Panama’s ‘Lost Crypto Opportunity’, Thailand’s Huobi Closing, Canada’s Bitvo Acquired by FTX + More News

Sumejja Muratagić-Tadić

Last updated: June 26, 2023 06:54 EDT | 2 min read

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Regulation news

• Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations — it needs to conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering,” local media outlet La Prenda reported. Congressman Gabriel Silva tweeted that the veto was “a lost opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector.”
• US Secretary of the Treasury Janet L. Yellen met with CEO members of the board of directors of the Bank Policy Institute to discuss efforts to promote responsible innovation in digital assets, among other questions. The Secretary and members of the board also discussed the need to put in place an appropriate regulatory framework for digital assets, per the Treasury.

Exchange news

• Crypto platform Huobi announced it is no longer licensed for operation in Thailand due to a decision of the country’s Securities and Exchange Commission (SEC). The platform will be permanently closed down on July 1, 2022, and users are urged to withdraw their assets before this date.
• Crypto trading platform FTX has entered into an agreement to acquire Canadian cryptoasset trading platform Bitvo for an undisclosed amount. The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and customary closing conditions.

Investment news

• Play-to-earn project Decentral Games has been granted USD 1m worth of MANA tokens from the Decentraland DAO following a blockchain vote to help support Decentral Games’ ICE token while they prepare to roll out the new sit-and-go tournament mode. This would be one of the largest ecosystem grants that Decentraland has ever awarded, they said.
• Web 3 gaming firm Immutable launched a USD 500m developer and venture investment fund, TechCrunch reported, citing Robbie Ferguson, president and co-founder of the firm. The capital will be used to fund projects building Web 3 games and non-fungible token (NFT)-focused companies on its layer-2 Ethereum (ETH)-focused platform, Immutable X.
• Digital collectibles platform SKNUPS raised USD 3.5m in pre-seed funding. SKNUPS has also announced a worldwide partnership with luxury brand Dolce & Gabbana, while a new inaugural digital drop from the brand is available on the platform.