Golden Morning Post | SEBA Bank exec: Rising institutional interest is bullish sign

Headline

▌SEBA Bank Executive: Rising Institutional Interest Is a Bullish Signal for Cryptocurrencies

Nasha Afshar, director of SEBA Bank and CFA, said that as more institutions move from merely showing interest in the cryptocurrency space to actually investing in Web3 projects, it becomes a question of when, not if, to get into cryptocurrency. The problem. When the market is in a bull run, many people express interest in the cryptocurrency space. If you look at the institutional interest and adoption now versus what was then, I think there were a lot more players coming into the space and interested in it.

SEBA Bank executives believe that with a shift not just in thinking but in action, the industry will grow bigger.

▌Liang Fengyi: Incorporating virtual asset providers into the regulatory system is the only way for FTX to embrace innovation and enhance market trust after bankruptcy

SFC chief executive Leung Fung-yee spoke of Hong Kong’s acceptance of Web3 regulation following the collapse of cryptocurrency exchange FTX last November, noting that cryptocurrency trading is an important part of the virtual asset ecosystem.

Leung reportedly explained in a recent speech that the new licensing regime for virtual asset providers will ensure investors are protected while taking into account the risks faced by financial institutions. Bringing virtual asset providers into the regulatory system is the only way for FTX to embrace innovation and enhance market trust after bankruptcy.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 30496.4 US dollars, with an intraday increase and decrease of +0.32%;

The latest transaction price of ETH is 1873.29 US dollars, with an intraday change of **-**0.05%;

The latest transaction price of BNB is 236.29 US dollars, with an intraday increase and decrease of +1.53%;

The latest transaction price of XRP is US$0.4864, with an intraday increase and decrease of +0.49%;

The latest transaction price of DOGE is US$0.0666, with an intraday increase and decrease of +1.20%;

The latest transaction price of ADA is US$0.2829, with an intraday increase and decrease of +0.84%;

SOL's recent transaction price was US$16.613, with an intraday change of -0.04%.

policy

▌Japan’s National Tax Agency officially announces partial revision of virtual currency corporate tax rules

Japan's National Tax Agency recently issued a notice of interpretation of the law, modifying some rules of corporate tax. Among them, for the encrypted assets (virtual currency) issued by the enterprise itself, if the conditions are met, it will be excluded from the market value evaluation object. Under the previous law, when a company held virtual currency, it was required to pay capital gains tax at the end of the period. The rule places a burden on businesses and has long been seen as hindering virtual currency and blockchain innovation. After this revision, the rules related to the virtual currency issued by the company will be officially relaxed. It is worth noting that this revision of the rules only applies to virtual currencies "issued by the company", and virtual currencies "issued by other companies" are still subject to capital gains tax.

▌ECB: The public sector should establish a comprehensive regulatory framework to address social and environmental risks associated with encryption

European Central Bank (ECB) board member Fabio Panetta told a panel on the future of cryptocurrencies at the 22nd annual meeting of the Bank for International Settlements that crypto assets have been promoted as decentralized alternatives that promise to provide more resilient financial services. However, reality has not fulfilled this promise. The blockchain technology that underpins crypto assets can be slow, energy intensive and not scalable enough. Cryptoassets are less useful in day-to-day transactions due to complex processing and high price volatility.

To address these shortcomings, the crypto ecosystem changed its narrative in favor of a more centralized organizational form emphasizing crypto speculation and quick profits. But recent events have exposed the fragility of the crypto ecosystem, showing how quickly confidence in crypto assets can evaporate. In many ways, this ecosystem reproduces the shortcomings and vulnerabilities that blockchain technology was originally intended to address.

The public sector should take a firm stand to establish a comprehensive regulatory framework that addresses the social and environmental risks associated with crypto, including the use of unsecured crypto assets for speculative purposes. It should also resist calls for state support for cryptocurrencies, which would essentially socialize the risk of cryptocurrencies. Instead, the public sector should focus on contributing to the development of reliable digital settlement assets, including through work on central bank digital currencies.

Blockchain Application

▌MetaMask iOS app V7.0.1 supports WalletConnect 2.0

MetaMask tweeted that its iOS app V7.0.1 added support for WalletConnect V2.0. According to the Apple Store update page, the current WalletConnect function only supports a single chain, that is, it can only run on one blockchain at a time, and has achieved EVM compatibility.

Cryptocurrency

▌ECB official: Due to its limitations, cryptocurrency has not developed into an innovative and powerful form of finance

European Central Bank (ECB) board member Fabio Panetta told a panel on the future of cryptocurrencies at the 22nd BIS Annual Meeting that due to their limitations, cryptocurrencies did not develop into an innovative and powerful form of finance, but Evolved into a harmful form of finance. The crypto ecosystem is riddled with market failures and negative externalities, and unless appropriate regulatory safeguards are put in place, it is bound to experience further market disruption.

Policymakers should be wary of supporting an industry that has hitherto produced no social benefits and is increasingly trying to integrate into the traditional financial system, both to gain legitimacy as part of the system and to take advantage of it. Instead, regulators should hold cryptocurrencies to strict regulatory standards, address their social costs, and treat unsound cryptocurrency models for what they really are: a form of gambling. This may prompt more efforts from the ecosystem to provide real value in the digital finance space.

▌European Central Bank Fabio Panetta: Cryptocurrency has become a speculative asset and a means of circumventing capital controls

European Central Bank (ECB) board member Fabio Panetta told a panel on the future of cryptocurrencies at the 22nd BIS Annual Meeting that the core promise of cryptocurrencies is to replace trust with technology, arguing that the concept of "code is law" will allow Emergence of self-regulatory systems, independent of human judgment and error. This in turn allows money and finance to function without trusted intermediaries. However, this narrative often confuses reality. Unbacked cryptocurrencies do not intrude on the traditional role of money. They have gradually deviated from their original goal of decentralization and instead relied more and more on centralized solutions and market structures. They have become speculative assets and a means of circumventing capital controls, sanctions or financial regulation.

▌In the past two weeks, the ARK fund has reduced its holdings of Coinbase stocks by approximately US$16.5 million

Data shows that in the past two weeks (June 11-June 25), ARK Ark Fund has reduced its holdings of 268,132 Coinbase shares (COIN), which is worth about US$16.49 million based on current prices. As of Friday’s close, COIN reported $61.5.

▌****More than 100 Bitcoin ATMs are located in the central business district and outer suburbs of Sydney

According to Coin ATM Radar, more than 100 bitcoin ATMs are now scattered across Sydney's central business district and outer suburbs, accounting for nearly a quarter of Australia's roughly 500 bitcoin ATMs and operated by a handful of companies. However, users can only sell cryptocurrencies at 14 locations, and these locations are mainly located in city centers.

Important economic developments

▌ European Central Bank Governing Council Makhlouf: close to the interest rate ceiling

Be prepared to review some evidence when considering a rate hike after July, we are getting close to the rate ceiling. (Golden Ten Data APP)

Golden Encyclopedia

▌****Sorter

Sequencer is a key technology in the field of cryptocurrency, which is used to sort transactions and create blocks. Before the block is confirmed, the pre-confirmation information will be sent to the user. The importance of decentralized sorters is that as more volume and liquidity move to layer two solutions (L2), centralized sorters may charge arbitrary prices and leverage user transactions. Therefore, finding a decentralized sorting solution becomes very important.