This week’s top-5 stories curated to catch up with the crypto world.

China to launch first national digital asset marketplace India to consider ban of unbacked crypto in its G20 presidency
Bitcoin and Crypto Market News Friday, December 30, 2022 - 18:47

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With the Terra meltdown to the historic merge of Ethereum and the downfall of FTX, 2022 was one of the most turbulent and dramatic years for crypto assets! As we are coming to the end of the year, here are some of the top stories from the world of crypto this week.

China to launch first national ‘digital asset’ marketplace

China will unveil its first regulated platform for nonfungible token (NFT) trading on New Year's Eve, with a ceremony marking the marketplace's launch taking place in Beijing.

The platform will be run by three state-owned and private entities, including China Technology Exchange and Art Exhibitions China, both of which are government-backed, and Huban Digital, a private company. 

The platform will be run by three state-owned and private entities, including China Technology Exchange and Art Exhibitions China, both of which are government-backed, and Huban Digital, a private company, according to a report by Chinese state media outlet China Daily.

The marketplace, whose name translates to “China Digital Asset Trading Platform,” in addition to NFTs will also facilitate the trading of copyrights related to digital assets.

MicroStrategy sells off Bitcoin, buys even more

Software analytics company MicroStrategy, the largest corporate holder of Bitcoin reserves, said that it has sold some of its assets for the first time. Later, they stated that more Bitcoin was added to the firm’s holdings.

According to a filing with the U.S. Securities and Exchange Commission (SEC), the move was conducted to generate a net tax benefit, as the losses involved in the sale can offset previous capital gains, per the filing.

The company bought approximately 2,395 Bitcoins at an average price of $17,871 per coin between Nov 1 and Dec 21 and sold about 704 Bitcoins at $16,776 per coin on Dec 22. The company then bought about 810 more coins at $16,845 per coin on Dec 24 making their total Bitcoin holdings at approximately 132,500 BTC, currently valued at over $2.2 billion.

India to consider ban of unbacked crypto in its G20 presidency

In a potentially major setback for the developing sector, India which is currently holding the G20 presidency stated that it will prioritize the creation of a framework for international regulation of unbacked crypto assets, stablecoins, and decentralized finance.

The Reserve Bank of India (RBI), said in a report that crypto assets are highly volatile and exhibit high correlations with equities in ways that dispute the industry’s narrative and claims around the virtual digital assets being an alternative source of value due to their supposed inflation-hedging benefits.

Since the beginning of its G20 presidency, India has prioritized crypto regulation

Abu Dhabi Islamic Bank launches region’s first token payment enabled wearables

Abu Dhabi Islamic Bank (Adib), a leading financial institution, launched the country’s first tokenized, contactless payment methods via the options of clasp and ring ‘Adib Pay’. This payment method is launched in partnership with Tappy Technologies, a token enablement service provider and global digital payments leader, Visa.

Adib Visa cardholders can now make contactless payments using their favourite wearable, without the need to carry a physical card. The new tokenised contactless payment clasp from ADIB can be attached to a multitude of wrist wearables, instantly turning that wearable, ring, or watch into a smart payment device. 

Adib pay is provided to Adib Visa cardholders as Visa is the payment solution the product currently supports and also to selected customers.

Japanese securities giant SBI, gaming firm Square Enix seal crypto gaming deal

The Japanese securities, banking, and crypto giant SBI along with the Tokyo Stock Exchange-listed gaming firm Square Enix have signed a share purchase deal for Gumi, an up-and-coming crypto and blockchain gaming company.

SBI is planning to combine Gumi’s "game development and operational know-how” with its own “token listing” expertise. Square Enix stated that future business models should incorporate user-generated content like non-fungible tokens (NFTs) and play-to-earn crypto games.

SBI further stated that it intended to introduce a platform specifically for blockchain games and that this partnership would enable it to create a one-stop service for gaming. 

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DisclaimerThis article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

 

 

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