Ethereum ETF begins public trading, reaching $1.07 billion in cumulative trading volume
By Robert A. Musiala Jr.
According to reports, on July 23, nine different spot Ether (ETH) exchange-traded funds (ETFs) from eight different issuers began public trading on three major U.S. stock exchanges. On the first day of trading, the ETH ETFs reportedly achieved cumulative trading volume of approximately $1.07 billion. According to reports, under its current design, the ETH ETFs cannot hold staked ETH.
In related news, a leading U.S. investment management firm reportedly recently made its private credit fund available on the Solana blockchain network through a partnership with Web3 infrastructure company Libre. The offering reportedly gives accredited, professional and institutional investors direct access to the private credit fund and ancillary services for secondary trading and secured lending.
Lastly, and of note, a recent press release stated that a major Italian bank, Cassa Depositi e Prestiti Spa (CDP), has successfully issued the first digital bond on the Polygon blockchain network. The issuance was reportedly part of an initiative with the European Central Bank.
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Major accounting firm and crypto custodian announce crypto offering
By Keith R. Murphy
According to a recent press release, a “Big 4” accounting firm has partnered with cryptocurrency accounting software platform Cryptio to help companies establish controls for accounting for crypto assets. The release noted that having accurate and comprehensive on-chain data for financial reporting purposes is key to meeting financial reporting standards. According to the release, Cryptio’s technology enables companies to maintain complete and auditable data, while the Big 4 accounting firm brings critical industry knowledge to help companies stay on top of their financial position, improve internal controls, and meet reporting standards.
In another recent report, digital asset management company Hex Trust announced that it had received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The license allows companies operating in Singapore to perform multiple payment services and handle digital payment tokens, and is reportedly the “gold standard” for cryptocurrency licenses in Asia. According to the report, Hex Trust CEO and co-founder said that reaching this stage in the process is the culmination of a multi-year effort that began in 2020.
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FATF Releases Fifth Focused Update on the Implementation of VA and VASP Standards
Christopher Lamb
The Financial Action Task Force (FATF), a money laundering and terrorist financing watchdog, recently released its fifth targeted update on the implementation of FATF standards on virtual assets and virtual asset service providers. According to the press release, the report found that global implementation of AML/CFT regulations dealing with virtual assets (VAs) has lagged in some jurisdictions, and some governments have yet to take steps to regulate the VA sector. The report found that 75% of jurisdictions are partially or non-compliant with FATF’s VA and VA Service Provider (VASP) requirements, a figure consistent with the April 2023 survey results. According to the press release, “The delay in regulating the VA sector is a serious concern, and VAs continue to be used to support the proliferation of weapons of mass destruction, including not only North Korea, but also fraudsters, terrorist groups, and other illicit actors.”
Additionally, the report reveals that roughly one-third of jurisdictions responding to the survey have yet to pass a VA bill implementing the Travel Rule, a key AML/CFT measure.The report also notes that stablecoin and DeFi adoption is on the rise, and points to the need to facilitate the sharing of best practices in implementing the FATF standards for VA and VASPs.
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