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Today in cryptocurrency, the UK Financial Conduct Authority is gearing up to overturn a restriction on crypto exchange-traded notes for individual investors. Coinbase One will become accessible to Samsung Galaxy users in the US via an enhanced integration. Simultaneously, sources have highlighted a flaw in the Unity gaming platform that could risk exposing Android-based crypto wallets.
Companies respond as the UK prepares to lift crypto ETN restriction
The UK’s Financial Conduct Authority (FCA) is poised to soon lift a restriction on crypto exchange-traded notes (ETNs) for individual investors implemented in 2019.
According to a notice dated Aug. 1, the UK regulator will remove the restriction on individual access to crypto ETNs starting on Wednesday, provided they are traded on an “FCA-approved, UK-based investment platform.” In contrast to exchange-traded funds (ETFs), which remain prohibited in the UK for individual investors, ETNs are classified as debt securities linked to crypto and devoid of any underlying assets.
With the imminent removal of the restriction, firms operating in the UK have been reflecting on what this regulatory shift might entail for individual investors. BlackRock, the globe’s largest asset management corporation, is reportedly exploring avenues to offer its iShares Bitcoin exchange-traded product to prepare for individual trading on or after Oct. 8.
Bitwise CEO Hunter Horsley, whose company’s European headquarters are located in London, stated on X that he was “thrilled to finally cater to more investors in our home market in Europe.”
“Up till now, the UK has been an exception regarding ETNs,” Ian Taylor, board adviser to the digital assets trade association CryptoUK, informed Cointelegraph. “We anticipate this adjustment will enhance consumer safeguards, and we will persist in advocating for the removal of the restriction preventing individual investors from accessing highly-regulated derivative products.”
As per an August notice from the FCA, any asset manager intending to offer ETNs trading to UK individual investors needed to list them on a “Recognised Investment Exchange.” This decision followed consultations with firms, trade associations, and consumer groups.
Samsung enhances Coinbase integration with direct crypto acquisitions in Galaxy Wallet
The consumer electronics titan Samsung has broadened its partnership with cryptocurrency exchange Coinbase, enabling its Galaxy smartphone users to purchase crypto directly via its native Samsung Wallet.
In the initial phase, around 75 million Galaxy users in the United States will have access to Coinbase One, a subscription service providing zero trading fees, enhanced staking rewards, and account protection for lost funds due to unauthorized access, Coinbase announced on Friday.
“Collaborating with Samsung, we’re merging their global reach with Coinbase’s reliable platform to provide the best value for people to access crypto — commencing with more than 75 million Galaxy users across the U.S., and soon worldwide,” remarked Shan Aggarwal, chief business officer at Coinbase.
Both firms aim to enhance access to a greater number of Galaxy smartphone users globally, potentially ushering in a significant influx of new mainstream investors to the crypto market, given there are over one billion active global Galaxy users.
As of September, Samsung accounted for approximately 13% of the world’s 7.4 billion smartphone users, according to BankMyCell.
Unity Android vulnerability could deplete gamers’ crypto wallets
The Unity gaming platform is discreetly rolling out a solution for a vulnerability that enables third-party code to execute in Android-based mobile games, which may potentially target mobile crypto wallets, as reported by two sources who chose to remain anonymous.
The flaw affects projects dating back to 2017, according to the sources, who further stated that the vulnerability primarily impacts Android, though Windows, macOS, and Linux systems are also affected to varying extents.
Unity has commenced the distribution of fixes and a standalone patching tool privately to selected partners, according to the sources; however, public guidance is not anticipated until Monday or Tuesday of the upcoming week.
A Google representative informed Cointelegraph that they are cognizant of the vulnerability. “Unity is providing a patch to app developers to resolve this problem, and developers should update their applications immediately,” the spokesperson conveyed.
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