The Week In Review: Crypto's Biggest Events

 Crypto Assets to Be Treated as Financial Products in South Africa From June 2023
 

On Wednesday, the Financial Sector Conduct Authority FSCA of South Africa unveiled new rules to increase its oversight of the crypto industry and safeguard consumers’ assets. The Financial authority says it will begin licensing companies, platforms and cryptocurrency exchanges operating in South Africa will be subject to supervision and regulations from June 2023.  The FSCA announcement is the first step needed to bring the industry within the South African legal framework, in the action intended to protect the common person on the streets of South Africa follows two major crypto scams that originated in South Africa, both of which led to the disappearance of billions of dollars in investments.

See the Bloomberg account here

 

Binance Denies Allegations It Intends to Use Users' Uniswap Tokens for Voting

You will recall that Uniswap creator Hayden Adams on Wednesday claimed that Binance delegated 13 million UNI tokens of its customers, to become the second-largest UNI delegate.  But in a swift response, the exchange Binance strongly denied the allegation of using users’ token holding to vote on Uniswap governance, a decentralized autonomous organization (DAO).

This is according to the CoinDesk account. See details here

 

 Elon Musk's Tesla Still HODLing $218M in Bitcoin

According to electric car manufacturer Tesla’s Q3 report, the company did not sell any of its bitcoin holdings nor purchase any additional bitcoin in the third quarter. The report shows that Tesla holds $218 million worth of “digital assets.” Tesla remains one of the largest holders of BTC among publicly traded companies, even after its massive sale of nearly 75% of its total holdings in the last quarter. Overall, Tesla posted $3.3 billion in profits attaining revenues of $21.45 billion, which reportedly fell short of analysts’ expectations, and saw Tesla’s stock price fall by nearly 14% in after-hours trading.

 Details at decrypt

 

Fidelity Digital Assets Will Begin Offering ETH to Institutions Before The End Of The Month

Investors will be able to buy, sell and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments today

According to a memo sent out by Fidelity Digital Assets, institutional clients of the firm will be able to trade ether (ETH) from Oct. 28. The action is the latest step taken by Fidelity, the parent firm of Fidelity Digital Assets, to make cryptocurrency accessible to institutional clients. Just earlier this month, the firm launched a new Ethereum Index Fund for accredited investors after raising around $5 million since sales began on September 26.

theblock report

Retail Investors Become Vigilantes In Hunt For Terra’s Do Kwon

As Terraform Labs CEO Do Kwon continues to stay out of sight of law enforcement agencies, an association of nearly 4,400 crypto investors is trying to track down Kwon, who is wanted in South Korea on charges of financial fraud. The 4400 crypto investors belong to a Discord group titled the ‘UST Restitution Group.’ Members of the group are searching the internet for leads and sharing them with the group in an apparent effort to find Kwon after becoming frustrated with the lack of results from law enforcement officials. Members have speculated that Kwon is likely living in countries like Russia, Dubai, and Azerbaijan, or even on a yacht.

Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties in place. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data.

A member of the group stated, Detail here