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Swiss cryptocurrency infrastructure platform Taurus has announced a strategic partnership with Zand Bank in the United Arab Emirates (UAE). This collaboration aims to significantly enhance Zand’s capabilities in custody, tokenization, and blockchain connectivity. Taurus will provide infrastructure solutions that allow Zand to issue tokenized financial and real-world assets across both permissioned and permissionless blockchains. This integration, compliant with UAE regulations, will also extend Zand’s custody solutions to embrace cryptocurrencies, digital currencies, and non-fungible tokens (NFTs). Zand, headquartered in Dubai and pioneering as the first digitally native bank licensed by the Central Bank of the UAE (CBUAE), has no physical branches, marking a significant shift in the digital banking landscape. Bashir Kazour, Taurus' managing director, expressed enthusiasm about the partnership, stating, "It’s a privilege to assist Zand, a leader in digital banking, in launching their...

Amid escalating Western sanctions, Russia’s central bank is advocating the use of cryptocurrencies and other digital assets to facilitate international payments. Elvira Nabiullina, the governor of the Bank of Russia, underscored the significance of innovative financial solutions at a financial conference in St. Petersburg on June 26, 2024. The Russian central bank's shift towards embracing cryptocurrencies reflects a broader strategy to mitigate the impact of sanctions and sustain its trade relationships, especially with countries like China, India, the United Arab Emirates, and Turkey, which have not imposed sanctions. Nabiullina highlighted the resilience and ingenuity of Russian businesses in adapting to these challenges, noting that many have already started exploring alternative payment methods without waiting for official guidance. This strategic pivot comes as Western sanctions have severely affected major Russian financial institutions, targeting entities like the Moscow...

On 25-26 June, 2024, the EU–U.S. Joint Financial Regulatory Forum concluded a productive meeting hosted by the European Commission and the U.S. Department of the Treasury. This forum brought together top financial regulators from both sides of the Atlantic to discuss and align on critical issues, with a special focus on cryptocurrency regulation and anti-money laundering (AML) efforts. Representatives from the European Commission, European Banking Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), European Central Bank (ECB), and the Single Resolution Board (SRB) joined their U.S. counterparts from the U.S. Department of the Treasury, Federal Reserve Board (FRB), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Consumer Financial Protection Bureau (CFPB). The forum...

In a recent victory for market integrity, the Commodity Futures Trading Commission (CFTC) announced on 3 July, 2024, that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of the CFTC on all counts of its complaint against Sam Ikkurty of Oregon and several associated entities. The court ordered more than $83.7 million in restitution and $36.9 million in disgorgement, jointly and severally, against Ikkurty and his companies, including Jafia, LLC, Ikkurty Capital, LLC (d/b/a Rose City Income Fund I and II), and Seneca Ventures, LLC. The court found that Ikkurty and his affiliates committed multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations, including fraud and operating without proper registration. Judge Rowland characterized the defendants' activities as "a classic Ponzi scheme," particularly highlighting their fraudulent carbon offset program. The summary judgment reveals that Ikkurty lured...

Binance, one of the leading global cryptocurrency exchanges, has announced it will refine its trading offerings by delisting certain spot trading pairs that have shown consistently low liquidity and trading volumes. This move, part of Binance's routine review of its trading pairs, aims to optimize the trading experience and maintain a robust trading environment for all users. The affected trading pairs include AI/TUSD, BTC/AEUR, CHR/BNB, ETH/AEUR, GAS/FDUSD, and LQTY/FDUSD. This decision reflects Binance's commitment to providing a quality trading environment and protecting its users' interests by ensuring that all trading pairs meet certain performance standards. By removing these underperforming pairs, Binance seeks to streamline its operations and focus on pairs that offer more liquidity and trading activity, which are crucial for the efficiency and stability of the trading platform. This action also helps in minimizing the risks associated with low liquidity, such as higher...

On Tuesday, the Bittensor blockchain, known for its cutting-edge decentralized artificial intelligence (AI) technology, experienced a significant setback due to a security breach that led to the abrupt suspension of its network. The developers initiated a "safe mode" after detecting suspicious activities aimed at user wallets, halting all transactions to prevent further damage. This interruption has not only impacted the blockchain's operations but also precipitated a sharp 17% decline in the value of its TAO token, now trading at approximately $227.73. Bittensor, an innovator in the blockchain realm, aspires to reshape economies by decentralizing digital commodities such as compute, data, storage, predictions, and models into intelligence. This disruption aims to foster new architectures and innovations at surprisingly lower costs, promising limitless possibilities for future developments. The core development team responded swiftly by freezing the network, an action revealed by the...

