TL;DR Breakdown ESMA issued initial guidelines for EU crypto firms under the MiCA law. ESMA seeks confidential data from crypto companies to improve market understanding and security. Consultation phases will extend until 2023, setting a regulatory framework by 2024. Description The European Securities and Markets Authority (ESMA) has published its initial consultation package in a bid to frame the regulatory landscape for crypto firms across the European Union. The effort, backed by the European Union’s Markets in Crypto Assets (MiCA) law, sets the stage for a more regulated and transparent crypto space within the bloc. … Read more The European Securities and Markets Authority (ESMA) has published its initial consultation package in a bid to frame the regulatory landscape for crypto firms across the European Union. The effort, backed by the European Union’s Markets in Crypto Assets (MiCA) law, sets the stage for a more regulated and transparent crypto space within the bloc. Building the regulatory framework The MiCA law, which will be effective from 2024, grants crypto service providers, including wallet providers and exchanges, the freedom to operate across…

TL;DR Breakdown ESMA has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation ESMA will continue to work on the remaining requirements and release a second consultation package in October 2023 Description The European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator, has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation. The regulator also invited stakeholder comments that will take place until 20 September 2023.  The proposal is highlighted in the EU securities agency’s 160-page consultation with different subjects, including how … Read more The European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator, has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation. The regulator also invited stakeholder comments that will take place until 20 September 2023.  The proposal is highlighted in the EU securities agency’s 160-page consultation with different subjects, including how crypto firms must handle user complaints and interest conflicts.  ESMA needs feedback on EU crypto regulation ESMA is requesting feedback on draft regulations for crypto-asset service providers (CASPs) in its proposal, which is…

TL;DR Breakdown The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. To take advantage of this new feature, citizens need to obtain a “super SIM card” from their carriers.  Presently, this innovation is limited to Android phone users with NFC functionality since no information has been provided regarding iOS users or owners of 2G phones. Description The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. This new development aims to cater to users with 2G phones who previously couldn’t access digital currency. Earlier this year, a similar solution was launched … Read more The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. This new development aims to cater to users with 2G phones who previously couldn’t access…

TL;DR Breakdown JPMorgan is hiring globally to support startups and venture capital firms after the SVB crisis. It has recruited dozens of bankers, including former SVB executives, across the UK, Israel, and the US. The bank seeks to fill the gap left by SVB’s collapse, offering diverse financial services to these firms. Description JPMorgan is ramping up its commitment to supporting startup enterprises in the wake of the recent Silicon Valley Bank (SVB) crisis. Capitalizing on the void left by the collapsed SVB, JPMorgan has undertaken a significant recruitment drive globally, specifically targeting talent with experience in catering to startups and venture capital-backed entities. A strategic maneuver The … Read more JPMorgan is ramping up its commitment to supporting startup enterprises in the wake of the recent Silicon Valley Bank (SVB) crisis. Capitalizing on the void left by the collapsed SVB, JPMorgan has undertaken a significant recruitment drive globally, specifically targeting talent with experience in catering to startups and venture capital-backed entities. A strategic maneuver The leading US bank is amassing an armada of experts in the field, with around…

TL;DR Breakdown Biden’s economic policy aims to revitalize American manufacturing, focusing on industrial hubs like Buffalo, New York. This policy marks a departure from laissez-faire economics and promotes more government intervention in the economy. Bills like the Inflation Reduction Act and Infrastructure Investment and Jobs Act provide subsidies, grants, and loans to stimulate investment in several sectors. Description The dormant industrial scene of Buffalo, New York is undergoing a drastic renaissance as the once pulsating center of American manufacturing is beginning to show signs of life again. This remarkable change is the result of President Joe Biden’s economic policy overhaul, signaling a momentous shift in American economic thinking. Reigniting the flame of industry … Read more The dormant industrial scene of Buffalo, New York is undergoing a drastic renaissance as the once pulsating center of American manufacturing is beginning to show signs of life again. This remarkable change is the result of President Joe Biden’s economic policy overhaul, signaling a momentous shift in American economic thinking. Reigniting the flame of industry A colossal industrial campus, originally built in 1923 for…

TL;DR Breakdown Russia’s Central Bank Governor recognizes challenges in implementing a common BRICS currency. The proposed currency requires consent from many parties, making it complex. Discussions on the currency expected at the upcoming BRICS summit. Despite the challenges, the shared currency could undermine U.S. dollar dominance. Description The implementation of a shared currency among the BRICS nations – Brazil, Russia, India, China, and South Africa – is currently fraught with difficulties and disagreements, as per the observations made by the Bank of Russia’s Governor. Although this potential monetary development is considered to be noteworthy, it presents considerable challenges, demanding alignment among numerous … Read more The implementation of a shared currency among the BRICS nations – Brazil, Russia, India, China, and South Africa – is currently fraught with difficulties and disagreements, as per the observations made by the Bank of Russia’s Governor. Although this potential monetary development is considered to be noteworthy, it presents considerable challenges, demanding alignment among numerous stakeholders. Struggles for a shared BRICS currency Russia’s Central Bank Governor, Elvira Nabiullina, expressed these concerns during the Financial Congress…

