Deutsche Bank has taken a significant step towards embracing digital assets and tokenization by partnering with the Monetary Authority of Singapore in Project Guardian. This initiative aims to test the applications of asset tokenization in a regulated environment, focusing on their viability and potential integration within financial markets. The collaboration also includes Memento Blockchain and
Regulation
Recently, two US lawmakers, Senators Cynthia Lummis and Ron Wyden, have raised concerns regarding the Department of Justice’s attempt to broaden the definition of a money-transmitting business. They argue that the DOJ’s interpretation could potentially criminalize non-custodial crypto asset software services. According to the lawmakers, this interpretation goes against the intent of Congress and contradicts
The International Monetary Fund (IMF) has recently put forward a recommendation for Nigeria to embrace the regulated use of digital assets by licensing international crypto exchanges. This recommendation is aimed at enhancing the country’s economic stability and boosting its position within the African crypto sector. It comes in the midst of a regulatory crackdown on
The proposed Financial Innovation and Technology for the 21st Century (FIT21) Act, set for a potential House floor vote by the end of May, aims to provide the crypto industry with greater clarity regarding regulatory oversight. The bill addresses key issues of market oversight and consumer protection, which have long been sources of uncertainty in
The European Securities and Markets Authority (ESMA) has recently announced its decision to review the rules governing crypto asset investments by UCITS (Undertakings for Collective Investment in Transferable Securities). This review is part of a larger examination of the EU’s financial regulatory framework. The European Commission (EC) has requested this review to ensure that UCITS
The Biden administration made it clear on May 8 that they would veto H.J. Res. 109, which aims to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121). They voiced strong opposition to the resolution, citing concerns that the change would disrupt the SEC’s efforts to protect crypto market investors and ensure the stability of
Paul Grewal, the chief legal officer of Coinbase, recently took to social media to challenge US SEC Chair Gary Gensler’s statements regarding the legal status of cryptocurrencies. Grewal criticized Gensler’s assertion that many digital assets should be classified as securities, pointing out that the SEC’s own lawyers have recognized that cryptocurrencies do not meet the
Recently, the Nigerian government announced its plans to remove the national currency, the Naira, from all peer-to-peer (P2P) trading platforms. This decision was revealed by Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC). The move is part of a broader effort to address the manipulation of the local currency in
Custodia Bank, a financial institution embroiled in a legal dispute with the US Federal Reserve, has recently made a strategic move by hiring two experienced solicitors to represent it in the case. The outcome of this legal battle could have significant implications for the banking and crypto industries. Custodia CEO Caitlin Long has confirmed the
Rep. Maxine Waters, a key member of the US House Committee on Financial Services, has put forward the nomination of Ms. Kristin Johnson for the position of Assistant Secretary for Financial Institutions at the US Department of Treasury. Waters emphasized Johnson’s expertise in financial regulation and her commitment to maintaining the integrity of financial markets