Commerzbank, a leading German bank, has achieved a significant milestone by obtaining a cryptocurrency custody license from national regulators. Not only does this mark the first instance of a full-service bank in Germany obtaining such approval, but it also highlights the bank’s commitment to adopting cutting-edge technologies and innovations in the digital asset sector. This
Regulation
Crypto.com recently announced that it has secured a Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This significant milestone allows the exchange to offer regulated digital asset services, reinforcing Dubai’s reputation as a leading crypto-friendly hub. Advantages of the VASP License By obtaining the VASP license, Crypto.com gains permission
Ripple CEO Brad Garlinghouse recently criticized the U.S. Securities and Exchange Commission (SEC), stating that its actions towards the crypto industry have failed in protecting investors. Speaking at the Ripple Swell conference in Dubai, Garlinghouse raised concerns about the SEC’s focus and questioned who exactly the watchdog was protecting during its regulatory journey. The CEO
The European Parliament recently voted in favor of the Data Act, a legislation that aims to establish rules in various domains, including the development of smart contracts. With 481 votes in favor, 31 against, and 71 abstentions, the act now awaits formal approval from the European Council to become law. However, the possible effects of
Grayscale, a well-known cryptocurrency investment firm, has recently provided an update on its proposed spot Bitcoin ETF (Exchange-Traded Fund). CEO Michael Sonnenshein spoke with Bloomberg on November 8, shedding light on the company’s plans. Grayscale aims to convert its existing Grayscale BTC (GBTC) fund into an ETF, a move that has gained attention from investors
The Vice Chair for Supervision at the U.S. Federal Reserve, Michael Barr, recently addressed the issue of stablecoins and central bank digital currencies (CBDCs). This article examines Barr’s comments and their potential impact on the cryptocurrency industry. Barr emphasized the need for a “strong, federal regulation” of stablecoins to ensure proper approval, regulation, and enforcement
The U.S. Securities and Exchange Commission (SEC) has found itself facing significant challenges in recruiting professionals with expertise in cryptocurrency. According to a recent agency document titled “The Inspector General’s Statement on the SEC’s Management and Performance Challenges,” the SEC is experiencing difficulties in hiring specialists in the field of crypto assets. These challenges are
The U.S. Department of the Treasury and its Office of Foreign Assets Control (OFAC) recently imposed sanctions on Russian businesswoman Ekaterina Zhdanova for her involvement in money laundering and fund movement using virtual currency and other methods. These sanctions highlight the increasing use of cryptocurrencies in illicit activities and the need for stronger regulatory controls
Ripple, the blockchain payments firm, recently announced that its XRP token has been approved under the Dubai Financial Services Authority’s (DFSA) virtual assets regime. This approval is significant as it enables virtual asset firms, licensed within the Dubai International Financial Centre (DIFC) area, to make use of XRP. As Dubai is a major financial hub
Turkey is implementing new legislation aimed at bolstering its measures against money laundering and terrorist financing in the cryptocurrency sector. The country’s Finance Minister, Mehmet Simsek, revealed the move in an effort to improve Turkey’s standing with the Financial Action Task Force (FATF) and move it out of the “grey list” category. Currently, being on
The Financial Conduct Authority (FCA) in the United Kingdom has recently issued a warning to investors regarding Bitfinex. According to the FCA, Bitfinex may be promoting financial services or products without the proper authorization from the regulatory body. In its warning, the FCA advises individuals to avoid engaging with Bitfinex. The cautionary statement from the
The U.K. Treasury has recently unveiled its regulatory approach to the crypto industry, signaling a significant milestone in the country’s journey towards establishing itself as a leading global destination for crypto-asset businesses. With a clear roadmap now in place, the crypto industry and stakeholders can anticipate a well-defined and regulated environment in the near future.
The Monetary Authority of Singapore (MAS) has taken a significant step towards promoting responsible digital asset innovations across international borders. Collaborating with regulators from the United Kingdom, Japan, and Switzerland, MAS launched its ground-breaking Project Guardian initiative. This initiative aims to revolutionize asset tokenization in various financial sectors and facilitate market efficiency and transaction processes
Taiwan has recognized the need to regulate its thriving virtual asset market and has introduced a new bill called the “Virtual Asset Management Regulations Draft.” This bill aims to establish a comprehensive regulatory framework for the cryptocurrency industry in Taiwan. This move comes as Taiwan grapples with the rapid growth of virtual assets in the