SEBI Open to Oversight of Crypto Trade in India
India's Securities and Exchange Board (SEBI) has shown readiness to take a more active role in the oversight of crypto trading in India.
This position is in stark contrast to the Reserve Bank of India (RBI), which continues to express concerns over the stability and security of crypto assets.
SEBI's approach includes the possibility of overseeing digital assets that are categorised as securities and offering licences for equity market-related products. In a collaborative push for regulation, SEBI suggested that various regulators should manage different aspects of the crypto industry based on their areas of expertise.
US SEC to Decide on Ethereum ETFs this week
The U.S. Securities and Exchange Commission (SEC) is set to make a critical decision on the approval of Ethereum ETFs this week.
This decision has been highly anticipated by the crypto community and could significantly impact the market for Ethereum, the second-largest crypto by market capitalization.
The approval of Ethereum ETFs could lead to increased mainstream adoption of Ethereum as it would allow more investors to gain exposure to the crypto through traditional investment channels.
Ghana and Singapore Explore Trade with Semi-Fungible Tokens
In a pioneering project, Ghana and Singapore have conducted trade using semi-fungible tokens (SFTs), a new type of digital asset that combines features of both fungible and non-fungible tokens.
This initiative highlights the innovative ways countries are exploring the use of blockchain technology to facilitate international trade. The pilot project between Ghana and Singapore could pave the way for the wider adoption of blockchain technologies in international trade.
By using SFTs, the countries aim to streamline processes, reduce fraud, and increase transparency in cross-border transactions.
Wisconsin Investment Board's Bitcoin Strategy
The State of Wisconsin Investment Board has made significant investments in Bitcoin, amounting to $163 million through ETFs offered by BlackRock’s iShares and the Grayscale Bitcoin Trust.
The board's foray into crypto also includes stakes in prominent crypto-related firms like Coinbase and Marathon Digital.
Analysts were initially surprised by the aggressive strategy adopted by the pension fund, particularly in a state-operated entity. By investing in both direct crypto assets and companies involved in the digital currency space, the Wisconsin Investment Board is positioning itself at the forefront of a potentially transformative financial trend.
Vanguard Welcomes a Bitcoin-Friendly CEO
Vanguard Group has recently appointed Salim Ramji, a former senior figure at BlackRock responsible for the iShares spot Bitcoin ETF, as its new CEO.
This move is particularly noteworthy given Vanguard's historically cautious stance on Bitcoin and crypto investments. Ramji's leadership at BlackRock, where he was instrumental in launching a Bitcoin ETF, suggests a possible strategic shift for Vanguard.
The decision to appoint a crypto-friendly CEO could be seen as an acknowledgement of the growing importance of digital assets in the global financial landscape.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!
Disclaimer: Crypto-asset or VDA investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
