One of the advantages of receiving a Major Payment Institution license is that it allows companies to provide Digital Payment Token services to customers in Singapore.
In order to acquire the license, Crypto.com was obliged to act in accordance with AML and CFT legislations, as well as comply with a number of legal demands.
June 22, 2022, 1:33 PM
Kris Marszalek, Co-Founder and CEO at Crypto.com, on the MoneyConf Stage during day two of RISE 2018 at the Hong Kong Convention and Exhibition Centre in Hong Kong. Seb Daly/RISE via Sportsfile
After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
June 3, 2022, 1:28 PM
Court of justice sign written in Japanese outside court. Shutterstock
Called Project Guardian, the new MAS pilot will be led by financial heavyweights J.P. Morgan, DBS Bank, and Marketnode.
The first pilot of the project will explore DeFi applications in wholesale funding markets through the creation of liquidity pool of tokenized bonds and deposits.
The accounts of Elizaveta Peskova, daughter of spokesman Dmitry Peskov, Polina Kovaleva, stepdaughter of Sergei Lavrov, and Kirill Malofeev, son of oligarch Konstantin Malofeev, have already been closed.
Last week the exchange had also implemented new stricter rules for Russian users with crypto holdings of more than €10,000, following the latest sanctions on Moscow from the E.U.
The legislation will implement new standards for crypto market integrity in Gibraltar, designed to combat insider trading and market manipulation in the sector.
DLT providers will now be required to seek out and prevent insider trading, and the publication of misleading information aimed at manipulating the crypto market.
The license will be available for individuals as well as organizations and will be valid for a year, though its validity can be extended for a second year.
VASPs that fail to comply with the new licensing regime will face penalties in line with existing banking rules and regulations.
With this license, Binance.US now operates in 45 states and seven territories of the U.S., moving it a step closer to its goal of providing services in all states and territories.
Binance.US CEO Brian Shroder noted that this license was important to the exchange, as Puerto Rico is a particularly important market for the growth of crypto.
Roman Semenov, co-founder of Tornado Cash, explained that the blockade only applies to the platform’s frontend, and not the underlying smart contract.
The news came only a day after the Treasury Department alleged that North Korean hacker group Lazarus was connected to the $625 million Ronin bridge hack.
The exchange has stopped accepting payments through the United Payments Interface system only three days after its launch in India.
The system is governed by the National Payment Corporation of India, which said it was “not aware of any crypto exchange using UPI” only hours after the exchange was launched.