The immaterial nature of Digital Assets can make local regulations impotent to enforce. Migrating operations to more favorable jurisdictions is not as costly as in other industries, as you can have ubiquitous access to your assets as long as there is Internet. The world's regulators have become aware of this and more and more supranational organizations are working together under the banner of global regulation for Digital Assets.

Last week, organizations such as the Bank of International Settlements (BIS), the International Organization of Securities Commissions (IOSCO), the Financial Stability Board (FSB) of the G20, the International Monetary Fund, and the World Bank, among others, announced their work on different regulatory proposals to standardize the regulatory approach to the Digital Assets Ecosystem.

According to representatives of these organizations, the "wild west" of Digital Assets, where regulations are scarce, puts investors at risk. And while it is true that the lax regulation of the Digital Assets industry has been exploited by malicious agents, it is no less true that the management of "traditional economies" by central entities and regulators has not been the best, and proof of this is the generalized increase in debt levels as a percentage of GDP and the inability to control rampant inflation, the devaluation of currencies such as the yen and the euro and, in general, the loss of purchasing power of fiat money.

U.S. June inflation reached 9.1%
The Consumer Price Index showed a 9.1% increase in June compared to June of last year. This brings inflation to levels not seen in the U.S. since December 1981.

Euro falls below parity with the U.S. dollar
The price of the euro fell below parity with the U.S. dollar for the first time in 20 years. The EU currency, which initially sought to maintain fiscal discipline in eurozone countries, is now sliding below the dollar amid a U.S. interest rate hike aimed at fighting inflation, while the European Central Bank maintains looser economic policies.

Putin ratifies ban on payments with Digital Assets in Russia
Vladimir Putin signed last Thursday an amendment to a law banning the use of Digital Assets for payments in Russia, extending the ban to include Utility tokens and digital securities.

Paraguay's Parliament approves regulation of Digital Assets
The Digital Assets regulation bill in Paraguay was approved in its most recent discussion by the country's parliament. The regulatory proposal now awaits review by the president, who will decide whether to approve or reject the document.

IOSCO and BIS publish stablecoins regulatory guidance
The BIS Committee on Payments and Market Infrastructure, in conjunction with the  International Organization of Securities Commissions (IOSCO), unveiled its guidance for creating homogeneous legal frameworks for stablecoins, taking into consideration the consequences of the collapse of the algorithmic stablecoin, UST.

G20 FSB to propose global regulations for Digital Assets in October
The Financial Stability Board (FSB), the G20 body of regulators, treasury officials and central bankers, stated that they will propose "robust" rules for Digital Assets by October 2022, in the wake of solvency problems experienced by several companies in recent months.

International Securities Regulator to Propose DeFi Policies
The International Organization of Securities Commissions (IOSCO), an entity with regulators from 130 jurisdictions, established a roadmap to issue public policy recommendations focused on Decentralized Finance or DeFi. They expect to publish advisory reports by the end of 2023.

BIS, IMF and World Bank recommend international cooperation in the design of CBDCs
In a joint report published by the Bank of International Settlements (BIS), the International Monetary Fund and the World Bank, they recommended that the world's governments align on the design of their Central Bank Digital Currencies (CBDCs) to facilitate the interoperability of systems across borders.

Brazil's largest private bank to launch tokenization platform
Brazilian bank Unibanco Itaú, announced plans to offer a tokenization platform for traditional assets, as well as the launch of a Digital Asset custody service. The unit will be called Itaú Digital Assets. It will first be offered for institutional clients and, by the end of the year, they expect to have a version for end clients.

Germany has a new ETN backed by bitcoin spot
Germany's Deutsche Börse Xetra Exchange will be the home of the new "physical" bitcoin-backed exchange-traded note (ETN), launched by financial services company EQONEX.

Swiss Post Office to offer trading and custody services for Digital Assets
The Swiss Post Office banking arm, PostFinance will dive deeper into Digital Assets. After a year of offering exposure through its Yuh app, PostFinance announced that by early 2024 at the latest, it will have a standalone Digital Assets trading and custody service ready.

ING sells its Digital Assets custody platform
Dutch bank ING revealed the sale of Pyctor, its Digital Asset custody platform, to market infrastructure provider Gmex Group. However, ING will continue collaborating with Pyctor through its Digital Assets team.

SEC postpones decision on ARK 21Shares bitcoin spot ETF until August
The U.S. Securities and Exchange Commission (SEC) postponed until August 30th the deadline to decide on the application for a spot bitcoin ETF introduced by ARK 21Shares.

Celsius files for bankruptcy with US$ 1.2B deficit on its balance sheet
Digital Assets lender Celsius filed a Chapter 11 bankruptcy document with the state of New York, filing a US$ 1.2B deficit on its balance sheet. The Chapter 11 bankruptcy allows the company to continue operations while servicing debts owed to its customers.

Circle has US$ 55.7B to back the USDC stablecoin
USDC issuer Circle released its first unaudited monthly report with information on reserves backing the U.S. dollar-anchored stablecoin. According to the release, as of the end of June Circle had US$ 55.7B in cash and three-month Treasury securities.

Solidus Capital is the leading firm in Digital Assets, which provides exclusive, agnostic, and institutional services such as Liquidity, Custody Solutions, Wealth (Private Accounts and Portfolio Management), Multi-Strategy Funds, Private Placements, and other sophisticated products in conjunction with bespoke accompaniment to High Net Worth Individuals, Family Offices, Companies, Wealth Managers and Banks.
 

- Lacking information in the context and moments of the market  

- Executing operations inefficiently  

- Using unreliable service providers and infrastructure  

- Closing of accounts and freezing of funds