TL;DR Breakdown HashPort Group raises $8.5 million in a Series C funding round to facilitate global expansion. Funds will be utilized to establish a compliance management system and navigate complex regulatory environments. HashPalette, a public chain specializing in NFTs, has amassed over 370,000 users since its launch. Description In a remarkable stride towards its global expansion plans amidst tough regulatory challenges, Japanese blockchain developer HashPort Group has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round. The funding was led by prominent institutions such as Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and … Read more In a remarkable stride towards its global expansion plans amidst tough regulatory challenges, Japanese blockchain developer HashPort Group has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round. The funding was led by prominent institutions such as Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. This latest investment brings HashPort’s total funding to an impressive 2 billion yen (around…

TL;DR Breakdown The “Keep Your Coins Act of 2023,” a bill advocating for crypto self-custody rights, has passed the US House Financial Services Committee. The bill’s success shows a shift from the U.S. Securities and Exchange Commission’s aggressive regulatory approach. Description Sailing through the legislative storms of the United States, a significant piece of legislation, the “Keep Your Coins Act of 2023,” managed to clear the House Financial Services Committee. This step marks a profound development for the digital assets industry, one that might just shake the underpinnings of crypto regulatory norms. House Committee shaping the … Read more Sailing through the legislative storms of the United States, a significant piece of legislation, the “Keep Your Coins Act of 2023,” managed to clear the House Financial Services Committee. This step marks a profound development for the digital assets industry, one that might just shake the underpinnings of crypto regulatory norms. House Committee shaping the landscape for crypto self-custody The bill, rooted in the principle of financial independence, was presented by Republican representative Warren Davidson. Catering to the burgeoning sector of…

TL;DR Breakdown EU’s top banking authority declares most major banks resilient, even in worst-case scenarios. EBA’s stress tests find only 3 out of 70 banks might struggle with capital levels in a severe crisis. Despite potential massive losses over three years, EU banks stand robust. Description According to a recent declaration by the European Union’s principal banking authority, the vast majority of the bloc’s major financial institutions would be impervious to capital increases, even when faced with an absolute worst-case scenario. This strong affirmation follows extensive stress testing, revealing the extraordinary resilience of EU banks more than ten years after the … Read more According to a recent declaration by the European Union’s principal banking authority, the vast majority of the bloc’s major financial institutions would be impervious to capital increases, even when faced with an absolute worst-case scenario. This strong affirmation follows extensive stress testing, revealing the extraordinary resilience of EU banks more than ten years after the global financial crisis. The findings The latest round of stress tests, conducted by the European Banking Authority (EBA), aimed to ascertain…

TL;DR Breakdown The Bank of Japan (BOJ)announced adjustments to its yield curve control program, which previously aimed to cap the 10-year government bond yield at 0.5%.  This move is aimed at addressing concerns over rising inflation, as the country has been facing 35-year highs in consumer prices, putting additional pressure on the economy. Description The Bank of Japan (BOJ) has made a significant policy change that is already sending ripples through global financial markets. On July 28, the BOJ announced adjustments to its yield curve control program, which previously aimed to cap the 10-year government bond yield at 0.5%. However, the BOJ now sees this as a reference point … Read more The Bank of Japan (BOJ) has made a significant policy change that is already sending ripples through global financial markets. On July 28, the BOJ announced adjustments to its yield curve control program, which previously aimed to cap the 10-year government bond yield at 0.5%. However, the BOJ now sees this as a reference point rather than an inflexible limit, indicating a shift in their approach. While the…

TL;DR Breakdown Kyrgyzstan’s President has approved a cryptocurrency mining farm, aiming to use excess power and boost income. Despite energy sector challenges, the President ensures the mining farm won’t strain power supplies. As Kyrgyzstan explores cryptocurrency’s economic potential, it plans to impose high tariffs on crypto mining. Description In a recent move towards energy and economic optimization, Kyrgyzstan’s President Sadyr Japarov has greenlit the establishment of a cryptocurrency mining farm in the Central Asian nation. Japarov addressed claims from RFE/RL media in a candid interview with the “Kabar” agency, debunking assertions regarding the controversial prioritization of power to private mining companies over Kyrgyz … Read more In a recent move towards energy and economic optimization, Kyrgyzstan’s President Sadyr Japarov has greenlit the establishment of a cryptocurrency mining farm in the Central Asian nation. Japarov addressed claims from RFE/RL media in a candid interview with the “Kabar” agency, debunking assertions regarding the controversial prioritization of power to private mining companies over Kyrgyz citizens. The President affirmed the state’s inability to provide electricity throughout winter but assured the populace that missing electricity…

