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- Singapore Takes Lead In Regulating Stablecoins 🇸🇬🪙, G20 Set To Crystalize Global Crypto Rules 🌏
Singapore Takes Lead In Regulating Stablecoins 🇸🇬🪙, G20 Set To Crystalize Global Crypto Rules 🌏
Gitcoin and Shell partner to leverage blockchain for climate solutions. Binance Connect shutting down on August 16.
Manan Vora
August 16, 2023
Snapshot Web3
August 16, 2023
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Regulatory Updates
Singapore has introduced regulations for stablecoins, positioning itself as a global leader in this area. The Monetary Authority of Singapore (MAS) has set requirements for stablecoin operations, including reserve backing, prompt redemption, and transparency. Stablecoins tied to the Singapore dollar or G10 currencies must adhere to these rules. Singapore is working to become a digital currency hub and attract companies in the crypto industry. Major stablecoin issuers like Tether and Circle have praised these regulations.
Global economic leaders in a recent G20 meeting emphasized the need for coordinated crypto regulations rather than outright bans. Discussions were held under Chatham House rules as India concluded its G20 presidency. Key officials, including the IMF's Kristalina Georgieva and the U.S. Treasury's Jay Shambaugh, highlighted the importance of global coordination and cautioned against bans. India's plan to present its own crypto regulation note during its presidency faced opposition from other G20 members. The IMF and Financial Stability Board will release a synthesis paper on global crypto implications by the end of August.
Dubai is offering AI and Web3 businesses a 90% subsidized commercial license to establish themselves in the city's AI and Web 3.0 Campus, promoting innovation and collaboration. The initiative, supported by the Dubai International Financial Centre (DIFC), aims to attract global talent and investment. The campus offers advanced AI facilities and training. Dubai's regulatory approach also includes operational licenses for crypto exchanges. This strategy is positioning Dubai as a leading tech hub, embracing innovation and fostering growth.
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Innovation and Launches
Gitcoin and Shell are teaming up to leverage blockchain for climate solutions. Gitcoin's platform for open-source projects will collaborate with Shell to encourage renewable energy adoption and enhance transparency in carbon markets. The partnership involves donations to Gitcoin's Climate Solutions rounds and a hackathon focusing on blockchain-based energy solutions. Shell's commitment to sustainability aligns with this effort. This collaboration demonstrates blockchain's potential to address energy industry challenges for a more transparent and sustainable future in climate solutions.
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Funding
South Korean metaverse platform Zepeto and Jump Crypto have raised $13 million in a seed round for their ZTX blockchain initiative. Zepeto, valued at $1 billion, aims to introduce ownership of 3D environments through ZTX. The Genesis Home Mint will offer NFTs for 4,000 3D houses on Ethereum's Arbitrum network. Zepeto's success in the Web2 space is now expanding into the NFT world, with a team including experts from Apple, Roblox, and blockchain sectors. The platform competes with others like Decentraland and The Sandbox.
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NFT and Metaverse
Adidas and BAPE have teamed up for a limited-edition sneaker collaboration that comes with a unique twist—an "digital twin" NFT version of the sneakers. The auction, supported by Adidas /// Studio, will offer 100 Ethereum NFTs, each exchangeable for a physical pair of sneakers. The NFTs will grant authenticity certificates, and the digital twins can be used in Adidas' metaverse project. The auction starts on August 22 and runs for 72 hours.
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Interesting Reads
Artificial intelligence (AI) is influencing cryptocurrency market analysis. A comparison between Solana (SOL) and Cardano (ADA) reveals that Solana has faster transactions and lower fees, while Cardano has a longer history and stable community. AI suggests Solana is a good investment choice due to speed and scalability. However, research is crucial in the volatile market. Solana trades at $24.89 with positive performance, while Cardano is at $0.29 with mixed results. AI's role in crypto analysis is expected to expand.
Coinbase is focusing on the future of crypto adoption with three key pillars: blockchain scalability, non-financial utility, and addressing crypto regulation. CEO Brian Armstrong highlighted the importance of scaling solutions and improving utility through non-financial use cases like stablecoins, DeFi, and NFTs. Coinbase's Stand With Crypto initiative aims to shape crypto-related legislation. However, Coinbase's influence in the evolving crypto landscape remains subject to change as adoption progresses.
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Quick Links
PayPal will halt cryptocurrency purchases in the UK from October 1, 2023, due to new FCA rules. The suspension will last until early 2024, while users can still hold and sell their crypto. PayPal is also launching its stablecoin PYUSD soon. The FCA has introduced new crypto advertising rules effective October.
Donald Trump's Ethereum wallet now contains $2.8 million, a notable increase from previous estimates of $250,000 to $500,000. This information comes from a recent financial statement by Citizens for Responsibility and Ethics in Washington. Trump has earned around $7.6 million from NFT collections and other crypto ventures. Despite his involvement, he remains critical of cryptocurrencies, including Bitcoin, which he has labeled a "scam" competing against the US dollar.
Binance Connect, the regulated crypto buy-and-sell service, will be shut down on August 16 due to its card payments provider discontinuing support. Binance's decision aligns with its strategy to focus on core efforts within its broader blockchain ecosystem.
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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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