News updates January 17, 2022
1. Crypto.com pauses withdrawals due to ‘suspicious activity’
Major crypto wallet and platform Crypto.com has temporarily halted withdrawals after "a small number of users reporting suspicious activity on their accounts," but all funds are reportedly safu at the moment.
2. Singapore bars crypto service providers from advertising in public spaces
The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, barring them from marketing their services in public areas.
The guidelines, which were issued on Jan. 17, also warned the general public of the high risks associated with the crypto market in addition to prohibiting DPT companies from advertising their services in public places such as public transportation, public transportation venues, public websites, social media platforms and broadcast and print media.
The new set of guidelines will be applicable for all the registered crypto services providers as well as those who are in the transitional period.
3. 70% of Jamaica population to adopt CBDC in 5 years, prime minister says
Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January.
Following the tests, the country's prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country.
Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced banking costs and inclusivity of CBDC in a Bloomberg interview, adding that digital currency would ensure greater government accountability thanks to easier public resources tracking.
4. Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin
The number of surveyed South Africans that own crypto grew marginally from 10.3% in October 2021, to 11.3% in December 2021. With this rate of ownership, South Africa is now ranked number 21 out of the 27 countries whose internet users participated in the survey
South African Ownership Rate Below Global Average
According to the findings of the latest Finder survey, out of the 2,003 South African internet users that were surveyed, 11.3% said they own cryptocurrency. This cryptocurrency ownership rate is said to be marginally higher than that of the United States (10.5%) and Sweden (9.8%).
5. Pakistan Seeks to Block Websites Dealing in Cryptocurrency
Pakistan’s Federal Investigation Agency (FIA) is reportedly seeking to block websites dealing in cryptocurrency. The decision followed a meeting the agency had with the State Bank of Pakistan (SBP) which recently recommended a complete ban on crypto.
6. Fidelity Expects More Countries to Acquire Bitcoin Citing 'Very High Stakes Game Theory'
Fidelity expects more sovereign nation states, or even a central bank, to acquire bitcoin this year. “There is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers,” the firm explained.
Fidelity’s Crypto Predictions
Fidelity Digital Assets, a subsidiary of Fidelity Investments, published a report on crypto trends and their potential future impact earlier this month. Among the trends discussed in the report is the adoption of cryptocurrency by sovereign nations.
7. Australian football league secures $25M deal with Crypto.com
In what comes as the first major crypto sports sponsorship deal down under, the Australia Football League (AFL) has secured a partnership with Crypto.com to back its women’s league (AFLW).
The deal is worth close to $25 million over the next five years, a marked increase from the AFL’s existing $18.5 million sponsorship contract with Toyota. Crypto.com is a Singapore-based crypto exchange offering digital wallets and crypto-backed debit cards.
The partnership will mark Crypto.com’s first time sponsoring an Australian sports team. It will also be its first time sponsoring an elite women’s sports competition worldwide, a milestone that AFL Executive General Manager Customer and Commercial Kylie Rogers said she’s “proud” to be part of.
