- 1. Bybit Broadens Its Span with Its Dubai Headquarters
- 2. SEC Chair Says a Lot of Crypto Assets Come in the Category of Securities
- 3. Central Banks Benefit from DLT to Get Unparalleled Integration with Financial Settlement Structure
- 4. Coinbase Custody to Serve as a Custodian for HOPE Ecosystem’s HOPE Token
- 5. Stablecoin Dominance of Tether Spikes as the Platform Mints 1B USDT Tokens on Ethereum
Amid a huge scuffle between crypto innovation and regulatory implementation, recent days have seen some optimistic development within the burgeoning industry. This week, some initiatives have been taken to expand this sector. In addition to this, some endeavours have also been made by regulators to put pressure on crypto assets. On the other hand, policymakers have also attempted to come up with better regulations. This remains to be seen whether this struggle between different spaces would lead the way to beneficial or disadvantageous outcomes.
Bybit Broadens Its Span with Its Dubai Headquarters
Bybit, the top frequently visited platform for crypto exchange has declared the launch of a headquarters within the jurisdiction of Dubai. The corporate headquarters of the crypto exchange is located at the Dubai World Trade Center-based One Central. It is expanded around a complete floor covering more than 16,000 square feet.
With this endeavour, the company attempts to conveniently carry out its global expansion. As per Bybit’s co-founder and CEO Ben Zhou, Dubai has a significant place in the case of capturing opportunities dealing with the promising sector of innovative technology. As per him, the exclusive office will play the role of an innovative center facilitating creators and dreamers for the exchange of ideas as well as offering advanced Web3-related opportunities.
SEC Chair Says a Lot of Crypto Assets Come in the Category of Securities
The United States Securities and Exchange Commission’s Chairman Gary Gensler has stated that several crypto assets are securities thus they should comply with the relevant regulations. As per him, the markets of cryptocurrencies can be governed by the rules specified for the securities industry despite the involvement of language or technology.
He also expressed some concerns regarding crypto mediators who offer mixed services that differ from conventional securities markets. He added that being a DeFi entity does not excuse a platform from compliance with the securities regulations as non-compliance jeopardizes the confidence of common masses in the capital markets and endangers investors. This shows the regulatory agency’s commitment to deal with exclusive technologies and their likely effect on the industry.
Central Banks Benefit from DLT to Get Unparalleled Integration with Financial Settlement Structure
Central banks are delving into the ways the distributed ledger technology could enhance interbank transfers or even run independent currencies’ digital versions. In this respect, the Bank of England has recently moved forward with an exclusive project named “project Meridian”. This initiative was specified for London innovation of the Bank of International Settlements (BIS) with the establishment of a prototype to likely potentially rapid up the central bank transactions and make them cost-effective.
The respective prototype can additionally be applied to the rest of the assets and registries, taking into account bonds and equities, as mentioned by the report. Though the respective project is an innovative move, there is a requirement for a lot of work to be carried out to refine regulatory and policy-related spheres. This is necessary for the complete implementation of distributed ledger technology in the interbank system.
Coinbase Custody to Serve as a Custodian for HOPE Ecosystem’s HOPE Token
The decentralized platform named HOPE Ecosystem has recently announced that it has selected Coinbase Custody to play the role of a custodian for digital assets. As per HOPE, the respective move let consumers have an independent, trusted, regulated, and secure custodian. As per it, the solutions that Coinbase offered are critical for the DeFi platform’s innovative approach as well as to bridge up the centralized as well as conventional finance.
Stablecoin Dominance of Tether Spikes as the Platform Mints 1B USDT Tokens on Ethereum
The top stablecoin issuer Tether has remained successful in minting additional 1B USDT tokens with the use of the Ethereum blockchain. This event grasped the attention of the market onlookers who think this to be caused by an increased demand related to crypto exposure. As per Paolo Ardoino, the CTO of Tether, the minting denoted an “innovatory replenish.” In his words, the respective amount is to be utilized as inventory dealing with the upcoming period of chain swaps and issuance requests. Additionally, the dominance of Tether in the industry of stablecoins is continuously increasing with this minting of more coins on Ethereum.
