Good Morning Crypto

South Korea passes crypto bill to tackle unfair trading and protect investors. US SEC to respond to Coinbase's legal defense on July 13. OKX expands sponsorship deal with Manchester City. Celsius granted permission to liquidate altcoins and convert to BTC and ETH. SEC deems recent filings for spot Bitcoin ETFs as inadequate.

Slovakia's parliament has approved a tax amendment lowering cryptocurrency taxes, while Coinbase seeks to dismiss the SEC's lawsuit, and Binance faces rejection of its crypto custody license in Germany. Meanwhile, North Carolina has passed a bill to explore holding cryptocurrencies in the state treasury.

Tether has signed an MoU with the government of Georgia to develop Bitcoin and P2P infrastructure, aiming to attract international attention and investment to the decentralized space. KuCoin will introduce mandatory KYC checks, requiring new users to complete identity verification, while existing users will need to complete KYC to access certain features. The Law Commission of England and Wales has proposed classifying cryptocurrencies as a new category of personal property, suggesting industry-specific panels and a legal framework for crypto collateral arrangements. Bankrupt Voyager Digital will pay $1.1 million to Kirkland & Ellis for legal fees, while FTX is in talks to relaunch its exchange, involving rebranding and potential compensation for clients.

In today's news, Fidelity is reportedly preparing to submit its own filing for a spot Bitcoin ETF, following BlackRock's lead. Robinhood is facing layoffs, with approximately 150 employees being let go. Fireblocks expands its support to include hardware security models and major cloud service providers. Bitfinex launches a new peer-to-peer trading platform for the Latin American markets. Lastly, a federal judge denies motions to dismiss criminal charges against FTX founder Sam Bankman-Fried

HSBC, the largest bank in Hong Kong, now offers cryptocurrency services, allowing customers to buy and sell Bitcoin and Ethereum ETFs. Bybit has obtained a crypto license in Cyprus, Binance has reversed its decision to delist privacy coins in Europe, and the Japanese National Tax Agency clarified that crypto issuers won't pay taxes on unrealized gains. Additionally, Coinbase Credit has provided a $50 million loan to Hut 8 Mining to support its Bitcoin treasury management strategy.

Last week, 14 crypto startups secured $49.9 million in funding, including dtcpay, Neutron, Maverick Protocol, and more. BlackRock's filing for a Bitcoin ETF, along with other financial institutions, has sparked interest in cryptocurrency ETFs. Japan's National Tax Agency relaxed taxation rules for crypto assets, benefiting corporations dealing with crypto service providers. SAP is testing USD Coin (USDC) for international payments, exploring the use of blockchain technology. Despite a lawsuit from the SEC, Coinbase CEO Brian Armstrong envisions Coinbase becoming a "super app" like WeChat, offering a range of services beyond crypto exchange.

Hacker group BlackCat threatens to release stolen Reddit data, demanding a ransom and reversal of changes. Sydney emerges as a global hub for crypto and blockchain, hosting innovative projects and fostering a vibrant crypto culture. Bitcoin reaches one-year high after BlackRock's Bitcoin ETF plans and increased institutional interest. JPMorgan expands its blockchain-based token, JPM Coin, to include euro payments. US Supreme Court ruling favors Coinbase, reinforcing companies' rights to arbitrate disputes.

In a week marked by regulatory advancements and legal disputes in the crypto sector, Crypto.com has obtained approval to offer its services in Spain, demonstrating its commitment to compliance in global markets. FTX is seeking to recover $700 million from affiliated funds and friends of founder Sam Bankman-Fried. In the U.S., the SEC has shown flexibility by allowing BlockFi to repay its customers before collecting 30,2 Million dollars, and Coinbase has scored a legal victory at the Supreme Court in an arbitration lawsuit. All these regulatory movements coincide with technological advancements, as demonstrated by SAP, which is currently testing the USDC stablecoin for cross-border payments.

Mastercard is fostering crypto card programs through its 'Engage' initiative, while 3AC Ventures' partnership with Open Exchange points to decentralized crypto trading's potential. Binance's regulatory woes in Brazil amplify its global challenges, and BitGo's canceled Prime Trust deal shows crypto sector unpredictability. Finally, Crédit Agricole's crypto license underlines the industry's increasing institutional acceptance.

Binance is stretching its legs and setting up shop in Kazakhstan, in the face of a global regulatory pushback. Ledger is taking security to new heights with the release of a white paper detailing a tool for hardware wallet seed recovery. Singapore's Monetary Authority is stepping up its digital game, proposing a protocol for digital money use and teaming up with none other than Amazon for trials. The German Intelligence Agency is using NFTs to lure in new talent, and, finally, Polygon is bolstering app developers with a new AI interface powered by ChatGPT.