Malaya Ruiz
It may only be Tuesday, but the week is already presenting a dramatic array of developments. Key stories are emerging that highlight the pressing need for clearer regulations, the growing acceptance of virtual asset trading, rising security challenges at the crossroads of national security and cryptocurrency, and efforts to recover stolen digital assets.
Standardizing Crypto Inclusion: A Call for Uniform EU Crypto Regulations
21Shares, a crypto exchange-traded product (ETP) issuer, has urged EU regulators to create a uniform framework for including crypto assets in investment products. They have requested the European Securities and Markets Authority (ESMA) to revise its regulations to allow crypto in Undertakings for Collective Investment in Transferable Securities (UCITS) funds aimed at retail investors. The firm pointed out that current EU regulations are inconsistent, with some countries allowing crypto in UCITS funds while others do not. This inconsistency leads to confusion among investors in the region.
The ETP provider called for a consistent regulatory approach across the EU to clarify the situation for both retail and institutional investors. Additionally, it suggested that ESMA create guidelines for indirect exposure to crypto through ETPs, which trade like securities.
Building the Future: 35 Years with Bold Vision for Virtual Asset Trading in Hong Kong
The Hong Kong Securities and Futures Commission (SFC) is celebrating its 35th anniversary with a commitment to virtual asset trading platforms (VATPs). By 2025, the SFC aims to complete a comprehensive regulatory framework. This framework will support the tokenization of traditional products and the integration of regional chain and Web3 technologies. The SFC has issued a third license to the Hong Kong Virtual Asset Exchange (HKVAX), following licenses for OSL and HashKey. This move also supports the notion of implementing a new licensing system for cryptocurrency over-the-counter (OTC) services and custody solutions.
Investigation Uncovers Soldiers Trading Military Secrets for Cryptocurrency
A South Korean investigation has discovered soldiers compromising military secrets for cryptocurrency. It has documented 29 instances of leaked classified information. A prominent case features a captain accused of disclosing confidential documents regarding a special forces unit’s missions and allegedly receiving 48 million won (about $35,700) in cryptocurrency in return.
Related: Zama to Launch First-Ever Private Token Auction on Live Blockchain
Earlier reports of three active soldiers who shared military passwords and secret papers with loan sharks prompted this investigation. Prosecutors believe these trades were made to invest in cryptocurrency or to settle related debts. Authorities are actively pursuing more cases linked to the unauthorized sharing of sensitive military information.
Dan Gallagher: A Strong Contender for SEC Chair Under a Trump Presidency
Robinhood CLO Dan Gallagher is seen as a possible SEC chair candidate if Donald Trump wins in 2024, according to former regulators and securities lawyers. A Politico report indicated that he would be a “natural choice,” referencing an ex-SEC official. Trump has openly disapproved of the current SEC Chair Gary Gensler, stating he would replace him on his first day in office. Although Trump hasn’t formally named candidates for SEC leadership, Gallagher’s name is often mentioned by industry experts.
Scammed Out of $275K, Elderly Individual Finds Hope Thanks to Blockchain Sleuth
An elderly U.S. resident has managed to recover $275,000 in cryptocurrency stolen by Indian scammers impersonating Coinbase support. The successful retrieval was aided by blockchain investigator ZachXBT. The victim fell for a scam in April 2024 after receiving misleading emails that claimed their Coinbase account was compromised. The fraudsters used psychological tactics to build trust and obtain sensitive financial details. They accessed the victim’s digital wallet and executed unauthorized transactions. The thieves then laundered the stolen funds by converting Ethereum and Bitcoin into Tron and moving stablecoins to over-the-counter platforms.
Related: Smart Contracts Are Powering a New Wave of Finance: Here’s How
Thankfully, with ZachXBT’s research and collaboration with law enforcement, the stolen assets were traced and recovered.
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MALAYA RUIZ
Malaya is dedicated to helping individuals share meaningful narratives about crypto, blockchain, and future tech. Her extensive experience in editing, copywriting, and publishing gives her a deep understanding of the craft of storytelling and collaboration, which she channels through Shiba Inu's official publications. Malaya owns two dogs and therefore has a special admiration for the Shiba Inu breed.
