1. The Bahamas launches the Digital Asset DARE 2024 Act

The Bahamas Securities Commission said that the Bahamas Parliament has passed the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), a move that strengthens the country's position in the digital asset regulatory space. The bill builds on the foundation laid by the DARE Act 2020 and introduces comprehensive reforms designed to respond to the changing landscape of the digital asset and cryptocurrency markets.

Christina Rolle, Executive Director of the Securities Commission of the Bahamas, said: “DARE 2024 represents a new standard in digital asset regulation. The framework we have created not only focuses on investor protection but also encourages responsible innovation, placing the Bahamas at the forefront of global digital asset regulation.”

2.SEC releases investor information page affected by Terraform

The U.S. Securities and Exchange Commission (SEC) issued a notice and disclosed an information page specifically for investors affected by Terraform Labs. The SEC said that since the two parties reached a settlement agreement last month, investors have been asking about how compensation will be made. The SEC claimed on its website that the SEC will not receive any compensation until investors and creditors receive full compensation from the corresponding bankruptcy case.

The SEC added that the Chapter 11 plan confirmation hearing and start date are expected to be held in the fall. In June of this year, Terraform Labs reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $4.47 billion fine to the SEC. Terraform will recover $3.58 billion in illegal gains and pay a $420 million civil penalty, and its co-founder Do Kwon will be banned from serving as an officer or director of a public company. Do Kwon must also pay $204 million to compensate damaged investors.

 
3. Ghana pilots digital credentials and CBDC for global trade

The Bank of Ghana (BoG) has completed a proof of concept to explore the use of digital credentials for international trade and cross-border payments based on CBDC, according to Finextra. The proof of concept is part of Project Desft, an exploration by the Bank of Ghana and the Monetary Authority of Singapore on how to use technology to facilitate the participation of micro, small and medium-sized enterprises in developing countries in international trade.

Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, said, “Project Desft aims to support African SMEs to participate in international trade by removing significant barriers they face in international trade, such as building trust with overseas trading partners and accessing cross-border payments and supply chain financing support.”

4. Bank of Italy develops new permissioned consensus protocol for central bank DLT system

The Bank of Italy plans to conduct a lot of research on distributed ledger technology (DLT), according to Ledger Insights. In a report published today, the Bank of Italy shared a new permissioned consensus protocol that has been adapted to suit Bitcoin and is being open sourced. This is not the first time a permissioned version has been created for Bitcoin, but it adds a new detail of providing confidentiality of validator identities. Its work aims to create a central bank DLT system.
 
 
5. Seoul court orders GDAC to return 7.8 million WEMIX to Wemade CEO, about $7.3 million

According to News1, the Seoul Central District Court ordered the closed virtual asset exchange GDAC to return 7.8 million WEMIX tokens (worth approximately 10.1 billion won) to Wemade CEO Park Kwan-ho. If GDAC does not comply with the order within 30 days, it will pay a fine of 3 million won to Park Kwan-ho every day starting from the day after the deadline expires.

Previously, Park Kwan-ho purchased more than 10 million Wemix from Gdoc during his tenure as chairman of Wemade. However, GDAC delisted WEMIX in March last year and limited the withdrawal limit to 16,500 coins per day. Therefore, Park Kwan-ho filed a request for a temporary injunction against GDAC. After that, GDAC terminated its service on the 16th of this month.

6. The Law Commission of England and Wales proposes to create a new property class for crypto assets

According to Cointelegraph, the Law Commission of England and Wales urged the government in its final report on digital assets to classify all crypto assets as a new form of personal property in order to establish a sound legal framework and help the development of the digital asset industry in England and Wales.

The Law Commission is an independent body that is primarily responsible for reviewing and recommending legal reforms in England and Wales. English law divides personal property into two categories: things in possession (tangible property) and things in action (intangible property, such as debts or rights). The committee believes that digital assets, including cryptocurrencies and NFTs, can have both attributes. "We conclude that the flexibility of the common law allows for the recognition of a unique category of personal property that can better recognize, adapt to, and protect the uniqueness of certain digital assets (including crypto tokens and crypto assets)."

