SEC Commissioner pitches safe space for digital securities experiment

May 30, 2024 Coin Telegraph

Assets

Hester Pierce said her “sandbox” pitch would offer opportunities for cross-border collaborations between blockchain firms without fear of regulatory threats.

Securities and Exchange Commissioner Commissioner Hester Pierce recently published a letter pitching a cross-border sandbox program between U.S and U.K. blockchain firms experimenting with tokenized securities.

Pierce's letter follows a joint proposal from the Bank of England (BOE) and the U.K.'s Financial Conduct Authority (FCA) to create a safe space for blockchain companies in the U.K. to test real-world implementation of tokenized securities issuance and trading without fear of reprisals from state regulators.

During a recent panel at Consensus 2024, Pierce explained the benefits of conducting a cross-border collaboration for tokenized asset exploration. Cointelegraph’s Turner Wright provided this statement from Pierce:

US recession 40% likely in 2025, what it means for crypto — Analyst

French Regulator Renews Warning Against Blacklisted Bybit

May 17, 2024 Bitcoin.com

Autorité des Marchés Financiers (AMF)

The French securities regulator, the Autorité des Marchés Financiers (AMF), has issued a renewed warning against using the digital asset platform Bybit. The AMF reminded French investors that Bybit is an unregistered crypto platform operating illegally in the country. The regulator has advised French investors who use Bybit to take all the necessary precautions to […]

US recession 40% likely in 2025, what it means for crypto — Analyst

India’s SEBI recommends local regulators to monitor crypto trading

May 16, 2024 Coin Telegraph

bitcoin regulation

Documents reveal SEBI’s recommendation for distributed regulatory oversight of cryptocurrencies in India.

The Securities and Exchange Board of India (SEBI) has suggested that multiple regulators should oversee cryptocurrency trading in the country, according to recently disclosed documents seen by Reuters.

The documents suggest that a division within India’s financial authorities should handle the regulatory oversight. In a separate document, the Reserve Bank of India (RBI) argued that digital currencies pose a macroeconomic risk to the country.

Government officials submitted the documents to a panel tasked with advising the country’s finance ministry on policy, said Reuters.

US recession 40% likely in 2025, what it means for crypto — Analyst

Crypto Broker Fined Nearly $1.7M for Illegally Providing Access to Digital Asset Exchanges

May 15, 2024 Bitcoin.com

Crypto Broker Fined Nearly .7M for Illegally Providing Access to Digital Asset Exchanges

bitcoin.com

On May 13, the Commodity Futures Trading Commission announced it had fined crypto brokerage firm Falcon Labs Ltd. approximately $1.7 million. The fines are penalties for the firm’s illegal facilitation of U.S. residents’ access to digital asset derivative exchanges. The commission has urged digital asset intermediaries in similar situations to report their activities to the […]

US recession 40% likely in 2025, what it means for crypto — Analyst

Galaxy Digital’s revenue soars with mining, fees at record levels

May 14, 2024 Coin Telegraph

Asset Management

Galaxy Digital’s net income climbed 40% in the first quarter of 2024, buoyed by record-breaking revenue from mining operations and management fees.

Galaxy Digital reported a robust first quarter in 2024, with net income climbing to $422 million, a 40% increase from the previous quarter. The surge was supported by record earnings in mining and management fees.

According to the company, its mining operations generated a record-breaking $31.5 million in revenue, representing a 69% rise from the previous quarter. The growth was primarily driven by its expansion of mining capacity, with its hash rate under management (HUM) reaching 5.7 exahash per second (EH/s).

During the quarter, Galaxy mined 373 Bitcoin (BTC) at an average cost of less than $19,500.

