Led by supporters of the ousted leader Aung San Suu Kyi, the Spring Development Bank (SDB), will target Suu Kyi supporters as customers, including the Burmese diaspora, the spokesperson said. The NUG’s stance is that it is the legitimate sovereign and government of Myanmar, not the military junta. Source
“A system of gambling regulation, in isolation, would be unlikely to address these risk factors” such as the commingling of customer funds alleged of crypto exchange FTX, or correct problems linked to insider trading and market manipulation that are covered by traditional financial regulation, the government added. Source
MiCA, which lets wallet providers and exchanges operate across the EU with a single license, “will allow this sector to go to the next gear in terms of regulatory requirements,” said Marie-Anne Barbat-Layani, adding that France’s Financial Markets Authority (AMF), the regulator which she chairs, is “resolutely open to innovation.” Source
The latest version of Web3 social layer Lens Protocol has been released, introducing improved functionality to support new use cases and shared monetization for its growing Web3 user base. Decentralized Finance (DeFi) firm Aave Companies announced Lens Protocol v2 on July 17 during EthCC in Paris, with the code powering the protocol reworked to enable improved composability, configurability and functionality. Aave and Lens Protocol founder Stani Kulechov told Cointelegraph that Lens is a decentralized protocol built on Polygon featuring a technology stack that allows developers to build and deploy Web3…
The crypto trading platform plans to hire up to 60 new members of staff in the region. Source
Bitcoin (BTC) is gearing up for its next bull run in classic style, say traders eyeing two key trend lines. In some of their latest social media analysis, popular traders Moustache and Titan of Crypto revealed a BTC price breakout in the making. Bitcoin “bull market line” eyes classic crossover Bitcoin is closely copying prior BTC price cycles, and the time is almost right for a bullish surge, according to Titan of Crypto. Uploading historical BTC/USD price data, he drew attention to the 21-week simple moving average (SMA), currently at…
The United States Federal Reserve clarified that its new service for instant payments between organizations — the FedNow Service — has no relation with central bank digital currencies (CBDCs). The Fed certified the FedNow Service as “ready” after it onboarded 41 financial institutions, 15 service providers and the U.S. Department of the Treasury to test the system before its launch by the end of July 2023. However, the central bank had to clarify that the promise of instant fiat payments and real-time gross settlement (RTGS) is not powered by a…
Polygon Labs has begun work on an expansion intended to include all blockchains and applications running on the Polygon network, and seeks to democratize the upgrade process and encourage community participation. On July 19, the company’s developers presented a proposal to revamp the governance mechanism for the forthcoming Polygon 2.0 roadmap, with the aim of establishing several layer 2s on the network. In line with the proposal, the developers introduced a comprehensive and innovative governance structure underpinned by “three main pillars,” each tailored to serve specific functions within the Polygon ecosystem.…
Though the Law Commission findings are welcome, he believes they’re not enough. “We need to move, in short order, to companies legislation, to regulation, to tax, and to any other area which is fundamentally important to the ecosystem,” Katz said. Original
The Capital Markets Authority also placed an “absolute” ban on all digital asset mining, prohibited the recognition of crypto as decentralized currency, and also warned the public that companies are not allowed to provide any type of crypto-related services. Source