Search Results for: LUNA

The collapse of Three Arrows Capital due to Luna and TerraUSD’s slump has affected Singapore’s financial markets. The Monetary Authority of Singapore has barred founders Zhu Su and Kyle Davies for nine years, citing regulatory infringements and lack of transparency. This highlights the importance of regulatory compliance in the volatile cryptocurrency industry.

“Institutional adoption of digital assets in Asia is on the rise due to improved regulatory clarity, with key adopters including South Korea, Hong Kong, Japan, and Singapore. However, progress varies across countries. Despite hurdles, the digital asset market’s infrastructure has noticeably strengthened, indicating increased market maturity.”

A recent US court ruling declared Ripple’s XRP token as “not a security.” This decision may pose challenges for South Korean prosecutors in their case against Do Kwon and Terraform Labs over securities violations and fraud. The ruling highlights the complexity of classifying crypto assets and raises questions about the future of cryptocurrency regulation globally.

The U.S. Securities and Exchange Commission’s (SEC) changes in regulatory policies could be sabotaging the resurgence of the blockchain industry. The new rules, perceived by some as covert attempts to regulate crypto out of existence, have led to startups moving offshore and riskier investments for U.S. investors. The shift towards a more merit-based regulatory role by the SEC threatens to restrict financial open-source software and could disqualify operators like Fidelity Digital Assets from acting as custodians.

“Crypto’s potential to facilitate democratic, innovative online governance clashes with reality of insiders controlling power. Post-Terra-Luna collapse, Ethereum co-creator, Vitalik Buterin, proposed deposit insurances for protocols to gain user faith, yet transparency demands often go unmet. Ultimately, crypto’s potential remains boundless, yet trusting implementation is crucial.”

“Terraform Labs, issuer of stablecoin TerraUSD, faces legal issues with the U.S. SEC. Unlike a previous ruling favoring Ripple Labs, Terraform’s motion to dismiss SEC lawsuit was denied. The case, centered on allegations of investor deception and fraud, casts light on the need for clear cryptocurrency regulations.”

“French DeFi project Atlendis, recently secured a €1M loan and a crypto services provider license, setting a precedent for future regulatory guidelines. Atlendis now targets real-world assets and fintech companies, facilitating crypto-to-fiat transactions, and opening blockchain opportunities to non-crypto businesses.”

Interim CEO of Terraform Labs, Chris Amani, expressed his frustration over litigation issues stunting the company’s growth. Despite ongoing legal challenges and market volatility, the company aims to innovate and evolve within the crypto sector with focus shifted to utility of their native token, Luna.

“A U.S. judge ruled that XRP is not a security, and BlackRock’s Bitcoin ETF reached the next approval stage, boosting XRP’s price. This and the acceptance of crypto in retirement portfolios pose more regulatory uncertainties, possibly affecting Bitcoin, Ether, and altcoin prices and trade volumes. Despite 2022’s crypto turbulence, H1 2023 saw a reversal led by Bitcoin, with notable shifts in option market activity and increased focus on crypto-specific news. Ethereum’s classification remains uncertain, potentially impacting the market’s move towards higher beta altcoins.”

The Financial Stability Board (FSB) of G20 Nations has published final recommendations for regulating crypto trading firms, in response to recent cryptocurrency market volatility. These recommendations propose regulatory standards for crypto assets, focusing on customer asset protection, conflict of interest prevention, and cross-border regulatory cooperation. The measures aim to ensure financial stability and avoid future disruptions.

Europe’s first spot Bitcoin ETF, initially planned for 2022, has been delayed to 2023 due to unprecedented market circumstances like the collapse of the Terra-Luna ecosystem and the FTX fall in 2021. Jacobi Asset Management’s Bitcoin ETF contrasts with conventional exchange-traded notes as it emphasizes asset ownership for shareholders, presenting a shift in Europe’s crypto market. Meanwhile, the SEC denies spot Bitcoin ETFs despite crypto-backed financial shifts globally.

Shin Hyun-Seong, Terraform Labs’ co-founder, faces indictment in South Korea related to illicit profits from the sale of Terra and Luna cryptocurrencies. The prosecution asserts Shin manipulated transactions, spread false information about the project, and sold coins just before a market crash, resulting in substantial unlawful earnings and raising crucial questions for the future of crypto industry.