TL;DR Breakdown The UK parliament is pushing a bill that will ensure that regulators seize digital assets used for illicit activities. The government has reiterated its decision to combat the illicit use of cryptocurrencies. Description Lawmakers in the upper house of the UK Parliament are making progress with a bill aimed at expanding authorities’ powers to combat the use of cryptocurrencies for illicit purposes. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, underwent its third reading in the House of Lords on July 4. During this reading, … Read more Lawmakers in the upper house of the UK Parliament are making progress with a bill aimed at expanding authorities’ powers to combat the use of cryptocurrencies for illicit purposes. The Economic Crime and Corporate Transparency Bill, introduced in September 2022, underwent its third reading in the House of Lords on July 4. During this reading, the UK parliament primarily focused on minor amendments rather than proposing significant changes to crypto enforcement measures. The UK parliament will amend frameworks to pass the bill The latest version of the…

TL;DR Breakdown Bitget has announced the launch of a new dual-coin method of obtaining loans from the platform. The platform wants to dominate the lending market. Description Singapore-based derivatives trading platform Bitget is set to launch a cryptocurrency lending program that allows users to stake their coins in exchange for loans in different digital assets. The platform aims to cater to borrowers who are dissatisfied with traditional lenders and provide them with the opportunity to expand their investment portfolios beyond their current … Read more Singapore-based derivatives trading platform Bitget is set to launch a cryptocurrency lending program that allows users to stake their coins in exchange for loans in different digital assets. The platform aims to cater to borrowers who are dissatisfied with traditional lenders and provide them with the opportunity to expand their investment portfolios beyond their current holdings. Bitget says the program will be flexible for users Bitget’s managing director, Gracy Chen, highlighted the flexibility and enhanced capital utilization that the loan program offers. By allowing users to stake less-demanded coins, borrowers can obtain loans in more…

TL;DR Breakdown Valkyrie Investments has resubmitted its spot Bitcoin ETF application, now including a surveillance-sharing agreement with Coinbase, in response to the SEC’s request for more clarity and comprehensiveness. The partnership with Coinbase aims to address the SEC’s surveillance requirements and signifies a potential shift in sentiment regarding spot Bitcoin ETFs. Description Valkyrie Investments has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF) in the United States, making a significant update by including a surveillance-sharing agreement with Coinbase. It is important to note that the sudden move comes as a response to the U.S. Securities and Exchange Commission’s (SEC) request for more clarity and comprehensiveness … Read more Valkyrie Investments has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF) in the United States, making a significant update by including a surveillance-sharing agreement with Coinbase. It is important to note that the sudden move comes as a response to the U.S. Securities and Exchange Commission’s (SEC) request for more clarity and comprehensiveness in the applications. Partnership with Coinbase to meet SEC’s surveillance requirements Nasdaq and Cboe Global…

TL;DR Breakdown DBS launches an e-CNY merchant collection solution, marking a significant innovation in digital currency transactions in China. The solution allows businesses to collect payments in e-CNY, China’s central bank digital currency, enhancing transaction efficiency. Description In the intricate weave of today’s global finance, DBS, one of Singapore’s most influential banks, is pioneering innovative solutions for the rapidly emerging digital currency market. In particular, the bank’s recent launch of an e-CNY merchant collection solution in China, marking one of the first foreign bank endeavors in this arena, is a significant step … Read more In the intricate weave of today’s global finance, DBS, one of Singapore’s most influential banks, is pioneering innovative solutions for the rapidly emerging digital currency market. In particular, the bank’s recent launch of an e-CNY merchant collection solution in China, marking one of the first foreign bank endeavors in this arena, is a significant step forward. This new addition to the digital banking landscape empowers corporate clients to collect and reconcile payments in e-CNY, China’s central bank digital currency (CBDC), efficiently and effectively. A revolutionary…

TL;DR Breakdown India is spearheading the adoption of its digital currency, the digital rupee, for cross-border payments. The Reserve Bank of India (RBI) is in discussions with 18 countries to use the digital rupee for foreign trade. This initiative helps conserve India’s US dollar reserves and could aid countries with dollar shortages. Description Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are … Read more Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are not confined to its borders. The country is spearheading a massive effort to realize…

