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“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.”

Ripple CEO Brad Garlinghouse revealed that 80% of the company’s recruitments in 2021 will be in nations with clear regulatory landscapes like Singapore, Hong Kong, U.K., and Dubai, due to the ongoing legal frost with the U.S. SEC. This underscores how uncertain regulations can impact global industry growth.

“Ripple’s CEO, Brad Garlinghouse, argues that the U.S. is the worst country for crypto start-ups due to its hesitance towards digital asset innovation. He highlights the UK, Singapore, UAE, and Switzerland as nations nurturing such innovation. Aggressive lawsuits by SEC and CFTC complicate the implementation of crypto regulations in the U.S., possibly inducing a mass exodus of blockchain startups to friendlier jurisdictions.”

Ripple’s CEO, Brad Garlinghouse, asserts the U.S. is one of the worst places for starting a crypto business due to regulatory issues. Despite legal victories, regulatory clarity remains elusive, leading Ripple to consider countries with more crypto-friendly policies. This invariably poses a dilemma for crypto businesses when regulations contradict market opportunities.

A U.S. federal judge delayed a sentencing hearing for radio host Ian Freeman, who allegedly created an illegal Bitcoin exchange used by scammers. Meanwhile, the DeFi Education Fund contests a patent claim by tech company True Return Systems. Also, DigiFT’s dETH0924 provides up to 4% APR, boosting Ethereum’s PoS mechanism, while crypto infrastructure provider Qredo integrated Circle’s USDC stablecoin into its wallet.

“Richard Teng, head of regional markets at Binance, clarified that unlike the collapsed FTX, Binance’s assets are backed one-to-one, offering a safety net for users. He also revealed commitment to international norms, including MiCA regulation, and tackling regulatory hurdles to maintain complete compliance.”

Coinbase, a global digital asset exchange, plans to expand its operations into Canada, the UK, Australia, Brazil, Singapore, and the European Union, prioritizing these markets due to more progressive digital asset regulations. This decision came after acknowledging restrictive regulations in the US market as a significant impediment. Key strategies for expansion include partnering with banks, payment service providers, and increasing local community engagement.

The feud between crypto tycoons Cameron Winklevoss and the Digital Currency Group (DCG) led by Barry Silbert, involving accusations of fraud and illicit activities, underscores the need for more transparency and impending stringent regulations in the crypto world.

“Cryptocurrency exchange Coinbase is eyeing international expansion, with focus on UK, EU, Canada, Brazil, Singapore, and Australia. Despite initial doubts, the company is strategically positioning itself as a trusted brand in Europe ahead of crucial 2024 elections and plans to introduce derivatives to new markets.”

“Australian fintech Block Earner plans to introduce a new Bitcoin-secured loan service, despite possible regulatory issues. The product, expected by end-September, aligns with licensing structures and adheres to Australian credit license rules, according to the company’s co-founder and Head of Business.”

Coinbase, a top crypto exchange, aims to expand to non-U.S. markets, prioritizing countries with clearer crypto regulations. The company’s strategy includes acquiring licenses, setting operations, and registering in these markets. It points to a lack of crypto-forward regulation in the U.S., potentially impacting its influence in the crypto field.

Chris Larsen, Ripple Labs’ Chair, criticized the current Biden administration’s approach to cryptocurrency policy, suggesting its ambiguity has caused confusion within the sector. Larsen also argued that current policies push the industry offshore, naming Dubai, Singapore, and London as emerging global blockchain capitals. Meanwhile, the race for the first US spot Ethereum ETF is heating up.

The UK’s recent implementation of the ‘Travel Rule’ for crypto transactions aims to deter anti-money laundering and counter-terrorist financing on-chain. This rule requires UK-based virtual-asset service providers to collect, verify, and share information about crypto-asset transfers, even from overseas jurisdictions.

The scandal involving Singapore’s largest money-laundering case, featuring the clandestine conversion of wealth into luxury goods and Tether stablecoins, underscores both the potential abuse of cryptocurrencies and the urgent need for robust regulation in the crypto industry. This case emphasizes the complexities of monitoring financial crime and calls for continuous vigilance, transparency, and strong governance within the crypto and broader financial landscape, especially moving towards a blockchain-powered future.