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Polygon Labs Has A Bold Plan to Keep DeFi Safe!
Polygon's solution comes at the perfect time as crypto crimes are on the rise again.
Danielle du Toit
January 30, 2024
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Here's what we've got for you today:
Polygon Labs’ Bold Strategy to Combat Illicit Finance in DeFi
Approval of Bitcoin ETFs Spurs Asia’s Crypto Market Momentum
Coinbase Rolls Out New Fee Policy for Large-Scale USDC Conversions
PayPal Backs Crypto Security Startup Mesh with its PYUSD Stablecoin
The proposed solution from Polygon Labs comes at the perfect time as the crypto community is pestered by a resurgence in crypto exchange listing scams.
Polygon Labs and Arktouros law firm have drafted a regulatory framework targeting illicit activities in decentralized finance (DeFi), proposing to classify decentralized DeFi protocols as "critical infrastructure" under U.S. Treasury’s Office of Cybersecurity and Critical Infrastructure Protection.
One of the main goals of the proposal is to enhance oversight and security in the DeFi space.
This initiative aligns with the growing concerns about crypto-related scams. Yi He, the co-founder of Binance raised awareness about the rise in crypto exchange listing scams.
Australia is expected to be the next country to approve Spot Bitcoin ETFs within the first or second quarter of 2024.
The U.S. SEC's approval of Spot Bitcoin ETFs was a big step in the cryptocurrency industry, prompting Australia, led by Monochrome Asset Management, to potentially approve similar ETFs on the ASX soon, with the Monochrome Bitcoin ETF expected to be quoted in the near future.
The Australian Securities and Investment Commission (ASIC) has been instrumental in facilitating the introduction of products like ETFs in the Australian market.
While Hong Kong and Singapore are also showing interest in adopting ETFs, the UAE is encountering challenges in advancing Bitcoin ETF-type products.
Coinbase has implemented a new tiered pricing model for institutional conversions of USDC to USD that exceed $75 million.
Coinbase's new policy introduces a tiered fee structure for institutional transactions converting USDC to USD over $75 million in a 30-day period, with fees escalating for higher transaction amounts.
The fee tiers are set at 0.1% for conversions from $75 million to $150 million, 0.15% for transactions between $150 million and $500 million, and 0.2% for conversions exceeding $500 million.
To mitigate the impact of these changes, Coinbase offered exemptions to certain high-value clients and participants in its Exchange Liquidity Program.
PayPal Ventures has thrown its support behind Mesh, a startup specializing in crypto cybersecurity.
Mesh is a fintech platform that was established in 2020, and offers services like crypto payments, account aggregation, and trading across over 300 platforms.
PayPal will be using its stablecoin PYUSD for the first time in a venture deal with this investment in Mesh.
Launched in August of 2023 in partnership with Paxos, PYUSD is backed by U.S. dollar deposits and short-term U.S. Treasuries.
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