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Aave subsidiary Push was approved by the FCA to become a UK crypto trading service provider

According to Twitter, Push Labs Ltd and Push Virtual Assets Ltd, a British subsidiary of Aave Labs, have been approved by the UK Financial Conduct Authority (FCA) to register as local crypto asset trading service providers. According to Aave, these licenses enable Push to carry out regulated crypto assets and payment-related businesses in the UK, and support the launch of zero-fee stablecoin deposit and withdrawal products. In addition to crypto asset registration, Push has also been approved to issue electronic money under electronic money regulations. The two companies have been assigned FCA registration numbers 1031720 and 1031721 respectively, and the anti-money laundering regulations are subject to the “2017 Anti-Money Laundering and Fund Transfer Regulations”.

86d ago

ClearToken received approval from FCA to launch digital asset settlement platform CT Settle

Comparatively, the UK Financial Conduct Authority (FCA) has approved the launch of CT Settle, a regulated digital asset settlement platform by London company ClearToken. The platform will use a bank-to-bank (dVP) mechanism to support simultaneous settlement of cryptocurrencies, stablecoins, and fiat currencies. It is reported that this regulatory approval grants ClearToken both an “authorized payment institution” and a “cryptographic asset registration entity,” and the company plans to further expand into centralized clearing and security deposit services through the Bank of England's “digital securities sandbox”.

284d ago

PwC: Proposes that Hong Kong establish a blockchain-based native asset registration system to promote asset tokenization

Comparatively, according to the Securities Times, the Hong Kong Special Administrative Region Government is launching a public consultation on the 2025 “Policy Address”. PricewaterhouseCoopers recently held a press conference to share policy suggestions. Regarding the “Hong Kong Digital Asset Development Policy Declaration 2.0” recently issued by the Hong Kong Government, PwC proposed to accelerate digital asset-related strategies. Hong Kong has the potential to position itself as a digital-first asset and wealth management center. Establishing a blockchain-based native asset registration system will help promote asset tokenization, and establish a registration mechanism for digital assets such as land, intellectual property rights, and equity investments Streamline processes and reduce transaction times.

365d ago

Ant Math Bian Zhuoqun: Has rejected many RWA projects; Hong Kong's RWA platform targets 10 billion registrations during the year

Comparative news, according to a report by Yuan Spacecraft, at the launch ceremony of the Hong Kong RWA registration platform, Bian Zhuoqun, vice president of Ant Group and president of Ant Mathematics' blockchain business, revealed that Ant Math has rejected high-risk RWA projects such as agricultural products, red wine, and famous paintings in the past year, stressing “never touch what can't be done.” The screening criteria focus on three core elements: value stability (excluding volatile assets), legal clarity (requiring clear ownership), and off-chain data verifiability (requiring IoT to be on-chain in real time). Currently, Ant has built a “two chains and one bridge” technical architecture and cooperated with Hong Kong licensed institutions to establish a tokenized distribution system. New energy and computing power have become its key layout areas. The Hong Kong RWA platform is expected to complete more than 10 billion asset registrations within the year.

377d ago

Regulatory turning point? SEC Releases New Guidelines for Registering and Reporting Crypto Assets

