Financial Stability Board Finalizes Global Crypto Asset Regulatory Framework

The Financial Stability Board (FSB) has finalized a global regulatory framework for crypto-asset activities, aiming to promote comprehensive and internationally consistent regulatory and supervisory approaches. The announcement was made on July 17, 2023, and the framework is based on the principle of ‘same activity, same risk, same regulation.’

The FSB’s framework incorporates insights from the past year’s events in crypto-asset markets and feedback received during the FSB’s public consultation. It provides a robust basis for ensuring that crypto-asset activities and so-called stablecoins are subject to consistent and comprehensive regulation, commensurate to the risks they pose.

The framework consists of two distinct sets of recommendations. The first set includes high-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets. The second set comprises revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements.

The final recommendations draw on the implementation experiences of jurisdictions and build on the principles that informed the consultative framework. These principles include ‘same activity, same risk, same regulation’; high-level and flexible; and technology neutral.

The FSB has strengthened both sets of high-level recommendations in three areas: ensuring adequate safeguarding of client assets, addressing risks associated with conflicts of interest, and strengthening cross-border cooperation.

The FSB and standard-setting bodies will continue to coordinate in promoting globally consistent regulation by considering the need for further guidance or standards and monitoring implementation status at the jurisdictional level.

The recommendations focus on addressing risks to financial stability and do not comprehensively cover all specific risk categories related to crypto-asset activities. Central Bank Digital Currencies (CBDCs), envisaged as digitalized central bank liabilities, are not subject to these recommendations.

The FSB has been collaborating closely with sectoral standard-setting bodies (SSBs) and international organizations to ensure a coordinated, mutually supportive, and complementary approach to monitoring and regulating crypto-asset activities and markets.

This global framework includes a shared workplan that the FSB and SSBs have developed for 2023 and beyond.

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Bitcoin Dominates Digital Asset Fund Flows with $140M Inflows in a Week

In the past four weeks, digital asset investment products have seen a significant surge in inflows, totaling $742 million, according to the latest weekly report from CoinShares. This marks the largest run of inflows since the final quarter of 2021.

In the week ending July 17, 2023, these products attracted $137 million in inflows. Bitcoin, the leading cryptocurrency, accounted for the lion’s share, with inflows totaling $140 million, making up 99% of all inflows. This comes despite short Bitcoin investment products experiencing a 12th consecutive week of outflows, amounting to $3.2 million.

Trading volumes on investment products remained robust, totaling $2.3 billion for the week, well above the year’s average of $1.4 billion. This indicates that investment products are making up a larger proportion of total crypto volumes, accounting for 11% last week compared to the 2% average.

North America was the primary focus of inflows, with the US and Canada seeing inflows of $109 million and $28 million respectively. In the meanwhile, Europe experienced minor outflows, with the exception of minor inflows in Switzerland.

Despite Ethereum’s recent price appreciation, it did not attract inflows. Instead, it experienced outflows of $2 million last week, maintaining its position as the asset with the most outflows year-to-date.

Altcoins such as Solana, Polygon, and Litecoin saw minor inflows, ranging between $0.3 million and $0.5 million.

This data underscores the continued investor interest in Bitcoin, even as other digital assets show mixed fund flow trends. 


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Ripple的总法律顾问Stu Alderoty告诉CNBC,该公司预计将在2023年第三季度开始与美国金融公司讨论使用其On-Demand Liquidity (ODL)产品。ODL产品使用XRP进行资金转账,为跨境交易提供了更快、更具成本效益的解决方案。

美国证券交易委员会(SEC)对Ripple的指控在最近的一项决定中被纽约法院驳回,法院裁定XRP “并不一定是证券”。




2023年6月22日,Ripple的新加坡子公司Ripple Markets APAC Pte Ltd获得了新加坡金融管理局(MAS)对主要支付机构许可申请的原则性批准。

这个批准使Ripple能够在新加坡提供受监管的数字支付代币产品和服务,同时也扩大了其加密启用的On-Demand Liquidity (ODL)服务的采用。


2023年7月8日,Ripple的CBDC团队揭示了一种开创性的用例 – 房地产代币化。这种方法使用户能够将房地产资产代币化,并将其作为贷款抵押,可能增加更多个人获得房地产融资的机会。这将通过使用安全、私有和获得许可的账本,也就是Ripple CBDC平台,来实现。


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Ripple Anticipates U.S. Banks to Adopt XRP Following Partial SEC Case Victory

San Francisco-based blockchain startup, Ripple, is optimistic that U.S. banks and financial institutions will adopt its XRP cryptocurrency for cross-border payments. This follows a significant ruling that the token is not necessarily a security.

