Tag: Report

G7 to collaborate on tighter crypto regulation: Report

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The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on March 25. Together, leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union will outline a cooperative strategy to increase crypto transparency and enhance consumer protections, as well as address potential risks to the global financial system, officials told Kyoto. This year’s summit is set to happen in Hiroshima, in May. Among G7 members, Japan already regulates cryptocurrencies,…

US contemplates ‘expanding’ emergency lending facility for banks: Report

United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address its balance sheet concerns, according to people with knowledge of the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials have not decided on what support, “if any,” they can provide to First Republic, however an “expansion of the Federal Reserve’s offering” is one of the options being considered. First Republic was reportedly deemed “stable…

US explores additional bank support, favoring First Republic’s benefit: Report

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United States authorities are reportedly deliberating on “expanding” an emergency credit line for banks, which may provide First Republic Bank a time buffer to address balance sheet concerns, according to people familiar with the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials are ruminating on what support, “if any,” can be provided to First Republic, however an “expansion of the Federal Reserve’s offering” is one of the options being explored. First Republic was reportedly deemed “stable enough to operate” by regulators without…

Credit Suisse, UBS, Other Banks Facing Russia Sanctions Probe in US, Report – Bitcoin News

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Switzerland’s troubled Credit Suisse and its rescuer, USB, are subject to an investigation into whether bankers helped Russian oligarchs evade Western sanctions, according to a media report. Some major U.S. banking institutions are also under scrutiny within the probe initiated by the Justice Department, sources say. Credit Suisse, US Banks Investigated for Suspected Sanctions Violations Favoring Russia’s Rich Switzerland-based global investment banks and financial services firms, Credit Suisse and UBS, are under scrutiny by the U.S. Department of Justice (DOJ), Bloomberg revealed, quoting knowledgeable sources who remained anonymous. According to…

Owner of Major US Stock Exchange To Launch Crypto Custody Services by June: Report

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The parent company of a major US stock exchange is reportedly looking to launch crypto custody services by June. According to a new report by BNB Bloomberg, Nasdaq INC., the owner of the New York-based Nasdaq Stock Exchange, expects its crypto custody services to be available by the end of the second quarter. Ira Auerbach, head of Nasdaq Digital Assets, told Bloomberg in an interview that the firm is currently in the process of acquiring the regulatory consent and necessary infrastructure it needs to launch. Auerbach also says that offering…

White House report takes aim at Bybit — and forgot about Deribit

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The White House released its annual economic report on March 20, and it dedicated an entire section to digital assets.  The authors should be commended for doing so. I largely agree with the report’s assessment that certain aspects of the digital asset ecosystem are causing problems for consumers, financial systems and the environment. However, as a builder in the digital asset space, I cannot disagree more with its conclusion that “crypto assets currently do not offer widespread economic benefits.” To understand how the White House plans to regulate digital assets,…

Animoca Brands cuts metaverse fund target to $800M: Report

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Hong Kong-based Animoca Brands, a developer of blockchain gaming technology, has reportedly cut its target for its metaverse fund by a further 20% to $800 million, Reuters reported citing sources familiar with the matter. The blockchain gaming technology company reportedly scaled back on its billion-dollar goal due to volatility in the crypto sector. The company had previously announced in November 2022 that it was working on a new Animoca Capital fund with a target of $2 billion but then halved that target to $1 billion in January 2023.  In recent developments,…

Venture capitalists bail on Zipmex bailout, company warns of consequences: Report

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Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Venture. The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without that money. The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23, according to a Bloomberg report. Zipmex said in a letter to V Venture that, without the cash infusion, it would have to begin liquidating its Zipmex Technology…

Nasdaq to launch crypto custody services by end of Q2: Report

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Global securities marketplace Nasdaq Inc. is gearing up to launch its custody services for digital assets by the end of the second quarter of this year, according to Bloomberg. Nasdaq expects to launch crypto safekeeping services this year, joining a growing pool of traditional finance firms moving into the sector after a spate of bankruptcies https://t.co/Jz8TuFARcs — Bloomberg (@business) March 24, 2023 As reported by Bloomberg, the exchange group has applied for a limited-purpose trust company charter from the New York Department of Financial Services, which would oversee the new…