The Bitcoin blockchain is now being flooded by a new type of non-fungible token (NFT) through the STAMPS (Secure Tradeable Art Maintained Securely) protocol, a new way of embedding image data into the blockchain, with different pros and cons compared to the encoding technology that went viral earlier this year.

The Australian Securities & Investments Commission has said it canceled the Australian derivatives license of leading cryptocurrency exchange Binance at the exchange’s own request, after the regulator launched a “targeted review of Binance.”

The Monetary Authority of Singapore (MAS) has been helping local banks improve their account opening processes for digital asset service providers over the past six months, along with police forces.

Top stories in the Crypto Roundup today:

• Bitcoin Sees New NFT Wave Through STAMPS
• Australian Regulator Cancels Binance’s Derivatives License
• Singapore to Publish Guidelines for Crypto Banking
• Crypto Trading Volumes Rise for Third Consecutive Month

Bitcoin Sees New NFT Wave Through STAMPS

The Bitcoin blockchain is now being flooded by a new type of non-fungible token (NFT) through the STAMPS (Secure Tradeable Art Maintained Securely) protocol, a new way of embedding image data into the blockchain, with different pros and cons compared to the encoding technology that went viral earlier this year.

“Bitcoin Stamps” store image data right in spendable transaction outputs, not in erasable transaction witness data. On the project’s GitHub page its pseudonymous creator, Mike In Space, explained that doing so preserves the data “ in such a manner that is impossible to prune from a full node, preserving the data immutably forever.”

The developer also revealed that he is in talks with Emblem and Hiro Wallet to integrate the protocol, with the former enabling Stamps trading on OpenSea.

The protocol’s creator recommends using Stamps for small “24x24 pixel, 8-color-depth PNG or GIF” files to compensate for their storage costs. Stamps are also semi-fungible, meaning they can be unique pieces of digital assets that are part of a wider collection.

Over 8,300 Stamps have been minted on the blockchain in their first month since launch, compared to less than 500 Ordinals in the same period after their launch.

Australian Regulator Cancels Binance’s Derivatives License

The Australian Securities & Investments Commission has said it canceled the Australian derivatives license of leading cryptocurrency exchange Binance at the exchange’s own request, after the regulator launched a “targeted review of Binance.”

Per the regulator, starting on April 14, Binance’s derivatives customers in Australia will no longer be allowed to initiate or raise their current trading positions. The exchange will have to terminate any outstanding trading positions by April 21.

A spokesperson for the exchange said that following a recent engagement with the regulator, it chose to “pursue a more focused approach in Australia by winding down the Binance Australia Derivatives business.”

Binance’s CEO, Changpeng Zhao, has said that Binance Australia had just 104 derivatives users. Binance has faced increasing regulatory scrutiny recently, with a particular focus on anti-money laundering and know-your-customer compliance. Last month the U.S. Commodity Futures Trading Commission filed a comprehensive complaint against the crypto exchange and its founder, Changpeng Zhao.

Singapore to Publish Guidelines for Crypto Banking

The Monetary Authority of Singapore (MAS) has been helping local banks improve their account opening processes for digital asset service providers over the past six months, along with police forces.

The results and conclusions for risk management and due diligence are set to be published within the next two months. These will also address topics such as stablecoins, non-fungible tokens (NFTs) and transferable gaming or streaming credits.

Banks will reserve the right to make decisions based on these guidelines and their own risk assessment. MAS representatives told journalists that, as it stands, there are no rules stopping banks from working with digital asset providers.

Crypto businesses have thrived in Singapore thanks to its favorable tax regime, diverse tech workforce and strategic location, which enables them to operate efficiently in the Asian region. However, the MAS suggested banning digital payment token service providers from offering “any credit facility” to consumers, covering both fiat and cryptocurrencies, in late 2022. Local crypto advocates protested against the proposal at the time.

Crypto Trading Volumes Rise for Third Consecutive Month

Spot trading volumes rose for the third month in a row in March, reaching $1.04 trillion, a 10.8% increase. Top-Tier spot volumes rose 10.2% to $959 billion, while Lower-Tier spot volumes rose 19.1% to $82.1 billion.

Derivatives volumes also rose in March, by 32.6% to $2.77 trillion. The derivatives market now accounts for 72.7% of the whole crypto market (compared to 69.0% in February). This is the highest market share reached by derivatives on record.

Get a detailed and unbiased analysis of the cryptocurrency exchange industry via CCData’s Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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