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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today's issue again covers some of the biggest stories hitting the headlines in the crypto market within the day, including Binance's plans to launch three stablecoins in Japan, the JPMorgan Chase & Co. subsidiary's ban on crypto payments in the U.K., NASA's new blockchain-based project for human landing on the Moon, and more. Enjoy your reading, and if you find this newsletter useful, please do not forget to share it with your friends and colleagues! Doğa
p/dogayurduneri | |
| 1 | | The U.S.-based crypto exchange Kraken has obtained a new crypto license in Spain, registering with the country's central bank as a virtual asset service provider. The move will allow the platform to offer its crypto exchange and custodial wallet services to Spanish users in compliance with local regulations. More: - The registration came nearly two years after the Bank of Spain started accepting applications from crypto service providers, offering necessary guidelines.
- Since then, several other crypto exchanges, such as Coinbase, Crypto.com, Binance, and Bitstamp, have also registered with the country's central bank.
- The crypto firms undergo a comprehensive review of their commitment to preventing illegal financial activities, including money laundering and terrorism financing, for registration.
- Kraken also announced that it received an e-money institution license in Ireland from the Central Bank of Ireland, which will allow it to expand its fiat currency services in euro (EUR) in partnership with local banks.
- Kraken's vice president of global operations, Curtis Ting, said they see a strong foundation for crypto in Europe, adding that they are excited to become a part of the local crypto industry in both Spain and Ireland.
- Ting also underlined that they would continue their investments in Europe more broadly.
Zoom Out: - Over the past year, many U.S.-based crypto exchanges, including Kraken, Gemini, and Coinbase, have intensified their global expansion efforts due to an increased crackdown in their home country.
- Within the past several months alone, most of the leading crypto exchanges, such as Binance, Coinbase, Kraken, Gemini, and Bittrex, faced heightened scrutiny by regulators in the U.S.,
- Meanwhile, Europe has become an attraction point for the expansion plans, mainly due to the European Union's (EU) efforts to establish a legal framework for the digital asset industry, which recently came to life with the approval of the EU's region-wide crypto regulations, Markets in Crypto Assets (MiCA).
Q: Do you think the heightened regulatory crackdown in the U.S. will force more crypto companies to expand to other markets? Join the conversation here. |     | |
| 2 | | 
What the numbers say: The price of the BEN token, released by the famous crypto influencer Ben Armstrong earlier in 2023, plummeted by nearly 30% within 24 hours. The token's value retreated to as low as $0.00000001576 within the day. The downward trend represents a 28% drop from $0.00000002189 a day earlier. The coin is also currently 94% below its all-time high of $0.0000002725 in May. Relevance: The price decline in the BEN token started shortly after Ben Armstrong was arrested by law enforcement agencies during a livestream video on YouTube. At the live stream, the popular crypto influencer was trying to confront his former business partner, Carlos Diaz, by accusing him of stealing his Lamborghini. As the video continued, the police arrived at the scene and started questioning Armstrong. The questioning revealed that Armstrong was carrying a gun in the backseat of his car. The online records of the Gwinnett County Sheriff's Department showed that Armstrong was released on a $2,600 bond after spending eight hours in jail for loitering, prowling, and simple assault by placing another in fear. However, the incident caused a plummet in the price of Armstrong's token, BEN, creating a nonconfidence in investors. Brands that should care: Armstrong's arrest came nearly a month after Hit Network, which controls the BitBoy Crypto YouTube channel, decided to cut ties with its public face, Ben Armstrong. At the time, the firm cited issues regarding Armstrong's substance abuse and emotional, physical, and financial damage to employees. | | | |
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| 3 | | Speaking at a recent interview, Takeshi Chino, the general manager at the trust banking arm of Mitsubishi UFJ Financial Group (MUFG), has announced its plans to launch three stablecoins in Japan in partnership with Binance, the largest crypto exchange by trading volume. The tokens will be introduced next year and pegged to the dollar, euro, and yen. More: - Chino said the two firms have already started jointly working on the issuance.
- The partnership is expected to pave the way for the issuance of more stablecoins later in 2024.
- MUFG, Japan's largest financial group, has recently begun holding talks with multiple parties interested in using its blockchain platform, Progmat, to mint stablecoins.
- For the issuance, Binance must first obtain a license in Japan, registering as an electronic settlement methods transaction business provider.
- The announcement came nearly four months after Japan put its new Payment Services Act into force, making the country one of the first nations to establish a legal framework for stablecoins.
