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Deutsche Börse Group’s Crypto Subsidiary Granted Four Licenses by the German Regulator

Deutsche Börse Group’s Crypto Subsidiary Granted Four Licenses by the German RegulatorA subsidiary of the German multinational company Deutsche Börse Group has been granted four licenses by the German Federal Financial Supervisory Authority or Bafin. The licensing of the subsidiary helps to distinguish its product offering “as one of the few to meet these exceptionally high standards.” Cementing Crypto Finance’s Position in the European Digital Asset […]

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$2,300,000,000,000 Asset Management Giant Registers for Crypto Custody License in France

,300,000,000,000 Asset Management Giant Registers for Crypto Custody License in France

One of Europe’s largest asset-servicing groups has recently been granted the license by the financial market regulator Autorité des Marchés Financiers (AMF) to provide crypto custody services in France.  According to a new press release, CACEIS Bank, the CACEIS group’s banking arm in France, just received PSAN (Prestataires de Services sur Actifs Numériques) status from […]

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‘War on crypto’ — Newly filed letters lambast proposed SEC custody rules

Industry representatives have cast doubt on the legality and impact of the United States securities regulator’s proposal to expand custody rules.

A proposal by the United States securities regulator to tighten rules around crypto custody has been met with opposition from at least two proponents of the industry, according to recently filed letters.

On May 8 — the deadline for comments on the proposal — crypto industry advocacy body Blockchain Association filed its letter to the Securities and Exchange Commission (SEC) criticizing its proposal to amend its custody rule.

Three days earlier, a similar letter was sent by Web3 venture capital fund Andreessen Horowitz (a16z).

Marisa Tashman Coppel, a policy lawyer at the association, tweeted on May 8 that the rule would “drastically curtail investment in digital assets” and claimed that in its current form, the rule is “unlawful.”

The same day, a16z general counsel Miles Jennings tweeted its letter, saying the firm “did not mince words” and called the SEC proposal a “misguided and transparent attempt to wage war on crypto.”

In its letter, the Blockchain Association provided over a dozen separate arguments to rebuff the SEC. Among other claims, it said the rule exceeds the SEC’s authority, would inhibit advisers from transacting with crypto exchanges and would leave investors’ assets at more risk.

A16z detailed similar arguments in its letter but focused more on its effects on registered investment advisers, namely that advisors would be prevented from using crypto and the rules could violate the duty of care the SEC requires of such firms.

It called the prohibition against advisors being able to trade crypto on centralized exchanges “illegal, unworkable and dangerous.”

Related: Defending against SEC to cost Ripple $200M, CEO Brad Garlinghouse says

Yet to be approved by the SEC, the February proposal would apply more stringent rules on investment advisers in the custody of assets, inclusive of crypto.

Firms would need to properly segregate assets and custodians will be required to have annual audits from public accountants among a raft of other transparency measures.

Gensler has specifically taken aim at crypto exchanges with the rule, and said some crypto trading platforms offering custody services are not actual “qualified custodians.”

The proposal even saw pushback from within the SEC. Commissioner Hester Pierce questioned the rule’s “workability and breadth” and its seeming targeting of crypto and crypto-related companies.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

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German Stock Exchange Boerse Stuttgart to Provide Crypto Custody Through Licensed Subsidiary

German Stock Exchange Boerse Stuttgart to Provide Crypto Custody Through Licensed SubsidiaryBlocknox, a subsidiary of one of Europe’s largest stock exchanges, Boerse Stuttgart, has been licensed to operate as a crypto custodian in Germany. The authorization will allow the company to offer custody services for digital assets to institutional investors across the Old Continent. Boerse Stuttgart Subsidiary Blocknox to Offer Crypto Custody Services Under Bafin License […]

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Owner of Major US Stock Exchange To Launch Crypto Custody Services by June: Report

Owner of Major US Stock Exchange To Launch Crypto Custody Services by June: Report

The parent company of a major US stock exchange is reportedly looking to launch crypto custody services by June. According to a new report by BNB Bloomberg, Nasdaq INC., the owner of the New York-based Nasdaq Stock Exchange, expects its crypto custody services to be available by the end of the second quarter. Ira Auerbach, […]

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Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon

Crypto Regulation Is Like a Flimsy Umbrella in a MonsoonYou know what they say, “when life gives you lemons, make lemonade.” But when it comes to protecting your crypto funds on centralized exchanges (CEXes), the old adage should be “when life gives you regulations, make a self-custody wallet.” Self-custody is undoubtedly a better solution for protecting the interests of customers in crypto. Regulation alone […]

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South African Government to Add Crypto Entities to ‘List of Accountable Institutions’

South African Government to Add Crypto Entities to ‘List of Accountable Institutions’According to the South African government, crypto entities — or businesses whose activities include the exchange or transfer of crypto assets — are set to be included in the list of so-called accountable institutions starting Dec. 19. Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred […]

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Austrian Crypto Exchange Bitpanda Secures Trading License From Germany’s BaFin

Austrian Crypto Exchange Bitpanda Secures Trading License From Germany’s BaFinCrypto exchange and custody platform Bitpanda announced on Nov. 22 that it had received a crypto trading license from Germany’s Federal Financial Supervisory Authority. According to Bitpanda, securing a license means it has become the “first European retail investment platform to meet BAFIN’s strict regulatory requirements.” New License Strengthens Bitpanda’s Position Austrian crypto exchange platform […]

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Nigerian Web3 Startup Says Funds Are Stuck With FTX, Lays Off Employees

Nigerian Web3 Startup Says Funds Are Stuck With FTX, Lays Off EmployeesNestcoin, a Nigerian Web3 startup which got an investment from Alameda Research in 2021, revealed on Nov. 14 that it had “a significant proportion of stablecoin investment” stuck at FTX. According to the startup’s CEO, laying off some employees allows the company to focus on building a more decentralized crypto future. Using FTX as Custodian […]

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Report: The Oldest Bank in America, BNY Mellon Can Now Custody Bitcoin and Ethereum

Report: The Oldest Bank in America, BNY Mellon Can Now Custody Bitcoin and EthereumAmerica’s oldest bank, the Bank of New York Mellon Corporation, commonly known as BNY Mellon, has announced the financial institution can now custody cryptocurrencies. A report published by the Wall Street Journal on Tuesday, says BNY Mellon was approved by the New York State Department of Financial Services (DFS), and the bank said it was […]

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