Author: Blockchain Knight On April 10, the US Securities and Exchange Commission (SEC) Finance Department released new employee opinions outlining how federal securities laws apply to the registration and issuance of Crypto-related securities. The statement covered a range of topics, including how the company should present information on its business operations, token design, governance, technical specifications, and financial reporting. Although the document does not establish new regulations, it reflects current expectations of SEC staff about how companies should prepare filings. It also shows that the SEC is taking a more open attitude towards crypto regulation under the new leadership. Providing more clear guidance to registrants The guidance focuses on filing documents submitted under the 1933 Securities Act and the 1934 Securities Exchange Act to assist platform entities involved in token issuance or construction based on blockchain infrastructure. These filings may include registration forms such as Form S-1 for public offerings, Form 10 for reporting companies, Form 20-F for foreign issuers, and Form 1-A for Regulation A exemptions. The company should clearly outline its revenue strategy, project milestones, and the technical framework behind any relevant digital assets. If Crypto assets have a specific function in the business, such as supporting transactions, governance, or access to services, this information must be described in plain language. The SEC also expects these descriptions to be consistent with what is shared in promotional materials such as white papers and developer documentation. If development is ongoing, the statement suggests that the company outline key milestones, expected timelines, funding sources, and any role the token or network will play after launch. This includes an explanation of consensus mechanisms, transaction fees, and whether the network uses open source or proprietary software. Disclosure requirements The SEC also set out expectations for disclosure of investment risks, including token volatility, liquidity restrictions, legal classifications, and security gaps. For example, if a company's business model relies on a third-party blockchain or other external network, these dependencies should be described. The same applies to any arrangement with a market maker or custodian. The issuer must disclose whether the token has voting rights, profit sharing mechanisms, or redemption procedures, and how these rights are communicated or modified. The document also requires details on how the token was created, whether the supply is fixed, and whether a vesting period or lockdown period applies. If a smart contract controls token behavior, the code must be submitted as an attachment, and any updates to it should be reflected in future revisions. Additionally, the company must describe how token ownership is tracked, the tools required to transfer assets, and any costs associated with these transfers. Companies must also disclose information about leadership and key personnel, including individuals or entities that may play a central role in decision-making but do not hold an official title. For trust or exchange traded products, the disclosure should include information about the sponsor and its management. Financial disclosures must follow established accounting standards, and the SEC encourages companies facing new reporting situations to consult their chief accountant's office. Although this staff guidance is not binding, it provides a point of reference for Crypto-related entities during the registration process. It reflects the SEC's growing focus on the crypto market as more companies seek to operate in the open market and raise capital through blockchain-based products...

498d agoburnking#SEC #cryptocurrency #custodial #Asset registration

The next step in the SEC-Binance dispute will affect crypto policy for years to come

Author: Osato Avan-Nomayo Source: DLNews Translation: Zenopa, Golden Financial Summary The SEC and Binance will face huge losses as the case enters the trial phase. Legal experts weigh whether a settlement is beneficial to both parties. Gensler's crackdown on cryptocurrencies is entering a critical phase. Gary Gensler had high hopes for the Binance case. Despite three US government departments reaching a settlement with Binance in November last year, Gensler and the US Securities and Exchange Commission opted out of the deal. Instead, the US Securities and Exchange Commission maintained lawsuits against the world's top cryptocurrency exchange and its former CEO, Changpeng Zhao. The case is reaching a climax just as the Biden administration appears to be softening its stance on cryptocurrencies. Aaron Unterman, a former senior regulator at Canada's Ontario Securities Commission, said: “In this case, the risk for the SEC and Gensler is extremely high because politics and public sentiment increasingly favors the cryptocurrency industry, and it is difficult for the SEC to win a clear victory in court.” In the three years since the legal case, Gensler has always believed that the digital asset industry is no different from other capital market companies. Under federal securities laws, cryptocurrencies must be registered and regulated like stocks and bonds. In 2023, the US Securities and Exchange Commission (SEC) charged Binance with illegally operating an unregulated exchange and providing investors with unregistered “crypto asset securities.” Binance has denied the allegations (Coinbase and Karken have also denied them, and they have also been separately prosecuted). They believe that cryptocurrencies are a new financial instrument and require their own specific laws and regulations. On June 28, a US judge dismissed Binance's request to dismiss the case and ruled that most of the lawsuit should continue. “Any transaction may involve operating restrictions, which may place too much burden on Binance.” — Alex Moore, Carrington Colman Last November, Binance paid $4.3 billion in fines and admitted violating the Bank of America Act. Although Binance is prepared to face more legal trouble, the SEC also has its own concerns. Legal experts say the Binance case could set a precedent and determine the SEC's crypto policy for the next few years. If the SEC loses the lawsuit, it means that crypto platforms should be viewed as different from traditional securities firms. This could prompt legislators to enact a new law that lays down legal rules for the industry. With both sides facing such major stakes, it appears that they are ready to reach a settlement. This often happens when both parties lose too much to bear. The key to reconciliation is cost, and it doesn't just mean money. Alex More, a litigator at Dallas law firm Carrington Coleman, told DL News: “Even if Binance is able to reach a settlement through reasonable cash payments, any agreement could involve operating restrictions, which may be too burdensome for Binance to accept.” “I don't think Gensler and the SEC will accept a settlement that isn't seen as a decisive victory.” — Aaron Unterman, xReg Consulting As for the US Securities and Exchange Commission, it is likely to insist on the need for any solution to include the registration of crypto assets. “I don't think Gensler and the SEC will accept a settlement that is not a decisive victory for the SEC,” said Unterman, the current managing director of xReg Consulting in the Cayman Islands. Reaching a settlement? Meanwhile, legal experts say other SEC targets such as Coinbase and Consensys may take tougher defense positions and choose to go to trial rather than reach a settlement. The facts in the Coinbase case are more favorable than the facts in the Binance case, and Brian Armstrong (CEO of Coinbase) is willing to fight to the end in court...

