“Saxo Bank A/S’ trading in crypto assets for its own account has taken place in order to cover risks in connection with the offering of other financial products,” the statement said. “However, this does not change the fact that the activity, in itself, is not permitted for Danish financial institutions …” Source
For the derivatives market, volumes increased by 14% in June, representing 78.7% of the crypto market. That, however, is down from 79.1% in May, marking the first drop in derivatives market share in four months, an indication that the EFT filings spurred spot accumulation of crypto assets, according to the report. Original
Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY. DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC). The new service will allow corporate clients of DBS Bank China to collect payments from their customers in e-CNY and conduct automated settlement of e-CNY directly into their CNY bank deposit account. DBS’ solution is designed to enable…
In a significant turn of events, authorities in Australia have launched a surprise raid on the premises of Binance, the world’s largest cryptocurrency exchange, Bloomberg reported today. According to the report, this action comes as part of an extensive investigation conducted by the Australian Securities and Investments Commission (ASIC) into the closure of Binance Australia’s derivatives division. The ASIC operation aims to thoroughly scrutinize the operations of Binance’s derivatives arm and thoroughly evaluate the categorization of its clientele, anonymous individuals with insider knowledge divulged. This recent development follows Binance’s previous…
The Reserve Bank of India (RBI) is currently in dialogue with its counterparts from at least 18 other countries on the possibility of cross-border payments in the “digital rupee”. The report about RBI’s ambitious foreign trade plans for the Indian central bank digital currency (CBDC), appeared in the Economic Times on June 27. It cites several public announcements by the RBI Governor, Shaktikanta Das. During his June speech in London, Das emphasized the importance of foreign trade infrastructure for the “digital rupee”, which was set to reach 1 million users…
Binance Academy, the educational arm of Binance, has forged a partnership with renowned online learning platform Coursera to develop certified Web3 educational programs, according to a recent announcement. These programs aim to span a wide array of Web3 and blockchain topics and are designed to cater to both foundational and professional certification needs. Binance Academy’s collaboration with Coursera is expected to play a vital role in filling the knowledge gap between the rapidly evolving blockchain technology and the contemporary workforce. “In a world where Web3 is becoming increasingly prevalent, understanding…
Holders of Aave, the token that underpins its namesake’s decentralized finance (DeFi) protocol, are taking part in a governance vote that will decide whether 1,600 ether (ETH) in the protocol’s treasury will be converted to wrapped staked ether (wstETH) and rocket pool ether (rETH). Source
A lawyer leading the United Kingdom’s Law Commission’s review of the application of British laws toward digital assets has stressed the need for further clarity around cryptocurrency lending. Laura Burgoyne unpacked the details of the organization’s four major recommendations to the U.K. government in an interview with Cointelegraph. This comes after a lengthy review process of existing legal frameworks in the country and how they’ve been applied to the digital asset sector to date. As reported by Cointelegraph on July 3, the Law Commission is calling for the creation of a…
The music industry is coming to terms with the rise of artificial intelligence (AI) seeping into productions, as the Grammys recently clarified that AI-generated music will be eligible for awards in the 2024 award cycle. On July 4, the CEO and President of the Recording Academy, Harvey Mason Jr. clarified to the AP in an interview: “AI, or music that contains AI-created elements is absolutely eligible for entry and for consideration for Grammy nomination. Period.” He stressed that the Academy will not give a Grammy or a nomination thereof to…
South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg. Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana stated that the FSCA has received approximately 20 license applications since its recent opening, and expects more before the November 30 deadline, Bloomberg reported. Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines…