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Edition · 2026-08-24
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Banks and regulators across Europe, the Middle East and Asia began a pilot to test quantum‑resistant digital asset wallet and on‑chain transfer technology.
RFI said the participating regulators include Abu Dhabi Global Market, Bhutan’s Gelephu Financial Services Office and Malta’s Financial Services Authority, while Bison Bank and DK Bank are acting as financial institutions. The banks will generate wallets and execute transfers within a shared application environment.
The pilot uses a multiparty computation protocol that implements the ML‑DSA‑65 post‑quantum digital signature standard published by the U.S. National Institute of Standards and Technology on a quantum‑resistant NEAR testnet.
Regulators will observe the first phase and later contribute to a governance workstream, with participation levels varying by institution. Organizers plan to publish a white paper covering the research, protocol design and test findings and eventually open‑source the underlying technology.
The effort follows warnings that quantum computers could undermine public‑key cryptography; the Hong Kong Monetary Authority aims to have the banking sector prepared for quantum‑related security risks by 2030, and a 2025 BIS paper urged coordinated, phased migrations to post‑quantum systems.
The pilot is intended to evaluate the technology before broader adoption, and its outcomes may influence future regulatory guidance on quantum‑resistant crypto systems.
Term Finance, a decentralized lending protocol, lost an estimated $8.5 million after an attacker gained governance control of its vault contracts and drained assets.
Term Labs announced that it has permanently disabled all Term Meta Vaults and revoked their DAO governance roles, halting new deposits while allowing withdrawals.
The company said its underlying protocol and borrowing and lending markets remain intact, though verification of the full impact continues.
On‑chain monitoring service Defimon reported that the attacker acquired a majority of the sparsely held governance token and submitted proposals that transferred control of the vaults.
Term has not confirmed how voting control was achieved or which governance functions were used.
The vault contracts use Yearn V3 infrastructure, and Yearn said the attack involved a custom governance wrapper that does not affect standard Yearn vaults.
The incident follows an April 2025 oracle error that triggered unintended liquidations, which Term mitigated by recovering assets and reimbursing users.
After the incident, Term pledged third‑party validation for critical updates and greater governance transparency.
Term said it is coordinating with external security teams to pursue asset recovery and explore remedies for any remaining shortfall.
Bitcoin and Ethereum spot ETFs recorded the largest weekly inflows of 2026, with Bitcoin ETFs drawing $1.918 billion and Ethereum ETFs $697.2 million, for a combined $2.6 billion, according to SoSoValue data. The inflows occurred during a rally that pushed Bitcoin from roughly $62,300 to near $80,000 and Ethereum to a seven‑month high above $2,500 before prices pulled back to about $76,550 and $2,400 respectively, as reported by CryptoSlate. The rally was driven by falling Treasury yields, a Treasury announcement to expand liquidity‑support buybacks for long‑term securities, and comments from President Donald Trump indicating the administration may increase government holdings of Bitcoin and other cryptocurrencies, according to public statements. Regulatory momentum also grew: the SEC proposed the Regulation Crypto Assets framework on August 18, the first tailored rule for crypto fundraising, and the CFTC held the inaugural meeting of its Innovation Advisory Committee, which included executives from Coinbase, Uniswap Labs and BitGo, as noted in agency statements. ETF demand had been recovering gradually in August, but accelerated in the final days of the week as Bitcoin reclaimed its 200‑day moving average and billions of dollars of leveraged short positions were liquidated, according to Ecoinometrics. Analysts say that continued ETF inflows could support Bitcoin in a range of $67,000 to $78,000, with a fair value near $72,000, and that sustained demand may attract trend‑following investors, though one strong week does not guarantee a lasting market shift.
Shein will list on the Hong Kong stock exchange on September 1, aiming to raise up to HK$13.86 billion (about $1.77 billion) and reach a valuation near $27 billion.