758d agody zhang#Coinbase #SEC #Binance #Binance #Golden Finance

Crypto trading company B2C2 expands operations to Luxembourg through local VASP registration

In comparison, B2C2, a major British crypto trading company, announced that it will expand its business to Luxembourg by acquiring local virtual asset registrations. According to the French Financial Supervisory Commission's website, B2C2 has become the country's 12th officially licensed crypto company, joining the ranks of companies such as Bitstamp, PayPal, and Zodia Custody. The company said in a press release on Wednesday that the registration will allow B2C2 to offer OTC spot crypto trading to institutional clients and partner with local crypto services and traditional financial institutions. As part of its European expansion, B2C2 recently acquired French cryptocurrency liquidity provider Woorton.

927d agoLuxurytracy#B2C2 #VASP #Luxemburg

Review and Thoughts on the Cryptocurrency Market in 2023

After the market crash in 2022, the crypto market in 2023 seemed even more shaky, full of political intrigue, regulatory changes, institutional setbacks, and the influence of Gary Gensler. Despite a series of damaging negative news, declining retail investor confidence, and strange price fluctuations throughout the year, huge fundamental progress has been made during this period, so much fundamental progress has been made during this period that market forces are unable to resist the tempting appeal of this mature giant industry, and cryptocurrencies have once again flourished. Original title: Reflections on Crypto 2023 Original Article Author: Andrey Didovskiy Original Article Source: medium After the market crash in 2022, the 2023 crypto market seemed even more shaky, full of political intrigue, regulatory changes, institutional setbacks, and the influence of Gary Gensler. Despite a series of damaging negative news, declining retail investor confidence, and strange price fluctuations throughout the year, huge fundamental progress has been made during this period, so much fundamental progress has been made during this period that market forces are unable to resist the tempting appeal of this mature giant industry, and cryptocurrencies have once again flourished. New projects have sprung up, new technology has been discovered, regulatory challenges continue, company layoffs, and hackathons have sprung up, bringing life-changing wealth. It would be foolish to try (if not impossible) to sum up everything that happened at once, but the most important takeaway is that the mood has changed. We are beginning to gradually melt the long-standing bear market freeze and enter what is commonly known as the “cryptocurrency spring.” To celebrate our transformation and prepare for the year to come, let's take a look back at some of the most notable events that have occurred. Explain these in no particular order in advance. 1. Political progress Due to the borderless and digital nature of cryptocurrencies, when talking about the politics of cryptocurrencies, discussions always inevitably turn to a global scale. Traditionally, countries tend to structure their legislation according to the example set by the US. However, America's continued ambivalence, opacity, and monotony has pushed innovation overseas and created opportunities for other countries, including Singapore, the United Kingdom, and the United Arab Emirates, to take the initiative and become leaders in regulation. 2. The SEC has been frustrated and has failed in almost (if not every) major battle this year. In particular, in the case with Ripple, the Securities and Exchange Commission has become a laughing stock and is mostly seen as unable to fulfill its duty to protect anything (other than the interests of insiders). It has now become synonymous with Gary Gensler's cunning, insidious, two-faced image, and it seems that in order to restore its reputation, the agency needs to rethink its policies and move to a more friendly and inclusive position. 3. Tornado Cash was sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC), and its founder was arrested. This privacy-focused mixer is considered a threat to national security because it violates KYC/AML policies. As a result, the technology has been blacklisted, banned by the US, and any cryptocurrency address that interacts with it is considered an enemy of the country. 4. LBRY decided not to appeal (Note: LBRY (Library) is a decentralized content publishing platform that aims to provide an open and free digital content distribution network.) The case against the Securities and Exchange Commission was lost in 2022, ruling that LBC digital tokens were actually securities, and the entity behind LBRY failed to register these assets as securities, and the project decided not to appeal. The company has entered the takeover process, but the network continues to operate. Chances are that the company's assets will be bought by another cryptocurrency company, and the infrastructure it has built and its active community will merge into something stronger than ever before. 5. NFT projects are subject to regulatory enforcement. NFTs (non-homogenized tokens) are still an asset prototype that has not been formally defined by the legal system. However, 2023 saw the first round of action targeting NFT projects, including Cool Cats and Impact Theory. Both cases have been solved, and instead of a prison sentence, a multi-million dollar settlement has been reached, which will set a precedent for the industry to look forward to in the future. 6. Eliminate evil forces and achieve justice. The previous cycle of prosperity had a lasting economic impact; the scars of fraud, manipulation, and poor agreement design remain in the market's memory. FTX, Sam Bankman Fried, Alameda, Genesis, Gemini, BlockFi, Terra...

