GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. It’s time for the weekly news recap.
Here are the top crypto news stories of the past week!
Market Updates 📈
Here are the crypto highlights of the week:
- Bitcoin is up 5.9% vs the previous seven days, now at $104,622.
- The weekly top gainer in the top 100 coins is Hyperliquid ($26.96), up 116.6%.
- The weekly top loser in the top 100 is WIF ($2.71), down 20.1%.
- Noteworthy: Raydium ($5.118) is up 9.7% vs the past week.
The Bangko Sentral ng Pilipinas (BSP) has canceled the registration of a Money Service Business (MSB), FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC., due to a regulatory compliance violation.
- The BSP’s Monetary Board, in Resolution No. 1209 dated October 16, 2024, approved the cancellation.
- The violation relates to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, which governs compliance standards for MSBs.
- The circular, signed by BSP Deputy Governor Chuchi G. Fonacier, was issued on December 6, 2024.
BSP Cancellations
This 2024, BSP sent numerous press releases to the media announcing cancellations of the licenses it issued to the following financial institutions:
What’s next: Applications for VASP, E-Money, and Digital Banks will resume in 2025.
Local Crypto News 🇵🇭
- Coins.ph and inDrive launched the first blockchain-powered fleet.
- SparkPoint’s support team account Sparky set to become its AI Agent.
- YGG GAP Season pass is now available.
- MetaGaming Guild is now a validator on Namada.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- The Cardano Foundation’s X account was hacked, posting false claims about a Solana token and an SEC lawsuit.
- Economist Mark Zandi predicts a 2025 crash in crypto and stocks due to overvaluation and rising Treasury yields.
- Microsoft shareholders rejected a proposal to invest treasury funds in Bitcoin, citing its volatility.
- Bitwise 2025 predictionstates that Bitcoin will reach $200,000, ether will hit $7,000, and solana will triple to $750.
Educational Corner 🎓
Last week, BitPinas highlighted guide articles as well as lists in various categories.
- Articles about Project Agila:
Regulation Watch 📜
Stay informed about the latest regulatory updates from here and around the world and what they mean for you:
- An Argentine Senator proposed including cryptocurrency mining and blockchain in the Knowledge Economy Law for tax incentives to boost innovation.
- El Salvador is nearing a deal with the IMF for $2 billion in loans but must soften its Bitcoin law.
- US SEC Commissioner Hester Pierce urges regulatory reforms to clarify crypto rules, remove bottlenecks, and foster industry collaboration.
- South Korea‘s recent declaration of martial law has delayed its efforts to regulate its crypto sector until next year.
Community Spotlight 🔦
The following people were feature in last week’s community spotlights:
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Filipino startup ChatGenie introduced an AI-driven multi-agent framework for BPOs.
- The Movement Network Foundation launched its Ethereum Layer-2 network and the MOVE token, distributing $830 million worth of tokens in a “MoveDrop” airdrop.
- SocialFi Dapp Farcaster plans to launch Snapchain, its own Ethereum Layer 2 chain using the OP Stack.
- Seven Seas Capital launched its first ETH DeFi Yield Fund to provide investors with a simple entrypoint to earning class-leading yields on ETH.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- A new report reveals that 93% of Web3 gaming projects, or GameFi, are effectively “dead,” with the average lifespan of a project just four months.
- Creo Engine launched the CreoPlay Bot mini-app and CreoPlay ID Wallet to enhance web3 gaming, offering engaging mini-games, rewards, and seamless onboarding.
- Ambrus Studio, led by former Riot Games executive Johnson Yeh, launched “E4C: Final Salvation” in India, featuring NFT integration on the Sui blockchain.
- The Treasure DAO announced on Wednesday that web3 gaming ecosystem Treasure launched on mainnet.
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This newsletter is republished on BitPinas: Financial Institution Loses BSP License Over Compliance Issues | Weekly News Recap
