Tag: Bank

Hong Kong’s ZA Bank Gears Up to Offer Crypto Conversions and Serve Crypto Startups

ZA Bank is also looking to offer services to Web3 crypto startups, a sector widely underserved by the banking space. Hong Kong is giving a major push to crypto adoption just at a time when US regulators have initiated a strong crackdown on crypto companies. In the latest development, Hong Kong’s largest virtual bank aka ZA Bank announced that it will allow crypto to fiat conversions. Besides, ZA Bank also noted that they would be facilitating settlements for regulated Web3 companies in Hong Kong. The company’s announcement came at Hong…

French Central Bank Puts Its Suggestions for DeFi Regulation

The French central bank seeks to address the regulations for DeFi and stablecoins which go unattended in the pan-European MiCA regulations. On Thursday, April 11, the French Economy Ministry and the Banque de France published a consultation published two consultation papers individually to discuss European crypto asset regulation as well as the developments in the Metaverse. The French central bank shared its closed examination of decentralized finance (DeFi) along with its approach to regulation. Also, the discussion comes at a time when there’s a growing use of tokenization in finance…

Hong Kong virtual bank to offer crypto conversions and accounts: Report

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ZA Bank, Hong Kong’s biggest virtual bank by assets, is reportedly set to provide crypto account services and facilitate crypto-to-fiat exchanges. According to an April 12 Bloomberg report, the bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan and United States dollars, and is also offering account services to crypto firms. The accounts for local crypto firms follow a trial in a regulatory sandbox that saw approximately 100 firms participate, but ZA Bank CEO Ronald Iu…

Wyoming defends crypto-friendly bank charter regime in Custodia Bank’s lawsuit with Fed

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The U.S. state of Wyoming has requested to intervene in the case between Custodia Bank and the Federal Reserve System, seeking to defend its framework allowing certain crypto firms to qualify as state-chartered banks. In an April 10 court filing, Wyoming Attorney General Bridget Hill filed a motion to “intervene in the defense” of the state’s regulation of Special Purpose Depository Institutions, or SPDIs. Custodia — called Avanti at the time — was the first financial institution to be approved for a bank charter under the SPDI framework in October…

French central bank looks at certification, incorporation as part of DeFi regulation

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The Banque de France has contributed to the discussion of European crypto asset regulation with a close examination of decentralized finance (DeFi) and potential approaches to its regulation. This discussion is timely because of the growing use of tokenization in finance and the introduction of blockchain technology in many economic sectors, the authors said.   The paper, written by members of the Fintech-Innovation Hub at the French central bank’s Autorité de contrôle prudentiel et de résolution, noted that the term DeFi hides a range of crypto asset services, technologies and…

Ripple to Work with Central Bank of Montenegro to Launch Its CBDC Project

Ripple said that the CBDC project will involve several stages such as identifying the practical application of the CBDC, simulating its circulation, as well as its use under controlled conditions. In an interesting development on Tuesday, April 11, blockchain startup Ripple joined hands with the Central Bank of Montenegro (CBCG) to build a pilot program for the launch of the country’s central bank digital currency (CBDC). So far, Montenegro has been using the Euro as its currency ever since its introduction in 2022. As part of their partnership, Ripple will…

Montenegro’s Central Bank to Develop CBDC Pilot With Ripple

The project will “analyze the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy,” CBCG Governor Radoje Zugic said in the statement. Source