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The report on Multifunction Crypto-Asset Intermediaries (MCIs) provides an in-depth analysis of these entities which combine various crypto-asset services and products, typically centering around a trading platform. These services can include proprietary trading, investment functions, issuance, promotion, and distribution of crypto-assets, including stablecoins.

The envisioned future market structure aims to provide direct access to regulated venues, offering 24/7 trading, lower initial margin requirements, and efficient risk management through remote custody agreements. This model is not just about addressing the current challenges but is also geared towards leveraging the best practices from the crypto markets.

“Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil.”

Italy’s financial watchdog, Consob, has blocked access to six new websites offering financial services that are not authorized by the regulator. The move is aimed at protecting Italian investors from potential fraud and other risks associated with unregulated financial services providers.

Crypto exchange HTX and blockchain protocol Heco Chain suffered a security breach, with a combined loss of $97 million in various tokens. Crypto entrepreneur Justin Sun, an investor in HTX, confirmed the incident and assured that the exchange would fully cover any losses incurred by its users.

“We allege that Kraken made a business decision to reap hundreds of millions of dollars from investors rather than coming into compliance with the securities laws. That decision resulted in a business model rife with conflicts of interest that placed investors’ funds at risk. Kraken’s choice of unlawful profits over investor protection is one we see far too often in this space, and today we’re both holding Kraken accountable for its misconduct and sending a message to others to come into compliance.”

Asia-based crypto exchange XREX has secured in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) license. This initial approval paves the way for XREX to offer digital payment token products and services in Singapore.