SEC's Non-Appeal Paves the Way for U.S. Bitcoin ETF

Dear Readers,

Welcome to the latest issue of the XEROF newsletter. The most significant stories and developments in luxury real estate and cryptoassets from this week have been compiled by our European research desk.

Our top digital currency news stories this week are as follows:

• First U.S. Bitcoin ETF Inches Closer as SEC Forgoes Court Challenge
• Revving Up Cryptoasset Acceptance: Ferrari Adapts to Growing Demand
• Australia's CBDC Experiment: Mastercard's Innovative Wrapping Solution

We also feature the latest developments in high-end living, including:

• Anarock Report: Indian Luxury Real Estate Market Hits New Heights in 2023
• Luxury Real Estate in London Sees Rising Demand for Top-Tier Amenities
• Dubai's Real Estate Market Booms with 43% Sales Surge in August

Cryptoasset News

First U.S. Bitcoin ETF Inches Closer as SEC Forgoes Court Challenge

CoinDesk reports that the SEC is not appealing the court's ruling that permits Grayscale to transform its Bitcoin trust into a more accessible exchange-traded fund, potentially paving the path for the first U.S. Bitcoin ETF. The market regulator had until Friday at midnight to decide whether to appeal the court's ruling, but the SEC let the deadline lapse without submitting an appeal. XEROF notes that in response to this development, Bitcoin surged beyond $27,000.

Revving Up Cryptoasset Acceptance: Ferrari Adapts to Growing Demand

According to Reuters, due to increasing demand, Ferrari now accepts digital asset payments for its high-end sports cars in the United States. The automaker is also working to make this cryptocurrency payment option available to its European customers. XEROF comments that this shift is likely due to the growing number of clients, including tech-savvy young investors, who have heavily invested in various digital currencies.

Australia's CBDC Experiment: Mastercard's Innovative Wrapping Solution

In collaboration with Cuscal and Mintable, Mastercard has successfully demonstrated a solution for wrapping Central Bank Digital Currencies (CBDCs) on multiple blockchain networks. This initiative is part of a research project with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, which aims to explore CBDC applications in Australia. The pilot is only accessible to authorised entities passing KYC verification by licensed providers. XEROF reports that Australia's central bank has been actively exploring CBDC potential, including a prior CBDC trial.

Luxury Real Estate News

Anarock Report: Indian Luxury Real Estate Market Hits New Heights in 2023

According to a recent report by Anarock, seven major Indian metropolitan areas are seeing a remarkable quarterly luxury real estate supply surge, marking a five-year high of 23%. Hyderabad led with about 14,340 new luxury units, followed by Mumbai Metropolitan Region (MMR) with 7,830 units in Q3 2023. Hyderabad had a 46% share of the market for luxury housing overall, while MMR had a 25% share.

Luxury Real Estate in London Sees Rising Demand for Top-Tier Amenities

A recent Mansion Global article highlights a growing trend in London's luxury real estate market. In order to accommodate the changing needs of remote workers and to provide facilities that uphold luxury sustainability standards, the market is becoming more and more demanding of premium amenities. One London-based property management company notes that if the U.K. follows U.S. trends, we might soon see sought-after features like private pools in select residences and exclusive resident clubs.

Dubai's Real Estate Market Booms with 43% Sales Surge in August

August was a great month for the Dubai real estate market. Sales spiked by 43%, totalling $9.1 billion. Luxury real estate also surged, with a 63% YoY growth, from 4,189 transactions in August 2022 to 6,837 this year. Larger properties are gaining favour, particularly three-bedroom villas and town houses, with four-bedroom and bigger units commanding a 43% and 35% share of interest, respectively. Wealthy families relocating to Dubai are contributing to this trend.