TL;DR Breakdown The Bank of England has appointed a former U.S. Federal Reserve chair to review the institution’s forecasting procedures. The current annual inflation rate in the U.K. is 7.9%, which is stubbornly high and close to four times the BOE’s target. BOE Gov. Andrew Bailey said that they were mistaken about their inflation forecasts. Description The Bank of England(BoE) has announced today that Ben Bernanke, who presided over the U.S. Federal Reserve during the global financial crisis, will oversee a review of the institution’s forecasting procedures. The BoE has been under fire from British legislators for failing to foresee the magnitude of last year’s inflation spike, which reached a 41-year … Read more The Bank of England(BoE) has announced today that Ben Bernanke, who presided over the U.S. Federal Reserve during the global financial crisis, will oversee a review of the institution’s forecasting procedures. The BoE has been under fire from British legislators for failing to foresee the magnitude of last year’s inflation spike, which reached a 41-year high of 11.1%. Last month, the BoE said it would conduct…

TL;DR Breakdown US economy grows 2.4% in Q2 2023, surpassing economists’ predictions and showing resilience amid aggressive interest rate hikes by the Federal Reserve. Strong business investment and government spending drive growth, while consumer spending remains steady despite a slowdown. Optimism grows for a “soft landing” as inflation eases, labor market stays tight, and positive outlook fuels consumer confidence and business sentiment. Description The US economy demonstrated robust performance in the second quarter of 2023, surpassing expectations despite the Federal Reserve’s aggressive interest rate hikes. According to preliminary figures released by the Department of Commerce, the world’s largest economy grew at an annualized rate of 2.4% between April and June. This marked an acceleration from the first quarter’s … Read more The US economy demonstrated robust performance in the second quarter of 2023, surpassing expectations despite the Federal Reserve’s aggressive interest rate hikes. According to preliminary figures released by the Department of Commerce, the world’s largest economy grew at an annualized rate of 2.4% between April and June. This marked an acceleration from the first quarter’s 2% growth rate and…

TL;DR Breakdown Grayscale has urged the SEC to treat all the spot Bitcoin ETF applications fairly. Questions arise over surveillance-sharing agreements of the ETFs. Description The U.S. Securities and Exchange Commission (SEC) finds itself at a crossroads as it contemplates the approval of spot Bitcoin Exchange-Traded Fund (ETF) applications. Grayscale Investments, a prominent player in the cryptocurrency investment space, has urged the SEC to grant equal treatment to all applicants if it approves any of the proposals. The company believes … Read more The U.S. Securities and Exchange Commission (SEC) finds itself at a crossroads as it contemplates the approval of spot Bitcoin Exchange-Traded Fund (ETF) applications. Grayscale Investments, a prominent player in the cryptocurrency investment space, has urged the SEC to grant equal treatment to all applicants if it approves any of the proposals. The company believes that singling out certain ETF applications would create an unfair advantage for those chosen and may not align with the Commission’s statutory standards. Grayscale wants equal treatment for all applicants The listed proposals under consideration include Ark 21 Shares, Invesco Galaxy, iShares…

TL;DR Breakdown The Indian Supreme Court (SC) has ordered the government to clarify whether it intends to create a specialized federal body to investigate crypto-related criminal activity cases. Justices Surya Kant and Dipankar Datta questioned the effectiveness of the investigations carried out by routine law enforcement officials in sophisticated cryptocurrency cases. Over the years, the Indian crypto ecosystem has flourished despite ambiguous legislation. Description The Indian Supreme Court (SC) has ordered the government to clarify whether it intends to create a specialized federal body to investigate cryptocurrency-related criminal activity cases. The concerned court pointed out the lack of legislation for digital currencies and a qualified agency to manage such issues. Supreme Court asks Union government to clarify crypto regulation … Read more The Indian Supreme Court (SC) has ordered the government to clarify whether it intends to create a specialized federal body to investigate cryptocurrency-related criminal activity cases. The concerned court pointed out the lack of legislation for digital currencies and a qualified agency to manage such issues. Supreme Court asks Union government to clarify crypto regulation The Supreme Court…

TL;DR Breakdown PancakeSwap has launched on zkSync Era, improving scalability and efficiency. The launch is part of a trend of DeFi platforms using Layer 2 solutions for mass adoption. zkSync Era offers reduced gas costs and faster transactions, recently surpassing Ethereum’s daily transactions. Description In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently … Read more In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently supports swaps and liquidity providing (LP), with yield farming and LP token staking set to come online in the coming weeks. The exchange…