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Bitfinex Market Analysts Predict $3.2 Trillion Crypto Market Capitalization 🟥
❕ Bitfinex analysts say the digital asset market capitalization could hit $3.2 trillion if bullish factors remain amid soaring prices towards the end of the year.
👉 In a new market report, the firm made market projections ahead of the new year with present market forces and indices highlighting the growth recorded so far amid regulatory challenges in several jurisdictions.
⚠️ According to the report, 2024 is met with a positive outlook from several quarters in the industry because of the drive of investors and asset prices pushing through despite a shaky start of the year.
✅ Market analysts at the company predict the total market capitalization to tap $3.2 trillion with present bullish sentiment trickling into the new year. With the current market cap at $1.6 trillion, an uphill run hinged on several factors including institutional inflows on the back of a spot Bitcoin ETF.
CFA Renews Accusations Against Circle ❓
➡️ In an open letter addressed to Senators Elizabeth Warren and Sherrod Brown, CFA executive director Michelle Kuppersmith claimed that Circle’s CCTP “may be used to facilitate what appears to be the fastest growing vehicle for illicit finance in the digital asset space.” She pointed specifically to the protocol’s support for transfers to the Tron blockchain network.
💬 “Tron has been named in multiple law enforcement actions involving billions of dollars in transactions by alleged organized crime groups and sanctioned entities,” the letter stated.
📣 Kuppersmith argued that by allowing USDC stablecoin transfers to Tron, Circle is effectively enabling money laundering and criminal activity on the network. These accusations originally surfaced last month, when the CFA sent its first letter to the senators accusing Circle of inadequate anti-money laundering practices.
❗️ At the time, Circle’s head of public policy Dante Disparte strongly denied the claims in a blog post, stating that the allegations were based on unverified social media posts. Disparte emphasized that Circle actively monitors blockchain activity and suspends access to suspicious counterparties, while also reiterating that Circle no longer maintained any relationship with Justin Sun or his affiliated entities.
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(chart)
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Binance Withdraws Application for Abu Dhabi License, Reassessing Compliance Needs ✅
🔴 Binance has officially withdrawn its application for a financial license in Abu Dhabi, according to Reuters. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements.
📌 The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds as per the details on the regulator’s website. According to a spokesperson for Binance, the move to retract the application was a strategic decision to align with the company’s reassessed compliance needs.
💬 “When assessing our global licensing needs, we decided this application was not necessary,” said the spokesperson.
➡️ This application, filed a year ago and officially retracted on November 7th, signals a potential shift in Binance’s operational focus and global strategy. Despite the timing, the decision to pull the license application was “unrelated” to the U.S. settlement, according to the spokesperson.
Solomon Islands and Soramitsu Unveil Partnership To Launch CBDC Pilot 📣
⚠️ The Central Bank of Solomon Islands has revealed a partnership with Japanese blockchain Soramitsu to launch a proof-of-concept for a CBDC named Bokolo Cash.
🟢 In a Keynote speech on Tuesday, Solomon Islands Prime Minister Manasseh Sogavare said his country was embarking on the CBDC journey with the goal of leveraging technology as “a catalyst for inclusive and sustainable development, ultimately fostering shared prosperity across our beautiful nation.”
➡️ Bokolo Cash will be equivalent to one Solomon Islands dollar, and citizens will be able to use it for transactions in retail environments within the capital city of the island nation, Honiara, as well as for person-to-person transfers.
⤵️ Commercial banks will test wholesale transfers, along with simulated cross-border payments and remittances. Additionally, users will be subjected to a “two-tier” Know Your Customer verification process, according to Soramitsu.
📌 Bokolo Cash is set to run on a specifically tailored blockchain built on Hyperledger’s Iroha, while will also integrate with Soramitsu’s public Sora blockchain. Through this connectivity, users will have the ability to conduct transfers using QR codes and leverage the self-custody Fearless Wallet, a product developed by Soramitsu.
