Last week in review: Grayscale launches new ETF of crypto-exposed companies

After a strong weekend for Bitcoin, we are pleased to share another round of stories from the world of crypto.

The US pulls the trigger on its first blockchain-enabled securities exchange, asset manager Grayscale launches new ETF and the Bank of England raises interest rates as inflation continues to rise. Moving East, India reveals its plans for a CBDC launch alongside a hefty crypto tax while Japan mulls a change in its crypto trading rules.

Here are our picks of the biggest stories from last week.

First blockchain-based securities exchange approved in the US

What 

The Securities and Exchange Commission (SEC) in the US has given the go-ahead for Boston Security Token Exchange (BSTX) to launch the nation’s first regulated blockchain-enabled securities exchange

Why 

BTSX’s blockchain solution looks to settle transactions within the same day or a day after while providing proprietary and transparent blockchain data feeds

What next 

Company board member Alan Konevsky describes it as a “watershed event in the digital evolution of the securities markets and the trading experience”

Read the full story here.

Japan mulls change to ease crypto trading rules

What

Japan’s Virtual and Crypto assets Exchange Association (JVCEA), the body that governs Japan’s cryptocurrency market, is considering making it easier to list digital tokens

Why

The existing rules make it harder for new entrants to gain market share with a lengthy screening process resulting in fewer token listings

What next

Under the potential new system, crypto exchanges would be allowed to list more than a dozen coins in one go with a new, simplified screening process

Read the full story here.

India reveals CBDC plans along with new crypto tax

What 

India’s Finance Minister, Nirmala Sitharaman, revealed the country’s plans for a developing a CBDC, along with regulatory announcements relating to the taxation of cryptocurrency

Why 

India is the latest country to announce its plans for the development of a CBDC, following countries like Canada, South Korea, and China

What next 

The digital rupee is to be launched sometime this year or early 2023

Read the full story here.

Grayscale launches new ETF of crypto-exposed companies

What

Grayscale has launched an ETF of Bitcoin-exposed companies

Why

The asset management company aims to provide the most concentrated and diversified equity exposure in the space

What next

Their ETF is trading on the New York Stock Exchange under the ticker symbol GFOF

Read the full story here.

Bank of England raises interest rates to 0.5% as inflation hits 30-year high

What

The Bank of England has raised interest rates for the second time in three months 

Why 

The increase from 0.25% to 0.5% came as the Bank confirmed inflation was on course to hit a 30-year high

What next

The economy is forecast to stagnate in the first three months of this year, while the Bank also cut its annual growth forecast for 2022 from 5% to 3.75%

Read the full story here.

To catch up on other big stories to come from last week, be sure to check out these headlines

Google bets on blockchain and crypto

Visa’s crypto cards hit $2.5 billion in payments

Fidelity files two more crypto ETFs

Ethereum Founder outlines shared security for Layer 2 protocols

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