EMN Weekly Issue #2
Last updated
Last updated
Welcome to EMN Weekly Issue #2!
EMN Weekly aims to keep you updated with RWA-centric news from the industry, tickle your funny bone with crypto memes and give you a brief refresher on the latest developments at E Money Network. Happy Reading! What's in Today's Issue?
This Week's Top RWA & MiCA News
Meme Time: Crypto Humor for the Week
E Money Network Updates: What You Need to Know
Community Spotlight
- With MiCA regulations close at hand, crypto exchange Bitstamp announced that it is delisting Tetherâs euro-pegged stablecoin EURT. The exchangeâs decision is aimed at ensuring MiCA compliance, which comes into effect on June 30, 2024. The exchange also announced that it would not be listing any new e-money tokens (EMTs) that donât meet MiCA requirements or engage in marketing them. However, EMTs, which are not euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted, Bitstamp noted.
- In preparation for MiCAR implementation, Binance has imposed restrictions on some key features of its exchange, including copy trading, from June 26, 2024. Binance will also limit the functionalities of âunregulated stablecoinsâ from June 30, 2024. However, âStablecoins that are not regulated under MiCA, including USDT and others, will still be available for trading on Binance on Spot, for deposit and withdrawal and in your wallet, as normal. They will also be available to sell on Convert. Binance will not be delisting these stablecoinsâ the exchange informed its European users in am last week.
- Germany-based RWA tokenisation platform Swarm Markets is planning on offering gold-based NFTs to users. The NFTs will be available to only those users who pass KYC and AML checks. The gold bars backing the NFTs will be stored in Brinkâs vault in London. Users will be allowed to swap the NFTs in a peer-to-peer manner via Swarm's decentralized over-the-counter (dOTC) platform.
- McKinseyâs latest report predicts that financial institutions are likely to embrace blockchain technology for traditional financial instruments at a slower pace and limited range of assets than more optimistic reports. Even in an optimistic scenario, the market for tokenised assets might go up to $4 trillion. These figures stand in sharp contrast to previously published reports by Boston Consulting Group and 21shares which estimate the tokenised assets market to grow to $10 trillion by the end of the decade.
- As per the report âThe Impact of MiCA on Crypto Market Surveillance: Insights and Challengesâ commissioned by Eventus, crypto trading is likely to see an increase in surveillance systems due to upcoming MiCA implementation. The report is based on a survey and series of interviews with senior executives at 68 firms engaged in crypto trade across the buy-side, sell-side and exchanges. The study also reports that only about 9% of the firms that come under the purview of MiCA are prepared for its implementation, and about 25% have not begun any preparations.
This is all for now. See you all next weekend with the next issue!
E Money Network partnered with WeFi for integrating E Money Wallet in the WeFi ecosystem -
2. E Money Network is partnering with Freebnk for enabling their users to obtain an International Bank Account Number (IBAN) -
3. E Money Networkâs Proof-of-Stake (PoS) consensus algorithm makes our blockchain secure, cost-effective, efficient and scalable. Read more about it here -
Our dear community member highlights all the assets that E Money Wallet supports to help other community members gain a deeper understanding of E Money Network. Check it out here -