Hong Kong’s Victory Securities to Offer Digital Asset Services in Retail Markets 📣
🔔 Hong Kong’s investment management firm, Victory Securities has obtained approval to offer digital asset services to retail clients expanding the country’s number of cryptocurrency licences.
♾ In a Nov 24 press release, the company made the announcement that it obtained a license from the Securities and Futures Commission (SFC) to offer digital asset services adding that this development makes it the first licensed corporation to offer those associated services to clients.
💬 “Victory Securities… which has been rooted in Hong Kong for 50 years, has made significant progress in the field of virtual assets and became the first company in Hong Kong to obtain approval from the Hong Kong Securities and Futures Commission (“SFC”) to provide retail investors with A licensed corporation for virtual asset trading and advisory services.”
📌 According to the statement, Victory Securities will integrate virtual assets with the traditional finance ecosystem and allow retail clients to participate in the model getting and trading assets seamlessly.
✅ The company also hailed the commitment of the Hong Kong authority as it sets itself to become the destination of the International Virtual Asset Center.
📌 Seeking to connect both branches of finance, the firm wants to create a platform where users can flexibly allocate assets and offer investment advice to retail users including periodic research reports.
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China Asset Management Signs MoU with Hashkey Exchange to Promote Web3 in Hong Kong ⚡️
🟥 China Asset Management’s Hong Kong branch has entered into a memorandum of understanding with Hashkey exchange and HamsaTech Hong Kong. The collaboration aims to jointly foster and develop Web 3.0 initiatives within the asset management sector in Hong Kong.
➡️ The importance of seizing the “golden opportunity” of Web 3.0 was emphasized in the 2023-2024 Budget by the Government of Hong Kong.
‼️ The Financial Services and the Treasury Bureau (FSTB) announced significant initiatives for fintech development during the Hong Kong FinTech Week 2023, including a focus on real economy applications and innovations in the digital assets and Web3.0 sector.
🔔 The Securities and Futures Commission (SFC) introduced new regulations to protect investors and encourage innovation in the virtual assets sector.
🔴 SFC also issued circulars on intermediaries engaging in tokenized securities-related activities and tokenizations of SFC-authorized investment products, providing clarity on regulatory expectations for investor protection.
➡️ China Asset Management (HK), as a prominent asset manager in Hong Kong, has been at the forefront of transforming the traditional asset management industry.
🚨#JustIn: 🇦🇪 Crypto.com secures Dubai license 🪪
👉 Read more
South Korea’s Democratic Party Mandates Crypto Holdings Disclosure for Candidates in Upcoming Elections ⚡️
📣 The Democratic Party of South Korea has instituted a new policy requiring preliminary candidates for the upcoming general elections to disclose their holdings in virtual assets, including cryptocurrencies, according to The Korea Economic Daily (Hankyung).
✅ This decision, announced by Han Byung-do, the chairman of the Democratic Party’s Strategic Planning Committee, follows discussions within the party’s general election planning team. The party aims to ensure that candidates uphold the highest moral standards and avoid potential conflicts of interest related to digital asset holdings.
➡️ Chairman Han emphasized the importance of this policy in a recent statement. “The consensus was that the verification of candidates should be strictly strengthened based on morality,” he said. Han also warned that candidates who fail to accurately report their holdings will face legal repercussions and potentially severe consequences, including the cancellation of their candidacy.
➡️ Han also emphasized, “If you make a false report, you will be legally held responsible for it,” and “If you are found, you will take correspondingly strict measures (cancellation of candidacy, etc.).”
💬 “However, (holding virtual assets) itself cannot be questioned. Owning it itself is not the problem.” Han added, “If you look into the process of forming the property, you can identify problems, so the verification committee will look at the contents and strictly review them.”
Bitcoin and Life Insurance: CEO Zac Townsend’s Unique Perspective 📌
⚡️ Bitcoin (BTC) is the perfect financial asset to form the foundation of a life insurance product, according to Meanwhile CEO Zac Townsend. In a recent interview with Axios, the executive explained how and why his life insurance company uses BTC as its sole currency and unit of account rather than fiat currency.