By · 60d ago · Source: bbc
Shein will list on the Hong Kong stock exchange on September 1, aiming to raise up to HK$13.86 billion (about $1.77 billion) and reach a valuation near $27 billion. The fast‑fashion retailer, founded in 2008 and headquartered in Singapore, previously sought listings in the United States and the United Kingdom but withdrew because of regulatory challenges. The offering will place nearly 280 million shares on the market at a price range of HK$47.60 to HK$49.50. At the top of the range, the valuation would be close to $27 billion, lower than the $100 billion private round in 2022, reflecting slower sales growth and higher operating costs. Shein reported a loss of $99 million in the first quarter, compared with a net profit of $395 million a year earlier, and recorded a $328 million paper loss from a recent accounting change. The company cited higher costs from US‑China tariff disputes, the impact of the war in Iran on demand and delivery schedules, and the end of the US de minimis tax exemption as factors affecting its finances. Backers include Goldman Sachs, Morgan Stanley and JP Morgan. Shein’s customer base grew to 281 million active users in March 2026, up more than 16 percent year‑over‑year, with more than one billion orders placed. The IPO is expected to test investor confidence in the fast‑fashion sector amid heightened competition and ongoing regulatory scrutiny. Environmental and forced‑labour concerns have been raised about its supply chain; the company says it maintains a zero‑tolerance policy. The listing could become one of the largest IPOs in Hong Kong’s recent history, but its success will depend on how investors respond to the company’s recent financial performance and the broader trade tensions between the United States and China.
Pakistan's Virtual Assets Regulatory Authority (PVARA) has set a September 5 deadline for crypto platforms operating in the country to apply for a no‑objection certificate or cease services. The new licensing regime, finalized on August 21, creates a framework for regulating virtual‑asset service providers and aims to bring the market into the formal economy, protect consumers, and support financial infrastructure. The licensing portal opened on August 22. Firms that began serving Pakistani users before the Virtual Assets Act took effect on March 5 must submit an application for an NOC, which allows them to continue services while the regulator may impose interim limits on onboarding, product offerings, transaction volumes, or custody. Companies that miss the deadline must stop the relevant services, and operating without an application after the deadline is an offense. An NOC is not a full license; it only clears the way for further compliance and incorporation before a full license application. Binance and HTX have already received NOCs in December 2025 and may proceed directly to full licensing. PVARA also opened a regulatory sandbox for product testing, though participation does not guarantee eventual licensing. Customers will see service changes based on each platform’s compliance status; licensed providers must segregate assets, keep them available for timely return, and maintain withdrawal channels during an orderly wind‑down. The deadline therefore gives firms a clear choice to enter the licensing process or exit the Pakistani market.
Kalshi has blocked customers in Washington while awaiting a King County judge’s decision on September 2 on a request to reconsider an injunction that bars the firm from offering prediction‑market contracts in the state. Washington requires Kalshi to install IP‑address and residency‑based controls for seven event‑contract categories and to operate a GeoComply location system by September 2, or face a daily penalty of $120,000. The amended preliminary injunction, issued after a prior jurisdiction challenge was rejected, covers contracts linked to sports, elections, politics, entertainment, culture, technology and science, as well as certain “mentions” markets. Kalshi’s counsel argues that the state’s treatment of OG, a federally regulated competitor, is inconsistent and that the agreement with Washington officials should allow the firm to resume trading. The company told the court it has already blocked Washington residents and that the injunction’s requirements exceed those imposed on OG. Judge John McHale is scheduled to hear the reconsideration request without oral argument. Michigan and Nevada have also ordered location controls while state authorities pursue claims that Kalshi’s products constitute unlicensed gambling. CFTC Chairman Michael Selig said the agency will continue defending its claim of exclusive jurisdiction over federally regulated event contracts and will soon propose amendments to Parts 38 and 40 of its regulations to address consumer protection and market governance. The proposed rule changes are expected to outline standards for contracts involving gaming, war, terrorism, assassination or illegal activity, but they remain subject to the federal rulemaking process and do not automatically affect state court orders. The next immediate milestones are the September 2 court decision and the September 2 geofencing deadline; until a court grants relief, Washington customers cannot access the restricted markets.
A Federal Reserve Bank of Cleveland working paper finds that crypto investors' decisions are driven more by beliefs about future returns than by demographic traits, and that providing information about recent Bitcoin performance can increase desired and actual crypto holdings.
The study surveyed up to 25,000 U.S. households repeatedly, comparing expectations of crypto returns with ownership and risk perception, and used a randomized experiment to test the effect of presenting Bitcoin's prior 12‑month return.
A one‑percentage‑point increase in an individual's expected crypto return raised the probability of owning cryptocurrency by 0.8 percentage points. Crypto owners expected an average 22% one‑year return compared with 7% for non‑owners; 54% of non‑owners were uncertain about expected returns, versus 87% in a 2021 survey.
The paper attributes crypto volatility to learning and disagreement; past gains attract new participants, creating a feedback loop that may fuel speculative bubbles.
