The cryptocurrency market remains range-bound, with Bitcoin (BTC) hovering around $70,000. While preparing this report, Bitcoin was trading at $69,246, down 1.80% in the past 24 hours. Ethereum (ETH) had lost 3.60% to trade at $3,486. XRP was trading at $0.6078, a decrease of 3.90% in the same period.
Major cryptocurrencies that have gained ground in the past 24 hours are Bitcoin Cash (BCH, $532.50, 8.30%).
Major cryptocurrencies that have lost ground in the past 24 hours are Binance Coin (BNB – $579.96, -0.70%), Polkadot (DOT, $9.38, -3.70%), Cardano (ADA, $0.6397, -3.70%), Polygon (MATIC – $1, -4.70%), Solana (SOL, $181.80, -4.70%), Avalanche (Avax, $53.50, -4.80%), Shiba Inu (SHIB, $0.00003011, -3.40%), EOS (EOS – $1.04, -4.60%), ChainLink (LINK – $19.14, -4.10%), and VeChain (VET, $0.0434, 2.80%).
Government Level Initiatives
Thailand’s SEC Monitors US Bitcoin ETFs, Allows Private Fund Investments
Following the launch of 11 spot Bitcoin ETFs in the US, Thailand’s Securities and Exchange Commission (SEC) revealed its plans to track the developments. Without further ado, Thailand’s regulator has started allowing asset managers to roll out private funds that can acquire stakes in these ETFs. Nevertheless, there were reports of the SEC being uncomfortable with permitting asset managers to buy cryptocurrencies directly.
The investment vehicles introduced by asset managers will exclusively cater to institutions and individuals with ultra-high net worth.
While Thai securities firms are authorized to trade ETFs, asset managers were previously restricted from investing in digital asset ETFs until the SEC revised the regulations.
Russia Allows Digital Financial Assets for Overseas Trade Settlements
Russian President Vladimir Putin has signed into law a measure permitting the utilization of digital financial assets (DFAs) for overseas trade settlements. Russia’s definition of DFAs encompasses tokenized assets and financial instruments issued by central bank-regulated entities.
During the initial phase of the DFA introduction, there was a surge in precious metal tokenization. To date, digital platforms have effectively managed the issuance of over 350 instruments, including bonds, trade finance, and various other offerings.
The central bank aimed to ensure that DFAs would not serve as a substitute for the ruble. Consequently, a blanket ban on DFA use for settlements was imposed domestically. However, this restriction has been relaxed for transactions outside Russia, possibly as a means to circumvent sanctions imposed following the invasion of Ukraine.
The legislation has introduced amendments aimed at redefining specific currency transactions, encompassing digital assets like DFAs. Furthermore, it provides the central bank with the authority to specify the terms governing DFA utilization for payments. Moreover, the newly enacted law facilitates the transfer of insurance contracts, non-state pensions, and long-term savings via digital platforms, marking a departure from the conventional non-transferability associated with such assets.
Private Sector Initiatives
Canton Network Trial Shows Interoperability Potential for DLT Applications
Digital Asset has revealed the outcomes of a trial involving 45 institutions engaged in simulating the utilization of 22 diverse Distributed Ledger Technology (DLT) applications on the Canton Network. Launched in July 2023, the network’s primary objective is to facilitate DLT interoperability, countering the compartmentalization created by numerous institutionally permissioned blockchains.
Initially envisioned as expansive networks enabling data sharing, trading, and transaction settlement among industry participants, the current landscape comprises a multitude of isolated permissioned blockchain networks, each customized to handle specific applications. Despite their proliferation, only a handful have garnered notable adoption due to their standalone functioning abilities.
Connecting these networks individually through bridges or similar mechanisms necessitates considerable expense and risks replicating maintenance challenges inherent in the prevailing framework. What’s imperative is the capability to transact seamlessly across networks.
The Canton Network offers this vital connectivity, albeit distinctively supporting applications utilizing Digital Asset’s DAML smart contract language and the Canton blockchain.
NTT Digital Launches Scramberry: Japan’s First Web3 Wallet
NTT Digital, an associate firm of telecommunications company NTT Docomo, has introduced a consumer-centric web3 wallet. Even though the wallet was launched in Japan, the name of the brand, Scramberry, and the logo is in English, indicating its global aspirations.
Notably, this is the first renowned telecom company to roll out a consumer-centric Web3 wallet. NTT Docomo, the largest telecom provider in Japan, commands a market share of over 40%.
The company aspires to reach all crypto investors, specifically first-time users of non-fungible tokens (NFTs). Therefore, initial enrollment only necessitates a phone number. The wallet offers features such as private key backup and biometric authentication.
The wallet, at the time of launch, was capable of handling Ethereum (ETH), Avalanche (Avax), Polygon (MATIC) and Astar Network. Astar is a Japan-headquartered blockchain with business relationships with Toyota and Sony.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
