3Commas Weekly Crypto Industry Updates October 4th, 2024

Let's discuss what has happened in the crypto industry in this last week of October 2024.

Director who identified QAnon authors says HBO doc will expose Satoshi

Documentary filmmaker Cullen Hoback and HBO recently announced the release of their upcoming film “Money Electric: The Bitcoin Mystery,” along with hints that the true identity of Bitcoin creator Satoshi Nakamoto may finally be revealed.

Cullen Hoback is known for his HBO miniseries “Q: Into the Storm” wherein he claims to have identified several of the authors of the QAnon conspiracy theory. 

Following the upcoming releases, polymarket bettors believe Satoshi could be unveiled as the cryptographer Len Sassaman, as he holds the highest rank on the betting board, with 54% odds of him being the Bitcoin founder.

Why does it matter?

Many people believe that the uncertain  identity of Satoshi Nakamoto is one of the key reasons behind Bitcoin supremacy in the crypto world. The idea or the existence of someone incharge might affect the market due to fears of government involvement in the technicalities of the Bitcoin software.

Kraken launches derivatives trading in Bermuda after securing BMA license

Cryptocurrency exchange Kraken has announced the launch of its derivatives trading platform in Bermuda, after the exchange received a license from the Bermuda Monetary Authority (BMA). 

Kraken follows other cryptocurrency exchanges like Coinbase International and HashKey Global to the island. Bermuda appears to be an attractive region for regulating cryptocurrency activities.

Why does it matter?

Traders who are using Kraken can pivot to derivatives trading while staying compliant to cryptocurrency laws in their jurisdiction.

Taiwan announces new AML laws to be effective by January 2025.

The Financial Supervisory Commission (FSC) of Taiwan has introduced new Anti-Money Laundering (AML) regulations mandating virtual asset service providers (VASPs) to comply with it by 2025. These new regulations will replace the current one and require full compliance of VASPs. 

The new regulations require all crypto firms to register with the government by September 2025 even if they have completed the old compliant measures or they will face penalties, including a two-year prison sentence or fines of as much as 5 million New Taiwan dollars ($155,900). The new regulations take effect starting January 1, 2025.

Why does it matter?

The adoption of cryptocurrency is rapidly growing beyond our wildest dreams. Governments are rolling out strict measures and laws to disband bad actors and ensure the safety of users. 

Binance is now available in Argentina after securing VASP license

Cryptocurrency exchange Binance is now fully operational in Argentina after securing registration with the country’s securities regulator. 

In an announcement shared with Cointelegraph, Binance said that it had been incorporated into the Argentine virtual asset service provider (VASP) registry of the National Securities Commission (CNV). The exchange said this is its 20th registration with regulators worldwide. 

Why does it matter?

Traders residing in Argentina can now pivot to Binance and access its services while staying compliant to cryptocurrency laws in their jurisdiction.

Bitwise files XRP ETF trust listing in Delaware

Bitwise has filed for XRP exchange-traded fund (ETF) listing as was seen on the State of Delaware’s Division of Corporations website. 

According to the filing, the Bitwise XRP ETF was incorporated on Sept. 30, 2024. The registered agent was listed as CSC Delaware Trust Company, which is headquartered in Wilmington, Delaware.

According to Cointelegraph reports, a Bitwise spokesperson confirmed filing the XRP exchange-traded fund trust registration with the state of Delaware.

Conclusion: 

What we’re seeing is an increased regulatory progress and friendly relationship between the government and crypto service providers in ensuring a safe environment for adoption. We also recoreded more crypto asset exposure to traditional investors aside the Bitcoin ETF and ETH ETF. Now we are seeing an increased application for XRP ETF listing.