Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ A proposal to add Bitcoin to Switzerland’s national reserves has been submitted to the Swiss Chancellery. Led by a coalition of ten crypto advocates, the initiative seeks to amend Switzerland's constitution, requiring the Swiss National Bank to hold Bitcoin alongside gold in its reserves. If successful, the proposal will proceed to the Swiss Federal Assembly for review.
2/ In December 2024, China’s State Administration of Foreign Exchange (SAFE) introduced new regulations requiring banks to monitor and report risky foreign exchange activities, including cryptocurrency transactions. The regulations aim to curb illegal activities like underground banking and cross-border gambling, making it harder for mainland investors to engage in digital asset trading.
3/ Bitwise, a leading US asset manager, has applied for approval to launch the Bitwise Bitcoin Standard Corporations ETF. The fund would track companies holding over 1,000 BTC as a reserve asset. It plans to invest at least 80% of its net assets plus borrowings in the shares included in the index, providing focused exposure to Bitcoin-heavy firms.
Check out our latest publications from this week 🔎: Navigating Crypto: Industry Map
