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XRP, the native asset of the XRP Ledger (XRPL), a blockchain network developed by Ripple Labs, is destined for further institutional adoption in Asia due to the launch of the region’s first XRP tracker fund. Crypto-focused institutional asset manager HashKey Capital recently announced the launch of its HashKey XRP Tracker Fund, which has been devised to track the performance of what is the world’s fourth-largest crypto asset by market cap, after Bitcoin (BTC), Ether (ETH) and U.S. dollar stablecoin Tether (USDT).Photo by Kanchanara on UnsplashEnabling institutional accessThe fund enables investors to gain exposure to XRP without having to take direct ownership and custody of the digital asset. Bitcoin and Ethereum exchange-traded funds (ETFs) have become popular in a number of markets, including the United States, as they allow institutional investors to gain exposure to these digital assets where they may have been uncomfortable with direct ownership due to concerns around custody and counterparty risk or regulatory concerns. According to HashKey’s press release, investors can buy into the fund through cash or in-kind subscription and subscribe or redeem shares monthly. The fund will be measured and compared against a benchmark index provided by CF Benchmarks, a provider of crypto-related indices. HashKey Partner Vivien Wong acknowledged the potential that XRP has in the market, stating:“XRP stands out as one of the most innovative cryptocurrencies in today’s market, attracting global enterprises who use it to transact, tokenize, and store value.”She added that the new fund simplifies access to XRP within the region, while catering to a growing demand for investment opportunities related to digital assets.Potential ETF fund conversionThis marks HashKey’s third product that tracks digital asset pricing, with the company having launched both Bitcoin and Ethereum exchange-traded funds (ETFs) previously. On X, HashKey Capital outlined that the XRP Tracker Fund could potentially evolve into a fully fledged ETF, subject to regulatory approval, within the next 1-2 years. The new fund, which was launched on April 18, also incorporates a strategic partnership with XRP developer Ripple Labs. In what is understood to be the first of a number of collaborations, Ripple will fulfill the role of being the fund’s anchor investor. Ripple’s Managing Director for the Asia-Pacific (APAC) region, Fiona Murray, cited the development as proof that institutional adoption of digital assets continues to go from strength to strength.  Ripple CEO Brad Garlinghouse stated last month that he expects a number of spot XRP ETFs to be approved in the United States later this year. Earlier in March, analysts at American investment bank JPMorgan had estimated that spot XRP ETF approval in the U.S. could result in net inflows of $8 billion into such products.At the time of writing, XRP was trading at $2.09. The asset has increased in price by 300% over the course of the past 12 months, largely due to a changing regulatory environment in the United States and optimism that a settlement can be reached to end its multi-year legal battle with the Securities and Exchange Commission (SEC).

Shanghai Court Recognizes Unique Traits of BitcoinThe Shanghai Second Intermediate People’s Court has added a layer of legitimacy to Bitcoin despite China’s prevailing anti-crypto stance.In a recently published report, the court recognized digital currencies such as Bitcoin as being unique and non-replicable. It went further still in singling out Bitcoin as being distinct from the thousands of other cryptocurrencies that are currently in existence.Photo by Zhou Xian on UnsplashSun chimes inThe significance of this development has caught the attention of Justin Sun, the Founder of the TRON blockchain network, who took to the X social media platform (formerly Twitter) to share insights from the report. Sun wrote:”The Second Intermediate People’s Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.”Legal attributesDelving deeper into the report’s content, it becomes evident that the court was engaging in a discussion about the legal attributes of Bitcoin and how judicial decisions should be approached in cases involving cryptocurrencies.One striking aspect of the report is how it acknowledges the usage of cryptocurrencies in illegal financial activities, such as illicit fundraising. In this instance, the court has indirectly acknowledged the financial nature of cryptocurrencies, including Bitcoin, despite the fact that a ban has been in place on trading Bitcoin and other cryptocurrencies since 2021.That said, the report also notes that due to the regulatory stance on cryptocurrencies, the legal attributes of digital currencies remain ambiguous, creating challenges in their judicial handling. Despite some courts attempting to disregard the “monetary” and “property” attributes of digital currencies, these efforts have proved unsuccessful.Inherent characteristicsRegarding the monetary attribute, the courts still identify the sale