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Krystal Newsflash (28th Oct 2022)

●   2 min

Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

Elon Musk Buys Twitter 🐦

The $44 billion deal is finally complete.

Elon Musk started off his reign over Twitter with a bang, by firing multiple key figures, including Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde.

With this acquisition, Musk aims to combat spam bots on the platform, which I’m sure you’re all too familiar with!

Another goal for Musk is to promote free speech on the platform, and it’ll be interesting to see what’s in store for Twitter.

Binance continues growth 📈

Binance has launched its own oracle service, which allows blockchains to access data that are off-chain (i.e. data that is not available on the blockchain).

Chainlink is one of the most well-known oracles, and this will brings about stiff competition, particularly on Binance’s BNB Chain.

Meanwhile, Kazakhstan has agreed to integrate their Central Bank Digital Currency (CBDC) on the BNB Chain.

Binance’s stablecoin, BUSD has shown significant growth as well.

This could be due to its move to auto-convert all of its users’ USDC, USDP and TUSD holdings into BUSD, spurring greater adoption of this stablecoin.

Crypto is getting recognised by governments 👀

UK lawmakers have voted to recognise cryptocurrencies as a regulated financial instrument in the latest amendment to the Financial Services and Markets Bill.

This could spur greater adoption of cryptocurrencies in the UK, particularly since new British PM, Rishi Sunak, is considered as a ‘champion of fintech’.

Meanwhile, the Monetary Authority of Singapore (MAS) has drafted new regulations to protect retail investors from the ‘harms’ of cryptocurrency trading.

Some of the changes include:

  1. Banning margin and leverage trading
  2. Banning purchasing of cryptocurrencies using a credit card
  3. Preventing licensed platforms from incentivising users with free cryptocurrencies
  4. Preventing licensed platforms from providing lending services

The most controversial would be the prevention of lending services. However, ever since the crash of centralised lending platforms, MAS may not want to deal with such risks.

You can find out some lessons we can learn from this crash here.

Apple updates policy on NFTs 🍏

Apple has clarified that users can buy NFTs on any iOS app. However, these purchases will be defined as in-app purchases, and are subjected to a 30% tax.

Some NFT marketplaces have their own mobile apps, including OpenSea and Magic Eden.

The 30% commission has been heavily criticised, as the usual commission for an NFT is only around 2.5%.

Google Cloud launches blockchain node 💻

If you’re looking to run a blockchain node, Google may be the solution for you in the future.

In a move to streamline the process of setting up new nodes, Google will offer a fully managed service, which includes security features like protection against distributed denial-of-service (DDoS) attacks.

The first network that Google is providing this service on is Ethereum.

It seems that Google is recognising that blockchain technology is here to stay, with various forays into the crypto world.

However, this could be yet another concern for the decentralisation of Ethereum, which has been in question ever since The Merge.

You can find out more about why Ethereum may no longer be as decentralised as before here.

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