• South Korea has passed a new crypto legislation focusing on investor protections.
• Recent spot Bitcoin ETF applications were rejected by the SEC due to technical reasons, but are not out of the running yet.
• Stablecoin buying power on exchanges has increased as BTC and ETH see outflows.
South Korea’s New Crypto Legislation
South Korea recently passed a new crypto legislation that focuses on investor protections. This move signals an effort from the government to regulate digital assets while giving investors more confidence in their decision to invest in the crypto market. The new regulations require crypto exchanges to register with the Financial Services Commission, and adhere to certain KYC/AML standards and audits.
Spot Bitcoin ETFs
Recent spot Bitcoin exchange-traded fund (ETF) applications have fallen short of the U.S. Securities & Exchange Commission’s (SEC) expectations due to a technicality, but are still in consideration for approval. If approved, these ETFs would allow investors to gain exposure to Bitcoin without having to own it directly, thus increasing institutional investment into digital assets and providing more liquidity for the market.
Stablecoin Buying Power
The influx of stablecoins into exchanges indicates there could be an increase in buying pressure on the market amidst large Bitcoin and Ethereum outflows. Stablecoins such as USDT, USDC, BUSD, and DAI have seen a significant increase in their supply over the past 30 days – reaching levels recorded in mid-December 2022 – which is indicative of an increase in stablecoin buying power across exchanges.
Vodafone’s Cardano NFT Plans
Vodafone recently confirmed rumors regarding its plans for launching Non-Fungible Tokens (NFTs) built on Cardano’s blockchain platform — offering users access to unique digital artwork they can trade or use as collectibles within Vodafone’s gaming ecosystem. It is expected that this venture will further drive adoption of Cardano’s blockchain technology among businesses looking for ways to leverage decentralized solutions for their operations and products.
Revolut Delists Cryptocurrencies
In response to recent regulatory requirements from U.S authorities regarding cryptocurrency trading platforms, Revolut has delisted Cardano, Polygon, and Solana from its US platform – making them unavailable for trading within US territories until further notice from regulators or Revolut itself