● Grayscale: The US SEC did not re-appeal, and the team is ready to convert GBTC into an ETF
According to Fox reporter Eleanor Terrett on X (original Twitter), Grayscale issued a statement on the U.S. Securities and Exchange Commission (SEC)’s decision not to seek a retrial, saying, “The 45-day deadline for seeking a retrial stipulated in the Federal Rules of Appellate Procedure has now passed. The court will now issue a final authorization within 7 days. The Grayscale team is operationally prepared to convert GBTC into an ETF once it obtains SEC approval.”
● CME Fed Watch: The probability of the Fed keeping interest rates unchanged in November is 93.8%
According to CME Federal Reserve Watch data, the probability that the Federal Reserve will keep interest rates unchanged at 5.25%-5.50% in November is 93.8%, and the probability of raising interest rates by 25 basis points to the range of 5.50%-5.75% is 6.2%.
● UAE government releases white paper on Metaverse Autonomous Framework
According to Planet Daily, the government of the United Arab Emirates recently released a white paper titled "Responsible Metaverse Autonomy Framework."
According to a statement by Omar Sultan Al Olama, the country's Minister of State for Artificial Intelligence and Digital Economy, the document mainly emphasizes the importance of having globally recognized operating standards. The white paper not only highlights the potential of virtual universes, but also highlights areas where "the international community must strengthen its preparation." In the 35-page white paper, the document's authors emphasize the importance of self-regulation and highlight why international cooperation is needed.
● Australia plans to require cryptocurrency exchanges to obtain financial services licenses
According to Bloomberg, Australia plans to require cryptocurrency exchanges to hold a financial services license issued by the market regulator. Under the government proposal based on existing laws, digital asset platforms holding more than 5 million Australian dollars (about 3.2 million US dollars) or individuals holding more than 1,500 Australian dollars must obtain a license from the Australian Securities and Investments Commission (ASIC).
● RWA product analysis: Stablecoin usage will be the highest by doubling in 2023
According to Planet Daily, 21.co analyst Tom Wan published an article on RWA product analysis on the X platform, predicting that RWA products will double in 2023, from about 40 to 80. Stablecoins are the most widely used in transactions and global remittances, and are the largest type of tokenized assets. Without stablecoins, Ethereum tokenized $1.66 billion (76%), followed by Stellar, which reached $306 million (14%), and Polygon was $116 million (5%). The top three non-stablecoin projects: Franklin Templeton: $308 million (government bonds), Centrifuge: $247 million (asset-based finance), Ondo Finance: $176 million (government bonds). Tether and USDT are the leaders in digitalizing the US dollar/euro, followed by Circle and USDC. On-chain commodity tokenization offers the following advantages: instant settlement, low entry fees, thanks to share segmentation (minimum: $20), and no custody fees. To date, Paxos, Tether, and Aurus have tokenized $930 million in gold, silver, and platinum.
● Latin America’s preference for centralized exchanges is higher than the global average
According to Cointelegraph, a recent report by blockchain analysis company Chainalysis shows that Latin America has a significantly higher preference for centralized exchanges than decentralized exchanges compared to other parts of the world. The report pointed out that Latin America is the seventh largest crypto economy in the world, following the Middle East and North America (MENA), East Asia and Eastern Europe. However, the report pointed out that cryptocurrency users in Latin America prefer to use centralized exchanges. In some countries in the region, crypto activities of various platform types are much higher than the global average. The global average is 48.1% for centralized exchanges, 44% for decentralized exchanges, and 5.9% for other decentralized financial (DeFi) activities. However, Venezuela's preference for centralized exchanges is 92.5%, and its preference for decentralized exchanges (DEXs) is 5.6%.
In addition, the report points out that the reasons for the surge in cryptocurrency adoption in Venezuela are unique, mainly attributed to the "complex humanitarian emergency." The report explains that cryptocurrencies played a key role in directly helping medical professionals in the country during the 2020 COVID-19 pandemic. Therefore, due to political reasons, the government refuses to accept international aid and traditional payments become difficult, and cryptocurrency becomes a necessary form of value.
Colombia, on the other hand, prefers centralized exchanges (CEXs) at 74%, while decentralized exchanges (DEXs) account for only 21.1% of its preference. Meanwhile, three Latin American countries are in the top 20 of the Chainalysis Global Cryptocurrency Popularity Index. Brazil is ranked ninth, followed by Argentina at 15th and Mexico at 16th. Globally, India tops the list, with Nigeria and Vietnam in second and third place, respectively.
● Taiwan Financial Supervisory Commission: Received report on JPEX's illegal operation, Chen Lingjiu was summoned for endorsement
According to the United Daily News, the Taiwan Financial Supervisory Commission confirmed that it had received a report alleging that JPEX illegally solicited in Taiwan and provided evidence, and had handed over the information to the prosecutors for processing. Because there are many victims in Taiwan, the amount involved is currently tens of millions of yuan. After conducting a thorough investigation in Taipei City, the Investigation Bureau recently secretly interviewed the well-known singer Chen Lingjiu who was responsible for the endorsement.
The Investigation Bureau found that Chen Lingjiu’s endorsement fee was as high as eight figures, far exceeding the general market price. After the JPEX incident broke out, the company located next to SOGO in East District, Taipei, was no longer in business. There were posters of Chen Lingjiu outside the company building. The victims did not receive compensation and could only go to the Investigation Bureau to file a report.
The Financial Supervisory Commission stated that according to the Company Law, if an overseas virtual trading platform is a foreign company, it is prohibited from operating in Taiwan without registering a branch, and will be subject to criminal and civil liability. Whether it involves money laundering depends on whether JPEX has exchanged currencies such as Taiwan dollars and foreign currencies.
