Tezos Co-founder Arthur Breitman Explores the Potential of Blockchain in Government Systems

Governments and public institutions across the world are eyeing blockchain technology as a means to enhance transparency, accountability, and efficiency in their operations.

Crypto.com Accused of Concealing Internal Trading Teams

In a revelation that casts a shadow over the integrity of trading practices in the cryptocurrency space, Crypto.com is allegedly concealing its internal proprietary trading teams.

Decentralized Finance on the Global Stage: France’s AMF Advocates for Unified Rules

France's premier financial market authority, the Autorité des Marchés Financiers (AMF), has voiced its support for internationally harmonized regulations governing decentralized finance (DeFi).

> In a recently released discussion paper, the AMF revealed its initial contemplations regarding the regulatory challenges posed by the decentralized and disintermediated features of the DeFi ecosystem.

> The AMF’s paper delves into defining critical components of DeFi, such as decentralized autonomous organizations (DAOs) and smart contracts, which automate transactions.

> One of the key statements in the paper reads, "Due to the cross-border nature and reach of DeFi activities, the AMF also supports the development of a globally coordinated approach towards the regulation to ensure a global level-playing field, which should both aim to protect investors and foster innovation." Details here.

Do Kwon Convicted in Montenegro Over Forged Passports"

Montenegro's court handed down prison sentences to the notorious Do Kwon, often referred to as the “crypto king,” and his accomplice, Han Chang-Joon, for attempting to flee the country using counterfeit Costa Rican passports.

> The incident, which took place in March, saw the duo trying to board a private jet.

> The verdict came on Monday in Podgorica, the capital city of Montenegro, and was closely followed by local media outlets.

> The pair were found guilty and have each been sentenced to a four-month prison term.

> Do Kwon, the ex-CEO of Terra, refuted the accusations in court last Friday. He maintained his innocence, stating that he had procured the Costa Rican passport via an agency based in Singapore. More here.

Binance Retracts from UK Market: FCA Confirms Deregistration

Binance, the prominent cryptocurrency exchange, is scaling back its operations in key markets in the face of increasing scrutiny from regulatory bodies across the globe.

> Binance Markets Limited (BML), a subsidiary of Binance based in the United Kingdom, has formally withdrawn its registration from the United Kingdom’s Financial Conduct Authority (FCA).

> This withdrawal signifies that, as of now, no Binance company is permitted by the FCA to offer services within the UK, as mentioned on the FCA’s website.

> The FCA completed Binance's deregistration process on May 30, 2023, after Binance submitted a request for the cancellation of BML’s permissions.

> In a statement dated June 7, the FCA announced, “Following the completion of the cancellation of permissions the firm is no longer authorized by the FCA.” Full report here.

Bank of America Foresees Blockchain Revolutionizing Markets

The surge in risk assets goes on, although digital assets haven’t been keeping pace with the Nasdaq stock index, lagging by 24% since the start of May.

> This is after they had initially increased by 52% from the beginning of the year, according to a research report published by Bank of America on Friday.

> Bank of America analysts Alkesh Shah and Andrew Moss highlighted that there is a pessimistic outlook toward digital assets.

> "Digital asset sentiment remains poor as the U.S. Securities and Exchange Commission’s (SEC) enforcement actions create regulatory uncertainty, pressuring token prices," Shah and Moss stated.

> They went on to mention that “digital asset trading platforms are just one piece of the broader ecosystem.” More here.

How Hinman’s 2018 Speech Impacts Ether, According to JPMorgan

Ether, the cryptocurrency native to the Ethereum network, received a favorable tailwind as the Hinman documents were disclosed in the ongoing legal case between Ripple and the U.S. Securities and Exchange Commission (SEC), according to a research paper released by JPMorgan.

> The documents, released last week, pertain to communications associated with William Hinman's 2018 declaration, in his capacity as the then-Director of Corporation Finance at the SEC, that Ether didn't resemble a security.

> Ripple, which is embroiled in a lawsuit with the SEC, divulged these emails as a part of its defense.

> Notably, the JPMorgan report highlighted that the SEC's upper echelon did not classify Ether as a security in 2018. Details here.