RUSSIA EXAMINES THE PLACE OF CRYPTO

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Russia considers greenlighting crypto; the feud between Binance and FTX continues; more mainstream companies register NFT-related trademarks.

The Central Bank of Russia examines the place of cryptos in the financial system

The Central Bank of Russia (CBR) is looking for ways to integrate crypto assets and blockchain technology into its domestic financial system amid a series of financial sanctions.

The Digital Assets in Russian Federation report discusses how the sanction-affected state could open its domestic market to foreign digital asset issuers, especially those from “friendly countries.”

The CBR said it strongly supports the “further development of digital technologies” provided they do not create “uncontrollable” financial or cybersecurity risks for consumers.

The CBR said that despite the birth of blockchain technology, the same regulatory rules regarding the issuance and circulation of traditional financial instruments should also extend to digital assets.

The Digital Assets in the Russian Federation report comes after the Russian Ministry of Finance approved using cryptocurrencies as a cross-border payment method by Russian citizens on September 22.

Finally, the CBR stated last August that they plan to roll out the digital ruble to all Russian-based banks in 2024.

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SBF calls for collaboration with Binance for ecosystem

FTX founder and CEO Sam Bankman-Fried (SBF) claimed in a Twitter post on November 7 that a competitor was trying to hunt down the cryptocurrency exchange with false rumors and also called for cooperation with Binance.

This development comes after Binance CEO Changpeng Zhao (CZ) said that the company would liquidate all positions in the rival exchange FTX tokens (FTT).

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SBF said that FTX’s assets are in good standing and that the exchange has enough funds to cover all client assets.

Binance co-founder and Chief Customer Service Officer Yi He explained that the sale of FTT has nothing to do with the rivalry between the two exchanges.

FTX’s Twitter page also addressed user complaints about withdrawal delays this morning, reassuring users that everything is running smoothly with the matching engine. Yet, at the time of publication, the node throughput for Bitcoin withdrawals is still constrained.

Some users warned against the developments on Reddit, comparing this to Celsius stopping withdrawals and misleading its users before the platform collapsed.

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An increasing number of trademarks filed for NFT, metaverse, and crypto

The number of companies filing trademarks for NFTs, metaverse-related virtual goods/services, and cryptocurrencies increased significantly in 2022.

According to data compiled by licensed trademark attorney Mike Kondoudis, the number of trademark applications filed for products and services related to digital currencies reached 4,708 as of the end of October 2022, surpassing the total of 3,547 applications filed in 2021.

Several companies have filed new trademark applications in the past month to join the Web3 ecosystem. Makeup and cosmetics giant Ulta filed for trademarks on Oct 21 for plans to include virtual makeup and salon services alongside NFTs in its offerings.

Luxury watchmaker Rolex has also filed for a trademark, with plans to bring in NFTs, NFT-powered media, NFT marketplaces, and a cryptocurrency exchange.

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