DeFi lending project Yield Protocol to wind down operations
Yield Protocol, a decentralized finance (DeFi) lending project, has announced that it will be shutting down by the end of the year. The project cited a lack of demand for fixed-rate borrowing on its platform, as well as regulatory challenges in the US, Europe, and the UK as reasons for its closure. Borrowing and lending on Yield Protocol will be restricted to the December 2023 series, and liquidity providers for the March-September strategies will not receive any further fees. On December 29, all remaining series will mature, marking the end of borrowing and lending activities on the platform.
Wirex introduces W-Pay for seamless issuance of non-custodial crypto debit cards
Wirex, a crypto payments platform, has unveiled W-Pay, a Zero-Knowledge (ZK)-powered App Chain designed to connect decentralized applications (dapps), non-custodial wallets, and traditional payment infrastructures. W-Pay enables dapps and non-custodial wallets to issue non-custodial crypto debit cards. This advancement allows for integration with traditional payment rails while preserving fund access. Wirex facilitates card transactions up to a predefined limit, providing support for the growing Web3 industry.
TMX Group to launch bitcoin futures contracts on derivatives trading platform
The derivatives trading platform of TMX Group, a major Canadian exchange, will soon introduce bitcoin (BTC) futures contracts. Montréal Exchange (MX) is launching Bitcoin Price Index Futures in response to rising market demand for digital cryptocurrency asset classes. The futures contract provides exposure to BTC value movements based on the CoinDesk Bitcoin Price Index (XBX). Trading and settlement will be conducted in US dollars and cleared at the Canadian Derivatives Clearing Corporation (CDCC).
European Commission conducts collective risk assessments in critical technology areas
The European Commission has initiated collective risk assessments with Member States in four technology areas deemed crucial for the EU’s economic security. These areas include advanced semiconductors, artificial intelligence (AI), quantum technologies, and biotechnologies. The Commission aims to identify and address the most sensitive and immediate risks related to technology security and leakage.
Proof-of-concept developed to track on-chain and off-chain transactions
The Bank for International Settlements (BIS) has collaborated with Deutsche Bundesbank, De Nederlandsche Bank, the European Central Bank (ECB), and the Bank of France to create a proof-of-concept (PoC) system called Project Atlas. This system tracks on-chain and off-chain transactions from crypto exchanges and public blockchains. Project Atlas aims to shed light on the macroeconomic relevance of cryptoasset markets and decentralized finance (DeFi).
Chinese businesses charged for using cryptocurrency transactions in illegal activities
The US Department of Justice (DOJ) has announced charges against several Chinese businesses and their employees involved in the production and distribution of fentanyl, methamphetamine, and synthetic opioids. Cryptocurrency transactions were used by these companies to conceal their identities and the movement of funds. Chinese nationals allegedly operated sixteen crypto wallets that accepted payments for the sale of illegal substances.
Hot Take: Crypto Industry Faces Challenges Amid Regulatory Environment
The crypto industry continues to face challenges amid regulatory environments worldwide. Yield Protocol’s decision to wind down operations showcases the impact of regulatory requirements on DeFi projects. Similarly, Wirex’s introduction of W-Pay demonstrates the need for innovative solutions that bridge traditional payment infrastructures with decentralized applications. TMX Group’s launch of bitcoin futures contracts highlights increasing market demand for digital asset classes. Additionally, the European Commission’s collective risk assessments and the development of Project Atlas by major financial institutions reflect efforts to understand and regulate the crypto industry. As the industry evolves, addressing regulatory concerns will be crucial for its long-term growth and stability.
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