“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release. Source
Under new rules from the Central Bank of the United Arab Emirates (CBUAE), licensed financial institutions (LFIs) would be required to verify the identities of all customers. The update will come into effect “within a month” by the end of June. On May 31, the CBUAE published guidance for LFIs on risks “related to virtual assets and virtual assets service providers.” A 44-page document specifies the new rules on Anti-Money Laundering and Combating the Financing of Terrorism for banking institutions engaging with crypto in the UAE. It takes into account…
The United States Commodity Futures Trading Commission (CFTC) has issued a staff advisory letter to registered derivatives clearing organizations (DCOs) and DCO applicants, reminding them of the risks associated with expanding the scope of their activities. The letter from the CFTC Division of Clearing and Risk (DCR) specifically addressed digital assets. Staff advisory letters can remind addressees of their legal obligations or provide clarity on those obligations. The “DCR expects DCOs and applicants to actively identify new, evolving, or unique risks and implement risk mitigation measures,” it said, continuing: “Over…
The derivatives regulator directly regulates crypto futures and has an enforcement reach into fraud and manipulation of spot markets for the trading of non-security crypto assets. It’s expected to have a wider future role as an industry watchdog, but bills that would enhance its authority haven’t yet moved through Congress. Source
The Reserve Bank of India is enhancing its digital rupee pilot, as it intends to broaden participation and incorporate diverse use cases in the upcoming fiscal year. The Reserve Bank of India (RBI) is intensifying its digital rupee pilot, representing a significant step towards transforming India’s financial paradigm. According to the yearly report released on May 30, the upcoming fiscal year will witness an enlarged scope of the pilot, involving more participating banks and a diverse range of use cases. The RBI has been running two distinct e-Rupee test projects.…
Titled “Maschine,” the generative art collection was created by Dutch artist Harm van den Dorpel and draws inspiration from automotive concepts. Source
The ECB has finalized its digital euro prototype scheme as it mulls whether to roll out the government-backed token. The European Central Bank (ECB) has finalized a digital euro prototype ahead of a development decision. Later this year, the leading central bank would decide whether to develop the fiat euro as a digital variant. According to a Friday report, the ECB examined distributed ledger technology and smart contracts as prime components of a potential digital euro. However, the governing bank has reservations about using decentralized-influenced smart contracts. The ECB’s findings…
Laos has set up a committee to oversee legal compliance and draft appropriate legislation to prepare for the digital economy. A conference organized by the Laotian government on May 26, 2023, brought together national blockchain and Web3 experts. The meeting’s goal was to discuss the implementation of blockchain 4.0 in Laos’ economic sectors. The conference examined the digital potential of the nation and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are working on a system to aid…
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On May 26, the Laotian government reportedly hosted the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in the country’s capital, Vientiane. The conference, which was led by Laotian Prime Minister Sonexay Siphandone, was attended by blockchain experts and various leaders from the main economic departments within the country. Blockchain 4.0 is revolutionizing #Laos. It’s driving financial inclusion, fostering transparency, and enhancing security in transactions. Smart contracts and decentralized finance are opening new avenues for growth. Truly, a game-changer for the nation’s economy. #MetaBankLaos… pic.twitter.com/oyaAKzFNjk — MetaBank (@MetaBankSG) May 27,…