Paxos has received full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) services, marking a significant milestone for the crypto firm. The DPT license enables Paxos to issue stablecoins in alignment with MAS’s upcoming stablecoin framework, the company announced on Tuesday. Having initially secured in-principle approval from MAS in November 2023, Paxos has now met all regulatory requirements to achieve full licensing. This move underscores Paxos's commitment to issuing tokens under the oversight of prudential regulators. "Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services," remarked Walter Hessert, Head of Strategy at Paxos. In August 2023, MAS finalized its stablecoin regulatory framework to ensure high price stability for stablecoins regulated within Singapore. The framework...

On Tuesday, 2 July, 2024, Circle, the issuer of USD Coin (USDC) and Euro Coin (EURC) stablecoins, announced a groundbreaking achievement in the European crypto sector. Circle has become the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. This landmark compliance was facilitated by Circle obtaining an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French financial regulator. This pivotal license allows Circle to officially issue both USDC and EURC within the EU, adhering to MiCA regulations that took effect on July 1, 2024. MiCA represents a comprehensive regulatory regime governing crypto-assets, including specific provisions for stablecoins. By December, the regulations for crypto service providers will also be operational, marking a significant shift in the European crypto landscape. Jeremy Allaire, co-founder and CEO of Circle, hailed the...

On 26 June, 2024, the Central Bank of Bolivia, Banco Central de Bolivia (BCB) issued Press Release CP35/2024, with significant updates to regulations surrounding Virtual Assets. Through Board Resolution No. 082/2024, the BCB revoked the earlier Board Resolution No. 144/2020, now permitting the use of Electronic Payment Instruments (IEP) for transactions involving Virtual Assets. This pivotal decision, made in collaboration with the Financial System Supervision Authority, Autoridad de Supervisión del Sistema Financiero (ASFI) and the Financial Investigations Unit (UIF), aligns with the 2024 Mutual Evaluation of Bolivia by the Financial Action Task Force of Latin America, Grupo de Acción Financiera de Latinoamérica (GAFILAT). The evaluation recommended the regulation of Virtual Asset Services (PSAV) to harmonize with Bolivian public policy, prompting this regulatory evolution. BCB's initiative is part of an ongoing effort to modernize the national payment system, fostering...

The Australian Tax Office (ATO) is closely tracking crypto gains as the financial year ends on June 30, 2024. This year, the ATO has significantly ramped up its efforts in crypto tax compliance by launching an improved data matching program to ensure accurate reporting from crypto investors. Adam Saville-Brown, General Manager of Koinly, a crypto tax reporting software company, states that the ATO has been monitoring the crypto space for years. The new program marks a stricter approach, allowing the ATO to gather transaction data from any legally operating crypto exchange, including platforms like Binance, Coinbase, and CoinSpot. The ATO's data collection program is comprehensive, gathering a wide range of information, such as names, addresses, emails, social media accounts, and IP addresses of approximately 1.2 million crypto investors each year. This detailed data helps the ATO cross-check tax returns and identify discrepancies, enhancing the accuracy of tax reporting and...

Monica Long, president of Ripple on 25 June, 2024, illuminated the company's advancements and future opportunities in light of a favorable court decision that ruled XRP is not a security. This verdict, which goes against the U.S. Securities and Exchange Commission (SEC)'s earlier claims, has brought much-needed clarity, enabling Ripple to pivot and explore new horizons. Despite the SEC's relentless efforts to challenge the growth of the crypto industry, Ripple has continued to forge ahead, enhancing its payments infrastructure, the XRP Ledger, and custody services via Metaco. Ripple has formed significant partnerships aimed at bolstering the XRP ledger and providing robust custody solutions for banks and financial institutions. One of the exciting developments is the introduction of the RLUSD stablecoin, which Long believes will give Ripple a competitive edge in markets with low liquidity. Unlike XRP, the RLUSD stablecoin is not intended to compete but to complement XRP, driving its...