Ripple’s general counsel, Stu Alderoty, told CNBC that the company expects to begin discussions with American financial firms about using its On-Demand Liquidity (ODL) product in Q3 2023. The ODL product uses XRP for money transfers, offering a faster and more cost-effective solution for cross-border transactions.

The U.S. Securities and Exchange Commission’s (SEC) allegations against Ripple were refuted by a New York court in a recent decision, who ruled that XRP is “not necessarily a security on its face.”

Three years have passed since Ripple and the SEC began a legal dispute over claims that the business and two of its executives made an unauthorised $1.3 billion XRP offering. These allegations were rejected by Ripple, who said that XRP is more comparable to a commodity than a security.

While the ruling did not represent a total victory for Ripple, as some sales of the token did qualify as securities transactions, Alderoty expressed optimism. He stated that the decision could provide comfort to potential customers and stimulate discussions about solving real-world problems related to cross-border value transfers and associated fees.

Currently, Ripple sources most of its business from outside the U.S.

On June 22, 2023, Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, obtained in-principle approval for the Major Payments Institution License application from the Monetary Authority of Singapore (MAS).

This approval enabled Ripple to offer regulated digital payment token products and services within Singapore, while also expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.

In 2022, Ripple’s ODL service witnessed remarkable growth globally, with a majority of this expansion driven by its operations in Singapore.

On July 8, 2023, Ripple’s CBDC team revealed a groundbreaking use case – real estate tokenization. This method enables users to tokenize real estate assets and utilize them as loan collateral, potentially increasing access to real estate financing for more individuals. This will be made feasible by using the secure, private, and permissioned ledger known as the Ripple CBDC Platform.

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OKX Founder Star Xu Advocates for Compliance Controls while questioning UniSat Wallet

Star Xu, the founder of OKX, emphasized the importance of compliance controls in the crypto industry. Xu’s comments come amid a growing focus on regulatory compliance within the sector.

On July 17, 2023, Xu tweeted, “At the current industry environment, all centralized swaps, exchanges, bridges without fully compliance controls including KYC, AML, and others will be high risk in every jurisdiction. Multicoin is the latest example. Protect your crypto yourself.” This statement underscores the potential risks associated with platforms that lack robust compliance measures.

Editor’s Note: It’s believed that Xu intended to reference ‘Multichain’ rather than ‘Multicoin’ in his tweet.

On July 14, 2023, Multichain announced the cessation of its operations due to the detention of its CEO Zhaojun and his sister by Chinese authorities. The team has lost contact with Zhaojun since May 21, and his sister, who was managing day-to-day operations and preserving user assets, was recently taken into custody. The future of the preserved assets is now uncertain. This follows a recent exploit where an attacker drained $130 million from various token bridges.

In a follow-up tweet, Xu revealed that the OKX Centralized Exchange (CEX) team has been proactive in establishing a global standard compliance infrastructure. “OKX CEX team start to build our compliance infrastructure at the global standard before, keep to build,” he wrote. This indicates OKX’s commitment to adhering to regulatory standards and providing a secure platform for its users.

In another tweet, Xu questioned the nature of UniSat Wallet’s newly announced brc20-swap. UniSat Wallet had earlier announced the launch of “brc20-swap, the first-ever Ordinals native swap, floating on top of bitcoin mainnet, utilizing brc20 protocol as its underlying asset infrastructure.” Xu responded to this announcement with a tweet asking, “Is it a centralized swap?” This query suggests Xu’s ongoing concern about the compliance measures of new Oridinals wallet.

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Animoca Brands’ Benji Bananas to Introduce New Token BENJI, Replacing Hacked PRIMATE

​​Animoca Brands’ popular game Benji Bananas announced on July 17, 2023, the launch of a new token, BENJI, which will replace the existing PRIMATE token. The decision came after a security breach months ago led to the theft of approximately 30 million PRIMATE tokens, accounting for 20% of the tokens in circulation.

The new BENJI token aims to ensure the future of the Benji ecosystem is built on a solid foundation. The tokenomics, total number of tokens, and circulation will remain the same as the existing amounts of the PRIMATE token. The BENJI token will be used in future Play-and-Earn (P&E) events and the broader Benji Bananas ecosystem.

The swap from PRIMATE to BENJI will be available on the Benji Bananas website soon. PRIMATE holders are advised to swap their tokens for BENJI at a 1:1 ratio. The amount available for swap is determined by the amount at the snapshot and the amount currently held in the wallet.

The BENJI token is expected to be listed on Huobi on or before July 31, 2023.