- The legislation legalizes stablecoins denominated in a legal tender to be issued and used as an electronic payment method while requiring the issuers to ensure holders can redeem them at face value.
- The act also authorizes licensed financial institutions, such as licensed banks, registered money transfer agents, and trust companies, to issue stablecoins.
Zoom Out: - On the other hand, Binance started full services on its new Japanese platform in August, nearly eight months after it acquired crypto exchange service provider Sakura Exchange BitCoin (SEBC) regulated by Japan Financial Services Agency (JFSA), the country's financial market regulator.
- Following the enactment of Japan's new stablecoin regulations, several other crypto companies, including the stablecoin issuer Circle, also expressed interest in issuing a stablecoin in the country.
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| 4 | | Christine Lagarde, the president of the European Central Bank (ECB), has stated that a digital euro is at least two years away while addressing privacy concerns around a potential central bank digital currency (CBDC) from European lawmakers. Lagarde also said the ECB's Governing Council would decide whether they would move ahead with the pilot of a digital euro project in late October. More: - Meanwhile, many members of the European Parliament (EP), the legislative body of the European Union (EU), are still skeptical about signing the plan.
- Lagarde pointed out that the pilot phase would probably take another two years after it is approved to move forward.
- The ECB President added that the digital euro needs to offer privacy without full anonymity and be user-friendly, free, and universal.
Zoom Out: - In August, the EP announced that the digital euro law would be led by Stefan Berger, one of the architects of the EU's most comprehensive, region-wide crypto regulations, the Markets in Crypto Assets (MiCA).
- The MiCA was approved by the lawmakers at the EP with a final vote in April after three years of development, marking the first attempt to regulate the crypto industry on such a scale.
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| 5 | | Chase U.K., the U.K.-based digital lending arm of the largest U.S. bank, JPMorgan Chase & Co., has banned crypto payments for its customers, citing an increase in crypto frauds and scams targeting consumers in the U.K. The move will see U.K. clients becoming unable to make crypto transactions through Chase debit card or bank transfer from a Chase account to a crypto site as of Oct. 16. More: - After the specified deadline, Chase U.K. will decline any request from consumers to make a payment related to crypto assets.
- Through the latest decision, the digital bank joined several other U.K.-based banks, including HSBC, Nationwide, NatWest, Barclays, Banco Santander, and Lloyds Banking Group, that restricted payments to crypto platforms for their customers.
- Chase U.K. started its operations in September 2021, and it has attracted more than 1 million customers in its first year of operation, becoming one of the U.K.'s most popular neobanks.
Zoom Out: - Over the last several months, many banking institutions in Australia have also restricted their customers from making payments to crypto exchanges, citing potential risks from scams.
- The Australian lenders limiting payments to crypto trading platforms include the Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac, Bendigo Bank, and Commonwealth Bank of Australia (CBA).
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| 6 | | NASA has recently announced its plans to verify data regarding the human landing on the Moon through blockchain technology. The project will be conducted in collaboration with the Isle of Man and Lonestar, a Florida-based computing startup. More: - As part of the plan, NASA and its partners will send a payload containing data cubes to the Moon in February 2024.
- When the cubes are back on Earth, the data secured within them will be verified using blockchain technology.
- If the project becomes successful, NASA will use the same blockchain technology to verify that humans have landed on the Moon in 2025 when it launches its second crewed mission to the lunar surface, Artemis 3.
- The project is expected to prevent conspiracy theories that humans never touched the Moon's surface in an immutable and trustworthy way.
Zoom Out: - NASA's Artemis mission, planned to be accomplished by 2025, will take humanity back to the Moon for the first time since the Apollo mission in 1972.
- The space agency will launch the crewed Artemis 2 mission in November 2024, but the four astronauts in the crew will only make an orbit around the Moon without landing on the lunar surface before directly coming back to the Earth.
- However, Artemis 3 will make humans touch the surface of the Moon, while Artemis 2 will serve as a final test before that mission.
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- Taiwan's Financial Supervisory Commission (FSC) has released regulatory guidelines for virtual asset service providers seeking to offer their services in the country.
- The bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), has filed another request for temporary release from jail before his trial.
- Binance, the largest crypto exchange by trading volume, has reopened registrations and access to its services in Belgium, nearly three months after the country's Financial Services and Markets Authority (FSMA) ordered the platform to halt its operations.
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INSIDE CRYPTOCURRENCY LEADERBOARD (ALL-TIME) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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