EddieJayonCrypto
12 Sep 23
There are some major international moves point toward more crypto infrastructure. Here is what is on my mind today.1. This is interesting. France is introducing a certification program for financial influencers. We are still coping with various fiascos surrounding crypto influencers like BitBoy. The...
There are some major international moves point toward more crypto infrastructure. Here is what is on my mind today.1. This is interesting. France is introducing a certification program for financial influencers. We are still coping with various fiascos surrounding crypto influencers like BitBoy. The Responsible Influence Certificate is out there, but it is voluntary…for now. Basically, you have to take a 25-question exam and you must achieve a minimum 75% of them correct. Let me be the first to say that France just created a fast way for people to grow their user base. Mind you, it does not mean that just because one passes the exam you are any better than others. It just means you know how to take a test. 2. As reported by Bloomberg, FTX really is considering a relaunch of the platform. The sale of digital assets could be a way to fund that comeback. With all of that said, they already have 75 bidders looking to get their hands on those digital assets, including Justin Sun of Tron infamy. People are saying a good portion of the assets are locked. Hence, it would make sense to have a bidding process since they would want the funds now. This means I am most likely correct in thinking the sale of the assets will be an over-the-counter (OTC) transaction. 3. Going into the expected grilling from the Senate Banking Committee today, Gary Gensler is making clear his stance on crypto. You can see it in a single phrase from his written remarks. "Given this industry’s wide-ranging non-compliance with the securities laws…". That says it all. Never a mention of so many projects that have been fighting with the SEC to understand what their regulatory course should be and the agency offering virtually no clarity. This guy just has to go. 4. Last week I told you about MetaMask's new "Self" feature that will allow users of the wallet to off-ramp their assets straight to fiat. Well, PayPal is about to take a leap and work with MetaMask to enable crypto transactions in the United States. The new service will allow users to buy, sell and convert digital assets to USD. The service is live and I expect more adoption as time goes by. No I do not think this will be an overnight success, but I do believe it will be a major step forward. 5. Standard Chartered is further along the crypto path than people think. Their subsidiary, Zodia Custody, a crypto storage provider is already licensed in the U.K., Ireland and Luxemburg (this is the gateway to Europe) just started operations in Singapore. The move makes sense given how much of a financial hub Singapore is. So it is shocking to me that custodial services in Singapore is something you need a license for. They also have an application open in Japan. Don't forget that Standard Chartered is also involved in Project Guardian, a collaboration with the Monetary Authority of Singapore and other financial institutions where they are testing asset tokenization. 6. Yesterday, I reported that Coinbase is exiting India. This could be incorrect. The exchange did stop new signups in the country, but says it is committed to India. Even though its business there has been in a state of flux for some times now (about a year). The company did actually send emails to customers stating they were ceasing operations. I think the confusion stems from the contents of the letter going global and sending shockwaves. The launch in India has been a mess from the beginning. Coinbase had integrated popular UPI payments, but the overseeing body never recognized the company. Resulting in Coinbase suspending support for it. Coinbase may have a name, but it only has about 50K users in a country whose population is over 1.4 billion people.