Members of Argentina’s cryptocurrency industry have voiced their concerns regarding a new draft that seeks to impose restrictions on crypto institutions. The Argentine securities regulator (CNV) has announced a public consultation for a draft aimed at regulating virtual asset service providers (VASPs), which would require institutions to register with a minimum capital amount to operate within the country.
If approved, the proposed regulations would mandate crypto companies to disclose their agreements with third parties and customers while also establishing measures to combat money laundering and terrorism financing. CNV President Roberto Silva has emphasised that the intention is to balance regulation with the need for innovation within the sector.
A notable aspect of the draft is the proposed minimum capital requirement of nearly $173,000 for institutions involved in the transfer, custody, and management of virtual assets. While individual users will still be able to engage in fiat-to-crypto and crypto-to-crypto exchanges without forming a company, industry members caution that the regulations must be conducive to growth.
Industry leaders like Carlos Peralta of Bitso Argentina and Juan Pablo Fridenberg of Lemon have expressed support for regulations that encourage local exchanges to operate efficiently, highlighting the importance of a thoughtful approach to regulation that avoids driving users to unregulated markets.
The US Securities and Exchange Commission (SEC) has granted approval for 11 exchange-traded funds (ETFs) to list and trade options linked to spot bitcoin prices on the New York Stock Exchange. This decision marks a significant step forward for both the cryptocurrency sector and institutional investors seeking more flexibility in managing bitcoin exposure.
Several major funds, including the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, and Grayscale Bitcoin Trust, are among those receiving the green light. The introduction of options trading will provide market participants with a quicker and cost-effective way to adjust their exposure to the cryptocurrency market.
These bitcoin index options offer traders a strategic tool to hedge risk or amplify returns without directly owning the underlying asset. Institutional investors, in particular, are expected to benefit from the ability to manage their investments with more precision.
BlackRock’s ETF had already received approval for options trading on the Nasdaq in September. The latest SEC decision opens the door for even wider participation, signalling growing acceptance of bitcoin-based financial products within traditional markets.
Samson Mow, CEO of Bitcoin technology company Jan3, has called on Germany to incorporate Bitcoin into its national strategic reserves. Speaking at the German Bundestag, Mow suggested that the country acquire 281,267 Bitcoin, stressing its potential to strengthen financial resilience. His remarks came during discussions on Bitcoin strategies for nation-states, which attracted Members of Parliament and Bitcoin supporters alike.
Mow, a leading voice in the Bitcoin community, is known for helping El Salvador become the first country to adopt Bitcoin as legal tender. Drawing on his past experience, he emphasised that Bitcoin could be used by countries like Germany to stabilise their economies by holding it as a reserve asset, much like gold.
He remains a strong advocate for nations adopting Bitcoin as part of their financial strategy, arguing it could reduce dependence on traditional currencies and offer a way to diversify national reserves.
The amount of Ethereum held in accumulation addresses has surged past 19 million, according to the latest data from CryptoQuant. This figure has nearly doubled since January 2024, when it stood at 11.5 million. Analysts predict the number could surpass 20 million by the end of the year, as the approval of Ethereum Spot ETFs earlier this year has boosted confidence among both institutional and individual investors.
With this growing accumulation, the total value of these Ethereum holdings is projected to reach $80 billion by December 2024, with ETH priced at around $4,000. The increasing institutional interest in Ethereum is seen as a driving factor behind its mainstream adoption.
Currently, 71% of Ethereum holders are in profit, with over 74% having held their ETH for more than a year. Ethereum’s price recently reclaimed the $2,700 mark, marking a 10% rise over the past week.
Samsung is taking its commitment to security up a notch by expanding its blockchain technology to cover a wider range of AI-powered home appliances. The South Korean tech giant announced that its Knox Matrix framework, originally designed for mobile devices and televisions, will now protect home devices using a ‘Trust Chain.’ This private blockchain system enables connected devices to monitor each other for potential security issues, keeping users informed in case of any threats.
In addition to blockchain-based security, Samsung is introducing ‘Cross Platform’ technology, ensuring consistent protection across devices, regardless of the operating system. The company also aims to improve privacy with its ‘Credential Sync,’ which encrypts and synchronises user data for enhanced safety.
