Shanghai Special: Crypto crackdown fallout and what happens next
The summer of regulatory action has now become a global phenomenon. Lawmakers and politicians are waving their fingers and making threats toward the industrys leading virtual asset service providers a term coined by the FATF to describe exchanges, wallets, custodians and even DeFi platforms.But when it comes to crackdowns on cryptocurrency, few places do it with the effectiveness and experience of the Chinese government.Unlike in the United States, Chinas regulators are not having a public discourse about it. Decisions are made behind closed doors, and announcements come swiftly, posted on....
Related News
This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.After enforcing global KYC requirements for all users, Binance’s dominance in CeFi has slipped from about two-thirds to just over one half, according to the FTX volume monitor. The big three of Huobi, Binance and OKEx now look like a big five, with Hong-Kong based FTX and Singapore based Bybit closing the gap.The global NFT fever seems to be intensifying in a....
The Shenzhen branch of the People's Bank of China launched a special “rectification” program against illegal crypto-related activities, beginning with a crackdown on 11 emerging companies. The Shenzhen branch of the People’s Bank of China is taking a hardline approach to cryptocurrency-related activities deemed illegal. According to a report from state-run Shanghai Securities News yesterday, the branch has recently “cleaned up and rectified” 11 new companies suspected of engaging in illicit crypto trading.The report did not disclose the companies’ names nor the details of how they were....
Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining “the legal attributes of virtual currency” was among the main topics at the forum which also focused on matters of financial supervision. Prosecutors and Professors Discuss Crypto Oversight in Shanghai Amid an ongoing crackdown on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered....
Proof-of-stake protocols were designed to encourage users to lock up their coins, but synthetic assets are circumventing that design to allow double-dipping in DeFi.One of Forbes’ 30 Under 30 in Asia, Tushar Aggarwal wears many hats: He started the crypto podcast Decrypt Asia, works as a venture scout with LuneX Ventures, and runs Persistence, a platform that lets users earn liquidity rewards while they stake coins.Aggarwals platform issues synthetic assets, perhaps better understood as redemption coupons, for staked coins that can be used elsewhere to maximize returns. This method is....
After recording a spike following the enticing yields of Ethereum (ETH) liquid staking platforms such as Lido offers, Ethereum total staking deposit is beginning to see a plummet just a few days before the Shanghai launch which is set to take place on April 12. This dip was initially revealed by on-chain analytics provider Glassnode on April 9 in a report disclosing the current state of the Ethereum staking ecosystem. According to the report, the decline in Ethereum staking deposits can be attributed to two main factors. Why Is Ethereum Staking Deposit Declining? The on-chain analytics....