We have collected the most important news from the participants of the crypto industry for the week.
The TON Foundation and HashKey have agreed to improve access to fiat for Telegram Wallet users.Coinbase became the first international cryptocurrency exchange with registration in Canada.FTX customers will receive their first payments by the end of 2024.The Argentine authorities have introduced a mandatory registration system for crypto exchanges.Deribit and Crypto.com We have received licenses from the Dubai regulator.TON Foundation and HashKey have agreed to improve access to fiat for Telegram Wallet users
The TON Foundation and the licensed HashKey crypto exchange from Hong Kong have agreed on a partnership to assist Telegram Wallet users in expanding access to fiat in the Asia-Pacific region.
The firms will also explore ways to support early-stage projects in the TON ecosystem and the possibility of managing the HashKey Group treasury of a non-profit organization.
It also became known about the launch of HashKey Global cryptocurrency exchange HashKey Global after obtaining a license in Bermuda. Earlier, the company received work permits from regulators in Japan and Singapore.
The platform has offered qualified retail investors trading pairs for 21 cryptocurrencies and plans to launch digital asset futures "in the near future". Access is closed to users from mainland China, Hong Kong, the United States and a number of other jurisdictions.
In the future, China announced the launch of an L2 network for Ethereum based on ZK-Rollups called HashKey Chain. The company will use its own HSK token to stimulate ecosystem participants.
Users will receive inexpensive, efficient and developer-friendly network services, the statement said. HashKey expects to launch a test network within the next six months, followed by a mainnet within a year.
FTX customers will receive their first payments by the end of 2024
FTX Digital liquidators will transfer the first payments to customers of the bankrupt exchange by the end of 2024.
The FTX insolvency process consists of two separate procedures running in parallel: under Chapter 11 of the US Code and the official liquidation of FTX Digital, a subsidiary of FTX.
Both sides agreed to work together so that creditors could present their claims to any legal entity. They also pledged that no client of the platform will receive less than the amount to which he is entitled.
Applications that opened on March 1 should be expected before May 15, but the option of extending this period until June is already being considered. The compensation will be distributed as of November 11, 2022, when FTX filed for bankruptcy. Customers will receive 100% of the amount on this date.
In April, FTX creditors expressed categorical disagreement with the sale of Solana owned by the liquidated organization in the amount of ~ $1.9 billion at a discount of 62%.
Coinbase became the first international crypto exchange with registration in Canada
Coinbase has entered the Canadian Securities Administrators Registry (CSA) as a restricted access dealer. The site was launched almost eight months ago, and the organization applied for a license in March 2023.
In 2023, Canada introduced new guidelines for platforms that limit the amount of investments by certain investors in digital assets, as well as introduce mandatory registration for crypto firms.
The expansion into Canada is in line with the "Go Broad, Go Deep" strategy to expand its presence in markets outside the United States, where the company has faced pressure from the SEC.
During 2023, due to stricter regulation, the centralized exchanges OKX and Binance, DEX dYdX, as well as the issuer of stablecoins Paxos announced their withdrawal from Canada.
The Argentine authorities have introduced a mandatory registration system for crypto exchanges
The Government of Argentina has submitted a mandatory registry for virtual asset service providers (VASPs).
Companies and individuals engaged in this activity are invited to comply with the requirements approved by the country's Senate as part of amendments to the current regulatory framework to implement FATF recommendations.
Each VASP must complete the registration. The regulation applies to local and foreign firms providing services to residents.
In 2023, the Central Bank of Argentina introduced new guidelines that may complicate the work of companies related to digital assets.
In December, the country's president Javier Miley proposed declaring cryptocurrencies for their subsequent taxation.
Deribit and Crypto.com We have received licenses from the Dubai regulator
Deribit's division, Deribit FZE, became the first among the crypto derivatives platforms to receive a conditional VASP license from the Dubai Virtual Asset Regulatory Authority (VARA). The organization is moving the company's global headquarters to the emirate.
The license applies to both spot trading and derivatives trading, and remains inoperable until Deribit fully fulfills all remaining conditions and chooses the localization requirements defined by VARA.
Platform Division Crypto.com — CRO DAX Middle East FZE — received a full VASP operating license from VARA.
The authorization makes it the first crypto exchange to be allowed to work with fiat currency in the UAE, according to a press release.
The company's next step will be to launch a platform for institutional and qualified retail investors. Services include spot trading, staking and over-the-counter trading.
In June 2023, the Bank of Spain registered Crypto.com as a VASP, in July its activities were approved by the Central Bank of the Netherlands.
Earlier, the platform received permission to operate with crypto assets in the UK.
In the same month Crypto.com It absorbed the payment service provider PnLink and the digital asset provider OK-BIT with the appropriate licenses from South Korean regulators. In April, the company announced the launch of a cryptocurrency trading application for local retail investors.
Key indicators of the DeFi segment
The volume of blocked funds (TVL) in DeFi protocols decreased slightly to $97.1 billion. Lido remains the leader with an indicator of $33.4 billion. EigenLayer took the second place ($13.8 billion), while Aave retained the third position ($11.52 billion).
Data: DeFi Llama.TVL in Ethereum applications grew moderately, amounting to $55.4 billion.
The volume of trading on decentralized exchanges (DEX) has decreased to $178 billion over the past 30 days. Uniswap has strengthened its dominance — it accounts for 56.2% of total turnover (two weeks ago — 50.8%). The second DEX in terms of trading volume, PancakeSwap, reduced its market share from 24.2% to 21.9%. Curve took the third place (4.2%).
Also on ForkLog:
Tether has purchased 8888 BTC and announced that it has passed an independent security audit.Ethena Labs has discovered the ENA brand. The exchanges added the asset to the listing. Later, the company expanded the USDe software to bitcoin. The community drew parallels with LUNA.Ripple has outlined the timing of the launch of its own stablecoin.A Nigerian court has arrested a top Binance executive.The Solana team will make corrections to combat network congestion.The dYdX developers stopped the network due to a failure after the update.1inch and Mastercard have announced a Web3 debit card.Half of the presales on Solana turned out to be a scam.The SEC has made claims against Uniswap. The community called it the war on DeFi. Experts assessed the consequences.What to read and listen to on the weekend?
On April 12-13, in honor of the halving of bitcoin, the ForkLog team organized the AllTimeHalf 2024 forum with the participation of developers, entrepreneurs, enthusiasts and visionaries. Recordings are available on our channel.
In addition, we suggest studying the research on the event by CoinGecko and Binance, as well as the material by Alex Kondratyuk, one of the speakers of AllTimeHalf 2024.