💬 “We accept all our premiums in Bitcoin. We pay all our claims in Bitcoin,” Townsend said. “Because all our assets and liabilities are in Bitcoin, the price of Bitcoin doesn’t matter.”
➡️ Bitcoin is notoriously volatile compared to dollars or euros, making it risky for many businesses to use as their internal currency, or as a balance sheet asset.
❗️ However, Townsend believes that a life insurance product might strongly appeal to the Bitcoin community thanks to its “culture of HODLing” which encourages holding BTC through volatile period and using it as a long-term savings vehicle.
🔔 Indeed, following Bitcoin’s rise to $36,000 on Thursday, new data suggests that saving in the asset over the long term has proven profitable starting at almost any point in its history.
✅ While all business is done with BTC, Meanwhile’s clients still offer tax advantages that typical in the world of estate planning.
🕯 Broadly speaking, Townsend said a customer that gives Meanwhile 10 BTC can expect a beneficiary to receive 20 BTC upon the customer’s death – though that’s a ballpark figure. Right now, customers must buy-in with a minimum of 5 BTC (~$183,000) for 5 years.
➡️ The company runs a credit risk of 3% – 50% more than is actually needed to cover death benefits. According to Townsend, users are able to borrow against their benefit tax-free over time.
Crypto ATM Expansion Continues with Bitgamo Set to Install 90 More in 2024 ⚡️
➡️ Crypto ATMs are continuing to expand globally with over 32,500 installed so far, Financial Times reported. Crypto ATMs allow everyday individuals to convert traditional fiat money into cryptocurrencies and vice versa, offering a level of convenience akin to standard bank ATMs.
✅ European operator “Shitcoins Club” boldly states that its mission is to enable people to bypass traditional banking systems, underlining the sector’s unconventional approach.
⚡️ Although regulators in the US and UK, including the Financial Conduct Authority, have made efforts to curtail the expansion of these machines, the number of crypto ATMs has continued to rise.
♾ As of October 2023, there are over 32,500 crypto ATMs deployed worldwide, a figure that has been steadily increasing since the summer, according to data from AltIndex. Intriguingly, some operators have embraced an anti-banking ethos, emphasizing a desire to break free from the traditional financial system’s grip.
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VanEck Files Amended Application for Bitcoin ETF with SEC ✅
📣 New York-based asset management firm VanEck has taken a significant step towards launching a spot Bitcoin exchange-traded fund (ETF) by submitting an amended application to the United States Securities and Exchange Commission (SEC).
➡️ In a notable departure from the strategies followed by other applicants seeking approval for spot ETFs, VanEck opted to submit amended filings related to its fund seeding on October 27. This distinctive approach distinguishes VanEck from other contenders in the spot Bitcoin ETF arena.
🔔 Notably, the US SEC had previously rejected VanEck’s proposal to list and trade shares of the VanEck Bitcoin Trust on March 10. This marked the third time the regulator had denied VanEck’s bid for a spot Bitcoin ETF.
📣 This decision aligns with the broader trend of the SEC consistently rejecting various ETFs designed to track digital assets, including VanEck’s prior applications in June of the previous year and in November 2021. These rejections primarily revolve around concerns regarding potential market manipulation within the underlying digital asset market.
DeFi Education Fund, Paradigm File Amicus Brief Supporting James Harper’s appeal against IRS 📣
🟥 DeFi Education Fund (DEF), a crypto research and advocacy group, and crypto investment company Paradigm have filed a separate amicus brief supporting James Harper’s lawsuit against the US Internal Revenue Service (IRS).
➡️ Paradigm confirmed Friday that the amicus brief urges the Supreme Court to reverse the district court’s decision in the James Harper lawsuit and also argued that the dismissal of Harper’s complaint could hinder blockchain’s mainstream adoption.
💬 “As a leading supporter of, and investor in, crypto and other blockchain-related projects, Paradigm has a strong interest in ensuring that Fourth Amendment caselaw recognizes the critical role that privacy plays with respect to this emerging technology.”
