Crypto On LYO: The Blend — Taiwan Tightens Crypto Regulation with New Guidance, MicroStrategy Buys $150M in Bitcoin Since August, Busan Launches Ethereum-Based Blockchain

Crypto On LYO: The Blend — Taiwan Tightens Crypto Regulation with New Guidance, MicroStrategy Buys $150M in Bitcoin Since August, Busan Launches Ethereum-Based Blockchain

What happened in the crypto world in the last week? Let’s see some interesting news together! 

Taiwan Tightens Crypto Regulation with New Guidance

Taiwan’s financial regulator has issued new guidelines for crypto issuers and firms to protect investors and strengthen industry oversight.

The Financial Supervisory Commission (FSC) said the guidelines are intended to ensure transparency, sound asset custody practices, and robust internal controls and management. 

Under the new rules, crypto issuers must publish a white paper, and exchanges must establish a review mechanism for listing and delisting virtual assets. Firms must also keep the platform and customer assets separate.

Additionally, overseas firms must register locally following company and anti-money laundering laws before serving customers. The FSC said it was referring to new crypto regulations from the European Union, Japan, and South Korea in strengthening its frameworks.

With Taiwan’s new crypto guidelines, financial regulators ensure more transparency, sound asset custody practices, and robust internal controls and management. This is a positive step towards creating a more secure and well-regulated crypto environment for investors.

MicroStrategy Buys $150M in Bitcoin Since August

MicroStrategy, a software development company, has purchased nearly $150 million worth of Bitcoin (BTC) since August 1, bringing its total holdings to over 158,000 BTC. The company has said that it is bullish on Bitcoin’s long-term prospects and sees it as a valuable asset for its treasury.

MicroStrategy’s latest Bitcoin purchase comes during a bearish period in the crypto market. However, the company has remained steadfast in its belief that Bitcoin is the future of money.

In a recent interview, MicroStrategy CEO Michael Saylor said that he believes Bitcoin will eventually reach a price of $1 million per coin. It is this belief that has been driving the company’s Bitcoin investment strategy and its plans to continue buying more BTC in the future.

MicroStrategy’s latest Bitcoin purchase is a positive sign for Bitcoin investors as well. It shows that there is still strong institutional demand for the digital asset, even after the recent market downturn.

Overall, MicroStrategy’s latest Bitcoin purchase showcases a positive development for the cryptocurrency market. It shows that there is still institutional demand for Bitcoin and that there is potential for significant upside in the long term.

Busan Launches Ethereum-Based Blockchain

Busan, South Korea’s second-largest city, is developing a public blockchain network compatible with mainstream blockchain platforms like Ethereum and Cosmos. The goal is to integrate blockchain-based services from various mainnets onto a single platform at the city level and make Busan a blockchain city.

Busan has allocated a $75 million budget for open blockchain development under the Blockchain Innovation Fund (BIF), which is supported by public financial institutions and private companies in the city. The BIF aims to develop Busan’s blockchain industry and infrastructure.

The public blockchain development is part of Busan’s Digital Asset Exchange Establishment Promotion Plan and Future Schedule plan to make Busan a blockchain city. By developing a public blockchain network, Busan can become a leader in the adoption of blockchain technology. The network will allow businesses and individuals to easily access and use blockchain-based services, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and supply chain management.

Busan’s blockchain city initiative could attract new businesses and investment to the city, and create jobs and opportunities for residents. It could also make Busan a more attractive destination for tourists and visitors.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: 

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This article incorporates insights and content generated by language model and other AI technologies. While the author has made every effort to ensure the content’s accuracy and reliability, neither the author nor LYOTRADE can guarantee the absolute correctness, comprehensiveness, or dependability of all information provided.

Cryptocurrency trading inherently carries significant risks. It’s not suited for everyone. Before engaging in cryptocurrency trading, it’s essential to evaluate your investment goals, experience, and risk tolerance. It’s possible that you could experience a total or partial loss of your investment, hence only invest what you can afford to lose entirely. Understand all risks associated with cryptocurrency trading and consider seeking counsel from an independent financial advisor.

Always stay informed and exercise caution when dealing with cryptocurrencies and related technologies.

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