TL;DR Breakdown A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during the coronavirus pandemic.  In his 155-page opinion, Judge Doughty compared the United States government’s actions during the COVID-19 pandemic to the fictional “Ministry of Truth” from George Orwell’s novel 1984.  The ruling takes immediate effect, but it is not a final decision and can be appealed by the Biden administration to the 5th U.S. Circuit Court of Appeals in New Orleans. Description A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during the coronavirus pandemic. Judge Doughty referred to these efforts as “Orwellian” and issued a preliminary injunction that prohibits several federal officials and agencies from contacting social … Read more A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during…

TL;DR Breakdown China misunderstood European support for Ukraine due to a cognition gap. Chinese leaders, believing in economic interests over values, underestimated Ukraine’s resistance and Europe’s response. China perceives Europe’s support for Ukraine as an ideological shift rather than principled belief. Description The terrain of international diplomacy is rarely smooth, and the rough edges seem more pronounced when it comes to the rapport between China and Europe. Of late, an intellectual chasm has opened wide between these two global powerhouses, particularly concerning their contrasting perspectives on the Ukraine issue. The great misunderstanding At the crux of the … Read more The terrain of international diplomacy is rarely smooth, and the rough edges seem more pronounced when it comes to the rapport between China and Europe. Of late, an intellectual chasm has opened wide between these two global powerhouses, particularly concerning their contrasting perspectives on the Ukraine issue. The great misunderstanding At the crux of the problem lies an intricate web of misperceptions, misunderstandings, and miscalculations. For several years, China’s foreign policy architects, steeped in a brand of realism that prioritizes…

TL;DR Breakdown Wealth management sector is amidst a transformative phase with AI as a game-changing trend. Young, tech-savvy clients expect digitized customer experiences; AI can help meet these demands. Wealth managers are slowly integrating AI to streamline operations and boost productivity. Description Emerging from the ashes of unprecedented geopolitical turmoil, the pandemic, inflation, and volatile markets, the wealth management sector finds itself at a transformative juncture. Here, a trend takes center stage: artificial intelligence (AI), an innovation altering the industry’s landscape, which has seen a dramatic investment surge. A Digital Revolution and the Wealth Management Sector In … Read more Emerging from the ashes of unprecedented geopolitical turmoil, the pandemic, inflation, and volatile markets, the wealth management sector finds itself at a transformative juncture. Here, a trend takes center stage: artificial intelligence (AI), an innovation altering the industry’s landscape, which has seen a dramatic investment surge. A Digital Revolution and the Wealth Management Sector In the last few years, we’ve seen the accelerated rise of digital transformation, driven by younger, tech-savvy clients inheriting wealth and expecting a digitized customer experience….

TL;DR Breakdown In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. CertiK’s analysis pointed out that among the blockchains studied, BNB Chain experienced the highest number of incidents. Another report from PeckShield revealed that approximately half of stolen non-fungible tokens (NFTs) were being sold by malicious actors within just three hours of being stolen. Description In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. The quarterly report compiled by CertiK revealed that there were a total of 212 security incidents during that period, resulting in the malicious draining of $313,566,528 from Web3 … Read more In the second quarter of 2023, over $300 million in digital assets fell victim to cryptocurrency hacks and exploits, as reported by CertiK, a blockchain security company. The quarterly report compiled by CertiK revealed that there were a total of 212 security incidents during that period, resulting in the…

TL;DR Breakdown The Financial Conduct Authority(FCA) has confirmed that it is looking into Crispin Odey and Odey Asset Management for misconduct allegations Goldman Sachs is among banks cutting ties with the firm Description The Financial Conduct Authority(FCA) has confirmed that it is looking into Crispin Odey and Odey Asset Management, a hedge fund, to see whether the hedge fund manager passes its “fit and proper” test to work in the financial industry amid allegations of his misconduct. The financial watchdog is looking into claims that Odey dismissed the … Read more The Financial Conduct Authority(FCA) has confirmed that it is looking into Crispin Odey and Odey Asset Management, a hedge fund, to see whether the hedge fund manager passes its “fit and proper” test to work in the financial industry amid allegations of his misconduct. The financial watchdog is looking into claims that Odey dismissed the firm’s executive committee for “an improper purpose.” FCA investigates Odey for misconduct  The FCA has begun an investigation into Odey and his conduct for the last two years, according to its July 3 filing….