I am back with a quick recap of today's most important cryptocurrency events:
- The Ukrainian Parliament has adopted legislation regulating foreign and domestic cryptocurrency exchanges operating from within the country. The legislation is based on the existing standards developed by the Financial Action Task Force on Money Laundering (FATF) Ukraine’s Ministry of Digital Transformation will be tasked with overseeing the implementation of the new digital asset regulation. The law allows companies to launch digital asset markets in Ukraine and enables banks to “open accounts for crypto companies” The country will receive additional tax revenues to the budget, which will be paid by crypto companies.
- The latest digital asset fund report from CoinShares showed that investor outlook on Bitcoin has become increasingly positive. A total of $98 million went into digital investment assets last week, making it the third consecutive week of positive inflows the market has seen. This is the first week of inflows for Bitcoin following an 8-week spell of outflows. Bitcoin investment funds still make up 65% of the market, but the altcoin market share has risen to a record 35% of investment products.
- Signavera is a federated productivity suite offering businesses several first-of-its-kind capabilities. The suite combines a powerful multi-signature wallet with an array of business tools. Elas will launch a pilot program specifically looking for businesses processing multiple Bitcoin transactions daily and requiring robust controls over the management of their funds. The pilot program is expected to run for at least 10 weeks before Signaversa registrations become more widely available. Businesses can register their interest at https://signavera.com/.
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The world’s largest crypto index fund manager Bitwise Asset Management has launched its “Bitwise 10 ex Bitcoin Crypto Index Fund” The fund aims to address investor demand for exposure into other cryptocurrencies beyond bitcoin, the company said. The constituents for the fund are Ethereum, Cardano, Solana, Bitcoin Cash, Chainlink, Litecoin, Uniswap, Polygon and Stellar. The nine cryptocurrencies range in market capitalization from $8 billion to $427 billion and include many of the assets that play a role in the emerging crypto spaces of DeFi, smart contract, and NFT ecosystems. The fund is available to accredited investors as a private placement and comes in two share classes: Investor Shares, Institutional Shares, and Investor Shares.
- Bancoagrícola, El Salvador’s largest financial institution, is set to boost its Bitcoin adoption policy following its partnership with digital payments gateway Flexa. According to the release, these payments will not attract any additional fees and also cover loans and merchant goods. Back in August, the Central American Bank for Economic Integration, or CABEI, stated that adopting Bitcoin as legal tender could positively impact remittances in the region. The move comes on the heels of Bitcoin becoming legal tender in El Salvador.
- Rick Rieder, Blackrock's global fixed income CIO, said that Bitcoin could go up "significantly" Blackrock currently has "a very moderate" Bitcoin position. Blackrock CEO Larry Fink appears to be as bullish on crypto as Blackrock's chief executive. BlackRock revealed a $6.5 million position in CME Bitcoin futures in late March and has invested hundreds of millions of dollars in various crypto mining companies. The world's largest asset manager said that he liked volatile assets with upside convexity.
- The DZ bank group investment arm Union Investment makes another move to provide crypto investment services to individual investors. They intend to convert a small percentage of their funds to BTC. Union Investment is knowns as the investment arm of DZ Bank Group, an organization with more than 800 cooperative banks. They had an asset worth $507 billion under management as of June 30. This makes the investment company one of the biggest asset managers in Germany. Currently, union investment has a total sum of $500 billion worth of assets under management.
- Binance will halt deposits and withdrawals of Cardano’s native token – ADA – approximately 30 minutes before the hard fork. The event is expected to take place on September 12th at around 21:45 (UTC) Binance urged investors to “leave sufficient time for deposits to be processed prior to the above cut-off time.” It also reminded that the network upgrade and hard fork will not result in any new tokens being created. This comes as more than 80% of the Cardano pools have successfully upgraded to Alonzo 1.29.0.
- The Securities and Exchange Commission has extended its consideration of VanEck's Bitcoin exchange-traded fund application a final time. The agency has continually kicked the proverbial can on a final ruling with previous extensions. Now, hopefuls can expect an answer on November 14, 2021, as the notice names that day "as the date by which the Commission shall either approve or disapprove the proposed rule change" The application is the furthest along in the application cycle, meaning it will likely be the first to receive a decision amid a wave of Bitcoin ETF applications.
That's all for now. See you tomorrow!
Sources:
https://cointelegraph.com/news/ukraine-passes-legislation-to-recognize-and-regulate-crypto
https://cryptoslate.com/data-institutional-investor-sentiment-continues-to-increase-for-solana-sol-cardano-ada/
https://coingeek.com/elas-introduces-bitcoin-enterprise-suite-signavera/
https://blockworks.co/bitwise-launches-new-crypto-index-fund-for-exposure-beyond-bitcoin/
https://cointelegraph.com/news/el-salvador-s-largest-bank-partners-with-flexa-for-bitcoin-payments
https://u.today/bitcoin-could-go-up-significantly-says-blackrocks-managing-director
https://www.newsbtc.com/news/bitcoin/german-firm-plans-to-add-bitcoin/
https://cryptopotato.com/binance-will-support-cardanos-hard-fork-occuring-on-september-12/
https://www.theblockcrypto.com/linked/117128/sec-punts-on-vaneck-bitcoin-etf-decision-until-november-14?utm_source=cryptopanic&utm_medium=rss