🟢 Paradigm stressed the importance of privacy in blockchain technology. “The district court erred in concluding that there is no expectation of privacy when a person transacts on a crypto exchange,” the official announcement notes.
Blockchain Security Firm CertiK Warns OKX IOS Users to Update After Flagging Vulnerability 📌
📣 Blockchain security firm, CertiK has urged OKX users on IOS devices to update the software to the latest version after it identified a vulnerability with the potential of causing data and asset losses. In a post on X (formerly Twitter), the firm informed users of the discovery urging them to make the update immediately to avoid being victims of a potential security breach.
💬 “Earlier this month, we identified and reported a critical Remote Code Execution (RCE) vulnerability in the OKX iOS App, leading to potential compromise of sensitive data and crypto assets.”
➡️ The post also mentioned that the OKX team acted swiftly on the information and released an updated version today. The digital asset exchange thanked the security firm for the update adding that the upgrade has been completed and this is no longer an issue.
💬 “We’ve completed the relevant upgrade & this is no longer an issue. We have verified that this did not impact any customer assets.”
Russia Poised to Let Miners Sell Coins Abroad as ‘Exports’ 📣
🟢 Russian industrial miners may be given the right to sell cryptoassets as “export products,” the nation’s finance ministry said. Per RBC, the country’s Deputy Minister of Finance Ivan Chebeskov made the comments at a round table event named “Cryptocurrency and the Future of Digital Finance.” Chebeskov said that the ministry had prepared a bill that would allow miners to “export cryptocurrency as a product of mining activity.” He said:
💬 “We have special legislation for the export of gas, for example. Using such examples, we developed a concept. This will allow miners to export the product of what they have mined – namely, cryptocurrency. It could become an export product. This legislative initiative is being created in Russia.”
➡️ Russian politicians have previously launched several attempts to legalize crypto mining. But progress has stalled on each occasion. Part of the reason for this has been an impasse between government ministries including the Ministry of Finance and the Central Bank. The latter wants to enact a nationwide crypto ban, while the former favors a more progressive, pro-business approach to the sector.
Segregation of Exchanges, Market Makers and Custodians Necessary for Crypto Businesses to Thrive 📌
✅ The cryptocurrency sector may be advancing, yet industry experts are becoming aware that exchanges, market makers and custodians must act as separate entities in order for businesses to succeed. While it’s common to keep financial actors separated within traditional finance, this concept has often gone overlooked within the cryptocurrency industry.
🟢 Caitlin Long, chief executive officer and founder of Custodia – a chartered U.S. bank specializing in digital assets – told Cryptonews that many individuals within the cryptocurrency space are unaware of how unusual it is for market makers, exchanges and custodians to operate as the same entities. “This is a major problem the industry faces. I truly believe that, especially custodians, should be segregated so we don’t have shenanigans like FTX happening again,” she said.
➡️ To put this in perspective, Margaret Rosenfeld, chief legal officer at Cube.Exchange – a hybrid crypto exchange – told Cryptonews that the collapse of cryptocurrency exchange FTX occurred because financial actors were not kept as separate entities. She said:
💬 “The biggest issue with FTX was that the exchange acted as a custodian with its own market maker. When Alameda Research hedge fund began losing money – which was the market maker on the exchange – FTX accessed its customer assets in an attempt to solve the problem.”
AXA, Generali Jump on the RWA Wagon Following Purchase of SocGen’s Green Bonds ⚠️
➡️ AXA Investment Managers and Generali Investments have recently joined the growing bandwagon of companies purchasing tokenized green bonds as the digitalization of real-world assets (RWAs) gains momentum.
➡️ According to a press release by French banking giant Societe Generale, it issued its first digital green bond as a security token on the Ethereum blockchain. The tokenized security token registered as SG-FORGE came with a 10 million Euro ($10.8 million) price peg during its official launch on November 30, 2023.
❗️ Now, Societe Generale has revealed that AXA Investment Managers and Generali Investments have fully subscribed through a private placement.
