TL;DR Breakdown Ethiopia, one of Africa’s fastest-growing economies, has requested to join the BRICS alliance of emerging markets. The BRICS, an economic bloc consisting of Brazil, Russia, India, China, and South Africa, accounts for over 40% of the global population and about 26% of the world’s economy. Ethiopia’s bid to join the BRICS is part of the nation’s strategic move to associate with international institutions that can protect its interests. Description Ethiopia, celebrated as one of Africa’s rapidly advancing economies, has cast its ambitions toward the BRICS alliance of emerging markets. In a bold strategic move, the African nation has officially requested to become part of this potent bloc that is making its mark on the global economic stage. Ethiopia’s appeal to BRICS: A strategic move … Read more Ethiopia, celebrated as one of Africa’s rapidly advancing economies, has cast its ambitions toward the BRICS alliance of emerging markets. In a bold strategic move, the African nation has officially requested to become part of this potent bloc that is making its mark on the global economic stage. Ethiopia’s appeal to…

TL;DR Breakdown South Korea approved its inaugural standalone digital-asset bill, aimed at safeguarding investors and regulating the crypto sector after recent scandals. The legislation empowers the Financial Services Commission to oversee digital currency operators and mandates insurance coverage and reserve funds. Description In a significant move to bolster investor protection in the wake of several crypto scandals, South Korea has approved its first standalone digital-asset bill. The legislation comes just over a year after the collapse of tokens created by South Korean entrepreneur Do Kwon, which contributed to a $2 trillion crypto-market rout. The new law grants … Read more In a significant move to bolster investor protection in the wake of several crypto scandals, South Korea has approved its first standalone digital-asset bill. The legislation comes just over a year after the collapse of tokens created by South Korean entrepreneur Do Kwon, which contributed to a $2 trillion crypto-market rout. The new law grants the Financial Services Commission (FSC) the authority to oversee crypto operators and asset custodians while enabling the Bank of Korea to investigate these platforms. The…

TL;DR Breakdown The European Union (EU) is moving to reduce its dependence on China, with a focus on achieving a balance between risk management and cooperation. The “de-risking” strategy is aimed at making Europe more resilient to unexpected global changes, drawing lessons from past over-reliance on Russian gas. European leaders see the strategy as a gradual process that companies should primarily undertake, involving diversification over several years. Description The European Union is making resolute strides towards attenuating its dependence on China, a decision taken on Friday during an EU summit. Aiming for a delicate equilibrium between cooperation and caution, Europe’s leaders are calling this step a “de-risking” strategy that envisages a steady move towards self-sustainability and resilience. Reducing dependencies: The million euro question … Read more The European Union is making resolute strides towards attenuating its dependence on China, a decision taken on Friday during an EU summit. Aiming for a delicate equilibrium between cooperation and caution, Europe’s leaders are calling this step a “de-risking” strategy that envisages a steady move towards self-sustainability and resilience. Reducing dependencies: The million euro…

TL;DR Breakdown The Reserve Bank of New Zealand increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach RBNZ appears to be holding off on taking action until it sees how other countries regulate cryptocurrency Crypto adoption in New Zealand still low Description The Reserve Bank of New Zealand (RBNZ) has said it would be increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach citing uncertainties in the sector’s development. The move comes after public input on the issues these new forms of private money could lead to for the financial system and … Read more The Reserve Bank of New Zealand (RBNZ) has said it would be increasing its efforts in monitoring stablecoins and crypto-assets but won’t propose a regulatory approach citing uncertainties in the sector’s development. The move comes after public input on the issues these new forms of private money could lead to for the financial system and monetary sovereignty. RBNZ says regulatory approach not needed now Ian Woolford, director of money and cash at the Reserve Bank…

TL;DR Breakdown Argentina’s presidential candidate Javier Milei claims he can dollarize the country’s economy to combat inflation. Milei has secured enough funds for the transition and signed a non-disclosure agreement with undisclosed parties to support the process. The dollarization plan, which includes closing the Central Bank of Argentina, has faced criticism for being unrealistic in the current economic climate. Description Presidential candidate Javier Milei of Argentina boldly revealed a plan to implement dollarization of Argentina’s economy at the current market rates. With a strategic campaign plan aimed at eradicating inflation, Milei believes the nation has the necessary resources for this ambitious move. Confidential agreements with undisclosed parties are already in place to provide the liquidity … Read more Presidential candidate Javier Milei of Argentina boldly revealed a plan to implement dollarization of Argentina’s economy at the current market rates. With a strategic campaign plan aimed at eradicating inflation, Milei believes the nation has the necessary resources for this ambitious move. Confidential agreements with undisclosed parties are already in place to provide the liquidity required to close the Central Bank of…

