Tag: Digital

Congressman McHenry announces joint hearings to address market structure around digital assets

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Patrick McHenry, the Chairman of the House Financial Services Committee, has announced a series of joint hearings in May that will focus on addressing the market structure around digital assets in the U.S. The move was revealed via a joint announcement on April 27 from Congressman McHenry, Glenn Thompson, Chairman of the House Agriculture Committee, French Hill, Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Chairman of the Commodity Markets, Digital Assets, and Rural Development Subcommittee, Dusty Johnson. “Our Committees are embarking on an unprecedented joint…

Mauritius planning to launch pilot project for retail digital rupee late this year

Mauritius plans to launch the pilot phase of a digital rupee in November, Bank of Mauritius governor Harvesh Kumar Seegolam announced. Many of the parameters of the perspective central bank digital currency (CBDC) are already in place. Speaking at the International Monetary Fund/World Bank Community of Central Bank Technologists meeting held on the main island, Seegolam said he prioritized CBDC development when he took office in 2020: “As a central banker, I need not stress upon the determining role that CBDCs can play, not only in protecting monetary sovereignty but also…

Digital asset regulations around the world

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As cryptocurrencies continue to become a bigger part of the global economy, more and more governments are exploring ways to regulate the industry and construct rules for firms operating in the space. There have been some significant regulatory developments in recent weeks, with the European Parliament approving the Markets in Crypto-Assets (MiCA) regulations on April 20, Ukraine announcing it would adopt the same set of rules, and South Korea making progress with its proposed regulations. While US regulators have been busy infighting and refusing to provide the most basic of clarity…

US House committees hear similar testimonies in simultaneous hearings on digital assets

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The United States House of Representatives was abuzz with talk about crypto on April 27, as both the Financial Services Committee and the Agriculture Committee held hearings with nearly identical titles and covered nearly the same ground with many similar conclusions. The Financial Services Committee, in its hearing “The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure,” heard from Davis Polk partner Zachary Zweihorn, who argued that “securities market structure laws and regulations do not align with digital asset securities.” He said: “We’ve all heard…

Hong Kong authorities remind banks not to be too hasty in rejecting digital asset clients

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One size does not fit all when it comes to Anti-Money Laundering (AML), the Hong Kong Monetary Authority (HKMA) reminded banks on April 27. Banks should not make it unnecessarily hard to open accounts.  There has been a wave of companies opening bank accounts in Hong Kong to take advantage of business opportunities, HKMA deputy CEO Arthur Yuen wrote, and “comments” about the difficulties in the process have ensued. Yuen tied the increased activity to the end of the pandemic. While carrying out AML due diligence, banks “should also treat…

The US Should Lead the Digital Future of Money

As I say in my recent book, “CryptoDad – the Fight for the Future of Money,” money is too important to be left to central bankers. And, by that, I mean no disrespect. It is just that money is as much a social construct, as it is a government one. The success of fiat money derives from the trust and consent of the ordinary citizens who place value in it. The public has every right, if not a duty, to engage in discussion over what characteristics should be present in…

California approves blockchain-based digital wallet for gov’t services

The county of Santa Cruz in northern California is one of the latest to adopt and implement the usage of blockchain-based solutions on a governmental level.  In a meeting of the Board of Supervisors for the County of Santa Cruz held on April 25, the members unanimously decided to go forward with implementing the usage of digital wallets, for government services and official documentation purposes. According to the final consensus of the meeting, the white-label digital wallet powered by HUMBL will launch a 3-stage pilot program starting in July 2023.…

Raiffeisen Bank Unit and Bitpanda Partner to Offer Digital Asset Investment to Banking Customers

The partners assured customers they could reach their financial ambitions starting with as little as €1. A unit of Raiffeisen Bank in Vienna has partnered with crypto company Bitpanda to offer cryptocurrencies to banking customers. As the Vienna-based unit of Raiffeisen Bank and Bitpanda came together to provide crypto to the lender’s customers, the partners signed a letter of intent to corporate. According to a statement by the lender, the evaluation of the offer should be completed by year-end. Ein wichtiger Schritt für die Krypto-Adoption in der EU: Raiffeisenlandesbank hat…

Silicon Valley-based tech accelerator expands its digital asset vertical to France

Plug and Play Tech Center, an accelerator based in California’s Silicon Valley, will expand its crypto and digital assets vertical to France, the company announced April 25.  Plug and Play has had a Paris location since 2016, where it engages with such verticals as retail, fintech, smart cities and sustainability. Paris is among Plug and Play’s over 50 offices in at least 20 countries. Plug and Play crypto and digital assets head Maximillian Jungreis said: “I am thrilled to drive our expansion into new markets like France where Plug and…

Bahamas securities watchdog presents comprehensive new draft digital assets act

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The Securities Commission of The Bahamas (SCB) published a draft of the Digital Assets and Registered Exchanges (DARE) Bill 2023 on April 25. The sweeping bill will undergo a consultation period with the goal of enacting it by the end of the quarter. The 2023 bill updates the DARE Act of 2020. Work on the bill began in April 2022, with the Hogan Lovells law firm engaged to draft it. SCB Executive Director Christina Rolle said: “Once passed, DARE 2023 will be among the most advanced pieces of digital asset-legislation…