The entire month of July has been witnessing crusts and troughs as several optimistic and strict regulation-related developments have taken place simultaneously. In the meantime, the crypto industry has made considerable progress because many jurisdictions have recognized the potential of this sector. In addition to this, the cutting-edge innovations in this world indicate that this space will make huge profits in the coming time. Following is a review of the most notable events that occurred in the crypto market during this month.
South Africa Leads in Taking Measures to Protect Crypto Investors with Exclusive Licensing Requirements
At the start of July 2023, South Africa’s Financial Sector Conduct Authority (FSCA) started receiving license applications. In addition to this, the agency also established the 30th of November to be the last date for compliance. The purpose of this development is to protect financial clients from the likely vulnerabilities and hazards linked to crypto products.
Apart from that, the agency has gotten several applications up till now. This signals the preparedness of the market to abide by the regulations. The agency has clarified that it will take regulatory actions against the non-compliant entities. This also points toward the agency’s focus on promoting a secure and productive environment for consumers.
SEC Starts Legal Action Confronting Alex Mashinsky of Celsius
The US SEC started legal action confronting Alex Mashinsky (the former CEO of the now-defunct crypto lending firm Celsius) in mid-July. The agency raised allegations against both Mashinsky and Celsius concerning the conduction of fraud and unregistered transfers taking into account securities in the crypto assets.
As per the agency, the accused misled investors regarding the financial position of the lending company apart from manipulating the CEL token’s valuation. Additionally, the CFTC of the United States concluded in its investigation that the accused parties infringed US regulations.
The Judge in the Ripple Case Rules XRP Is Not a Security
A couple of weeks back, the judge presiding over the lawsuit between Ripple and the US SEC issued a ruling that is partially favouring the crypto exchange. As per the decree XRP (the native token of Ripple) is not a security. This decision is against the SEC’s claims but supports the stance of Ripple.
Although the ruling was quite favourable for the crypto exchange, the court also declared to shortly issue another announcement. The date of the upcoming hearing as well as the timetables for any linked preliminary hearings are to be provided in that announcement.
Polygon Declares an Exclusive Governance Model Concerning Polygon 2.0
Polygon, a prominent platform focused on Ethereum’s infrastructure development and scaling, has declared the issuance of a unique governance model related to its impending upgrade. The model for Polygon 2.0 offers “Ecological Committees” and its structure deals with guaranteeing decentralized ownership as well as decision-making across the polygon protocols.
The most significant things in the respective governance agenda include Community Treasury Governance, System Smart Contracts Governance, and Protocol Governance. The Polygon Improvement Proposal (PIP) agenda is responsible for facilitating Protocol Governance. As per the platform’s team, the company will reserve two percent of the cumulative POL supply.
Ankr Introduces Ultra Sound Infrastructure, Unlocking Web3 Potential with Worldwide Node Network
A few days ago, the Web3 infrastructure platform Ankr established an infrastructure to deal with the requirements of the Web3 ecosystems. At present, the infrastructure is in its initial version. It uses the worldwide distribute node network offered by several collaborators, taking into account top market players like Tencent Cloud and Microsoft.
The name of the cutting-edge solution is “Ultra Sound Infrastructure” and it lets Web3 developers access high-performance connections to the worldwide blockchains. The project is inspired by Ultra Sound Money of Ethereum.
South Korea Establishes Special Unit to Fight Increasing Crypto Crimes
South Korean officials have established an investigative unit that operates between several agencies. The Joint Investigation Centre for Crypto Crimes will include nearly 30 participants belonging to the platforms like agencies dealing with tax, customs, judiciary, and finance.
As per the reports from the local media, the respective unit will operate significantly to protect the interests of the investors till the formal regulation of the crypto market. On the other hand, the whooping increase of up to 118% in crypto crimes raises several concerns in the country.
BNB Smart Chain Goes through an Exploitation Because of Vyper Language Error
Recently, the BNB Smart Chain (BSC) has been exposed to attacks analogous to those experienced by Ethereum, chiefly because of a vulnerability within the Vyper programming language. As reported by the blockchain security platform BlockSec, the copycat attackers remained effective in pilfering almost $73,000 in crypto from BSC.
Simultaneous to this, analogous attacks targeting Curve Finance’s liquidity reserves have led to total losses of up to $41M, BlockSec estimated. Up till now, records signify the return and recovery of nearly 2,900 ETH (almost $5M) to Curve via a specific transfer. Additionally, c0ffebabe.eth transferred 1,000 ETH to a fresh wallet.