Expected to roll out these new features next year, Samsung will integrate biometric authentication, allowing users to log into apps with fingerprints instead of passwords. The move builds on the company’s previous blockchain ventures, including its Samsung Blockchain Wallet and Blockchain Keystore.
A recent paper from the European Central Bank has sparked controversy by claiming that Bitcoin should either be heavily regulated or banned altogether to prevent older holders from profiting at the expense of new investors. Published on 12 October 2024, the report suggests that those who purchased Bitcoin early are exploiting newer buyers, a practice common to all financial markets. The authors argue that without intervention, the rising price of Bitcoin could lead to social unrest.
The paper also attempts to link Bitcoin to criminal activity, despite a US Treasury report from May 2024 confirming that fiat cash remains the primary tool for illicit transactions. Moreover, the authors neglect the fact that Bitcoin was created as a response to government-induced inflation, which continues to erode the value of fiat currencies globally.
Bitcoin’s pseudonymous creator, Satoshi Nakamoto, designed the digital asset as a decentralised method of payment and a hedge against monetary mismanagement. With rising public sector debt in both the UK and the US, critics argue that Bitcoin’s growing popularity is a direct reaction to the failings of traditional financial systems.
A new report from Aspen Digital reveals that 76% of Asia’s private wealth sector has already ventured into digital assets, with an additional 18% planning future investments. Interest in digital assets has surged since 2022, when just 58% of respondents had explored the space. The survey covered 80 family offices and high-net-worth individuals and found that most manage assets ranging from $10 million to $500 million.
Among those invested, 70% have allocated less than 5% of their portfolios to digital assets, although some increased their holdings to over 10% in 2024. Interest in decentralised finance (DeFi) and blockchain applications continues to grow, with two-thirds expressing a desire to explore DeFi, while 61% are keen on AI and decentralised physical infrastructure.
The approval of spot Bitcoin ETFs, particularly in the US and Hong Kong, has driven increased demand for digital assets. The report highlighted that 53% of investors have gained exposure through funds or ETFs, with optimism remaining high as 31% predict Bitcoin could reach $100,000 by the end of 2024.
TokenPocket, a global crypto wallet, has partnered with Swiss-regulated Web3 banking platform Fiat24 to simplify the use of digital currencies in everyday transactions. While over 600 million people worldwide own crypto, spending it on daily purchases remains complicated due to conversion processes and fees. The collaboration aims to bridge this gap by making crypto spending easier.
TokenPocket supports various blockchain networks, including Bitcoin, Ethereum, and Solana, allowing users to securely manage their assets. Fiat24 brings decentralised banking to the table, using blockchain technology to manage operations via smart contracts. The integration enables users to seamlessly convert and spend their crypto.
The TP Card, born from this collaboration, allows users to spend their crypto just like traditional currency. Available across 32 European countries, it can be linked with Apple Pay and Google Pay, making crypto transactions as easy as regular card payments. The partnership is poised to reshape global finance by merging digital assets with everyday spending.
The Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the UAE is preparing to launch a new legal framework for decentralised autonomous organisations (DAOs), marking a significant step in enhancing the country’s digital asset sector. The framework, set to be discussed on 25 October, aims to clarify how DAOs can remain compliant with legal and governance requirements while providing protections for founders and members.
DAOs in the UAE will benefit from clear tax obligations and will be able to own both onchain and offchain assets. Additionally, the framework offers the ability to engage in legally binding contracts, as well as guidance on resolving disputes. The new structure is expected to attract global participants, as DAOs can be established remotely without the need for a physical presence in the UAE.
The UAE’s approach offers a cost-effective alternative to Switzerland, where setting up a DAO can cost up to $46,000. In comparison, the UAE’s framework starts at just $3,000, making it accessible to even smaller DAOs.
The US Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, though it does not challenge the court’s decision that XRP is not a security. Instead, the SEC’s appeal, submitted on 16 October, questions Ripple’s XRP sales on exchanges and personal sales by its executives, Brad Garlinghouse and Chris Larsen.
Ripple’s chief legal officer, Stuart Alderoty, clarified that the ruling regarding XRP’s status as a non-security remains unchanged. Ripple is set to file its own Form C in response within seven days, and both parties will agree on a briefing schedule for the ongoing case.
The legal process is expected to take up to 90 days, with the SEC required to file its first brief within that period. Ripple’s legal team remains confident as the case progresses.
