As the market remained poised for more updates on ETF applications from heavyweight firms like BlackRock and VanEck, the crypto landscape reflects stability. Bitcoin shows a marginal upward nudge at $34.3K, marking a 0.05% uptick over the past 24 hours. Ethereum, the smart contract giant, stands firm at $1.8K, with a 0.92% surge over the day. Solana, the rising star, continues to display vigor, climbing up 8.38% over 24 hours to position itself at $35.7.
What to Watch Out for Today
Regulators Across Nations Collaborate to Boost Asset Tokenization: An international consortium, as revealed on Monday, comprising regulators from Singapore, Japan, the U.K., and Switzerland, is now setting the stage for a deep dive into asset tokenization. The Monetary Authority of Singapore (MAS), taking the lead with Project Guardian, has rallied Japan’s Financial Services Agency (FSA), the U.K.’s Financial Conduct Authority (FCA), and the Swiss Financial Market Supervisory Authority (FINMA) to advance cross-border collaboration in tokenizing assets. Tokenization — the art of transforming tangible assets into digital tokens through blockchain — is creating a stir among global banking behemoths. Project Guardian aims not just at discussions surrounding the legal and accounting facets of digital assets but also seeks to lay down universal standards for digital asset market designs across regions. Will this collaboration redefine the way global financial markets operate?
Thailand’s K-Bank Makes a Power Move into Crypto with Satang Acquisition: In a substantial shift, Thailand’s K-Bank has procured a staggering 97% share in Satang, a crypto exchange rooted in Thailand since 2017. The acquisition, valued at approximately $102.8 million (or 3.705 billion Thai baht), was facilitated through a new subsidiary dubbed ‘Unita Capital.’ Following the acquisition, Satang is poised to undergo a rebranding, emerging as ‘Orbix.’ This revamped entity will encompass three subsidiaries, encompassing aspects like custody, digital asset investment, and blockchain tech development. This strategic move by K-Bank dovetails with its recent $100 million fund launch targeting web3, fintech, and AI realms. With K-Bank and its rivals in Thailand showing a burgeoning interest in the crypto domain, what’s next for the Thai crypto industry?
UK’s Clear Stance on Crypto Asset Regulation Unveiled: The UK Treasury, shedding light on its stance concerning crypto asset regulation, unveiled its definitive proposals earlier this week. Derived from consultations with experts, market events, and firms, the proposals delineate the UK government’s intent to usher numerous crypto-centric activities within the regulatory perimeter of financial services. A notable aspect of these proposals is the mandate for crypto exchanges to set out rigorous standards for admissions and requisite disclosures during new asset listings. However, the realm of decentralized finance (DeFi) remains untouched by this regulatory framework, with the UK government opting for a wait-and-watch approach. Given these regulatory undertones, how will the UK’s crypto landscape evolve?
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