Welcome to the latest instalment of XEROF's weekly newsletter. Our European research team provides the week's top digital currency and luxury real estate highlights in this edition.
- 50 million Cryptoasset Investors Mobilise for Transparent Regulations
- Bybit to Cease Services in the U.K. Due to FCA Regulations
- PayPal’s Stablecoin PYUSD is Available on Venmo to Select Users
We also feature the latest developments in high-end living, including:
- Zurich's Property Prices Surpass Paris and London
- India: Demand for Luxury Living Increases by 130% in 2023
- Guangzhou Property Market Opens Up with Less Purchasing Restrictions
50 million Cryptoasset Investors Mobilise for Transparent Regulations
Coinbase is ramping up its pursuit of regulatory clarity for the cryptoasset industry, asserting that the current approach stifles innovation and jeopardises global leadership. Mobilising its current 52 million cryptoasset owners, Coinbase plans to deliver a strong message ahead of the 2024 U.S. elections. XEROF remarks that a rally supporting the cause will take place on September 27 in Washington, DC. The aim is to highlight digital currency's benefits and underline how the current U.S. regulatory approach pushes innovation abroad.
Bybit to Cease Services in the U.K. Due to FCA Regulations
The cryptoasset exchange Bybit has suspended services in the United Kingdom in response to impending regulations by the Financial Conduct Authority (FCA). Starting on October 1, the exchange will initiate the suspension process and cease accepting new account applications. Subsequently, on October 8, recent deposits, new contracts, and alterations to positions for existing U.K. users will also be suspended. In light of these regulatory changes, XEROF advises affected readers to consider relocating their digital currency accounts to other cryptoasset-friendly jurisdictions within the European Union.
PayPal’s Stablecoin PYUSD is Available on Venmo to Select Users
Since September 20, Venmo now offers selected users access to PayPal USD stablecoin (PYUSD). This launch allows Venmo users to buy and send PYUSD through PayPal, the Venmo platform, and compatible external wallets. XEROF adds that U.S. dollar deposits, short-term Treasuries, and similar cash equivalents back the PYUSD stablecoin.
Luxury Real Estate News
Zurich's Property Prices to Surpass Paris and London
Zurich has emerged as a standout performer in the European property markets. Apartment prices in Zurich have reached €18,000 per square meter, eclipsing the London apartments cost by more than double. Even properties outside the city centre have experienced a remarkable surge, with a nearly 6% year-over-year increase in August, marking the most significant rise in 16 months.
India: Demand for Luxury Living Increases by 130% in 2023
In India, the luxury real estate market is booming. The COVID-19 pandemic highlighted the importance of spacious homes, driving a surge in demand for opulent residences. A recent CBRE report reveals the luxury housing sector's remarkable resilience, with a staggering 130% year-on-year sales increase in the first half of 2023, totalling 6,900 units compared to 3,000 units in the previous year's corresponding period. This surge reflects the evolving preferences of Indian homebuyers seeking luxury and comfort.
Guangzhou Property Market Opens Up with Less Purchasing Restrictions
Guangzhou has eased its home purchase restrictions, paving the way for possible similar moves in Beijing, Shanghai, and Shenzhen. Under the new policy, residents can purchase up to two units in four additional districts, including Huangpu, Panyu, Huadu, and select areas of Baiyun. Previously, residents were limited to buying two homes in specific districts, while non-residents could only purchase a single property.
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