960d agody zhang#3AC #Alameda #Aptos #Astar #Atom #Blast #BlockFi #Celcius #DOT #FTX #Gary Gensler #Gemini #Genesis #Kujira #Manta Pacific #NFTs #Sam Bankman Fried #Sei #SOL #Stargaze #Sui #Terra Luna #Ethereum #encryption #Bitcoin #Bitcoin

Monthly Report: vDOT's total casting volume exceeds 1,465,000 pieces

1. Technology development Bifrost v0.9.82vToken added voting for the relay chain OpenGov to support SLPX cross-chain transactions, resulting in a decrease in BNC issuance, fixed the OpenGov Referenda voting belief base value reduced to 1 day, Bifrost - Polkadot launched, OpenGov increased OpenGov governance Decision Deposit by 10 times the current cross-chain fee was uniformly converted into BNC procedures Fee collection Stable Swap details optimization Cross-chain functionality in Dapp 1.8.3 & 1.8.4 Wallet updated to the new cross-chain UiSwap supports basic features of Stable Swap Home Banner support CMS modification optimization DOT cross-chain assets ED inspection optimization SALP Redeem method call logic vToken increased number of stakers New token swap When vToken's price isn't as cost-effective as mint, the dashboard added Bifrost - Kusama OpenGov to show an optimized asset display function in the upper right corner, and added a quick default fee entry 2. In terms of product progress and liquidity derivatives, vDOT's total minting volume (TVS) exceeded 1,465,000 units, an increase of 11.23% in a single month. Bifrost's total TVL this month: $37,671,813. Bifrost has completed xcvToken asset registration on the Moonbeam App client on Moonbeam, Moonriver Network, including Polkadot Network's xcvDOT, xcvGLMR, xcvFIL, and Kusama Network's xcvKSM, xcvmovr, and xcvBNC. Users can now use the Moonbeam App to manipulate the cross-over between XCVToken and Bifrost. Moonbeam App Bridge: https://apps.moonbeam.network/moonbeam/xcmvToken New feature: vToken Voting is now live in the production environment. This feature allows users to participate in the OpenGov governance of the Kusama relay chain on the Bifrost parachain using VKSM. It is currently in the final testing phase and is expected to launch the Bifrost Dapp next month. For details, see https://x.com/0xLurpis/status/1706326874421661763?s=20vToken Stable Swap has launched Bifrost Kusama. The underlying layer of this function uses the LST Stable Pool to stabilize the exchange ratio between LST and its original token to help users achieve a very low slippage swap experience. Currently, all vTokens on Bifrost Kusama have been adapted to Stable Swap: https://bifrost.app/swap?tab=pool本月，Interlay has registered as Vault collateral through vDOT's proposal, which means anyone can choose vDOT as collateral when setting up an IBTC Vault at Interlay. vDOT's own staking reward attribute will boost the collateral income of Vault creators and enrich the yield attributes of Interlay Vault collateral. As SLPx's first parallel chain call case, HydraDX used a treasury address to cross-chain call Bifrost SLPx this month to create 81,800 vDOT and automatically transfer it back to HydraDX to enrich treasury revenue. The transaction was completed in one step with the help of SLPx. https://twitter.com/TheDolpha/status/17...