This development comes in the wake of increasing security concerns in the crypto gaming industry. A report by blockchain cybersecurity auditor Hacken warned that play-to-earn (P2E) crypto games often put profits above security, leaving them vulnerable to hacking attacks. The report highlighted that out of 31 GameFi tokens studied, none received the top security ranking AAA while 16 received the worst D score.

In March 2022 Axie Infinity, a popular P2E game, suffered a significant security breach , resulting in a loss of over $600 million in tokens. The U.S. government, with the help of crypto analytics firm Chainalysis, recovered about $30 million of the stolen funds.

The Benji Bananas ecosystem launching a new token underscores the importance of robust security measures in the crypto gaming industry again.

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What is Bitcoin Ordinals?

Bitcoin Ordinals, also known as digital artifacts, are a way to inscribe digital content on the Bitcoin blockchain. They were introduced in January 2023 by Casey Rodarmor, a programmer and artist, who saw an opportunity to create a unique experience on the Bitcoin blockchain similar to non-fungible tokens (NFTs) on Ethereum and other blockchains.

What are Bitcoin Ordinals?

Bitcoin Ordinals are a system for numbering and tracking individual satoshis (the smallest unit of Bitcoin), transforming them into non-fungible tokens (NFTs). Ordinals are based on ordinal theory, which gives individual identities to satoshis and allows them to be tracked, transferred, and imbued with meaning.

The Ordinals protocol assigns a unique number to each satoshi based on when it was mined. Smaller numbers correspond to older satoshis. As transactions occur, the Ordinals protocol tracks each satoshi through subsequent transactions in a “first-in-first-out” scheme. The satoshis’ identifying numbers are called Ordinals, as both the identification and the tracking mechanism are dependent on the chronological order of creation and transactions.

How do Bitcoin Ordinals work?

Ordinals simply refer to the system for numbering and tracking satoshis. Each satoshi is assigned a unique identifying number when they are created (mined) which can be traced through every subsequent transaction. Each satoshi identified by the Ordinals protocol can also be referred to as an Ordinal.

The Ordinals protocol assigns a number to each satoshi based on the order in which it was created, called the integer. It also assigns a decimal based on the satoshi’s position in the block height of its Bitcoin block. Finally, its position in the entire Bitcoin supply is expressed as a percentile, and its name is assigned using the letters a-z. The names of satoshis get shorter as time goes on, such that the last satoshi ever mined will be “a.”

After a satoshi has been identified by the Ordinals protocol, users can inscribe a satoshi with arbitrary data to give it its unique characteristics, defined as a digital artifact. Writing arbitrary data into a satoshi only became possible after the SegWit (2017) and Taproot (2021) upgrades to Bitcoin Core.

How to buy, sell, and trade Ordinals?

Much like the process of minting Bitcoin Ordinals, the trading process hasn’t had matured tooling. Yet there are a few tools to trade these digital artifacts. As Bitcoin Ordinals grow in popularity, most of the trades have been largely over-the-counter. However, tools like the Ordinals Wallet, Hiro, and Xverse allow users to buy and sell Bitcoin Ordinals.

Ordinals Wallets

Ordinal wallets provide a simple way to store and collect digital artifacts created using Ordinals. Here are some of the trusted Ordinal wallets:

The Ordinals Wallet: Launched on February 16, 2023, the Ordinals Wallet is a Bitcoin wallet that allows users to hold, store, view, transfer, send, inscribe, and buy and sell Ordinals directly from within the wallet. It has a user-friendly interface and is a community-funded project.

Hiro Wallet: Launched on February 14, 2023, Hiro Wallet allows users to securely store, send, and receive Bitcoin, and create and store Ordinal NFT inscriptions in minutes. It is compatible with popular Ordinals platforms such as Gamma, OrdinalsBot, and other emerging apps, allowing for inscription directly in the web browser.

Ordinals vs. traditional NFTs

Ordinals are different from traditional NFTs from a technical design perspective. There are several features that make the pricing for ordinals a different exercise. Bitcoin Ordinals help identify satoshis uniquely and have content or art stored on-chain. Ethereum’s ERC-721 standard, which is used to create NFTs, typically holds the metadata or a pointer to the art, which is generally held off-chain. Some Ethereum NFTs are experimenting with on-chain storage, but they are more of an exception.

Future of Bitcoin Ordinals

Bitcoin Ordinals are a new technology and the use cases for them keep growing. They have been used to port Ethereum (and other chain) NFT collections to Bitcoin, but unique projects are also beginning to stake a claim to digital artifacts tied to the original cryptocurrency. As demand from ordinary users and followers increases, the ecosystem and the tooling should start maturing with more user-friendly journeys.

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