Tag: Digital

Bank of China issues $28M in digital structured notes on Ethereum blockchain

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On June 12, Bank of China’s investment bank subsidiary BOCI announced the issuance of 200 million Chinese yuan ($28 million) worth of digital structured notes minted on the Ethereum blockchain. The move makes BOCI the first Chinese financial institution to issue a tokenized security in Hong Kong. Investment banking company UBS helped originate the product for placement to its client in the Asia-Pacific region. Ying Wang, the deputy CEO of BOCI, commented: “Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in…

US court dismisses BitGo’s claims in $100M lawsuit against Galaxy Digital

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The Delaware Court of Chancery in the United States has granted a motion from crypto investment firm Galaxy Digital largely dismissing digital asset custodian BitGo’s case following a dropped acquisition of the firm in 2022. According to court documents filed on June 9, Vice Chancellor J. Travis Laster dismissed BitGo’s complaint against Galaxy Digital with prejudice. The decision followed Galaxy dropping its decision to acquire BitGo in August 2022 as part of a $1.2-billion deal after extensive efforts, citing a breach of contract. BitGo subsequently filed a lawsuit against Galaxy…

Russia’s biggest bank, Sberbank, to allow trading of digital assets in June

From June, Sberbank, the biggest bank in Russia, will allow accredited private investors to trade using digital financial assets (DFA). Sberbank to allow trading of DFAs in Russia According to local reports, Sberbank will allow clients to transact using DFA on its platform. However, it should be noted that this offering was slated for the end of Q1 2023 before being postponed to this month. Through this service, Anatoly Popov, the Deputy Chairman of the Board of the Bank, said users would be free to trade using DFA, even exchanging them…

Nigeria to tax crypto, digital assets 10% on capital gains — Experts react

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On the eve of his departure from office on May 28, former Nigerian President Muhammadu Buhari signed the Finance Act, 2023, into law.  The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies. The comprehensive legislation seeks to enhance fiscal transparency, boost revenue generation and promote economic growth. Recognizing the increasing prominence of digital assets, the act aims to impose a tax on cryptocurrencies. By doing…

Money20/20 decrypts the future of digital payments

In an era of digital transformation, blockchain and cryptocurrencies are disrupting conventional financial paradigms. The latest discussion from Money20/20, a leading fintech forum, brought together Myles Stephenson, founder & CEO of Modulr, Sendi Young, Europe & UK managing director of ripple, and David Birch, director of Consult Hyperion, to elucidate the matter further. Diving headlong into the captivating abyss of technology’s impact on our financial ecosystems, we navigate the uncharted waters of digital payments.  This financial realm, where tradition meets innovation, is amid a paradigm shift. At the helm of…

EU Commission Partners With Blockchain Platform Protokol For Digital Educational Credential Project

The European Commission is making strides towards adopting blockchain technology to transform the verification process of educational and professional credentials across countries. In an effort to achieve this goal, the EU-funded EBSI Vector project has partnered with Protokol, a blockchain solutions provider. The collaboration aims to leverage blockchain technology in developing a credential verification solution. The goal is to simplify the process for EU citizens to have their educational and professional credentials recognized and accepted in different countries. According to Protokol CEO Lars Rensing, the objective of the collaboration with…

USDC Issuer Circle Receives Digital Token License in Singapore

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House Ag Committee looks at digital assets regulatory bill, Dems ask how to pay for it

If there were ever such a thing as an all-star lineup of regulators, the United States House of Representatives Agricultural Committee’s June 6 hearing on digital asset regulation would probably hold the record. The current chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam was joined by a former chair and a former acting chair of that agency, as well as a former commissioner. Coinbase chief legal officer Paul Grewal also appeared. It was also very long hearing, with Behnam alone speaking and answering questions for over two hours.…