BitDigest July 7 · Issue #694

Germany has taken over the presidency of the Financial Action Task Force (FATF) and intends to focus on “opportunities that technology can offer, by launching an initiative to monitor risks and explore opportunities” across virtual assets.

Iran’s Ministry of Industry, Mines and Trade will require all digital currency miners to to register their equipment with the government.

Brazil’s Securities and Exchange Commission has declared that Binance does not have the authority to act as a securities intermediary and offer a derivative product in the country and therefore must suspend all direct and indirect activity in the country “immediately.”

Chinese courts have begun testing the use of electronic door seals with alarms, voice-announcements and real-time video surveillance based on blockchain technology as an advancement to the currently used paper and plastic security seals prohibiting individuals from entering a sealed-off area.

Afghanistan’s Ministry of Health is testing a smart medicine program to combat the increase in counterfeit drugs by tracking a multi-step supply chain using a distributed ledger.

Top European banks are joining together to form the Pan European Payment System Initiative (PEPSI), a cashless payments standard intending to challenge the traditional dominance of Visa and Mastercard and recent newcomers Alibaba (AliPay) and Tencent (WeChatPay).

Asset management firm Arca has launched the first digital security regulated under the Investment Company Act of 1940; the Arca US Treasury Fund will invested in short-term US treasuries (80%) and cash/cash equivalents and not hold any digital currencies, but it will be structured as a digital token and tradable peer-to-peer on the Ethereum blockchain.

Information released by the Small Business Association revealed that numerous digital currency and blockchain companies received more than $150,000 in Payroll Protection Program (PPP) assistance respectively; select names included on this list included exchanges: bitFlyer and Bittex; wallets: Abra and MyEtherWaller; data providers and analytics firms: CipherTrace and Digital Assets Data; software / network development: Electric Coin Company, Storj, Civic, Sovrin and Algorand; Lending firms: Celcius and SALT; and VCs: PolyChain Capital.

The total value of bitcoin running on defi applications on the Ethereum network has surpassed $100 million for the first time.

CryptoCompare’s June Exchange Review reports that crypto volumes plummeted and derivative volume saw 2020 lows in June but institutional option volume on the CME hit a new high.

Kraken’s European subsidiary, Crypto Facilities has become the first cryptocurrency company to obtain a Multilateral Trading Facility (MTF) license from the UK’s Financial Conduct Authority (FCA).

Bloomberg’s latest Crypto Outlook suggests that bitcoin is “maturing with rising futures open interest,” becoming more like gold in an increasingly favorable macroeconomic environment” for the quasi-currencies,” and therefore should “continue outperforming most [assets].”