Join us as we discuss the biggest news stories in cryptoassets and luxury real estate. Prepared by our European research desk, we bring you the top digital currency news stories of the week and provide exclusive insights.
This week, we cover the following:
- Bitcoin trading in Japan rises as Yen turns volatile
- SEC contemplates appealing XRP ruling following Ripple lawsuit
- US House Republicans introduce landmark bill
We also feature the latest developments in luxury real estate, including:
- Vancouver's luxury real estate sees a dramatic rise in 2023
- Dubai's record-breaking €102.1M penthouse sold pre-completion
- Wealthy Californians drive Las Vegas luxury property boom
Bitcoin Trading in Japan Rises as Yen Turns Volatile
Since the Federal Reserve began its interest rate hike campaign in March 2022, the Japanese yen has depreciated sharply. The volatility has traders from Japan-focused digital assets exchanges turning to Bitcoin. In addition, the share of Bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of 2023, according to data tracked by Kaiko. XEROF believes this trend may continue in Japan as the country already has a regulatory framework for cryptoassests and recently passed a stablecoin bill for investor protection.
SEC Contemplates Appealing XRP Ruling Following Ripple Lawsuit
The SEC is exploring options for additional review in response to the recent court ruling. The SEC asserts that the ruling contradicts fundamental security law principles, like the Howey test, which determines investment contract classification. With the court's decision declaring XRP as a non-security, the cryptoasset community, including XEROF, anticipates a more hands-off approach from the SEC in the future.
US House Republicans Introduce Landmark Bill: The Financial Innovation and Technology for the 21st Century Act
Senior House Republicans unveiled legislation on Thursday to address regulatory uncertainty in the digital asset industry. The proposed bill mandates specific definitions for "blockchain" and "digital asset" to be incorporated into existing financial laws by market regulators, establishing a regulatory framework for the sector. XEROF notes that the bill offers clear guidelines and highlights that the presence of an investment contract does not automatically designate a token as a security.
Luxury Real Estate News
Vancouver's Luxury Real Estate Sees Dramatic Rise in 2023
Vancouver's luxury real estate market saw a remarkable surge in the second quarter of 2023, leading to a return of balanced conditions by mid-year. The ultra-luxury single-family home segment experienced the most significant consumer sentiment and sales activity improvements. In the first half of 2023, residential sales over $10 million rose by 38% compared to the previous year, while sales in the $4 million-plus range decreased by 18%.
Dubai's Record-Breaking €102.1M Penthouse Sold Pre-Completion
A penthouse apartment with stunning beach views in Dubai has sold for €102.1 million, making it the city's most expensive property by size ever sold. The deal was finalised for the flagship apartment at the Jumeirah Marsa Al Arab beachfront development even before the completion of the building. With a price per square foot exceeding €3,752 and a private swimming pool, this is the most expensive apartment ever sold in Dubai (so far).
Wealthy Californians Drive Las Vegas Luxury Property Boom
The Las Vegas luxury property market is reviving as affluent Californians relocate to escape the new mansion tax and income tax rate. Last year, a record-breaking 2,000 luxury homes were sold in southern Nevada, with an average price of $1.8 million, according to the Nevada State Bank report. Though interest rates and uncertainty caused a pause in relocation plans during the last six months of 2022, the market has picked up since January, and this summer, it is bustling with activity
XEROF is a Swiss-licensed Crypto Gateway that offers exchange services for customers who possess crypto wallets and want to use them as fiat currency to purchase real estate properties and luxury goods.Learn more about XEROF