The 5 Crypto Stories You Need to Know This Week (4 February 2023)

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1. Bitcoin Trading at 60% Premium in Nigeria (Cointelegraph)

The developments taking place in Nigeria are worth watching for anyone interested in the evolution of money.

The central bank has put a cap on daily ATM withdrawals, removed and replaced many banknote denominations, and introduced the e-Naira.

Now, Bitcoin is at a 60% premium in the country.

Whilst part of this premium is due to the difference between the official and unofficial exchange rates, this is still an interesting development.

Expect many other central banks, especially those in emerging markets, to study what happens here very closely.

2. Hong Kong’s Central Bank to Regulate Stablecoins (Hong Kong Monetary Authority)

This is a positive step for Hong Kong, which is trying to regain its status as a global crypto hub.

Whilst this HKMA development mainly pertains to stablecoins, it’s a step in the right direction.

3. The U.K. Government Publishes Crypto Consultation (HM Treasury)

Various bodies in the U.K., from the FCA to the Bank of England, have issued crypto statements in recent months, and this consultation is another positive development for the U.K.

As a global financial hub, London has an edge to become a global crypto hub, but some headwinds remain, from high taxes and Brexit to slow-moving regulations and increased regional competition.

But there is a very active and often institutionally focused crypto ecosystem in the U.K. that will welcome this development.

4. Gemini Emphasized FDIC Insurance with Earn Customers (CoinDesk)

There has reportedly been criticism against Gemini that the crypto exchange implied to customers that their assets were safe because they were backed by the Federal Deposit Insurance Corp (FDIC).

This was not necessarily for its stable coin (the Gemini Dollar or GUSD - see below) but rather for its Earn product.

Crypto marketing will change a lot in the coming months and we should expect any type of statements or advertisement by crypto firms to be more closely scrutinized moving forward.

And this is positive for the industry to ensure there is no misrepresentation or misselling.

We should expect more focused regulations as well. Dubai’s VARA, for example, recently published specific guidelines for crypto firms marketing their services.

We should expect many other regulators to follow.

5. South Korea Arrests De Facto Head of Bithumb Exchange (Forkast)

South Korean authorities have been tightening their grip on the crypto industry following the Luna crash and by putting its CEO, Do Kwon, on the Interpol wanted list.

This recent development should not be seen as a surprise.

This matters as South Korea is an important player in the global crypto space, especially due to the high level of retail crypto trading.

Whilst it is unlikely to have any direct spillover effect on the rest of the crypto ecosystem, this is another example of the increased level of regulatory (and sometimes criminal) enforcement we should expect to see this year.

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