The fourth week of May was a great time for JPEX as the exchange celebrated Hong Kong Cryptocurrency Legislation with a free ice cream giveaway. Aside from that, there was the opening of the exchange’s Asia headquarters which led to the release of a JPC Vault Limit Reward. In the middle of the week, JPEX also launched its Online Crypto Purchase Rebate Campaign.
While JPEX made these announcements, there were several events making rounds across the blockchain-backed economy.
Below we take a look at some of the events which were centered on regulation and non-fungible tokens (NFTs).
Bitcoin Have Broken into the top 10 Blockchains by All-Time Sales Volume
Bitcoin (BTC) is known as the first blockchain technology-backed cryptocurrency to hit the decentralized finance (DeFi) market.
While its function was to serve as a transactional currency with relatively lower transaction fees, the triggering of the TapRoot Upgrade which paved the way for smart contracts has impacted Satoshi Nakamoto’s innovation positively.
While Ethereum remains the largest NFT blockchain by all-time sales volume with projects such as the Bored Ape Yacht Club (BAYC), Otherdeeds from the Otherside Metaverse, and others, Bitcoin is also doing well with projects such as Uncategorized Ordinals, Space Pepes, and Bitcoin Frogs.
This is why Bitcoin has risen above Theta, Algorand, Cronos, and Tezos in the ranks of the biggest NFT blockchains by all-time sales volume.
With approximately $319 million, Bitcoin is 10th on the ranks and aside from Ethereum also trails others such as Immutable X, Solana, Flow, and Ronin.
Platinum Group Introduces NFT Tickets for Global Racing Event
NFT ticketing continues to soar to new heights and within the week another major company that offers tickets in the Formula 1 world announced that it has introduced tickets backed by blockchain technology for all their global racing events.
Platinum Group introduced the NFTs during the weekend of May 26 to 28 at the Monaco Grand Prix. Collectors will have extensive access to the races and will be eligible for loyalty benefits in the future.
Platinum Group is doing this in partnership with Elemint, a blockchain infrastructure company in addition to Bary, a Web3 agency.
Platinum Group chose Polygon, an Ethereum Sidechain to mint the NFTs. They chose Polygon because of its scalability attribute. Polygon sits 5th on the all-time NFT blockchains by all-time sales volume with around $890 million, data from CryptoSlam showed.
Polygon’s selection has impacted its native asset MATIC positively. As of 08:00 UTC on May 27, MATIC was still feeling the effects of the NFT ticketing partnership with about $503 million in volume, had a market capitalization of $8.5 billion, and a price headed towards $1, data from the crypto price tracker CoinMarketCap showed.
IOSCO Unveiled World’s First Global Approach to Crypto Asset Regulation
On Tuesday, May 23, IOSCO, an international securities watchdog announced that it was unveiling what it called the first global approach to regulating the digital and crypto asset market.
IOSCO’s proposal deals with market manipulation, treatment of retail customers, operational risks, custody of crypto assets, cross-border regulatory cooperation, and conflicts of interest.
According to Hadyn Jones, the lead of blockchain and crypto solutions at Kroll, a US-based corporate investigation and risk consulting firm, IOSCO’s approach could help all manner of persons benefit from the underlying technology behind blockchain technology and stop all the criminal activities associated with the use of digital assets.
In the coming months, IOSCO will be issuing recommendations that will help regulate the entire decentralized finance economy.
Norway Central Bank Says It Cannot Wait for European Union Rules on Crypto
The Central Bank of Norway says the country must act fast in drafting a regulatory framework to guide the digital currency market.
While the European Union has proposed the Markets-In Crypto Asset (MiCA) regulation that will bring extensive rules to all member states, Norway’s apex financial body believes the country cannot wait for legislation from the region’s top institution before it can implement its own.
According to the Central Bank, “An international regulatory framework is crucial. Nevertheless, the Norwegian authorities should assess whether to proceed more quickly rather than wait for international regulatory solutions.”
While the world continues to wait for a global regulatory framework, MiCA is scheduled to take effect in 2024.
CFTC Commissioner Said the Agency Cannot Police All Cryptocurrency Fraud
The Commodity Futures Trading Commission (CFTC) is one the top agencies in the United States when regulations of the financial markets come to mind.
Due to the numerous cases related to crypto fraud, many believe the agency should do more to protect the finances of traders and investors. At a White-Collar Crime Conference in New York City, Christy Goldsmith Romero, a commissioner at the CFTC disclosed that while issues related to the crypto industry accounted for about 20% of the agency’s portfolio, they cannot police all of them due to the number of fraud cases involved. In April 2023, the Department of Justice sized around $112 million linked to cryptocurrency investment scams with more than half coming from cases in the state of California.