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- Indian Supreme court rejects crypto petition, highlights legislative nature
Indian Supreme court rejects crypto petition, highlights legislative nature
PLUS: Bithumb plans stock exchange listing; 3 theses that will drive BTC and ETH in the next bull market
Manan Vora
November 13, 2023
Snapshot Web3
August 9, 2023
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Regulatory and Legal Updates
The Indian Supreme Court dismissed a petition seeking regulations for cryptocurrency trading in India, filed by Manu Prashant Wig, currently detained in a crypto-related fraud case. The court deemed the demands more legislative than judicial and advised Wig to seek legal remedies through other channels. The case highlights the ongoing uncertainty in India's crypto trading regulations, with a legal framework expected within the next five to six months.
Bithumb, a leading South Korean crypto exchange, is planning an IPO to become the first digital asset company listed on the KOSDAQ. The listing is expected in the second half of 2025. Samsung Securities has been selected as the underwriter. This move is partly to compete with Upbit, South Korea's largest crypto exchange. Bithumb, facing legal challenges including allegations against its former chairman and a major shareholder, currently ranks as the second-largest crypto exchange in South Korea by trading volume
Bitcoin Argentina has presented a draft bill aimed at regulating the cryptocurrency market in Argentina, focusing on preserving decentralization and public trust. The bill proposes categorizing crypto platforms into decentralized, local centralized, and global centralized, providing judicial protection for customers of centralized platforms. It argues against an outright crypto ban, emphasizing practical regulation in the context of Argentina's severe inflation crisis and upcoming presidential election
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Innovation and Launches
Former FTX executives are collaborating to launch a new cryptocurrency exchange named Backpack Exchange in Dubai. The team, led by ex-FTX lawyer Can Sun and supported by Armani Ferrante, aims to focus on securing customer funds, a key issue in FTX's collapse. Claire Zhang, Sun's former legal deputy at FTX, is also part of the executive team but plans to leave once the company raises an investment round. Backpack Exchange, which is currently in beta, uses a self-custody solution with a multiparty computation technique to enhance fund security.
Singapore's dtcpay is launching a retail payment system using fiat and cryptocurrencies, including Tether, Ether, and Bitcoin. They're partnering with China's PlatON for digital infrastructure and Allinpay for smart terminals. The company, registered with Singapore's Monetary Authority, plans to integrate more cryptocurrencies and already provides point-of-sale services. Recently selected for Mastercard’s blockchain startup program, dtcpay raised $16.5 million in funding and is set to enable crypto payments in some Pontiac Land hotels
JPMorgan's blockchain platform, JPM Coin, has launched a programmable payment feature for its institutional clients. This new functionality enables real-time, programmable treasury operations and supports the development of new digital business models. Users can program payments using an "If-This-Then-That" interface, allowing for dynamic funding and event-based payouts. Siemens AG is the first client to use this feature, with FedEx and Cargill expected to adopt it by the end of 2023
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Gaming, NFT and Metaverse
Jeremy Horn from Xterio emphasized that focusing on high-priced NFTs, like "$10,000 jpegs", in game development can deter genuine gamers. He noted that gamers in the East are more tolerant of pay-to-win elements compared to those in the West, as they are accustomed to free-to-play games.
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Resource of the Day
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Interesting Reads
The next bull market for Ethereum and Bitcoin may be influenced by three key trends: the growth of protocols like Ordinals, the rise of layer-2 blockchains, and the adoption of abstraction solutions. The Ordinals protocol, allowing the insertion of various file types into the Bitcoin blockchain, has gained significant traction, indicating a move towards Bitcoin becoming a multi-asset network. Layer-2 blockchains are set to play a crucial role, making transactions faster and cheaper, thus more accessible to the mainstream. Lastly, abstraction solutions are expected to become the primary gateway for users and companies to integrate with Web3, addressing the challenges posed by the tokenization of everything
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Miscellaneous
In 2023, the number of Bitcoin wallets holding over $1 million surged by 237%, rising from 23,795 to 81,925. However, many of these wallets belong to crypto exchanges and financial institutions, not individual users. Additionally, the count of "wholecoiners," wallets with at least 1 BTC, slightly increased by 4% to over 1 million. This growth occurred despite several crypto industry meltdowns. Bitcoin's price, recently around $37,100, has been bolstered by market enthusiasm for pending Bitcoin ETFs, with a significant rally expected upon their approval
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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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