In a 2025 experiment, households randomly received information about Bitcoin, stocks, GameStop, or inflation. Those shown Bitcoin's 12‑month return increased desired crypto portfolio allocation by roughly 2 percentage points, a 47% rise over the control group, and increased actual crypto purchases by about 2.5 percentage points. The effect was concentrated among households that lacked prior crypto knowledge; those already opposed to crypto did not respond.
Doubling Bitcoin's price made a household with a fully crypto‑exposed portfolio 1.4 percentage points more likely to purchase a durable good, equivalent to about a 7% rise in the unconditional probability, but the effect did not extend to ordinary spending, suggesting crypto gains are treated like gambling winnings.
The authors conclude that limited shared information and divergent beliefs make price volatility a defining characteristic of cryptocurrency for the foreseeable future, implying future retail demand may depend more on perceived past price movements than on fundamentals.
Kakao Games announced on August 4 that it has agreed to work with webtoon studio The Grimm Entertainment to develop and publish games based on its popular comic and webtoon intellectual properties.
The Grimm Entertainment, founded by webtoon artist Taejun Pak, owns IPs such as Manager Kim (also known as Agent Kim: Reactivated) and Lookism, and created the Viral Hit webtoon that inspired an anime and a Japanese live‑action adaptation. Kakao Games is a subsidiary of the South Korean internet company Kakao and operates a portfolio of mobile and online games.
According to a press release from Kakao Games, the companies will adapt The Grimm Entertainment’s webtoon IPs into games, expanding the reach of the properties into the interactive medium. Kakao Games CEO Si‑woo Lee said the collaboration will create new experiences for players and attract interest in global markets. Ahn Hyung‑soo, CEO of The Grimm Entertainment, said the partnership leverages Kakao Games’ experience in game services and aims to extend the IPs across multiple media formats.
The partnership does not include a release timeline, and the companies have not disclosed details about specific game titles. The collaboration represents Kakao Games’ latest effort to broaden its game portfolio through content partnerships.
The Tampa Bay Rays and Hillsborough County have finalized a binding agreement for a $2.36 billion stadium, reducing public contributions and outlining financing details. The county will contribute about $796 million from tourist and other taxes, while the city of Tampa will contribute $80 million in four installments beginning in 2027, representing roughly 37% of the total cost. The Rays will cover remaining costs and any overruns. Financing will involve a construction trust, MLB infrastructure financing, and a new community development district to manage future property‑tax revenue. Tampa City Council members voted to place the agreement on the Aug. 27 agenda, requiring a four‑vote majority for approval. The Hillsborough County Commission will consider its portion after the city vote, with additional steps including TIF and CDD ordinances, CRA boundary changes, and a comprehensive plan amendment, targeting completion by mid‑December 2027. Public funds are capped, the Rays assume construction risk, and a construction trust will manage expenditures. The stadium entity, StadCo, will be audited, and the Rays’ parent company will guarantee payment obligations. A non‑relocation clause prevents the team from leaving Hillsborough County for 35 years. The stadium is planned as an anchor for a 120‑acre mixed‑use district near Hillsborough College, projected to create about 11,900 permanent jobs and generate $55.5 billion in economic impact over three decades, following models such as Atlanta’s The Battery.
Palantir co‑founder Joe Lonsdale has promoted policies that criminalize public camping and sleeping, influencing the Trump administration’s homelessness approach. Lonsdale opposes housing first strategies and argues that fines and arrests will compel homeless individuals to seek mental health treatment. He has worked through the Cicero Institute, which helped pass anti‑camping laws in 16 states and 241 pieces of legislation in the past five years. In 2024 the U.S. Supreme Court ruled in Grants Pass that camping bans do not violate the Eighth Amendment, even when incarceration is the only alternative. That decision supported a federal executive order issued by President Trump that mirrors the Cicero Institute’s proposals. Data from a study of 100 cities found that criminalization ordinances did not reduce homelessness counts. Dr. Margot Kushel of the University of California, San Francisco said fining people does not lead to treatment and noted that Medicaid cuts have limited health options for the unsheltered. Advocates for the unhoused, including the National Homelessness Law Center, argue the policy endangers roughly 700,000 unsheltered people and have sued the administration. They say the administration’s actions are closely tied to Lonsdale and the Cicero Institute. OpenGov co‑founder Zac Bookman described Lonsdale as a modern knight with a code of honor, while critics view his efforts as harmful. The impact of the policy remains uncertain as legal challenges proceed and the administration continues to implement the directives.
This edition was assembled from neutral, agent-rewritten summaries of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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