2Bybit Breaks Ground in Cyprus: A New Era for Cryptocurrency Exchange

Crypto exchange Bybit has secured a license to operate a crypto exchange and provide custody services in Cyprus.

Record Inflows in Digital Assets Since July 2022

HSBC Unveils First Local Crypto Services in Hong Kong

Hong Kong and Shanghai Banking Corporation (HSBC), has reportedly ventured into the realm of cryptocurrency services, marking its first local foray into this sector.

> As per the information shared by local reporter Colin Wu on Twitter on June 26, HSBC has now made it possible for its clientele to purchase and sell exchange-traded funds (ETFs) based on Bitcoin and Ether.

> The report further elaborates that HSBC will specifically provide its customers with access to cryptocurrency ETFs that are listed on the Stock Exchange of Hong Kong.

> Currently, the exchange features three such crypto ETFs, namely the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. More here.

Hut 8 Mining Corp Secures $50M Crypto Loan from Coinbase

Hut 8 Mining Corp., one of North America's largest digital asset mining pioneers, has secured a credit facility of up to $50 million from Coinbase Credit, Inc.

> The credit facility will be used for general corporate purposes, providing the company with increased financial flexibility.

> Hut 8's CEO, Jaime Leverton, stated, "This credit facility gives us additional financial flexibility. At the same time, it ensures that we can maintain our dynamic Bitcoin treasury management strategy going into the halving."

> The credit facility includes a $15 million term loan expected to be funded shortly after closing. It also offers the option of drawing an additional $20 million delayed-draw term loan tranche in a second borrowing between one and two months following closing. Full report here.[/title][body]

[content][title]Japan's Crypto Tax Revolution: Capital Gains Tax Exemption for Unrealized Gains[/title][body]

In an announcement on June 20, Japan's National Tax Agency stated that cryptocurrency issuers in the country will not be required to pay capital gains taxes on unrealized gains.

> This follows the approval of a proposal last December by the tax committee of the ruling Liberal Democratic Party (LDP) to exempt crypto startups issuing their own tokens from corporate taxes on unrealized gains.

> This move is part of Japan's ongoing efforts to review its tax treatment of cryptocurrencies, initiated last year, with the aim of encouraging startups to stay in the country.

> This initiative was prompted by the apparent exodus of companies due to heavy tax burdens. Details here

Singapore's MAS Pioneers Digital Asset Ecosystem with New Framework

The Monetary Authority of Singapore (MAS) has released a report outlining a proposed framework for the creation of open, interoperable networks for digital assets, such as tokenized real-economy and financial assets.

> The report, titled "Enabling Open & Interoperable Networks," was developed in collaboration with experts from the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructure (CPMI), with contributions from various financial institutions.

> The report also explores how the CPMI-IOSCO principles for financial market infrastructures can be applied to the evolving models of digital asset networks.

> This is informed by industry pilots launched under Project Guardian, an initiative by MAS in collaboration with the financial industry to test the feasibility of asset tokenization and Decentralised Finance applications. More here.

Tether Trade Volume Skyrockets Amidst Political Turmoil

The trade volume between the Russian ruble and Tether's USDT, a stablecoin tied to the U.S. dollar, saw a significant increase, nearly quadrupling from $4 million to $15 million within a day, as per data from crypto analytics firm CCData.

> This surge coincided with the capture of the southern Russian city of Rostov-on-Don by Yevgeny Prigozhin, the head of the Wagner mercenary group, and his forces' subsequent advancement towards Moscow, seemingly in an attempt to overthrow Russian President Vladimir Putin.

> However, following a Belarus-mediated agreement with Putin, Prigozhin reportedly agreed to halt his advance and exit Russia, leading to a decrease in the trading volumes between rubles and Tether to around $3 million as tensions eased. Continue here.

The Illusion of FTX Group's Customer-Centric Image

FTX Debtors have released a report revealing the misuse and intermingling of customer deposits by the previous management team of FTX Group.

> The report is part of an ongoing analysis by the FTX Debtors to trace and recover assets to maximize stakeholder recoveries.

> According to the report, the FTX.com exchange owed customers approximately $8.7 billion as of the petition date. The FTX Debtors have been conducting this work with a team of legal, restructuring, forensic accounting, asset tracing and recovery, blockchain analytics, and other experts.

> John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors stated, "The image that the FTX Group sought to portray as the customer-focused leader of the digital age was a mirage. More here.

Crypto Market Sees Red: A Deep Dive into Recent Trends

> The worldwide cryptocurrency market has experienced a slight decrease of 1.02%, bringing its total value to $1.18 trillion, as per the latest data from CoinMarketCap. Bitcoin, the largest cryptocurrency by market cap, has seen its value fluctuating between $29,964 and $30,740 in the last 24 hours.

> As of this morning, Bitcoin is trading at $30,325, marking a 0.99% decrease.

> The market performance of major cryptocurrencies has been mixed. Notable performers include BSW, QUICK, and LINA, which have seen increases of 30%, 21%, and 12% respectively.

> This market activity occurred amidst the backdrop of a volatile global economic landscape.