Im Rahmen des Prozesses gegen Terra-Chef Do Kwon will die US-Staatsanwaltschaft Zugriff auf dessen Onlinekonten.
Standard Chartered launches crypto custody entity in Luxembourg under MiCA
- Standard Chartered launches a crypto custody entity in the EU.
- The new entity is based in Luxembourg and will operate under MiCA regulation.
- Standard Chartered has launched crypto services in the United Arab Emirates.
British multinational bank Standard Chartered has announced the establishment of a new entity in Luxembourg aimed at offering crypto custody services throughout the European Union.
This move comes in response to the EU’s newly enacted Markets in Crypto Assets (MiCA) regulation, which seeks to standardize the operations of digital asset providers across member states.
Standard Chartered’s forays into crypto services
The announcement was made through a press release on January 9, detailing that the Luxembourg branch will serve as a gateway for Standard Chartered’s expansion into the crypto custody market in Europe.
Notably, this move follows the bank’s previous forays into digital assets, including similar services launched in the United Arab Emirates, showcasing its commitment to capitalizing on the burgeoning crypto sector.
Heading the new Luxembourg entity is Laurent Marochini, a veteran in the innovation sector, previously with Société Générale.
Marochini expressed his honour in taking the helm at Standard Chartered Luxembourg, emphasizing his dedication to providing top-tier services to clients, team, and stakeholders. “It is an honour to join the leading international bank, Standard Chartered Luxembourg as CEO. I am fully committed to delivering excellence,” Marochini stated in the press release.
Margaret Harwood-Jones, Standard Chartered’s global head of financing & securities services, highlighted the bank’s excitement about extending its digital asset custody services to the EU region. “We are really excited to be able to offer our digital asset custody services to the EU region,” she said, underscoring the bank’s role in aiding institutional clients in navigating the digital asset ecosystem.
Standard Chartered’s engagement with cryptocurrencies doesn’t end with custody services. The bank has been notably active in the crypto space, with ventures like Zodia Custody and Zodia Markets, and it holds an optimistic view on Bitcoin’s future, predicting a potential rise to $250,000. It was recently selected by OKX as its institutional crypto custodian.
Furthermore, the bank is exploring opportunities in stablecoins, evidenced by its participation in Hong Kong’s stablecoin issuer sandbox and its participation in China’s Digital Yuan Pilot in 2023.
The expansion into the EU underlines Standard Chartered’s strategic pivot towards becoming a significant player in the digital finance landscape, aligning with regulatory frameworks like MiCA to ensure security and compliance in its operations.
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Oklahoma senator files Bitcoin Freedom Act enabling wages in BTC
- The Bitcoin Freedom Act lets Oklahomans accept their wages in Bitcoin
- Oklahoma State Senator Deevers said Washington is “ruining the US dollar”
- The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3
Oklahoma State Senator Dusty Deevers has filed legislation allowing employees to receive wages in Bitcoin and businesses to accept Bitcoin payments.
Introducing the Bitcoin Freedom Act, Deevers said: “In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments.”
Deevers continued: “As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”
The bill, known as SB325, states under section 4 that: “Any employee of this state, business, corporation, other entity, and resident of this state may negotiate and receive payment and compensation, including salaries, wages, and other forms of compensation, in Bitcoin.”
Embracing the future of finance
Deevers pointed out that Bitcoin is becoming increasingly seen as a hedge against inflation, unlike traditional currencies such as the US dollar. Taking to X, Deevers posted: “If Washington DC can ruin something, it likely will. And it is certainly ruining the US dollar.”
Continuing, Deevers wrote: “This small but possibly revolutionary change has the potential to offset the harms suffered due to inflation and make Oklahoma a national leader who embraces the future of financial technology.”
If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar.
Inflation caused by reckless spending and money printing is eroding the purchasing power of Oklahomans. It is past time to start looking at options less vulnerable to D.C.… pic.twitter.com/PrMGWdi7fe
— Dusty Deevers (@DustyDeevers) January 8, 2025
Deevers also praised President-elect Donald Trump who spoke at Bitcoin events during his presidential election.
“Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future,” he added.
The Bitcoin Freedom Act is eligible for consideration in the 60th legislative session beginning on February 3.
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South Korea Plans to Relax Institutional Crypto Trading Restrictions
- South Korea’s financial regulator plans to gradually ease restrictions on institutional crypto trading, allowing them access to local crypto markets.
- Non-profit organisations are at the top of the list of institutions which will be allowed to trade cryptocurrencies.
The Financial Services Commission of South Korea plans to gradually lift restrictions on crypto trading following the passing of its Virtual Asset User Protection Act in July 2024 which aims to curb unfair trading practices on an institutional level.
South Korea’s FSC Secretary-General Kwon Dae-young aims to align with global regulatory practices, which have shifted over the last several months from overly restrictive to more enabling, especially in the Asian region.
The Virtual Asset User Protection Act
The Virtual Asset User Protection Act is a response to the fall of exchanges like FTX and black swan events like the Terra network crash, caused by negligence and unethical practices.
FTX’s crash led to losses between $8 – $10 billion, much of which belonged to institutions.
To be clear, crypto trading is not banned in South Korea, however, banks have been instructed to restrict institutional trading. Retail traders can still access the market from regulated local exchanges.
The new rules provide frameworks that prevent large-scale delisting of digital assets by standardising the criteria for listing and delisting.
Moving forward
The FSC plans to allow institutional trading in phases and eventually expand its regulations to make provisions for stablecoins and token listings.
According to Kwon Dae-young, “We need to discuss how to create listing standards, what to do with stablecoins, and how to create rules of conduct for virtual asset exchanges.”
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UK digital banking giant Revolut becomes a Pyth Network data publisher
- Revolut has joined Pyth Network as a data publisher to support reliable DeFi price feeds.
- The partnership bridges traditional finance and DeFi using blockchain technology.
- Revolut serves 45M users globally and its partnership with Pyth expands its web3 financial ecosystem.
Revolut, a leading digital banking platform in the UK, has partnered with the Pyth Network to become its latest data publisher.
This strategic move highlights the growing convergence between traditional finance and decentralized finance (DeFi), as blockchain technology gains traction across the financial sector.
Revolut expanding into the web3 ecosystem
Revolut, regulated by the UK’s Financial Conduct Authority, is renowned for its innovative approach to banking and financial services. By joining the Pyth Network, a blockchain-based oracle solution, Revolut will provide price data to bolster the reliability and security of decentralized applications (dApps).
The collaboration marks a significant step in Revolut’s expansion into the web3 ecosystem.
The Pyth Network, which integrates price feeds from over 120 data providers and supports more than 450 dApps, aims to deliver transparent and dependable data for DeFi projects.
Pyth’s partnership with Revolut digital bank leverages the bank’s extensive market expertise to enhance the accuracy of Pyth’s price feeds. This, in turn, strengthens the infrastructure for emerging financial applications, where reliable data is critical.
Mike Cahill, CEO of Duoro Labs and a Pyth Network contributor, emphasized the importance of bridging traditional and decentralized finance.
“We are witnessing a pivotal moment where established financial institutions like Revolut recognize the value of digital assets and DeFi. Together, we are shaping a future where transparent and secure data empowers the next generation of financial innovations,” Cahill stated.
Since its launch in 2015, Revolut has rapidly grown to serve over 45 million users across 200 countries, offering a wide range of financial services. The partnership with Pyth Network underscores Revolut’s commitment to adopting cutting-edge technology to remain at the forefront of financial innovation.
As DeFi continues to evolve, partnerships like this are expected to play a crucial role in fostering trust and accessibility. By integrating with the Pyth Network, Revolut is not only enhancing DeFi ecosystems but also reinforcing its position as a leader in the digital banking space.
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