What happened in the crypto world in the last week? Let’s see some interesting news together!
ESMA Reviews Crypto Sector Regulation
In preparation for Europe’s forthcoming crypto regulatory framework, banking and securities regulators in the region are seeking input on proposed guidelines for evaluating the competence of management in crypto issuers and service providers.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have jointly released a consultation paper presenting two sets of draft guidelines. One set focuses on assessing the suitability of management in crypto issuers and service providers, while the other addresses the suitability of significant shareholders and potential acquirers in these entities.
The consultation emphasizes the need to maintain market integrity and trust in crypto assets and related services. The proposed guidelines outline criteria for evaluating the knowledge, skills, experience, and integrity of management personnel, as well as assessing the suitability of large shareholders.
The strategies aim to minimize the potential for regulatory loopholes, create transparency, and standardize regulations in this domain, benefiting regulators, crypto firms, issuers, and investors alike.
Interested parties can participate in the consultation until January 22, 2024.
Google Cloud Collaborates with MultiversX to Embrace the Metaverse
Google Cloud has partnered with blockchain infrastructure firm MultiversX, formerly Elrond, to enhance its presence in the Web3 space. This collaboration integrates Google Cloud’s BigQuery data warehouse with MultiversX, enabling Web3 projects and users to access powerful data analytics and AI tools on the Google Cloud platform.
The partnership is set to streamline large-scale data-first blockchain projects, offering easier access to data about addresses, transaction amounts, smart contract interactions, and enhanced on-chain analytics for developers.
Google Cloud’s involvement in MultiversX allows ecosystem builders to leverage advanced tools and services, enhancing performance and scalability for non-blockchain components of decentralized applications.
Daniel Rood, Head of Web3 EMEA at Google Cloud, is excited about the partnership, saying, “There are exciting opportunities to enable Web3 developers to build and scale faster.”
In addition to the partnership, MultiversX has introduced new scalable features for its decentralized digital asset wallet and super-app xPortal. These updates allow users to manage both fiat and cryptocurrency easily, with options for peer-to-peer fiat payments and access to European IBANs, SEPA transfers, and SWIFT payments starting in 2024.
MultiversX has also launched the xWorlds Developer Kit, providing creators with tools to build augmented reality experiences using xPortal as a wallet and distribution hub. The kit includes highly realistic 3D avatars powered by AI.
Bitcoin Leads Investment Surge Amid Spot ETF Hype: CoinShares
Institutional crypto investments, tracked by CoinShares, saw positive gains for the fourth consecutive week. These investments, primarily directed at Bitcoin, reached $66 million last week, with Swiss-based 21SharesAG receiving the most significant inflow at $45.5 million.
Notably, the U.S.-based ProShares Bitcoin Strategy ETF experienced outflows of $10.7 million. The positive trend is attributed to expectations of a U.S. spot Bitcoin ETF launch. However, recent investments are lower than those in June, suggesting a more cautious approach by investors.
Solana remains a top choice among altcoins, accounting for 23.4% of weekly inflows, with $15.5 million invested. In contrast, Ethereum faced outflows of $7.4 million due to ongoing concerns about centralization. Ethereum-based products have seen significant outflows totaling $119 million this year.
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