TL;DR Breakdown
- There was a major shift in crypto markets today, Binance has withdrawn its license application with the German regulator.
- A study by CFA Institute shows that a high number of Indian and Chinese respondents support CBDCs.
- Judge Philip Jeyaretnam of the High Court of Singapore ruled on July 25 that crypto is a property that can be held in trust.
Description
Need to know what transpired today in crypto? Here is the most recent news regarding daily trends and events affecting the Bitcoin price, blockchain, DeFi, NFTs, Web3, and crypto regulation. According to a recent survey conducted by the CFA Institute, investment professionals in emergent markets and developed markets are divided on the concept of a … Read more
Need to know what transpired today in crypto? Here is the most recent news regarding daily trends and events affecting the Bitcoin price, blockchain, DeFi, NFTs, Web3, and crypto regulation. According to a recent survey conducted by the CFA Institute, investment professionals in emergent markets and developed markets are divided on the concept of a central bank digital currency.
Catch up on the market happenings
To begin the coverage, the CFA Institute recently conducted a survey of its members, which indicated that the majority of Indian and Chinese respondents support central bank digital currencies or CBDCs.
70% of investment professionals in China and 66% of investment professionals in India answered “yes” when asked if central banks should launch CBDCs. 61% of respondents in emerging markets as a whole were favorable towards CBDCs.
Only 37% of respondents from investment professionals in developed markets expressed support. The United States had the lowest level of support for CBDC, with only 31% of respondents indicating that the Federal Reserve should pursue a digital dollar.
Nevertheless, the survey also revealed that investment professionals had a limited comprehension of CBDCs, suggesting that acceptance could shift as their understanding of the topic grows. Margaret Franklin, CEO of CFA Institute, stated that there is “no guarantee of public acceptance” for CBDCs.
Binance gives up on Germany
Binance has withdrawn its license application with the German financial regulator BaFin, signaling its latest regulatory move in Europe.
A month prior, German publication FinanceFwd reported that BaFin had decided not to grant Binance a crypto custody license. At the time, Binance informed the news outlet that discussions were still proceeding.
Binance faces escalating regulatory challenges, not only in Europe but around the world. In recent weeks and months, Binance has left the Netherlands, reregistered entities in Cyprus and the United Kingdom, withdrawn its license application in Austria, been ordered to cease operations in Belgium, and reportedly faces a money laundering investigation in France.
Additionally, Binance and its CEO, Changpeng Zhao, are being sued by U.S. regulators. Binance has previously stated that it is preparing its business to be entirely compliant with European Union’s Markets in Crypto Assets (MiCA) regulations when they are implemented within the next 18 months.
Binance stated at the time that it was scaling back its efforts in certain states in order to concentrate on having fewer regulated entities in the EU, particularly in its larger registered markets where it already has a mature presence, such as France, Italy, and Spain.
Singapore High Court rules on crypto personal property
Judge Philip Jeyaretnam of the High Court of Singapore ruled on July 25 that crypto is a property that can be held in trust. The judge stated that he did not see any distinction between cryptocurrencies, fiat currencies, and shells so long as all of these objects, whether corporeal or not, share value created by mutual faith in them.
In a case initiated by Bybit against its former employee Ho Kai Xin, Judge Jeyaretnam has rendered his decision – here are the details. Bybit asserts that the employee transferred approximately $4.2 million in Tether from the crypto exchange to her personal accounts.
The court has now ordered Ho, who claimed that an absent cousin controlled the accounts in question, to return the funds to Bybit.
While the decision may appear clear, it contains keywording that is critical for the legal status of digital assets. Jeyaretnam refers to the stolen USDT as property, as do cryptocurrencies in general.
Despite the fact that they are not physically present, the court stated:
We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.
Singapore High Court
KuCoin layoffs spark controversy
A KuCoin spokesperson told media outlets that the company “has not initiated any alleged layoff plans.” The rumor claimed that the exchange was preparing to lay off 30% of its staff, or approximately 300 employees, in the coming weeks.
The spokesperson added that any potential layoffs would be part of the company’s semi-annual review of employee performance, during which there may be some personnel adjustments as necessary, which is a normal part of organizational development.
In a July 25 tweet, KuCoin CEO Johnny Lyu stated that the company is still operating efficiently and that any potential staff reductions would be the result of a performance evaluation that is part of the company’s strategy to remain “competitive and dynamic.”
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