Here is what happened yesterday in the crypto market:
SEC Approves In-Kind Redemptions for Crypto ETPs
The U.S. Securities and Exchange Commission (SEC) has greenlit in-kind creation and redemption for cryptocurrency exchange-traded products (ETPs). This approval allows investors to directly exchange ETP shares for the underlying cryptocurrency, a significant development for the crypto investment landscape.
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RAKBANK Becomes First UAE Bank to Offer Retail Crypto Trading
The National Bank of Ras Al Khaimah (RAKBANK) in the UAE has made history as the first conventional bank in the country to provide retail crypto trading services. This move signals growing mainstream adoption of cryptocurrencies within traditional banking systems in the Middle East.
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Hong Kong Finalizes Stablecoin Regulations and Launches Public Registry
The Hong Kong Monetary Authority (HKMA) has completed its regulatory framework for stablecoin issuers, releasing two sets of guidelines. This regulatory clarity positions Hong Kong as a significant player in the global stablecoin market, attracting businesses seeking a well-defined operational environment.
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Bakkt Exits Loyalty Business to Focus on Pure-Play Crypto
Crypto custody and trading firm Bakkt Holdings Inc. has divested its loyalty services business, opting to concentrate entirely on its core competency as a pure-play crypto infrastructure company. This strategic shift underscores a trend of specialization within the crypto industry as companies aim to solidify their unique value propositions.
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Corporations Accumulate 1% of Ether Supply, Outpacing Bitcoin Adoption
Standard Chartered reports that corporations are acquiring Ether at a faster rate than Bitcoin, indicating a growing institutional interest in the second-largest cryptocurrency. This trend highlights Ethereum’s increasing appeal for corporate treasuries and its potential as a long-term investment beyond speculative trading.
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