Brazil has been at the forefront in South America since authorities approved the continent’s first exchange-traded Ethereum fund (ETF).
First Ethereum ETF in South America Launched in Brazil
Brazil is becoming the leader in the South American cryptocurrency market. The Brazilian Securities Commission (CVM) approved the first Ethereum ETF this week. It is listed on the B3 (Brasil Bolsa Balcão), the Brazilian Stock Exchange, and traded under the ticker QETH11. The approval of the first Ethereum ETF came after the Brazilian regulator approved the first Bitcoin ETF in the country a few weeks ago. The ETF will map the performance of the second largest cryptocurrency and allow institutional investors to access cryptocurrencies without buying the actual coins. There are already two cryptocurrency ETFs trading on the exchange in Brazil, while the US Securities and Exchange Commission (SEC) continues to delay its decision on the Bitcoin ETF proposals submitted by various firms.
Binance’s regulatory problems never end
One crypto exchange that seems to have no rest at the moment is Binance. The platform is under heavy scrutiny from regulators in various parts of the world. Earlier this week, European payment processor Clear Junction said it was suspending transactions on the Binance platform. According to the London-based company, it will no longer support Binance payments in accordance with the warning message issued by the Financial Conduct Authority (FCA). The Italian regulator CONSOB announced a few hours ago that Binance is not authorized to operate in the European country. Although the regulator has not issued a ban on Binance, it has warned its citizens against using Binance and other unauthorized platforms. The CONSOB statement could lead to another crackdown on Binance’s activities in Italy in the coming days and weeks.
Square develops a Bitcoin hardware wallet
Payment company Square has revealed that it will build a dedicated Bitcoin hardware wallet. The company’s head of hardware, Jesse Dorogusker, stated that Squares Bitcoin Hardware Wallet will offer multi-sig or multi-signature transactions. The multi-sig option will allow users to use the Assisted Self-custody feature. Jack Dorsey is a well-known Bitcoin maximalist and has always been committed to innovation around the leading cryptocurrency. He has reiterated several times that he is not interested in another cryptocurrency besides Bitcoin. Square did not reveal when the Bitcoin hardware wallet will be available or what other features it will come with.
TikTok bans paid advertising for cryptocurrency
Social media platform TikTok announced earlier this week that it was banning users from promoting cryptocurrencies. According to the social media giant, influencers and cryptocurrency content creators will no longer be allowed to promote branded content or paid ads related to Bitcoin and other cryptocurrencies. TikTok claims that it is a fun and educational social media app, which is why there is no place for financial advice on the platform. The ban also includes other services such as Forex trading, investment services, loans, credit cards, Buy Now Pay Later and some others. The ban will affect influencers and content creators who use the platform to promote their cryptocurrencies or investment services.
Anhui Province Bans Cryptocurrency Mining
The crackdown on cryptocurrency mining in China continued this week after Anhui province closed the local crypto mining operation. According to the authorities, the move was necessary to meet the growing demand for electricity in the region. By shutting down crypto mining operations, Anhui Province will be able to provide the power for other ventures. The ban also applies to other initiatives that consume large amounts of energy. Anhui’s move comes a few weeks after Sichuan province took action against cryptocurrency mining activities, cutting off power to 26 mining farms and other smaller cryptocurrency miners.
Grayscale Partners with BNY Mellon to Promote Bitcoin ETFs
Digital asset management firm Grayscale has announced a partnership with banking giant BNY Mellon. The partnership is aligned with the firm’s efforts to turn its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. BNY Mellon will have the task of equipping Grayscale Bitcoin Trust with fund accounting and management from October. The Bank will also provide transfer agency and ETF services to the GBTC once it has been converted into an ETF. The US Securities and Exchange Commission (SEC) has yet to approve a single Bitcoin ETF proposal. However, Grayscale plans to join the race by converting its GBTC fund into a Bitcoin ETF.
S & amp; P Dow Jones Launches New Cryptocurrency Indices
The leading index provider S&P Dow Jones Indices (S & amp; P DJI) has expanded its presence in the cryptocurrency market by betting on cryptocurrency indices. The S&P Broad Digital Market (BDM) index will track the performance of over 240 cryptocurrencies, and S & amp; P DJI has introduced three more cryptocurrency indices. The four indices introduced earlier this week join the already existing ones; the S&P Bitcoin Index, the S&P Ethereum Index and the S & amp; P cryptocurrency MegaCap Index (all tracking the performance of Bitcoin and Ether). The indices will make it easier for institutional investors to track the performance of various cryptocurrencies and the broader crypto market.
ShapeShift becomes a decentralized exchange
Cryptocurrency exchange ShapeShift is reportedly working to become a fully decentralized exchange (DEX). The company has begun to eliminate its corporate structures to become a decentralized cryptocurrency exchange. In his blog post earlier this week, ShapeShift said that it is evolving into a community-led and governed crypto platform. It expects its entire codebase and technology to become open source in the coming months. Transitioning to a DEX would allow ShapeShift to create a powerful community based on an open-source, self-managed multi-chain cryptocurrency platform.