The Crypto Compass Issue #6

Weekly newsletter on the latest cryptocurrency updates, industry news and market analysis. Brought to you by BitcoinWalletSG.

January 31, 2023

Hello Friends,

We hope this newsletter finds you well! It's been a busy week in the crypto world, with the market showing signs of recovery and the FOMC meeting just around the corner in February.

The recent market fluctuations have had us on the edge of our seats, but it's exciting to see the crypto market showing signs of stability and growth. As always, we'll be keeping a close eye on the latest developments and bringing you the most up-to-date analysis and insights.

On another note, the FOMC meeting in February will be a key event to watch for those invested in crypto and traditional markets alike. The decisions made at the meeting could have a significant impact on interest rates and the global economy, so make sure to stay tuned for our take on what this could mean for the crypto market.

Thank you for being a part of our community, and as always, use a hardware wallet and keep your seed phrase safe!

Best, QH

Tweets

Notable News

Moody’s Developing Scoring System for Stablecoins: Bloomberg

The move comes as the quality of stablecoin reserves continues to receive scrutiny.

https://www.coindesk.com/business/2023/01/26/moodys-developing-scoring-system-for-stablecoins-bloomberg/

Swiss Bank Cité Gestion Becomes First Private Bank to Tokenize Its Own Shares

The private bank is partnering with digital assets firm Taurus to issue and manage its tokenized shares.

https://www.coindesk.com/business/2023/01/24/swiss-bank-cite-gestion-becomes-first-private-bank-to-tokenize-its-own-shares/

ECB says it will leave digital euro privacy decisions to EU lawmakers

Policymakers — and not the European Central Bank — will need to decide how much privacy will be lost to financial law compliance on a digital euro.

https://www.theblock.co/post/204705/ecb-says-it-will-leave-digital-euro-privacy-decisions-to-eu-lawmakers

Genesis owes more than $3.6 billion to top 50 creditors

Genesis Global filed for bankruptcy protection in U.S. Bankruptcy Court for the Southern District of New York.

https://www.theblock.co/post/204035/genesis-owes-more-than-3-6-billion-to-top-50-creditors

Regulation News

EU mandates banks to hold euro equivalent of crypto investments

The bill got approved on Jan. 24 and will come into force in January 2025 to give Banks enough time to prepare.

https://cryptoslate.com/eu-mandates-banks-to-hold-euro-equivalent-of-crypto-investments/

SEC's Hester Peirce says crypto industry should not wait for regulators to solve problems

SEC Commissioner Hester Peirce advocates for a more transparent and collaborative approach to crypto regulation, emphasizing the importance of decentralization and the diversity of the crypto space.

https://cryptoslate.com/secs-hester-peirce-says-crypto-industry-should-not-wait-for-regulators-to-solve-problems/

Tech News

Does your product need a token?

Many founders adopting Web3 technologies wonder whether a token is right for them. So we’ve written a quick explainer to help guide you through.

https://outlierventures.io/does-your-product-need-a-token/

Latest Ethereum ‘Shadow Fork’ Brings Blockchain’s Shanghai Upgrade Closer to Reality

The first set of testing has commenced for the much anticipated Shanghai upgrade, expected in March, that will enable staked ether withdrawals. Some minor glitches were reported.

https://www.coindesk.com/tech/2023/01/23/latest-ethereum-shadow-fork-brings-blockchains-shanghai-upgrade-closer-to-reality/

Podcast

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