🏛 Fidelity’s Crypto Platform to Add Ether Trading for Institutional Clients

Institutional clients of Fidelity Digital Assets will be able to trade ether (ETH) beginning Oct. 28, according to a memo sent out by the investment firm.

The move is the latest step towards making crypto available to institutional clients by Fidelity, the parent company of Fidelity Digital Assets. Earlier this month, the giant asset management firm said it started a new Ethereum Index Fund for accredited investors, after raising about $5 million since sales started on Sept. 26.

Fidelity launched its crypto-focused institutional custody and trading platform Fidelity Digital Assets in 2018. The firm currently offers two exchange-traded crypto funds dedicated to the metaverse and digital payments, respectively.

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🇹🇷 Turkish authorities seize $40 million crypto in illegal betting

The Ankara Chief Public Prosecutor's Office issued a detention order for 46 suspects in an illegal betting investigation carried out in eight provinces yesterday. Some 46 suspects were detained in a simultaneous operation in Ankara, Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van and Yozgat, and $40 million of cryptocurrency was confiscated.

It was determined that the suspects mediated the transfer of money obtained from illegal betting, and sent the money collected in their accounts to the cryptocurrency asset accounts of the criminal organization, including Halil Falyalı, his wife and the casino manager. The statement noted that Halil Falyalı was a Turkish Cypriot tycoon and was at the center of allegations regarding his leading role in the illegal betting businesses that he ran on the island, along with money laundering claims. On Feb. 8, 2022, he was shot dead in an assault in the Turkish Republic of Northern Cyprus' (TRNC) city of Girne (Kyrenia), near his home.

A net amount of TL 2.5 billion worth of cryptocurrency was transferred to the cryptocurrency accounts of a group of 11 people, including Falyalı and his wife, sending TL 118,000 with 148 transactions.

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🇮🇳 Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020

The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.”

Moreover, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by racking up a 37x growth over the last two years. The explosive Web3 growth in the country is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the United States, China and the United Kingdom.

In addition, India ranks first when it comes to reskilling in newer technologies, which is considered paramount in emerging technologies such as Web3 and blockchain.

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🇦🇪 UAE attracts blockchain firms in Asia, Europe with financing and residency

The United Arab Emirates (UAE) is pulling all strings in its attempt to entice technology firms from Asia and Europe with an array of exciting offers. Part of the Gulf nation’s tools in its arsenal includes speedy business licensing and giving employees attractive residency options.

A total of 300 firms are currently on the radar of the UAE administrators, with Thani Al Zeyoudi, Minister of State for Foreign Trade, noting that nearly 40 companies were in the advanced stages of a possible relocation. Al Zeyoudi told reporters that the government is currently eyeing a timeline of 24 months, with 2024 chosen as a tentative date to achieve its aims.

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🔥 Recent trademark filings could imply that Western Union wants to launch its own virtual currency exchange and cryptocurrency token.

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🇨🇷 Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method. This week, Congresswoman Johana Obando introduced a bill to allow bitcoin and other cryptocurrencies to serve as a form of payment. The bill also proposes that traditional banking institutions be able to serve as crypto exchanges, including custody and wallet services for their customers.

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⏳ 14 years ago today, Satoshi Nakamoto published the Bitcoin Whitepaper.

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🇻🇳 A remarkable scene in Vietnam: a street vendor offers GPUs per kilo as if they were vegetables.

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🇨🇳 Hong Kong’s crypto ambition gets subtle nod from Beijing

Hong Kong’s ambition of becoming a cryptocurrency hub is reportedly seeing subtle support from the Chinese government, in what could be seen as a contrast to the mainland’s hard-line anti-crypto stance.

In October last year, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto and allow retail investors to “directly invest into virtual assets” that could possibly be in contrast to China’s widespread crypto ban.

According to people familiar with the matter, Beijing officials have not been brazenly opposed to the idea. According to a Feb. 20 Bloomberg report, it is understood that representatives from the China Liaison Office have been frequenting Hong Kong crypto gatherings seeking to understand what’s going on.

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