US recession 40% likely in 2025, what it means for crypto — Analyst

Goldman Sachs, CBOE, Standard Chartered, and Others Complete Blockchain Interoperability Pilot on Canton Network

March 14, 2024 Bitcoin.com

bitcoin.com

Goldman Sachs, the CBOE, Standard Chartered, and other financial institutions participated in the pilot of the Canton Network, a protocol aiming to achieve interoperability in apps using resources from various blockchains. Digital Asset, the company behind the pilot, stated that this test showed the opportunity to reduce costs, risk, and inefficiencies by using this kind […]

US recession 40% likely in 2025, what it means for crypto — Analyst

Ethereum community adopts ERC-3643 as standard for compliant asset tokenization

December 15, 2023 Coin Telegraph

Asset-Backed

The ERC-3643 Ethereum Improvement Proposal reached its final stage, emerging as a recognized standard for tokenizing real-world assets.

The Ethereum community has officially signed off on the ERC-3643 Ethereum Improvement Proposal (EIP), establishing it as a recognized standard for compliant tokenization of real-world assets (RWAs).

According to a Dec. 15 announcement, the proposal reached its final status, meaning it has been formally reviewed, discussed, and agreed upon within the Ethereum community. That's a similar process to the way ERC-20 and other popular standards were established in the past.

ERC-3643 is a standard for securities tokenization, RWAs, payment systems and loyalty programs. It verifies users’ eligibility for a token via a self-sovereign identity (SSI) framework, providing anonymous yet verifiable credentials, the association behind the proposal explained.

US recession 40% likely in 2025, what it means for crypto — Analyst

Taurus starts credit tokenization as an asset class for German SMEs

December 14, 2023 Coin Telegraph

Assets

Blockchain tokenization provides an alternative means for SMEs to raise capital and liquidity while building diversified investment opportunities.

Teylor, a German-based fintech firm specializing in digitizing small business loans, has joined forces with digital asset infrastructure provider Taurus to turn small and medium enterprise (SME) loans into tokenized assets and provide tokenholders with monthly cashflows.

In the partnership, Teylor originates and manages SME loans through its Teylor credit platform. By tokenizing part of this credit portfolio on the Taurus infrastructure and TDX-regulated marketplace, professional private debt investors could participate in the returns through a secure blockchain-based secondary market.

Blockchain tokenization provides an alternative means for SMEs to raise capital and build liquidity while building diversified investment opportunities. In 2021, Italy’s Azimut group tokenized its first portfolio of loans to Italian SMEs through Sygnum Bank.

US recession 40% likely in 2025, what it means for crypto — Analyst

US accounting standards board rules will reflect institutional crypto assets’ fair value

December 13, 2023 Coin Telegraph

Assets

The U.S. FASB has decided that crypto assets will be represented at their fair value in accounting beginning late next year.

Crypto companies and institutions holding crypto assets have gotten some good news about accounting practices. They will be able to record the value of their crypto more realistically under rule changes in the United States.

The Financial Accounting Standards Board (FASB) finalized the new rules on Dec. 13. The FASB is the organization that sets accounting and reporting standards for the U.S. Generally Accepted Accounting Principles (GAAP). GAAP-standard financial reports are required from companies that trade on public markets in the United States.

US recession 40% likely in 2025, what it means for crypto — Analyst

Iota’s ShimmerEVM joins Fireblocks, targets demand for assets tokenization

December 13, 2023 Coin Telegraph

Assets

The Iota Foundation wants to capitalize on institutional demand for real-world asset tokenization, which reached $342 billion in September.

Open-source blockchain developer Iota has taken another step to meet institutional demand for asset tokenization by integrating its Shimmer Ethereum Virtual Machine (EVM)-compatible chain with Fireblocks.

Data from VanEck Research shows the total market capitalization for tokenized real-world assets (RWA) reached $342 billion in September despite the bear market and the crypto industry's headwinds. According to Dominik Schiener, co-founder of Iota, the network is building infrastructure and solutions to address the escalating demand for real-world asset (RWA) tokenization.

“We can expect many large institutional investors and financial institutions to give their public support for digital assets in 2024. With clear regulations and newfound public support through these institutions and the imminent ETFs, we are well on our way to make institutional investors the dominant market participants,” noted Schiener.

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