• Fidelity, VanEck, and other firms refiled spot Bitcoin ETF applications after reports of SEC rejections.
• South Korea passed new crypto legislation focused on investor protection.
• BNY Mellon’s crypto custody venture runs afoul of SEC rules.
Filing Spot Bitcoin ETF Applications
Fidelity, VanEck, and more have refiled spot Bitcoin ETF applications after reports of SEC rejections. This falls short of the SEC’s expectations on a technicality but are still in the running for approval.
South Korean Crypto Legislation
South Korea has just passed new crypto legislation aiming to protect investors. This is seen as a positive step towards encouraging more investment in cryptocurrencies and blockchain technology within the country.
BNY Mellon Crypto Custody Venture
BNY Mellon recently launched its own crypto custody venture with plans to offer services related to digital asset storage and management. However, their progress has been hampered by the Securities and Exchange Commission’s Staff Accounting Bulletin 121 (SAB 121) which requires custodians of digital assets to record those assets on their balance sheets. This could prove to be an obstacle for banks looking to scale up their digital asset custody business operations.
Cardano NFT Plans
Vodafone recently confirmed rumors that it had plans in place for creating Non-Fungible Token (NFT) projects based on Cardano’s platform. This would provide users with increased security and transparency when it comes to trading digital assets or participating in decentralized finance applications (DeFi).
Conclusion
The news about Fidelity, VanEck, and other firms refiling spot Bitcoin ETF applications after reports of SEC rejections is encouraging as it shows that progress is still being made towards wider adoption of cryptocurrencies across financial markets worldwide. Additionally, South Korea passing new crypto legislation focusing on investor protection is also seen as a positive step forward for the industry as a whole. Finally, BNY Mellon’s crypto custody venture has run into some regulatory issues due to SAB 121 requirements which must be addressed before they can move forward with their plans for scaling up their services related to digital asset storage and management solutions.