Apple's Antitrust Lawsuit Signals Change for Crypto Apps_blog

22 Mar, 2024

Apple's Antitrust Lawsuit Signals Change for Crypto Apps

In a pivotal turn of events, the U.S. Justice Department is reportedly on the verge of filing an antitrust lawsuit against Apple, signaling a potential shake-up in the tech giant's business practices and opening avenues for enhanced competition within the “third party” crypto app ecosystem.

This impending legal action, which has been years in the making, holds significant promise for third-party crypto apps, offering a potential reprieve from Apple's alleged anti-competitive measures and fostering an environment conducive to innovation and market expansion.

Addressing Apple's Alleged Anti-competitive Practices

The lawsuit is expected to challenge Apple's restrictive app store terms, high fees, and its tightly controlled hardware and software integration, a move that could pave the way for greater accessibility and functionality for crypto-based applications.

At the core of the legal battle are Apple's strict policies, including its substantial 30% commission on most app store sales and limitations on third-party access to specific hardware features. These practices have long been a point of contention for app developers, particularly those in the crypto space, who have faced hurdles in delivering full-fledged experiences to iOS users.

Potential Opportunities for Growth and Innovation

By challenging Apple's dominance and pushing for more equitable terms, the lawsuit has the potential to level the playing field for third-party crypto apps, enabling them to innovate and compete on a fairer footing. This could lead to the development of more robust and feature-rich applications, catering to the growing demand for crypto-related services and products.

Moreover, the legal action against Apple aligns with broader governmental efforts to promote competition and consumer choice in the digital economy, underscoring the importance of fostering an environment that encourages innovation and entrepreneurship.

In response to the news of the impending lawsuit, Apple Inc. saw a dip in its stock value, reflecting investor concerns about the potential implications of legal action on the company's bottom line. However, for third-party developers operating in the crypto space, the prospect of a more open and competitive app ecosystem represents a significant opportunity for growth and expansion.

Regulatory Uncertainties and Market Dynamics

With Apple's alleged anti-competitive practices under scrutiny, developers of crypto apps may find themselves with greater flexibility and autonomy to deliver innovative solutions to users. This could lead to an influx of new and improved crypto applications, offering enhanced features, functionality, and user experiences.

Future Outlook and Market Evolution

Furthermore, the legal action against Apple may prompt other tech giants to reassess their own app store policies, leading to a ripple effect across the industry. As competition heats up, consumers stand to benefit from a broader range of choices and more innovative offerings in the crypto app space.

The delay in the SEC's decision on a proposed spot Ethereum exchange-traded fund (ETF) underscores the regulatory uncertainties surrounding cryptocurrency investment vehicles. However, a more competitive app ecosystem resulting from the Apple lawsuit could create new opportunities for crypto ETFs and other investment products, driving further growth and adoption in the crypto market.

We in the Web3 space hope this antitrust lawsuit against Apple has the potential for positive change within the third-party crypto app ecosystem, fostering innovation, competition, and consumer choice. As regulatory and legal proceedings unfold, developers and users alike can look forward to a more vibrant and dynamic landscape, with greater opportunities for growth and innovation in the crypto space.

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25 Mar, 2024

Singapore’s DigiFT launches US T-Bill RWA tokens

Quick Take① DigiFT, a Singapore-licensed entity, launched tokens that represent a direct claim on U.S. Treasury Bill receipts.② The market capitalization for real-world asset tokens grew 15% in the past 24 hours to $6.5 billion.Singapore’s on-chain real-world asset (RWA) exchange DigiFT announced today the launch of new tokens based on the U.S. Treasury Bills. The new product adopts the structure of depository receipts, which traditionally involves a certificate reflecting shares of a company outside the local stock market. Using this structure, DigiFT said it offers users direct beneficial ownership of AA+ rated and short-term T-Bills, and will provide a legal stream of returns from underlying securities.“Presently, the majority of RWA tokens in circulation are wrapped tokens that represent interest in a special purpose vehicle, feeder fund or derivative instrument which holds or mirrors the underlying assets,” the company said in the announcement. “These wrapped tokens are often structured in complex legal arrangements, making it challenging for investors to fully comprehend the legal implications.” The company stated that its depository receipt structure addresses this issue by providing a “more straightforward” legal framework that would be easier for investors to understand. DigiFT added that its new RWA token will be suited for stablecoin issuers and Web3 product developers that are looking for regulatory-compliant treasury, as well as cash management solutions. Institutional and accredited investors can also access the new product from authorized self-custodial wallets using fiat currency or stablecoins, according to the announcement.DigiFT holds a Capital Markets Services License and is a Recognized Market Operator, according to the Monetary Authority of Singapore website.RWA surgeThe market capitalization for RWA tokens has grown 15.2% in the last 24 hours to $6.5 billion, according to CoinGecko data, indicating a rising interest in the asset class. Ondo, the RWA token with the largest market cap on CoinGecko, expanded nearly 93% in value over the past seven days.Binance Research identified real-world asset tokenization as one of the key themes in crypto in 2024. Bringing off-chain assets onto blockchain networks can offer improved transparency and efficiency, Binance Research said.

20 Mar, 2024

Lao Government to Raise Value-Added Tax Rate to 10%

The Lao government has announced plans to raise the value-added tax (VAT) rate from 7 percent to 10 percent as part of efforts to enhance state budget revenue and support economic and social development in the country.However, the decree issued on March 19 lacks specific details regarding the implementation date of the proposed increase, pending approval from various sectors of the Lao government.“The decree is currently awaiting a record letter from the Lao National Assembly. Following this, the Department of Taxation will also seek a letter of record from the Ministry of Justice,” a government source says. “The decree will come into effect 15 days after these approvals are obtained.”Under the revised plan, the VAT rate of 10 percent will be applicable to a range of transactions, including imports, goods, general services, mineral imports, and supply, as well as electricity usage.The adjustment would restore the VAT rate to its original level, which was in place from 2010 to 2021. The reduction in VAT rate, initiated from 1 January, 2022, was part of the Lao government’s efforts to stimulate economic recovery following the COVID-19 pandemic.With the expected increase in VAT, local residents are currently concerned about the potential rise in the prices of goods and services. This worry is compounded by the increasing inflation rate, raising concerns about affordability.“The cost of everything is increasing, including essential goods, water, and VAT, while salaries remain unchanged,” one social media user wrote, expressing concern about whether their family will be able to afford housing amidst these financial challenges.Regarding salary adjustments, it’s reported that many companies in Vientiane are yet to raise their minimum wages, despite the government’s approved increase in 2023. Only 10 percent of companies in the capital city have complied with the mandated wage guidelines.