Japan's Financial Services Authority, the FSA, has authorized the launch of a digital securities market by the end of this year. This and more news in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Japan authorizes START launch
📍START is a new digital securities trading platform that will be launched in Japan at the end of December. This new platform, developed by Osaka Digital Exchange (ODX), will provide a space for the trading of security tokens, in a regulated manner, by retail investors.
Ledger Insiders reported that the first digital securities issue to be carried out through this market platform will be a real estate security token worth 2.925 billion yen, equivalent to about $19,7 million. The issuance of this token will be carried out by the company Ichigo Co.
The approval of this new digital securities market demonstrates Japan's interest in emerging technologies and cryptoassets, to create new opportunities in the financial sector and to accelerate technological innovation and development.
ODX stressed that this new exchange will help build a new and more convenient capital market, adapted to the changing needs of investors.
Progress on the possible approval of a Bitcoin ETF
📍Amid enforcement actions in the crypto industry by the US government, SEC meets with companies seeking approval for a Bitcoin spot ETF. According to Bloomberg ETF analyst James Seyffart, the SEC's trading and markets division met yesterday with asset management firm Grayscale Investments, which has filed two cryptocurrency exchange-traded fund applications with the securities regulator.
Seyffart noted that the SEC's division of trading and exchange is responsible for approving or denying applications submitted through Form 19b-4.
In addition to the recent meeting with Grayscale, Seyffart also noted that the SEC has been meeting this week with other companies that want to launch a Bitcoin ETF in the US market.
While companies’ preparations for a potential Bitcoin ETF to go live are still moving forward, Seyffart said that none of the above has changed his assessment of the likelihood of the listed investment product being approved in January. “We can’t go beyond 90% by January 10. That said, in our view, things are still moving forward,” the analyst said on social media site X (formerly Twitter).
Bitcoin, El Salvador and Argentina
📍El Salvador's President Nayib Bukele has authorized a Bitcoin delegation to visit Argentina. According to Bitcoin maximalist Max Keiser, this delegation authorized by President Bukele will visit the South American nation on a diplomatic mission, to pay an official visit to the new Argentine president, Javier Milei, during his inauguration, which will be on December 10.
The Bitcoin delegation from El Salvador will be led by Max Keiser, who said he will discuss Bitcoin with the president of Argentina.
During her presidential campaign, Milei spoke out in favor of Bitcoin and the financial and economic freedom that cryptocurrency allows. Therefore, the crypto community believes that the official visit by El Salvador to Argentina can pave the way for reaching new agreements and future collaborations, which could boost the adoption of Bitcoin in the region.
El Salvador and Argentina now have something in common, and that is that their presidents are staunch defenders of Bitcoin.
Altcoins remain on the rise
📍This week, the price of Bitcoin has increased by only 2%, while altcoins in the top 100 show growth of up to 40%. This is the case of RNDR, the native token of the Ethereum-based distributed GPU rendering network Render, which has increased by more than 43% this week.
Also, KAS, SNX, KCS, NEAR and IMX have increased their price by more than 18% in the last few days, taking the lead, in terms of price growth, over other cryptocurrencies, including Bitcoin.
Ordinals-like entries flood Avalanche network
📍A new token standard has been created on the Avalanche network, called ASC-20. According to Jacob Everly, technical product manager at Ava Labs, this type of token is similar to Bitcoin ordinals, which allow for inscriptions in the blockchain to record information and data within it.
Everly told Blockworks that Avalanche has been receiving a massive amount of ASC-20 token transactions, accounting for about 95% of the total transactions the network is currently processing. On average, Avalanche validators are processing about 40 transactions per second, and at times this number has risen to 100 transactions per second, he said.
However, the rise of ordinals on Avalanche has not affected the network, which has remained strong and accessible to users.
Continue reading: Nexus, a layer 3 solution designed to unify Ethereum liquidity
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
