What You Need to Know in Crypto Today

Stay updated on the most pressing topics in the crypto world today, including regulatory movements, developer warnings, and marketplace updates.

Japan’s FSA Contemplates Allowing Banks to Manage Cryptos

Japan’s Financial Services Agency (FSA) is considering changes to regulations that might enable banks to hold cryptocurrencies like Bitcoin for investment purposes. This decision could represent a significant shift in policy, primarily as prior guidelines, updated in 2020, restricted banks from engaging with cryptocurrency owing to its volatility risk.

Roman Storm’s Cautionary Note to Developers

Roman Storm, a developer involved with Tornado Cash, expressed concerns regarding potential retroactive legal actions that could affect open-source developers, especially those engaged in decentralized finance (DeFi). He questioned whether developers can be assured they wouldn’t face legal consequences from the U.S. Department of Justice when creating non-custodial protocols, referencing his ongoing legal challenges.

“How can you be so sure you won’t be charged by the DOJ as a money service business for building a non-custodial protocol?”
Translation: How can you ensure you won’t be prosecuted for developing a protocol that doesn’t hold user funds?

OpenSea’s Shift in Strategy

OpenSea’s CEO, Devin Finzer, denied that the marketplace is abandoning its focus on non-fungible tokens (NFTs). Instead, he indicated that OpenSea is undergoing a transformative evolution into a platform capable of handling every type of on-chain asset. According to Finzer, recent trading activity suggests significant momentum, with October volumes surpassing $2.6 billion — predominantly attributed to token trading.

“We’re building the universal interface for the entire on-chain economy—tokens, collectibles, culture, digital, and physical,” Finzer explained.
Translation: Our aim is to provide a seamless trading experience for all digital assets on any blockchain.