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Nearly 400 Crypto Firms Lose Their Estonian Licenses Under New Rules

Nearly 400 Crypto Firms Lose Their Estonian Licenses Under New RulesThe majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Report: Paypal Puts Stablecoin Plans on Hold as US Regulators Crack Down on Crypto Industry

Report: Paypal Puts Stablecoin Plans on Hold as US Regulators Crack Down on Crypto IndustryDuring the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report

Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, ReportCryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners. Bybit Reportedly Vows to ‘Not Discriminate Against Crypto […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint

Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset FootprintDigital asset manager Bakkt Holdings, Inc., announced on Thursday that the company has acquired the firm Apex Crypto from Apex Fintech Solutions. Bakkt detailed that the acquisition of the turnkey crypto platform aims to “bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals.” Bakkt to Expand Client Verticals With Different Offerings […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Singapore Seeks to Reduce Risks for Retail Crypto Investors With Restrictive Rules

Singapore Seeks to Reduce Risks for Retail Crypto Investors With Restrictive RulesFinancial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The Monetary Authority of […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Binance Obtains Registration as Crypto Service Provider in Cyprus

Binance Obtains Registration as Crypto Service Provider in CyprusCryptocurrency exchange Binance will be able to offer services for digital assets in Cyprus as the platform is now registered with the country’s securities regulator. The news comes after the company obtained similar approvals in several other European jurisdictions. Global Exchange Binance to Comply With Cyprus Crypto Regulations Binance, the world’s leading crypto exchange in […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Major client demand the ‘tipping point’ for BNY Mellon’s crypto services

BNY Mellon CEO Robin Vince pointed to a survey earlier this year which found 91% of institutional asset managers were interested in investing in tokenized assets.

BNY Mellon CEO Robin Vince says “client demand” was the “tipping point” that ultimately led to the bank’s launch of institutional-focused crypto services last week.

BNY Mellon, America’s oldest bank, became the first large bank in the country to offer custody of institutional clients’ Ether (ETH) and Bitcoin (BTC) on Oct. 11.

In an Oct. 17 conference call following the release of its third quarter earnings, Vince pointed to a survey commissioned by the bank this year, which found that 91% of large institutional asset managers, asset owners and hedge funds were interested in investing in some type of tokenized asset within the next few years.

“About 40% of them already hold crypto in their portfolios. About 75% of them are actively investing or exploring investing in digital assets,” he said, adding:

“And so what we heard from our clients is they want institutional grade solutions in the space.”

The new custody service was launched last week, allowing select institutional clients to hold and transfer Bitcoin and Ether on the same platform they manage their stocks and bonds.

Vince said that the digital asset custody solution was not created “just for the purpose” of custody crypto and that the bank sees it “as the beginning of a much broader journey.”

During the call, Vince said he envisioned the tokenization of “all kinds of assets and currencies,” including traditional financial assets as well as assets that “haven't been as easy to manage in the financial system,” commenting:

“Some of those things could be much better managed using tokens.”

Examples he mentioned included commodities, real estate, forests, and certificates relating to environmental, social and governance issues.

However, the BNY Mellon CEO said it could be years or even decades before the industry could see full adoption of tokenized assets.

“I'm not going to put an exact time scale on it [...] But we thought that with a longer-term view this was an important space," he said. 

Related: BNY Mellon, America’s oldest bank, launches crypto services

He also noted that they’re not spending a “ton” of money on the space, but will instead be investing in “smart” places in the ecosystem.

The bank, which has $43 trillion in assets under management as of 2022, had been playing with the idea of allowing clients to transfer and issue Bitcoin and other cryptocurrencies as early as February 2021 during the bull run for the asset class.

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU Rules

Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU RulesComplying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine. Major Crypto Platforms Conform to EU Measures, Restrict Services for Russian Users […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions, Report Unveils

Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions, Report UnveilsA list of crypto exchanges, including global platforms, have not introduced new restrictions on Russian users after the EU’s most recent sanctions round, Russian crypto media reported. The latest European penalties target an array of crypto-related services to increase pressure on Russia amid an escalating conflict in Ukraine. Major Exchanges Continue to Work in Russia […]

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain

Coinbase gains in-principle approval for Singapore crypto license

The country is a key institutional market for the exchange according to the CEO of Coinbase Singapore, who explained it's also working with local industry groups to improve regulations.

The Singapore-based arm of the United States cryptocurrency exchange Coinbase has received “in-principle approval” to provide crypto services in Singapore from its central bank, the Monetary Authority of Singapore (MAS).

Speaking to Cointelegraph, Hassan Ahmed, CEO of Coinbase Singapore and the exchanges’ regional director for Southeast Asia, said Singapore is a key institutional market for the exchange in Asia due to businesses there continuing to show interest in and gain exposure to crypto.

The city-state also serves as Coinbase’s Asia-Pacific tech hub, with an on-the-ground team of engineers responsible for its international expansion efforts and platform localization, said Ahmed. 

Coinbase was already providing services including its institutional platform under an exemption granted by MAS, but Ahmed said it would look to partner with local platforms and expand its fiat capabilities with its new approval to provide Digital Payment Token services.

The exchange says it’s undertaking ongoing work with local Web3 community groups such as the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS) and the Singapore Fintech Association (SFA).

Ahmed says it's working with the local industry in Singapore to ensure fair laws from regulators and provide information to a youth focused non-profit, Advisory.sg.

“We collaborate with industry associations to promote dialogue with policymakers, and ensure balanced regulations, and a pragmatic approach to regulatory framework for digital assets,” said Ahmed, adding:

“On the employment side, crypto as an industry is exciting but often confusing, so we are working with career exploration non-profits like advisory.sg to provide guidance to their members.”

Coinbase has seen an interest in expanding through the Asia-Pacific region, with a local entity in Japan since August 2021 and an Oct. 5 expansion of its retail focused services in Australia.

Related: Demand for talent in crypto less dependent on market as industry matures

Ahmed said of Coinbase’s plans to offer services throughout Southeast Asia:

“We see Southeast Asia as a crypto-forward region with a lot of demand for holding and using crypto in markets such as the Philippines and Indonesia, as well as a hotbed of innovation for trends like Web3 gaming such as Vietnam.”

Coinbase’s vice president of international and business development Nana Murugesan previously said to Cointelegraph the exchange would focus “more towards markets that have [regulatory] clarity” when planning to expand further into Asia.

Memecoin Collector Becomes Largest Holder of Solana-Based Altcoin Before Bitcoin Halving: Lookonchain