VanEck Application for Spot Bitcoin ETF

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VanEck joins the group of asset managers updating applications for a spot Bitcoin ETF in the United States.

VanEck made another move in its pursuit of a spot Bitcoin exchange-traded fund (ETF), filing an amended application with the U.S. Securities and Exchange Commission (SEC).

One notable aspect of VanEck’s amended filing is the revelation that an unnamed seed capital investor acquired Seed Creation Baskets for the VanEck Bitcoin Trust in October.

These Seed Creation Baskets consist of 50,000 shares of the proposed ETF, and they were bought using Bitcoin.

According to finance lawyer Scott Johnsson, the filing suggests the fund seeding will be carried out with Bitcoin, different from other spot Bitcoin ETF proposals with seeding in cash.

A spot Bitcoin ETF would directly invest in Bitcoin instead of existing ETFs that invest in Bitcoin futures. The spot version of the product is expected to draw substantial investments from investors seeking Bitcoin exposure via traditional asset managers.

With this new filing, VanEck joins a growing list of asset managers updating their applications for a spot Bitcoin ETF. In September, Bitwise Asset Management also filed an amended application responding to the SEC’s objections to the product.

Shiba Inu Officially Announces Self-Custodial Identity

Shiba Inu developers are on the verge of launching a new blockchain-based identity solution characterized as the game-changer that will shake the crypto world.

The team behind Shiba Inu has initiated a countdown to launch a new blockchain-based identity project for SHIB. According to an October 28 announcement, the SHIB identity project will take place in 72 hours from the time of the post.

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It is worth noting that the team did not share specific details about the upcoming digital identity project. However, it attached a video to the X post, which suggests that the identity solution might be incorporated into various Shiba Inu-related projects.

Singapore Will Collaborate With Japan, Switzerland, and UK on Crypto Pilots

The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan.

The MAS officially announced on Oct. 30 that it is partnering with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) to promote joint digital asset pilots. The authority specifically seeks to carry out such pilots about fixed income, foreign exchange, and asset management products.

The initiative builds upon Singapore’s ongoing asset tokenization project known as Project Guardian, which was launched in 2022. Under the MAS Project Guardian, Singapore’s central bank collaborated with 15 financial institutions to complete pilots on asset tokenization, which demonstrated a significant potential for transaction efficiency.

“As the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators,”

The group aims to initiate policy and accounting discussions and identify potential risks and legal gaps related to digital assets and tokenized solutions. The project also seeks to explore the development of common standards for the design of digital asset networks and find best practices across various jurisdictions. Other work vectors include interoperability, regulatory sandboxes, and education related to the digital currency industry.

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