Digital asset exchanges launch margin futures, stablecoins, custody products
by Christopher W. Lamb
The digital asset affiliate of one of the world’s largest derivatives exchanges recently published a press release announcing that it will “begin trading and clearing margin futures on Bitcoin and Ether starting January 11, 2024.” According to the release, this will make the company “the first US regulated crypto native combined exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform.” The exchange will “initially offer financially settled margined contracts on Bitcoin and Ether” and plans to expand this model, subject to regulatory approval.
According to another recent press release, Paxos, a “leading regulated blockchain infrastructure and tokenization platform,” has received “in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity to offer digital payment token services.” ) has received.” , According to the release, the new Singapore entity “will issue a new US dollar stablecoin that has been accepted by MAS to be substantially compliant with MAS’s proposed stablecoin regulatory framework.”
In a related development, a recent press release from the MAS announced three initiatives “to ensure the secure and innovative use of digital money in Singapore”, including (1) outlining the infrastructure required for a digital Singapore dollar; A blueprint for, (2) expanded digital money testing and (3) a plan to issue a “live” central bank digital currency (CBDC) for wholesale settlement. The release stated that “[t]The three types of digital currencies that MAS is promoting are wholesale CBDCs, tokenized bank liabilities, and regulated stablecoins.”
In the final recent development, the OKEx cryptocurrency exchange announced that it is collaborating with Komainu and CoinShares “to empower CoinShares to trade 24/7 through the OKEx platform, while holding assets in separate custody with Komainu.” Has been laid.” According to the release, this cooperation will “ensure”[e] Collateral assets are held securely in third party custody by Comanu to minimize counterparty risks.
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Major banks announce tokenization and crypto custody initiatives
Robert A. By Musiala Jr
Several major banks have recently announced new digital asset initiatives. According to recent reports, the venture capital arm of a major global bank has launched a tokenization platform called Libera. Separately, the world’s largest bank by market capitalization recently issued a press release announcing an initiative with several blockchain startups as part of the Monetary Authority of Singapore’s Project Guardian, “to demonstrate that “For how blockchain technology can be used to manage client portfolios at scale.” execute trades and enable automated portfolio management of tokenized financial assets.” And in a third notable development, a press release from a major German bank announced that it would comply with “Article 1 Section 1a sentence 1 No. 6 of the German Banking Act ( “has become the first German full-service bank to be granted a crypto custody license, according to KWG).
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NFT development firms announce new initiatives
Robert A. By Musiala Jr
Non-fungible token (NFT) development firm Dapper Labs recently announced the upcoming launch of “a brand-new socially-driven collectibles experience” that brings the magic of pin collecting into the digital age. According to a Dapper Labs blog post, the new product will “bring together characters from 100 years” of a major American media and entertainment company’s productions. The blog post further states that with the new product, “[f]“They will be able to collect a dynamic PIN on their phone and trade with each other instantly and securely, no matter where in the world they are.”
In a separate development, NFT development company Yuga Labs announced initiatives to launch a new Ethereum-based NFT marketplace by the end of 2023. According to a press release, the new NFT marketplace will be “the first major Ethereum marketplace contractually obligated to honor.” Producer Royalties.”
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NY DFS publishes updated guidance on listing of virtual currencies
Robert A. By Musiala Jr
The New York State Department of Financial Services (NY DFS) recently announced that it has “issued guidance that adopts enhanced requirements for the coin-listing and coin-delisting policies of DFS-regulated virtual currency entities, which the Department “Updates the prior framework issued by 2020.” According to a NY DFS press release, among other things, the new guidance “strengthens the risk assessment standards for coin-listing policies,” “creates enhanced requirements for retail consumer-facing businesses” and “requires licensees to Requires DFS to develop and submit for approval “a coin-delisting policy.” The new guidance addresses the general framework for creating coin-listing and coin-delisting policies of a virtual currency entity.
With respect to coin-listing policies, the guidance focuses on key features in the areas of governance, risk assessment and monitoring. The guidance states that the “governing authority” of a virtual currency entity must approve the coin-listing policy and ensure compliance with various standards. The guidance requires a “comprehensive risk assessment” for each listed coin and provides a list of key risk assessment factors. Additionally, the guidance provides that virtual currency coins with certain characteristics may not be “self-certified,” including stablecoins, exchange coins, bridged coins, coins lacking protocol flexibility, and coins that lack circulating supply. Less than 35 percent of the total supply. , The guidance also requires policies and procedures to monitor listed coins for safety and soundness, consumer protection, and compliance with guidelines, and provides minimum standards for such policies and procedures.
Regarding coin-delisting policies, the guidance requires “a separate policy that outlines the steps that will be taken to ensure the safety and soundness and protection of clients and the general public in the event a VC entity discontinues support for a coin.” The guidance provides minimum features for such delisting policies, including features related to the responsibilities of the governing authority; the process that outlines a delisting event; and the process for executing the delisting event such as advance Information, customer support, documentation, ongoing monitoring and impact analysis.
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Over 40 National Governments Issue Joint Statement on Crypto Tax Compliance
Robert A. By Musiala Jr
According to a joint statement published by the United Kingdom’s HM Treasury, a group of more than 40 national governments have approved “the new international standard on the automatic exchange of information between tax authorities developed by the OECD – the Crypto-Asset Reporting Framework (CARF).” ).” By implementing CARF, these countries intend to “further improve” [their] Ability to ensure tax compliance and crack down on tax evasion.” According to the joint statement, the group of countries “intends to work towards expeditiously transposing CARF into domestic law and activating exchange agreements in time for exchanges starting by 2027, subject to applicable national legislative procedures.” Is subject to.”
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Crypto hackers stole over $127M in two incidents; Vulnerability data published
Robert A. By Musiala Jr
More than $127 million worth of cryptocurrencies were recently stolen in two separate hacking incidents. According to recent reports, the Poloniex cryptocurrency exchange was hacked for over $100 million in what a blockchain security firm alleged was a private key compromise. In a separate incident, a hacker reportedly stole $27 million worth of USDT from a wallet associated with a Binance “deployer” wallet – a wallet that is used to create smart contracts. According to reports, a Binance user withdrew funds from Binance to a decentralized finance (DeFi) wallet, allowing hackers to steal the funds.
Recently published research from two cybersecurity companies has provided new data on cryptocurrency hacking vulnerabilities. A report from Unciphered has provided details on a vulnerability that reportedly affects millions of crypto wallets that run on “BitcoinJS, a popular package for the generation of browser-based cryptocurrency wallets, as well as products and projects built from this software.” Were generated by. According to the Unciphered report, the vulnerability could put approximately $2.1 billion worth of crypto assets at risk. Another report from ImmuneFi indicated that nearly half of all cryptocurrency value lost from the hack was due to Web 2 security issues, such as leaked private keys and other IT-infrastructure issues, versus Web 3 security issues such as smart contracts. Opposite of faults.
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Source: www.jdsupra.com