7. Futu Securities will officially launch cryptocurrency trading services on August 1

According to Hong Kong Economic Times, Futu Securities International (Hong Kong) announced that it will officially launch cryptocurrency trading services on August 1. Xie Zhijian, managing director of Futu Securities, said that Futu has full confidence in the future of Hong Kong's Web3.0 industry. According to the bank's survey, more than 40% of investors who have never traded virtual assets expressed their desire to trade on Futu NiuNiu, and nearly 75.6% of experienced investors are also happy to see Futu launch virtual asset trading services on the platform.

8. Multiple cryptocurrency organizations in Japan submit a request to the government for crypto asset tax reform in fiscal year 2025

According to Coinpost, the Japan Crypto Asset Business Association (JCBA) and the Japan Crypto Asset Exchange Association (JVCEA) jointly submitted a request to the government for crypto asset tax reform in fiscal 2025.

Under Japan's current tax system, income from crypto asset transactions is generally classified as miscellaneous income and is therefore subject to comprehensive taxation, with tax rates ranging from 5% to 45%. If resident tax is added, the tax rate can be as high as 55%. The request points out that the current tax system "hinders citizens from acquiring and using virtual currencies" and is the biggest obstacle for the government to promote the development of Web3. The request recommends that the government introduce a 20% separate taxation and loss carry-forward deduction system. In addition, on the 19th of this month, the Japan Blockchain Association (JBA) also submitted a request for relevant tax reforms to the government.

9. Grayscale Bitcoin Mini Trust Fund has been listed on the New York Stock Exchange Arca

According to The Block, after the registration statement came into effect last week, the Grayscale Bitcoin Mini Trust Fund was listed on the New York Stock Exchange Arca at 16:00 Hong Kong time today, with the stock code "BTC".

10. The Hong Kong Securities and Futures Commission has included Proxinex, an entity suspected of engaging in virtual asset fraud, on the warning list

The Hong Kong Securities and Futures Commission has issued a notice to warn the public to beware of an entity operating under the name "Proxinex" that is suspected of engaging in fraud related to virtual assets. Currently, the Securities and Futures Commission has included Proxinex and its related websites on the warning list.

Investors said they encountered difficulties in withdrawing virtual assets from Proxinex and were told that the "account does not exist". The SFC also suspected that Proxinex hired an agent to induce investors to deposit money into Proxinex through dating apps. The agent may have forged documents claiming to be issued by a Hong Kong financial regulator and a financial institution to embellish his resume.

11. Fidelity International Lists Physical Bitcoin ETP on London Stock Exchange

Fidelity International has listed a physical Bitcoin ETP on the London Stock Exchange, Bitcoin Magazine reported.

12. Lloyd’s of London supports insurance policies on the Ethereum chain, allowing customers to pay with cryptocurrency

According to CoinDesk, Lloyd’s of London now supports digital asset policies on Ethereum and supports payment in UDSC or other native cryptocurrencies. The technology is supported by Lloyd’s underwriter Evertas and smart contract insurance provider Nayms.

13. People familiar with the matter: As of March, TikTok paid nearly $20 million per month through Microsoft to purchase OpenAI models

According to The Information, citing people familiar with the matter, TikTok's internal financial documents show that as of March, TikTok paid nearly $20 million per month through Microsoft to purchase OpenAI models, which is close to 25% of Microsoft's total revenue from the business.

14. Web3 talent network Icebreaker completes $5 million seed round of financing, led by CoinFund

According to Fortune, Web3 talent network Icebreaker announced the completion of a $5 million seed round of financing, led by CoinFund, with participation from Accomplice, Anagram, and Legion Capital.

Currently, the company is valued at $21 million and hopes to become the world's first open source professional connection network. The company's co-founders Dan Stone and Jack Dillé came from Google and Coinbase. Stone was a project manager at Coinbase; Dillé was the design leader of Google Workspace.

15. Trump launches limited edition sneakers that accept Bitcoin and other cryptocurrencies

Trump announced the launch of limited edition sneakers that support Bitcoin or other cryptocurrencies on the Truth Social platform he founded in 2022. The purchase page shows that there are 1,000 pairs of shoes, each with an individual number, and each person is limited to three pairs, with prices ranging from US$149 to US$499. In addition to various shoe styles, there are also products such as perfumes and incubators.

In addition, the purchase page shows that these products are for personal appreciation and collection only, not for investment purposes, nor do they involve politics and have nothing to do with any political campaign.