Day: June 23, 2023

IMF Says Banning Crypto May Not Be the Best Approach to Balancing Risk, Demand

“While a few countries have completely banned crypto assets given their risks, this approach may not be effective in the long run,” The IMF said in a website post about interest in central bank digital currency (CBDC) adoption in Latin America and the Caribbean. “The region should instead focus on addressing the drivers of crypto demand, including citizens’ unmet digital payment needs, and on improving transparency, by recording crypto asset transactions in national statistics.” Source

Alphabet’s Google Cloud Launches Anti-Money Laundering AI afterSuccessful Test with HSBC

The Google Cloud Anti-Money Laundering AI focuses on retail and commercial banking to accelerate risk detection. The rule-based transaction monitoring used by financial institutions to identify money laundering is about to be disrupted by Alphabet Inc’s (NASDAQ: GOOGL) Google Cloud Anti Money Laundering AI. After a successful trial period with London-based HSBC Holdings Plc (NYSE: HSBC), the American tech giant is ready to roll out the AI-focused anti-money laundering program. According to the company, the Anti Money Laundering AI was designed to meet model governance requirements in the banking industry.…

Casa launches multi-signature Ethereum self-custody vault

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Since its inception in 2016, Casa promoted multi-signature self-custody of BTC in the industry with its flagship Bitcoin vault allowing users to store the cryptocurrency using up to five keys for more distributed security. Casa’s service originally catered to Bitcoin ‘whales’ that were willing to spend $10,000 a year on custody, before opening its service to a broader base of Bitcoin users. The company has now added an Ethereum vault to its platform, with ETH holders also able to use up to five keys to secure their holdings. According to…

Winklevoss twins’ Gemini launches Ethereum staking in the UK

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Winklevoss twins’ cryptocurrency exchange Gemini continues to actively expand its services across the world, debuting Ethereum staking in the United Kingdom. On June 23, Gemini officially announced the expansion of Gemini Staking Pro in the United Kingdom. The service allows institutions and high-net-worth individuals to become Ethereum validators by locking up at least 32 Ether (ETH), worth around $60,000 at the time of writing. Provided by Gemini Trust Company, the institutional ETH staking program is immediately available on the Gemini web interface, the firm noted. At launch, Gemini Staking Pro…

CACEIS Bank Obtains French DASP License for Crypto Custody Services

CACEIS Bank is one of the first European banks to obtain the DASP license. The CACEIS Bank has obtained a DASP license from the French financial regulator AMF. CACEIS Bank is a subsidiary of Santander and Credit Agricole that services assets for institutional and corporate clients. With the license, the bank will be able to provide crypto custody services to its clients. President of Adan, Simon Polrot, praised CACEIS Bank for obtaining the license. He said: “It shows that France is at the forefront of crypto regulation in Europe and…

History, objectives and an overview of the global alliance

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BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy.  BRICS is an informal alliance that strives to foster collaboration and communication among its member nations rather than a formal organization or alliance with a legally binding contract. Here’s an overview of the history, objectives and key aspects of the BRICS alliance: History of BRICS O’Neill published…

Forensic analysis can benefit from tokenization: World Token Summit panel

At the recent World Token Summit 2023 event held in Dubai, a panel discussed how the adoption of tokenization can be scaled further through various tools like address tracking and forensics analysis. At the event, Cryptox spoke with Jeremy Firster, the global head of partnerships at Cardano Foundation, Meng Chan Shu, the head of business development at the Ras Al Khaimah Digital Assets Oasis (RAK DAO); and Ellis Wang, who works with the executive and advisory team at The Private Office of Sheikh Saeed bin Ahmed Al Maktoum. The group…

Bitcoin steadies above $30k, institutional interest fanning demand

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin has crossed the $30,000 threshold, fanned by growing institutional interest and favorable technical indicators. The potential approval of bitcoin spot exchange-traded funds (ETFs) is also being considered. Nonetheless, what lies ahead for this widely-used cryptocurrency remains to be seen. Bitcoin (BTC), the biggest cryptocurrency in the world, has risen above the $30,000 mark once again. This is noteworthy as BTC last reached this level back in April. BTC 3-month price chart | Source: CoinMarketCap There…

US Lawmakers Seek Answers from SEC Over Documents Linked to Sam-Bankman Fried’s Arrest

Michigan Rep. Bill Huizenga pointed out that the documents shared by the SEC contained minimal information, mainly consisting of public briefings on the collaborative efforts between the SEC and the Justice Department in the case of SBF. The Chairman of the United States House Oversight and Investigations Subcommittee, Bill Huizenga, has recently called out the US Securities and Exchange Commission (SEC) for its failure to produce appropriate documents associated with the charges and arrest of disgraced FTX founder Sam-Bankman Fried. During Thursday’s hearing on June 22, Huizenga said “100% of the…