⚡️ Providing details behind the tokenization of its green bonds, Societe Generale stated that it is geared towards increasing transparency and traceability as well as improving fluidity and speed in transactions and settlement.
🟠 The RWA green bonds are described as unsecured with a maturity window of three years. Upon reaching the majority window, the net proceeds will be allocated to finance the banking giant’s Eligible Green Activities, as defined in its Sustainable and Positive Impact Bond framework.
Ukrainian Lawmakers Mull Two Crypto Tax Bills 🟢
🟥 Ukrainian lawmakers are set to debate two crypto tax bills, as Kyiv looks to raise money from crypto traders. Per Minfin and PSM7, Yuriy Boyko, a member of the National Commission on Securities and the Stock Market, confirmed that the regulator was the author of one of the bills.
🔔 Boyko said he assumed that “specialists from the Ministry of Finance and the State Tax Service worked on” the second bill. This bill’s author is MP Anton Shvachko, and the text was drafted, at least in part, by the Ministry of Digital Transformation.
✅ Mykhailo Fedorov, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation, said:
💬 “We expect parliament to support this draft law and help develop new digital industries. Business support will be the foundation of Ukraine’s economic growth.”
⚡️ Meanwhile, the regulator, which is yet to reveal the full details of its own proposal, said that it had worked with EY (Ernst & Young) and the USAID Financial Sector Reform Project on the draft. The bills are now in the consultation stage. Boyko noted that “almost 200 comments” had been made on the commission’s draft law.
PancakeSwap Introduces New Voting System ‘Gauges’ for Governance Token Holders 🟥
➡️ Decentralized crypto exchange Pancakeswap has launched a new voting system called “Gauges” and “veCAKE,” a new vote-escrowed system that allows users to vote on governance proposals and determine CAKE emissions allocations.
➡️ According to a Nov. 22 blog post, PancakeSwap, the third-largest decentralized exchange by total value locked (TVL), has unveiled two new features, Gauges Voting and veCAKE, designed to enhance governance influence for CAKE holders. These features aim to stimulate liquidity across pools and increase rewards for CAKE staker.
🟢 PancakeSwap wrote in the blog:
💬 “We’re excited to introduce two transformative features: Gauges Voting and veCAKE, revolutionizing our governance system for CAKE Emissions. This strategic update is designed to empower CAKE holders with increased governance influence, boost liquidity across our pools, and supercharge rewards for CAKE stakers.”
⚡️ PancakeSwap’s governance token, CAKE, is distributed as rewards to liquidity providers and is governed by a decentralized autonomous organization called CakeDAO, consisting of all CAKE holders. The platform currently boasts over $1.4 billion in TVL, making it a prominent player in the decentralized finance (DeFi) space.
Islamic Coin is now available for trading and deposit on KuCoin!🟢
⤵️The official listing of $ISLM has launched recently on KuCoin. This is only a first exchange of the list where the token is launched, but we can expect more listings on other top-tier CEX and DEX platforms soon. It might help ISLM bring new liquidity and raise the value of a token.
➡️In addition, partnerships have been established with Sushi, one of the world's largest decentralized exchanges, and Pyypl, a prominent payment app in the Middle East. These collaborations will empower Islamic Coin's global community with benefits like liquidity provision, staking assets, and earning tokens during the liquidity mining phase.
🔔 Islamic Coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). ISLM developers believe that if at least 3% of this audience holds their token, the capitalization will be comparable to BTC. And they already have the biggest Twitter account among crypto Muslim community with 1.3M followers.
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GOP Candidate Ramaswamy Would Reduce Govt Involvement in Crypto If Elected 📌
➡️ The 2024 United States presidential candidate, Vivek Ramaswamy, has disclosed his plans to curb the Securities and Exchange Commission’s (SEC) control and government involvement in the crypto space if elected.
➡️ In an exclusive interview with CoinDesktv earlier today, Ramaswamy stated his commitment to ousting most SEC officials and facilitating an environment for digital assets to thrive as commodities.
