Daily Digest - 10th October 2022

Headlines

▌Malaysia Will Build a National Public Blockchain

MY E.G. Services Berhad (MYEG) and Mimos Technology Solutions Sdn Bhd (MTSSB) signed a memorandum of understanding (MOU) to jointly develop and operate Malaysia’s national blockchain infrastructure to onboard the nation’s private and public sectors to Web 3.0.

Policies

▌Moody's Executive: New EU MiCA Regulation May Drive Stablecoin Innovation

Fabian Astic, global head of DeFi and digital assets at Moody’s, said in an interview that the restrictions of new EU regulations may promote the innovation of stablecoins in Europe. European delegates recently voted to formalize the regulatory guidelines for markets in crypto assets (MiCA). The regulation caps the daily trading volume of non-euro-backed stablecoins at 200 million euros (just under $194 million). A final vote on the new legislation is expected on October 10. Astic said that MiCA is expected to be implemented as early as 2024, and participants will have only two years to promote euro-denominated stablecoins in the region, which has the potential to make euro-backed stablecoins a key player in the global cryptocurrency and DeFi space . But he warned that without enough euro-backed stablecoins, progress could be slowed because the vast majority of stablecoins today are dollar-backed.

Cryptocurrency

▌Otherside Community Released the First Mini Game "Flappy Koda"

Yuga Labs' metaverse project Otherside community announced the launch of its first mini game "Flappy Koda". It is reported that this game was jointly developed by KG_OG, the holder of the virtual plot Otherdeed, and Twitter user "OtherskinsXYZ". Inspired by the popular Welcome to the mobile game Flappy Bird, but instead of an animated virtual bird, Flappy Koda features Snorky the Koda, a mysterious creature that needs to "fart" over obstacles to get a mystery potion.

▌Research: BTC Outperformed S&P 500 and Nasdaq in September

According to the latest Cryptocompare report, Bitcoin had a negative return of 3.11% in September, but still outperformed “the S&P 500 and the Nasdaq had negative returns of 9.34% and 10.5%, respectively,”. Only Solana (5.59% monthly return among the four cryptocurrencies tracked) and gold (2.87%) had higher risk-adjusted returns than Bitcoin. Ethereum, on the other hand, was identified in the report as the worst performer of the four tracked cryptocurrencies after the long-awaited merger turned out to be a buy-the-rumor, sell-the-news event.

▌Crypto Exchange Huobi Global to Be Acquired by Hong Kong-Based About Capital

Huobi Global, one of the biggest crypto exchanges in the Asia markets, said late Friday that it has agreed to be purchased by Hong Kong-based investment company About Capital Management's M&A fund. Huobi announced in its blog post that About will “control the majority stake” of Huobi once the deal closes; it said the ownership transfer will have no impact on trading operations. Under new ownership, the exchange is plotting an international expansion and will receive an “injection of sufficient capital in margin and risk provision fund”.

▌Mt. Gox Bitcoin Exchange Creditors Can Now Register to Select a Repayment Method

The Mt. Gox case has been a rollercoaster of a ride for the crypto market. Since the creditors voted on the trustee plan for the rehabilitation process, the crypto community has been closely monitoring the development. This is because the voting resulted in about 140,000 BTC being released towards repaying the creditors. As of the latest notice published on October 6^th, the Mt. Gox Bitcoin exchange rehabilitation system has released a new function that allows creditors to select a repayment method and register payee information. The notice indicates that the greater part of the Mt. Gox saga is coming to a close. It will likely be years before all of the funds are transferred to creditors, as stated by a creditor.