Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.
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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.
Cryptocurrency is gaining traction in the world of FX brokers, with a surge in interest both from brokers and traders. However, the volatile nature of cryptocurrencies raises questions about whether the benefits outweigh the risks.
Interactive Brokers Hong Kong has obtained a license to engage in virtual asset trading for retail clients, as revealed by David Friedland, the firm’s managing director for Asia Pacific, in a LinkedIn post.
eToro has recently obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). This approval enables eToro to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates.
“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.”
Victory Securities has secured the green light from Hong Kong’s Securities and Futures Commission (SFC) to extend its crypto trading and advisory services to retail investors, marking it as the first licensed corporation to do so.
The Monetary Authority of Singapore (MAS) is set to introduce a series of stringent measures aimed at tightening regulations for cryptocurrency service providers in the nation.
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.
Coinbase is pressing for regulatory clarity from the Securities and Exchange Commission (SEC), arguing in a recent appeal that the SEC has been stalling on providing new rules for the cryptocurrency industry.
“This is just the latest installment in the welcome demise of the unregulated cryptocurrency market. Cases like those surrounding FTX and Binance have come to symbolize the downfall of the ‘crypto bro’ persona – as these high-profile figures are officially moved from cowboy to outright criminal.”
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.
From the jungles of northern Thailand to the steppes of Mongolia, people everywhere want an easy way to buy cryptocurrencies. But unfortunately, doing so is not always such a straightforward process.
“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.”
The Osaka Digital Exchange (ODX) is poised to introduce Japan’s first trading of digital securities next month, featuring security tokens from real estate companies Ichigo Inc. and Kenedix Inc.
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.
Robinhood, a stock trading app popular with millennials, published its latest operating data release for October 2023, providing insights into user activity and market trends.
Commerzbank AG has obtained a crypto custody license in Germany, making it the first “full-service” German bank to receive such a license under the legal framework of the German Banking Act.
