AML rules for digital assets to come into effect in UAE
Under new rules from the Central Bank of the United Arab Emirates (CBUAE), licensed financial institutions (LFIs) would be required to verify the identities of all customers. The update will come into effect “within a month” by the end of June. According to the guidance, LFIs should submit a request to the central bank for non-objection to open accounts for each virtual asset providers (VASP) on a case-by-case basis. Any collaboration with VASPs without a national license is prohibited. Source Cointelegraph
ECB Finalizes Digital Euro Prototypes as Development Decision Looms
The European Central Bank (ECB) has finalized prototypes for a digital euro as it prepares to take a decision later this year over whether to develop the EU's fiat currency in a new format, according to reports released on Friday. The ECB says its potential central bank digital currency (CBDC) can be designed to boost innovation – but appears more skeptical about using Web3-style distributed ledger technology and smart contracts. The EU is one of many jurisdictions across the world currently contemplating a CBDC – including near neighbors at the Bank of England. Source: Coindesk
No More Impairment Charges: FASB Weighs Crypto Accounting Standards
The Financial Accounting Standards Board (FASB) is gathering feedback on long-awaited proposed changes to how companies report crypto holdings. According to the FASB, the existing accounting treatment of crypto as indefinite-lived intangible assets fails to offer investors informative data for decision-making purposes. As a result, companies must evaluate the worth of their crypto on an annual basis and make a downward adjustment if the value falls below the purchase price — commonly reported as impairment charges, such as the ones posted by Tesla and MicroStrategy. Source: blockworks
Bitcoin addresses holding 1 BTC or more reach one million
The number of Bitcoin BTC wallet addresses holding one whole BTC or more has surpassed the one million mark. The one million wholecoiner milestone was reached on May 13, according to data from Glassnode. In total, a whopping 190,000 or so “wholecoiners” were added from early February 2022 as the price of Bitcoin fell from its November 2021 highs. Source: Coin Telegraph
The global asset landscape
The global asset landscape (as of 1/1/2023) by JESSE MYERS
‘Ancient’ Bitcoin Changes Wallets After 12 Years Dormant
Asleep for ages, more sats wake from years of slumber. Bitcoin bought in 2011 came back to life on Thursday, when 139 Bitcoin belonging to address 1H1Ab6 moved into a newly created Segwit address. The owner—who hodled for nearly twelve years–bought the coins in June 2011 for a bit over $2,250 dollars, only to see them grow into a staggering $3.5 million at bitcoin’s current price mark. These coins belong to what’s known as Ancient Supply, which refers to Bitcoin purchased at least 7 years ago, although some analysts use 5 years as their base date. So far this year, over 3,000 BTC from Ancient Supply has returned to life. Source: Decrypt
China is still the 2nd largest Bitcoin miner in the world
Source: Coinbeast
Bitcoin transaction costs climbes above $30 vs $2 a month ago
Congestion on the Bitcoin network in recent weeks has been driven by the minting and transfer of BRC-20 tokens. Transaction fees on Ethereum over the last four weeks are currently 0.84 standard deviations above the preceding 12m average, whereas transaction fees on Bitcoin are 10.49 standard deviations above the average. That fee discrepancy on a normalized basis could be contributing to the modest BTC outperformance over ETH in recent weeks. Source: Coinbase Research
