BNB -3.12%
$603.47
BTC -3.03%
$66,815.45
DOGE -3.40%
$0.14
ETH -3.09%
$3,465.62
PEPE -7.98%
$0.000012
XRP -1.84%
$0.48
SHIB -4.28%
$0.000021
SOL -5.49%
$148.30
$PLAY
presale is live

Today in Crypto: EU Has Option to Deem All Crypto as Securities by Default, Georgia to Launch Mandatory Supervision of VASPs, Bitget is the ‘First Exchange’ to Support an EVM-Compatible Address

Sead Fadilpašić
Last updated: | 3 min read
Source: AdobeStock / artjazz

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

Regulation news

  • Crypto assets should be treated as securities by default, according to a study commissioned by lawmakers at the European Parliament. It said that: “While we do not recommend use of the Howey test that is at the core of US securities regulation [used by the US Securities and Exchanges Comission (SEC)], the EU could, based on its current framework and the classification criteria developed with the various MiCA [Markets in Crypto Assets] tools, adopt a strict procedural default rule: by way of EU financial regulation all crypto-assets could be deemed, at first and prior to any involvement of supervisory authorities, “transferable securities” unless (and until) they are exempted and requalified by NCAs [National Competent Authorities] applying the classification criteria promulgated by the (Joint) ESAs [European Supervisory Authorities] under MiCA.”
  • The National Bank of Georgia will launch mandatory supervision of virtual asset service providers (VASPs) starting from September 1, the InterPressNews reported. The acting governor Archil Mestvirishvili said that these regulatory measures will help the country combat money laundering and terrorist financing, as well as comply with sanctions. 

Exchange news

  • Bitget said that it became the first crypto exchange to support an Ethereum Virtual Machine (EVM)-compatible address. According to the press release, the new feature enables traders “to use a single address for multiple blockchains, as users can trade and store assets with one EVM-Compatible Address through multiple chains on the Bitget platform.” If users add an EVM address to their account during transactions and the withdrawal network is included in the EVM address, they will be able to withdraw directly to that address, bypassing a number of intermediary features like bridges and platform hopping, it said. 
  • Gemini said that it would soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). The company said in a tweet that the UAE is “a forward-thinking, global financial hub” that is “establishing itself as a fast-emerging hub for crypto.” It added that the Gemini leadership met with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors.
  • Crypto.com announced that it received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). This announcement follows the exchange receiving its in-principle approval from MAS in June 2022. With this licence, Crypto.com can continue to extend its Digital Payment Token (DPT) services to customers in Singapore, said the press release. 

Stablecoin news

  • First Digital, a Hong Kong-based qualified custodian and registered trust company, announced a new stablecoin, First Digital USD (FDUSD). Issued by FD121 Limited, a subsidiary of First Digital Limited, the stablecoin is intended to be backed on a 1:1 basis by US dollar or asset of equivalent fair value, held in accounts of regulated financial institutions in Asia, it said.

Investment news

  • Cowen Digital, the digital asset unit launched last year by investment bank Cowen, is shutting down. It said that Wednesday “would be the last day for the team here at Cowen Digital,” Bloomberg reported, citing an email to clients and colleagues. “Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors – through white-glove high and low touch execution, deep knowledge-driven content, corporate access and group educational events. We will continue to try and fulfill that endeavor, but will have to do so in a different home,” the email said. 

Mining news

  • Bitcoin miner CleanSpark purchased 12,500 of Bitmain‘s new Antminer S19 XP mining rigs for a total price of $40.5 million, or $23 per terahash, which is lower than the current average market price, according to the press release.The first 6,000 units will be shipped by the manufacturer in June, and the remainder in August. The machines are expected to be deployed across the company’s mining facilities. “This purchase is the latest in a series of discounted machine purchases and other acquisitions made by CleanSpark since the crypto bear market began,” the company said.