G20 Leaders To Discuss Paper On Crypto Regulation; ARK Invest, 21Shares Apply For Spot Ether ETF

Here are some major developments in the crypto world over the past few days.
Christiano Ronaldo
Christiano Ronaldo

Leaders of G20 nations are expected to brainstorm a paper on crypto asset regulation prepared by the International Monetary Fund (IMF) and Financial Stability Board (FSB), an international body that promotes financial stability, during their summit in New Delhi over the weekend.

The discussions will likely focus on a coordinated action to deal with crypto assets. It is seen as a step forward towards forming a global regulatory framework. NDTV reported that the paper was prepared at the behest of G20 finance ministers and central bank governors.

At the recent B20 Summit, Prime Minister Narendra Modi pitched for a global regulatory framework for crypto assets to address the concerns of stakeholders.

In India, gains from crypto assets are taxed at 30 per cent, introduced in FY2023. The high taxation on virtual assets triggered concerns in some quarters that the government might eventually ban these assets. However, Modi’s pitch for regulation dispels these rumours.

ARK Invest, 21Shares Apply For Spot Ether ETF

ARK Invest and 21Shares have asked the Securities and Exchange Commission (SEC) to allow the listing of a spot Ether exchange-traded fund (ETF) on the Cboe BZX Exchange.

The fresh request comes in a filing on September 6 after the SEC delayed the approval for a spot Bitcoin ETF by the two firms.

The ARK 21Shares Ethereum ETF plans to use the cryptocurrency exchange Coinbase as a custodian and measure Ether’s performance on the CF Ether-Dollar Reference Rate of the Chicago Mercantile Exchange.

The SEC is expected to examine several proposals for spot crypto ETFs, including the offer from ARK Invest and 21Shares, over the next few weeks.

Many crypto companies are hopeful of regulatory clearances after asset manager Grayscale won an appeal, compelling the SEC to review allowing its Bitcoin Trust to turn into a Bitcoin ETF.

Cristiano Ronaldo Reveals NFT Plans

Football star Cristiano Ronaldo has promised to release more non-fungible tokens (NFTs) to his fans. He revealed the plan during a fun “lie detector” test. The soccer player replied "yes" when asked if he owned any NFTs. The test again supported his assertion.

In 2022, Ronaldo agreed to a multiyear relationship with the NFT division of the Binance cryptocurrency exchange. Their cooperation aims to make Web3 available to his fans worldwide.

Binance To Refund Users Hit by $3M Rug Pull

Crypto exchange Binance has frozen the stolen funds deposited by Xirtam scammers in a rug pull. Meanwhile, it has developed an automatic smart contract to repay the consumers.

Users impacted by the Xirtam rug pull can claim their money by connecting their wallets to Etherscan, passing a verification, and invoking the claim function through the contract address, it said on September 6. They must submit their requests by August 2 to qualify for recovery.

“We have received several reports of Xirtam incidents and are fully aware of the seriousness of the problem,” the exchange previously wrote, adding that: “An investigation has been launched and action has been taken immediately. The fraudulent funds have been frozen in the Binance account. We appreciate your patience and understanding while we work to resolve this issue.”

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