MASTERCARD LAUNCHES A NEW PROGRAM TO BRING CRYPTO TRADING CAPABILITIES TO FINANCIAL INSTITUTIONS |1300 HKT | 0600 UKT | 18 OCTOBER 2022

Mastercard announced Crypto Source, a new program that allows financial institutions to bring crypto trading capabilities and services to their customers on 17 October. It partners with Paxos Trust Company, a leading regulated blockchain infrastructure platform, which will provide crypto asset trading and custody services on behalf of the banks, while Mastercard will leverage its technology to integrate the crypto trading capabilities into banks’ interfaces. Mastercard also highlighted its New Payments Index this year which found that 29% of respondents globally hold crypto as an investment, with another 65% preferring their current trusted financial institution to provide crypto-related services. The program is reportedly expected to launch later this year.

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BLOCKCHAIN.COM CEASES TO PROVIDE CRYPTO CUSTODY FOR RUSSIANS FOLLOWING THE EU LATEST SANCTION|1300 HKT | 0600 UKT | 18 OCTOBER 2022

Blockchain.com has reportedly decided to withdraw its services to Russian nationals, following the latest EU‘s eighth package of sanctions against Russia that imposes a complete ban on cross-border crypto payment between the EU and Russians. The crypto wallet provider has reportedly notified its Russian users to withdraw their funds by 27 October. Any of their accounts will be blocked after the deadline. Other major crypto exchanges such as Crypto.com also plan to restrict their services for Russian nations to comply with the EU sanctions.

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UK INTRODUCES A NEW BILL TO ALLOW DIGITAL DOCUMENTS FOR TRADE |1300 HKT | 0600 UKT | 18 OCTOBER 2022

The Electronic Trade Documents Bill, which seeks to recognize digital trade documents to eliminate “needless paperwork and bureaucracy”, has been introduced in the UK Parliament on 12 October. The Bill will allow businesses to provide digital trade documents such as promissory notes and warehouse receipts. In addition to the benefit of reducing carbon emissions, it is believed that the possible application of blockchain technology to digital documents would make it easier to trace records.

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