price of digital currencies in their judgments. When it comes to property attributes, these courts struggle to ignore the inherent property value presented by digital currencies during legal proceedings.While acknowledging Bitcoin’s decentralized nature and lack of centralized control, the article still underscores its “major functions of currency,” such as scalability, circulation, storage, and means of payment, making it a global currency.Future implicationsThe legal opinion expressed by the Shanghai court provides a notable boost to the legitimacy of Bitcoin and other digital currencies. It asserts that these tokens undeniably possess value, even if the People’s Bank of China chooses not to formally recognize them.Moreover, the court’s inclination toward classifying cryptocurrencies as personal property aligns with another report from the Chinese courts as well as rulings in other jurisdictions, such as Singapore. Similarly the Shanghai court acknowledges that Bitcoin can be acquired through various means, including mining, inheritance, and buying and selling.The court’s recognition of the enduring value of cryptocurrencies echoes the sentiment that value is a collective human judgment. In this respect, the Shanghai court’s perspective aligns with the reality that many Chinese citizens continue to use digital currencies as a medium of exchange despite the existing ban.The Shanghai court’s unintentional validation of Bitcoin’s unique attributes and value may have broader implications for the legal status and recognition of cryptocurrencies in China and beyond. This latest development could contribute to a more nuanced approach to cryptocurrency regulation and legal interpretation in the future.

Asian Countries Dominate Chainalysis’ 2023 Global Crypto Adoption IndexBlockchain analytics firm Chainalysis has just unveiled an excerpt of its “2023 Global Crypto Adoption Index,” revealing that Asian nations are top of the class in terms of the pace of crypto adoption.The report extract published to the Chainalysis website brings into focus the remarkable strides made by a number of Asian countries, emerging as the front-runners in driving grassroots cryptocurrency adoption.The index showcases the dominance of regions like Central and South Asia, along with the broader Oceania regions. Astonishingly, six of the top 10 countries on the index hail from this part of the world.Photo by Louis Hansel on UnsplashIndia takes top spotIndia, in particular, shines as the torchbearer of cryptocurrency adoption in the region, securing its position as the largest cryptocurrency market. It not only leads the way in grassroots adoption but has also ascended to become the second-largest crypto market globally in terms of raw estimated transaction volume, eclipsing even some major global economies.It’s interesting that India should find itself in this position when you consider that a number of measures have been taken that could have been expected to dampen adoption. The Indian authorities introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.Last month, Indian crypto exchange CoinDCX specifically cited these tax burdens, combined with the recent bear market, as being contributing factors in its decision to cut its workforce by 12%. Another excerpt of the Chainalysis report explicitly refers to these measures and their potential to retard cryptocurrency use.Adoption despite bear marketDespite a temporary downturn in worldwide grassroots cryptocurrency adoption, Chainalysis’ research finds that these developing Asian nations, have not only weathered the storm brought about by the recent bear market but have thrived, with their total grassroots adoption surpassing the levels of Q3 2020, just before the most recent bull market.Other countries featuring in the top ten include Vietnam (third), the Philippines (sixth), Indonesia (seventh), Pakistan (eighth), and Thailand (tenth). China, Turkey, Bangladesh, and Japan then feature within the top twenty.This data holds promise for the cryptocurrency landscape in the Asian region. Many of these nations are lower middle-income (LMI) countries that typically exhibit burgeoning industries and populations, collectively representing more than 40% of the global population. Chainalysis suggests that if these countries shape the future, cryptocurrencies are poised to play an indispensable role in shaping the global financial ecosystem.Institutional adoptionThe excerpt from the report also hints at the burgeoning trend of institutional adoption in high-income countries, even in the face of a lingering bear market. This suggests a potential dual-directional adoption scenario, where cryptocurrencies cater to the needs of users from both affluent and developing nations, bringing together a diverse spectrum of economic backgrounds.The report takes an optimistic outlook, stating:“Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes. . . . Instead, we want to highlight the countries where average, everyday people are embracing crypto the most.”“If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future.”