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The year 2023 was a remarkable one for the crypto industry, as it witnessed unprecedented growth, innovation, adoption, and regulation.
1. BlackRock and other traditional financial institutions applied to offer spot Bitcoin exchange-traded funds (ETFs).
Several financial giants, including BlackRock, Fidelity, and Invesco, have filed applications with the SEC to launch spot Bitcoin ETFs, which would track the current price of the cryptocurrency. These ETFs would provide investors with easy and regulated access to Bitcoin, potentially boosting its adoption and value
2. The former CEO of crypto exchange FTX, Sam Bankman-Fried, was found guilty of fraud related to the misuse of customer funds at the bankrupt company.
Sam Bankman-Fried, the founder of FTX, a crypto exchange that collapsed in 2023, was convicted of wire fraud and money laundering in a New York court. He scammed his customers out of billions of dollars by using their funds for personal and political purposes
3. Changpeng Zhao, the CEO of Binance Holdings Ltd., entered a guilty plea to charges of violating the Bank Secrecy Act (BSA).
Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao, admitted to violating U.S. laws on anti-money laundering, unlicensed money transmitting, and sanctions. They agreed to pay over US$4 billion in fines and penalties, and Zhao resigned as CEO
4. The SEC filed charges against Binance, Coinbase Global Inc., Kraken, and other platforms for operating what it termed unregistered securities exchanges.
The SEC launched a crackdown on major crypto platforms, accusing them of violating securities laws by offering trading services without proper registration. Binance, Coinbase, Kraken, and others were sued for operating as unregistered exchanges, brokers, and clearing agencies, exposing investors to significant risks
5. The Indian government brought crypto assets under the Prevention of Money Laundering Act (PMLA), bringing crypto exchanges under overview.
The Indian government has taken a major step to regulate crypto assets by bringing them under the PMLA. This means that crypto exchanges will have to comply with the anti-money laundering and counter-terrorism financing norms. The move aims to curb the illicit use of crypto assets and protect investors.
6. Hong Kong facilitated crypto trading for retail investors, although it extended only to certain tokens on verified and authorized platforms.
Hong Kong has eased the restrictions on crypto trading for retail investors but with some limitations. Only certain types of tokens, such as security tokens, are allowed, and only on platforms that are licensed and regulated by the Securities and Futures Commission. The move is aimed to foster innovation and protect consumers.
7. The total market cap of cryptocurrencies surpassed US$1 trillion in January, indicating renewed investor confidence.
The crypto industry started 2023 with a bang, as the total market cap of all cryptocurrencies crossed the US$1 trillion mark in January. This was a historic achievement, reflecting the growing investor confidence and demand for crypto assets. The milestone also showcased the innovation and diversity of the crypto space.
8. Mastercard strengthened its presence in crypto by announcing the use of blockchain in financial applications.
Mastercard has announced that it will use blockchain technology to enhance its financial services. The company plans to leverage blockchain for identity verification, cross-border payments, loyalty programs, and more. The move is part of Mastercard's strategy to embrace crypto and offer more choices to its customers.
9. Bitcoin hit a one-year high and soared past US$31,300 in June, amid growing adoption and innovation in the crypto space.
Bitcoin reached a new milestone in June, surpassing US$31,300 for the first time in a year. The surge was driven by increased demand and innovation in the crypto space, such as the launch of the Bitcoin Taproot upgrade and the adoption of Bitcoin as legal tender in El Salvador.
10. Bhutan announced plans for a $500 million fund dedicated to crypto mining in the Himalayas, indicating the growing interest of national governments in harnessing the potential of cryptocurrencies and blockchain technology.
Bhutan has announced its intention to invest $500 million in crypto mining in the Himalayas. The fund will support the development of green and sustainable mining facilities, powered by the country's abundant hydropower resources. The move signals the growing interest of national governments in exploring the benefits of crypto and blockchain.
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