📌 Ramaswamy, representing the Republican party, also known as the Grand Old Party (GOP), is currently the only candidate with a comprehensive crypto policy framework.
👌 Called “Three Freedoms of Crypto” the framework will protect software developers and create more blockchain freedom.
🟥 This policy includes protecting developers from prosecution based on their codes, preventing federal agencies from creating rules that restrict self-hosted wallets, and ensuring the freedom for blockchain projects to thrive.
💬 “Any unconstitutional regulation the US Congress did not explicitly give the SEC to will be null and void. This will apply to most regulations governing the crypto industry,” he added.
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MacOS Malware KandyKorn Targets Crypto Owners ♾
🟥 A new MacOS malware, known as KandyKorn and linked to the notorious Lazarus Group, has recently been identified. The malware was discovered by the Elastic Security Labs.
⚠️ According to an official report published by the blockchain security firm, KandyKorn relies on social engineering tactics, deceiving victims into installing a malicious ZIP file named “Cross-platform Bridgeszip.”
🔔 On the outside, this ZIP file appears to be an arbitrage artificial intelligence (AI) bot designed to assist users in generating yield automatically. Meanwhile, on the inside, the malicious file downloads 13 Python-based modules that collaborate to retrieve user data and information illicitly.
➡️ Providing context on how efficient this virus is, the Elastic Security Labs noted that it operates clandestinely, and users are often unaware of events unfolding behind the scenes. This malware then accesses an affected computer’s directory listing, uploads and downloads files automatically, deletes, processes termination, and executes commands.
‼️ To achieve this, the malicious malware is shared on Discord channels by the hackers who present themselves as community moderators. This fosters trust, leading users to download the malicious ZIP file, which subsequently infects and takes control of their laptops.
Modulus Labs Completes $6.3 Million Funding to Integrate Cryptographic Security Into AI ⚡️
♾ Artificial Intelligence (AI) startup Modulus Labs, a project that integrates AI and crypto, has raised $6.3 million in seed funding.
📌 The project announced the launch of its formal debut on Wednesday, following the funding round, led by key crypto investors. The platform is backed by crypto venture funds Variant and 1kx and participation from Bankless, Blockchain Builders Fund and Inflection.
➡️ The funding round also saw inflow from angel investors including Ethereum Foundation, Worldcoin, Polygon, Solana, and Microsoft, among others.
📌 Modulus utilizes zero-knowledge proofs (ZK-proofs) to offer scalability and security enhancements for AI models. According to the project’s co-founder Daniel Shorr, the funding will be utilized to build the Modulus product. “Our audience is basically smart contract devs or on-chain services who want to add AI,” Shorr told CoinDesk.
💬 “But up until now anyways, to add AI into your smart contract, means throwing away this whole blockchain security.”
⚠️ The company explained that when applied to AI, ZK cryptography allows to verify that an AI model was executed “correctly.” “By verifying this ‘proof of correctness’, on-chain, we get blockchain-equivalent security at a fraction of the cost,” it added.
Neo Announces EVM-Compatible Sidechain to Prevent MEV Attacks 🟥
📌 Neo, the open-source blockchain platform, has revealed its plans for the development of a new Ethereum Virtual Machine (EVM)-compatible sidechain, a move aimed at expanding its capabilities in the decentralized finance (DeFi) sector.
🟢 In a press release shared with CryptoNews, Neo revealed that its sidechain will offer full interoperability with Neo N3 (Mainnet), retaining key Neo features, including the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism.
⚠️ This will result in faster transactions, improved scalability, and enhanced fairness within the network. Developers will also benefit from the Neo-VM multi-language development environment, which grants them flexibility to create smart contracts in their preferred programming language.
🔴 In recent years, DeFi has emerged as a prominent application in the blockchain space. However, the threat of Miner Extractable Value (MEV) attacks has cast a shadow over its potential.
✅ These attacks exploit the transparency of transaction details in DeFi transactions, often leading to issues like front-running and sandwich attacks.
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