Daily Digest - 22 June 2023

Headlines

▌SEC cooperates with several European countries to investigate information about Binance

People familiar with the matter said that police and financial regulators in several European countries are cooperating with the US Securities and Exchange Commission (SEC) to find out more information about Binance. The SEC has been soliciting information about Binance’s activities from several European nation-states in recent days, some of which have been spurred into action after Binance was sued by the SEC and accused of mixing funds. Other European authorities are still assessing the complexities of the Binance case and have yet to meet the SEC's information request.

▌Data: There are more than 420 million cryptocurrency users in the world, of which 260 million are in Asia

According to Triple data, as of 2023, it is estimated that the average global cryptocurrency ownership rate is 4.2%, and there are more than 420 million cryptocurrency users worldwide, most of which are in Asia (260 million), followed by North America (54 million). ), Africa (38 million), and South America (33 million).

Policy

▌Monetary Authority of Singapore Proposes Relevant Standards for Digital Currency

The Monetary Authority of Singapore has released a white paper proposing a common agreement to stipulate the conditions for the use of digital currencies, such as central bank digital currencies, tokenized bank deposits, and stablecoins.

Prepared in collaboration with the International Monetary Fund, Bank of Italy, Bank of Korea, financial institutions and fintech companies, the white paper outlines the technical specifications of a purpose-bound currency (PBM) lifecycle from issuance to redemption, and interfaces with digital currencies agreement, etc.

Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, said collaboration between industry players and policymakers could help to make important strides in settlement efficiency, merchant acquisition and user experience using digital currencies. More importantly, it enhances the prospect of digital currencies becoming a key component of the future of finance and payments.

Cryptocurrency

▌Hodlnaut managers file to wind up company

Interim judicial managers of crypto platform Hodlnaut have applied to the High Court to wind up the company. The application will be heard on August 7.

A last ditch attempt to sell the business was proposed by founders Simon Lee and Zhu Juntao, with potential buyers interested in the purchase. However, key creditors rejected the proposal, preferring to liquidate the company.

Hodlnaut is also under investigation for possible cheating and fraud offences.

▌Crypto Exchange Gemini to expand in Asia-Pacific

Crypto exchange Gemini is planning to expand in the APAC region, which it sees as ‘driving the next wave of growth for crypto’.

In a blog post, the company announced that it would increase its headcount in Singapore to over 100 in the next 12 months, and open an engineering base in India.

The move comes amid regulatory crackdowns on crypto companies in the US, where the SEC and CFTC are suing prominent exchanges such as Binance and Coinbase.