liquidity issues in the spot market are driving traders towards derivatives. The report suggests the crypto derivatives market could expand tenfold and highlights notable developments, such as record-breaking option trading on Deribit and Coinbase's introduction of institutional-sized futures.
A vulnerability in the Libbitcoin Explorer 3.x library allowed hackers to steal over $900,000 from Bitcoin users. The loophole, called the "Milk Sad" vulnerability, affected multiple cryptocurrencies. The issue stemmed from a faulty key generation mechanism in the Libbitcoin Explorer. The Distrust team discovered the vulnerability and blocked the address where funds were stolen, preventing cashing out. The bx seed command used for wallet seed generation was identified as a source of the vulnerability, leading to discussions about strengthening warnings or removing the command. This incident highlights the ongoing challenges of wallet vulnerabilities in the cryptocurrency space.
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Quick Links
Binance Labs invests $10 million in Helio's liquidity staking protocol, aiming to expand beyond BNB Chain to Ethereum and other Layer 2 networks. Liquid staking gains traction as blockchains shift to proof-of-stake. Helio offers a decentralized stablecoin (HAY) backed by over-collateralized BNB assets. The investment supports Helio's platform growth and diversification.
Binance Labs invests $5 million in Curve DAO Token (CRV) and plans to deploy Curve on Binance's BNB Chain, aiming to strengthen DeFi and benefit from BNB Chain's scalability, lower transaction fees, and ecosystem exposure. This partnership boosts both platforms in the DeFi space.
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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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