TL;DR Breakdown 93% of global central banks are involved in Central Bank Digital Currency (CBDC) development. Four countries have live retail CBDCs: The Bahamas, Eastern Caribbean, Jamaica, and Nigeria. Crypto market turbulence has accelerated CBDC work, with 60% of central banks ramping up efforts. Description As the digital revolution in global financial systems continues to gain traction, the development and exploration of Central Bank Digital Currencies (CBDCs) is becoming an increasingly pivotal topic. A staggering 93% of the world’s central banks are engaged in various forms of CBDC-related work, signifying a significant paradigm shift in global monetary policy. The Evolution … Read more As the digital revolution in global financial systems continues to gain traction, the development and exploration of Central Bank Digital Currencies (CBDCs) is becoming an increasingly pivotal topic. A staggering 93% of the world’s central banks are engaged in various forms of CBDC-related work, signifying a significant paradigm shift in global monetary policy. The Evolution of CBDCs and Their Increasing Relevance According to a recent survey conducted by the Bank for International Settlements (BIS), four central banks…

TL;DR Breakdown 7-Eleven is launching free Slurpee NFTs on Polygon Network as part of its celebration as it turns 96 The collectibles are only licensed to the collector and cannot be sold or transferred to a third party Food and drink brands are entering the fast-rising NFT space Description 7-Eleven, a global convenience store franchise, announced that it was launching free Slurpee NFTs on Polygon Network as part of its celebration as it turns 96. The sugary collectible game, available on mobile devices, features a virtual 7-Eleven Slurpee cup with four flavors: Pina Colada, Blue Raspberry, Cherry, and Summertime Citrus. In its press release, … Read more 7-Eleven, a global convenience store franchise, announced that it was launching free Slurpee NFTs on Polygon Network as part of its celebration as it turns 96. The sugary collectible game, available on mobile devices, features a virtual 7-Eleven Slurpee cup with four flavors: Pina Colada, Blue Raspberry, Cherry, and Summertime Citrus. In its press release, the 7-Eleven Executive Vice President, and Chief Marketing & Sustainability Officer, Marissa Jarratt, mentioned that they are always…

TL;DR Breakdown South Korea introduces new regulations to increase transparency and investor confidence in cryptocurrency. Cryptocurrency issuers in South Korea are required to disclose detailed information in financial statements. Revenue recognition rules clarified for cryptocurrency sales under new regulations. Description South Korea’s Financial Services Commission (FSC) has unveiled new regulations to increase transparency and bolster investor confidence in the cryptocurrency market. Starting in January 2024, corporations that issue or hold cryptocurrencies must disclose comprehensive information in their financial statements. Under the new rules, cryptocurrency issuers must publicly disclose details regarding the quantity and characteristics of … Read more South Korea’s Financial Services Commission (FSC) has unveiled new regulations to increase transparency and bolster investor confidence in the cryptocurrency market. Starting in January 2024, corporations that issue or hold cryptocurrencies must disclose comprehensive information in their financial statements. Under the new rules, cryptocurrency issuers must publicly disclose details regarding the quantity and characteristics of their crypto tokens and their business models and internal accounting policies related to the sale of cryptocurrencies and associated profits. Furthermore, businesses that hold tokens as investments…

TL;DR Breakdown   Celsius files a lawsuit against StakeHound, claiming $150M in unpaid tokens. StakeHound argues it is not obligated to swap tokens or return lost ETH. The dispute highlights challenges and complexities in the crypto space. Description Celsius, a defunct cryptocurrency lender, has taken legal action against StakeHound, a liquid staking platform, alleging the failure to repay approximately $150 million in various tokens, including Ethereum (ETH), Polygon’s MATIC, and Polkadot‘s DOT. According to court documents, Celsius provided StakeHound with significant amounts of staked native ETH, MATIC, and DOT between 2020 and 2021, … Read more Celsius, a defunct cryptocurrency lender, has taken legal action against StakeHound, a liquid staking platform, alleging the failure to repay approximately $150 million in various tokens, including Ethereum (ETH), Polygon’s MATIC, and Polkadot‘s DOT. According to court documents, Celsius provided StakeHound with significant amounts of staked native ETH, MATIC, and DOT between 2020 and 2021, which were subsequently exchanged for StakeHound’s “stTokens.” In response to Celsius’ claims, StakeHound initiated an arbitration agreement in Switzerland after Celsius filed for bankruptcy in the United States. StakeHound…