Binance, the world’s largest exchange, has introduced an in-app Inscriptions Marketplace that supports Bitcoin BRC-20 tokens, including ORDI ($ORDI).

As per an announcement by the crypto exchange, the Binance Inscriptions Marketplace serves as a ‘one-stop solution’ integrated into the Binance Web3 Wallet. This feature empowers users to inscribe and trade various inscriptions, including BRC-20 tokens and Ethereum Virtual Machine (EVM) tokens.

Welcome to the #Binance Inscriptions Marketplace.

Your go-to place for all things BRC-20 and inscriptions, built into the #Binance Web3 Wallet.

Find out more

— Binance (@binance) February 1, 2024

The BRC-20 is an experimental token standard designed for fungible tokens on the Bitcoin blockchain.

In contrast to Ethereum’s ERC-20 tokens, which leverage the blockchain’s smart contracts, BRC-20 tokens utilize Ordinals inscriptions. This protocol allows for the inscription of data on individual Satoshis (Sats), which are the smallest denominations of Bitcoin.

The introduction of BRC-20 tokens has facilitated the development of meme coins built on the Bitcoin blockchain. Tokens like $ORDI, $SATS, and $PIZA have contributed to the collective market capitalization of BRC-20 tokens surpassing $2.8 billion, according to data from CoinGecko.

Nigeria and Morocco Among Top 10 Globally in Meme Coins Adoption in 2023https://t.co/lD2T2rNNeP

— BitKE (@BitcoinKE) May 8, 2023

Ordinals and BRC-20 tokens have sparked controversy among the Bitcoin community. Bitcoin Core developer, Luke Dashjr, has contended that inscriptions are ‘exploiting a vulnerability’ in Bitcoin Core leading to an increase in blockchain spam and subsequently causing a surge in transaction fees.

Despite facing criticism, BRC-20 tokens are displaying resilience and continued adoption. Binance has joined wallets like Phantom in supporting this new token standard. Notably, ORDI, the most valuable BRC-20 token in terms of market capitalization, holds a position within the top 100 cryptocurrencies overall, according to data from CoinGecko.

The Inscriptions Marketplace is designed with accessibility and convenience in mind. It caters to all, from BRC-20 enthusiasts to those new to Web3, providing a secure and enjoyable experience. The introduction of the Inscriptions Marketplace is a welcome development for Binance Web3 Wallet, enhancing users’ journey through the decentralized web with its array of features.

– Binance

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South Africa is considering amendments to its Financial Intelligence Centre (FIC) Act to mandate reporting of all crypto transactions exceeding 49,999 South African Rand ($2,650), a new budget study indicates.

“The FIC Act requires accountable institutions to report all cash transactions exceeding R49 999 to the FIC, as this information may be valuable during criminal investigations. The authorities will consider measures to extend this requirement to transactions concluded with crypto assets,” the country’s annual budget document said.

The annual budget review, unveiled on February 21, 2024, includes the government’s strategy to encourage the uptake of digital payments, which involves additional regulations for stablecoins and blockchain to ‘enhance the lives and livelihoods of marginalized communities.‘

#Budget2024 #RSABudget2024 pic.twitter.com/ru34A9smWg

— National Treasury RSA (@Treasury_RSA) February 21, 2024

As part of its strategy to advance digital payments, the National Treasury also disclosed an imminent policy adjustment regarding crypto assets, with a specific focus on stablecoins.

“In 2024, the Intergovernmental Fintech Working Group will publish additions to include ‘stablecoins’ as a particular type of crypto asset.

It will conduct analytical work to understand the applicable use cases of stablecoins and to recommend an appropriate policy and regulatory response.”

The working group released a crypto regulation paper in June 2021, which is set to be revised to incorporate stablecoins into the crypto asset category. Additionally, they will complete an assessment of the local stablecoin environment.

The South African Regulatory Body, IFWG, Publishes a Position Paper on Crypto Assets: https://t.co/JKdctzQG7z

— BitKE (@BitcoinKE) June 11, 2021

The working group anticipates releasing a paper by December 2024, detailing ‘the policy and regulatory implications of tokenization and blockchain-based financial market infrastructure.’

Additionally, the South African government, in partnership with Switzerland’s State Secretariat for Economic Affairs and FinMark Trust, will embark on a three-year initiative aimed at conducting four digital payments pilot projects.

The four pilot projects include:

• Community digitalization
• Digitization of payments for informal and low-income workers
• Cross-border remittances
• Cross-border trade

The initiative’s goal is to bolster small and informal businesses through payment innovation.

South Africa will also conduct a study on the effects of blockchain-based tokenization on the domestic financial markets.

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