1038d agoBifrost Finance#Bifrost Finance

2023 Global DeFi Lending Circuit Overview: New Opportunities for Fintech Development

The future DeFi lending market is likely to be a competitive pattern of “two superpowers”. Author: Go2Mars, HKUST Crypto-Fintech Lab Dear readers, I am honored to present this “2023 Global Decentralized Finance Lending Circuit — Insight Analysis Report”. As the director of the HKUST Crypto-Fintech Lab (HKUST Crypto-Fintech Lab) of the Hong Kong University of Science and Technology, I have always been committed to promoting the development of cryptographic fintech and exploring innovative possibilities in this field. This report was carefully written by our team and Go2Mars Capital by combining academic research and industry reality to share the results and insights of a shared intellectual output. Over the past few years, the rise of Web3 technology has triggered dramatic changes in the financial industry. With decentralization, security, transparency, and programmability as its core features, Web3 has brought unprecedented opportunities and challenges to the lending sector. With technologies such as blockchain, smart contracts, and cryptocurrencies, the financial market is undergoing a transformation experiment from a traditional centralized model to a decentralized model. The purpose of this report is an in-depth discussion of the trends, key challenges, and prospects of the Web3 lending circuit. Researchers from Go2Mars Capital and the research team in our lab have conducted extensive research and analysis in this field and conducted in-depth discussions with experts and practitioners within the industry. We'll provide a comprehensive overview of key topics such as Web3 lending agreements, decentralized lending markets, asset staking, and risk management. Additionally, this report will introduce some of the latest examples of lending innovation. Prestare Finance is an innovation project from our lab that explores how Web3 technology can promote the development and innovation of financial markets. We'll explore emerging fields such as blockchain-based lending protocols, decentralized lending platforms, and loan derivatives, and explore their potential impact on traditional financial systems. Through this report, we hope to provide readers with a comprehensive perspective on the Web3 lending circuit and provide a valuable reference for industry practitioners, academics, and policy makers. We believe that with the development of Web3 technology, the lending market will become more open, efficient, and inclusive, contributing to the sustainable development of the global financial system. Finally, I would like to sincerely thank the team members of our lab and partners from Go2Mars Capital for their hard work and support, as well as our readers for their attention and support. I hope this white paper will inspire and guide you. May our joint efforts promote the better development of the financial world and pave the way for the future of fintech. Mutual encouragement! Kani CHENHKUST, Department of Mathematics (Director). Fellow of the Institute of Mathematical Statistics. Director of HKUST Crypto-Fintech Lab. Foreword Lending is the beginning and origin of everything in the financial market. Whether it's “The Wealth of Nations” or Mankun's economics textbook, we can easily understand that the core of financial activity is based on trust between people. Trust enables people to borrow funds or assets from each other, thereby achieving optimal allocation of resources. Lending is a credit activity where a lender (bank or other financial institution) lends monetary funds to a borrower (enterprise, individual, or other organization) at certain interest rates and conditions to meet its production or consumption needs. In lending activities, borrowers can increase profits by increasing the size of their capital. This is the role of leverage. However, leverage also amplifies the borrower's risk, and if the borrower fails to repay on time, it can cause losses or even bankruptcy. In order to avoid or transfer this risk, people have invented various financial derivatives, such as futures, options, swaps, etc. These financial derivatives can be used to hedge against or speculate on market fluctuations. It is no exaggeration to say that finance and financial derivatives are all based on the underlying proposition of “borrowing.” Due to the inconvenience of centralized finance, people are turning their attention to blockchain, hoping to achieve more efficient, fairer, and safer financial services through decentralized methods. Decentralized lending is one of the important application scenarios. It uses smart contracts to match borrowers and lenders,...

1049d agody zhang#Aave #DeFi #dYdX #Euler #Fraxlend #WEB3 #Ethereum