TL;DR Breakdown The U.S. Securities and Exchange Commission deemed recent spot Bitcoin ETF applications as inadequate due to lack of clarity and comprehensiveness. This caused a decline in the value of Bitcoin and other cryptocurrency-related stocks. The SEC has requested exchanges to revise and refile their applications. Description The United States Securities and Exchange Commission has found a slew of applications submitted by asset management firms, with intentions to establish spot bitcoin exchange-traded funds (ETFs), lacking in clarity and comprehensiveness. This news, first reported by the Wall Street Journal, has signaled an impending halt to the development of these funds and sent ripples … Read more The United States Securities and Exchange Commission has found a slew of applications submitted by asset management firms, with intentions to establish spot bitcoin exchange-traded funds (ETFs), lacking in clarity and comprehensiveness. This news, first reported by the Wall Street Journal, has signaled an impending halt to the development of these funds and sent ripples through the cryptocurrency and blockchain-related markets. Spot Bitcoin ETF applications: A deep dive Asset management giants like BlackRock and…

TL;DR Breakdown The Blockchain Association, a lobbyist group representing the U.S. cryptocurrency industry, has called for the removal of SEC Chair Gary Gensler from overseeing regulations on the crypto sector.  According to Jake Chervinsky, the chief policy officer of the Blockchain Association, Gensler’s steadfast belief that all digital assets, except Bitcoin, are securities compromises his ability to make enforcement decisions with fairness and impartiality.  While Gensler has received support from many Democrats for his actions against crypto exchanges, he has faced criticism from Republican congressman Warren Davidson. Description The Blockchain Association, a lobbyist group representing the U.S. cryptocurrency industry, has called for the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler from overseeing regulations on the crypto sector. In an open letter, the association argues that Gensler’s public comments have demonstrated a lack of impartiality in approaching the issues at hand. … Read more The Blockchain Association, a lobbyist group representing the U.S. cryptocurrency industry, has called for the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler from overseeing regulations on the crypto sector. In an…

TL;DR Breakdown CME Group plans to launch Ether/Bitcoin Ratio futures on July 31, pending regulatory approval, expanding its cryptocurrency offerings. The futures contracts will be cash-settled and allow investors to capture exposure to ether and bitcoin in a single trade, regardless of directional views. The introduction of Ether/Bitcoin Ratio futures aims to capitalize on the evolving dynamics of the two assets, providing relative value trading opportunities and efficient hedging strategies for a broad array of clients. Description CME Group, the renowned derivatives exchange, has unveiled its plans to introduce Ether/Bitcoin (ETH/BTC) ratio futures, further expanding its cryptocurrency offerings. The launch of these innovative futures contracts is set for July 31, subject to regulatory approval. Building upon its success in the cryptocurrency market, CME Group has steadily broadened its digital asset portfolio over … Read more CME Group, the renowned derivatives exchange, has unveiled its plans to introduce Ether/Bitcoin (ETH/BTC) ratio futures, further expanding its cryptocurrency offerings. The launch of these innovative futures contracts is set for July 31, subject to regulatory approval. Efficiently capture the relative value of ether and…

TL;DR Breakdown Cryptocurrencies have played a significant role in funding the Ukrainian and Russian armed forces during the ongoing conflict. The Russian military has successfully raised over $20 million in cryptocurrencies, primarily through Bitcoin, with contributions from blacklisted sources. Pro-Russian groups predominantly utilize institutionalized trading platforms, with approximately 80% of contributions made through exchanges.   Description In the ongoing conflict between Ukraine and Russia, cryptography has emerged as a vital tool, with millions turning to digital currencies amid collapsing fiat currencies and the looming threat of bank runs. Recent research by Elliptic, a leading blockchain analytics firm, has shed light on the extent to which cryptocurrencies have played a role in … Read more In the ongoing conflict between Ukraine and Russia, cryptography has emerged as a vital tool, with millions turning to digital currencies amid collapsing fiat currencies and the looming threat of bank runs. Recent research by Elliptic, a leading blockchain analytics firm, has shed light on the extent to which cryptocurrencies have played a role in funding opposing military forces. Surprisingly, the Ukrainian and Russian armed forces…

TL;DR Breakdown OKX’s Liquid Marketplace reaches a milestone with over $3 billion in trading volume. The platform focuses on serving professional and institutional traders in the crypto industry. OKX partners with Komainu to offer secure custody services for institutional investors. Description In a groundbreaking milestone, OKX, the world’s second-largest cryptocurrency exchange by 24-hour trading volume, proudly announced that its Liquid Marketplace has soared past $3 billion in trading volume, solidifying its preeminent network catering to professional and institutional traders. This revelation, unveiled on Friday, demonstrates the resounding success of OKX’s on-demand liquidity network designed to facilitate … Read more In a groundbreaking milestone, OKX, the world’s second-largest cryptocurrency exchange by 24-hour trading volume, proudly announced that its Liquid Marketplace has soared past $3 billion in trading volume, solidifying its preeminent network catering to professional and institutional traders. This revelation, unveiled on Friday, demonstrates the resounding success of OKX’s on-demand liquidity network designed to facilitate large-scale transactions involving digital assets. To empower professional and institutional traders with seamless transactions, the Liquid Marketplace offers a unique feature called Requests for Quotations (RFQs),…