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Standard Chartered-backed Zodia Markets gets VASP registration in Ireland

  • Zodia Markets is a Standard Chartered-backed digital asset exchange and brokerage platform.
  • The company has announced its registration as a Virtual Asset Service Provider (VASP) by Ireland’s central bank.
  • Zodia is looking to position itself for European expansion amid the upcoming MiCA laws.

Zodia Markets, a digital asset exchange backed by Standard Chartered, is now registered as a Virtual Asset Service Provider (VASP) in Ireland.

An announcement by the company on Friday stated that the VASP approval was granted to Zodia Markets (Ireland) Limited by the Central Bank of Ireland (CBI). This follows similar registrations by the Abu Dhabi Global Markets (ADGM) and the UK’s Financial Conduct Authority (FCA) – in September 2023 and in July 2022 respectively.

Ireland is a burgeoning crypto market

Zodia Markets’ registration in Ireland means the company now has regulatory approval in the EU, with this allowing it to expand its services in Europe, including crypto exchange and OTC trading. 

The milestone also aligns the platform with the upcoming implementation of EU’s comprehensive crypto laws, the Markets in CryptoAssets Regulation (MiCA) that’s expected to go into effect in the second half of 2024.

“VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem. The registration will act as a launchpad for the business to enter the EU, a market where we see significant opportunity and demand for our offering, and it paves the way for future MiCA authorisation when the regulations are implemented,” Michael Walsh, CEO of Zodia Markets Ireland, said.

Ireland continues to attract crypto companies amid the industry’s recognition of a supportive regulatory environment.

Coinbase, which has regulatory approval as an e-money institution and VASP in the country, recently announced that it had selected Ireland as its European hub. The US-based crypto giant first hinted at this move in 2020. 

Another major crypto company registered in the country is Kraken, which has CIB approval as an e-money provider.

The post Standard Chartered-backed Zodia Markets gets VASP registration in Ireland appeared first on CoinJournal.

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Virtual Asset Management Bill introduced in the Taiwan parliament

  • The Bill focuses on customer protection, regulatory obligations, and industry self-regulation.
  • Major crypto exchanges in Taiwan had previously formed the Taiwan Virtual Asset Platform and Transaction Business Association.
  • Taiwan’s Financial Supervisory Commission (FSC) also recently issued industry guidelines for VASPs.

In a recent move to enhance oversight and customer protection in the cryptocurrency industry, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan, on October 25, 2023.

The bill aims to establish clear guidelines for virtual asset service providers (VASPs) while fostering industry growth.

Key provisions of the bill

The 30-page bill outlines several important provisions:

  • Customer Protection: The bill emphasizes the need for better customer protection within the cryptocurrency industry. It requires virtual asset service providers to separate customer funds from their reserve funds, ensuring transparency and security.
  • Regulatory Obligations: VASPs are expected to establish internal control and audit systems to maintain compliance. Joining the local trade association is also encouraged to foster industry self-regulation.
  • Stablecoins and Advertising: Notably, the bill does not mandate stablecoin issuers to maintain a 1:1 reserve ratio, showing flexibility in this aspect of regulation. Additionally, the rules for advertising are to be determined by the competent authority, granting flexibility in marketing activities.
  • Licensing and Fines: VASPs operating without a license face fines ranging from 2 million to 20 million Taiwanese dollars. Existing market players have a six-month window to obtain the required license after the bill becomes law.

Prior attempts by industry participants to self-regulate

The introduction of the Virtual Asset Management Bill closely follows the creation of the Taiwan Virtual Asset Platform and Transaction Business Association, which represents a collaborative effort by major cryptocurrency exchanges in Taiwan.

MaiCoin, BitoGroup, Ace Exchange, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joined forces to support the cryptocurrency industry and engage with regulators. The association was created with the aim of guiding the industry, setting standards, and building consensus.

In September 2023, Taiwan’s Financial Supervisory Commission (FSC) issued industry guidelines for VASPs, restricting foreign VASPs from operating in Taiwan without obtaining necessary approvals from the regulator.

The FSC’s move underscored the government’s commitment to providing regulatory clarity.

Binance’s registration application in Taiwan

Binance, one of the world’s largest cryptocurrency exchanges, sought registration in Taiwan, signalling its willingness to comply with local regulations. Binance had previously operated in the country through a local entity, Binance International Limited Taiwan Branch (Seychelles).

These developments collectively reflect Taiwan’s evolving approach to cryptocurrency regulation, aiming to balance industry growth with necessary oversight and customer protection. The cryptocurrency industry’s landscape in Taiwan continues to evolve, seeing that Circle, BitoGroup, and Taiwan FamilyMart recently partnered to launch ‘Points-to-Crypto’ service in the country.

The post Virtual Asset Management Bill introduced in the Taiwan parliament appeared first on CoinJournal.

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FLOKI launches real-world asset tokenization platform TokenFi, token surges 29.01%

  • FLOKI token price has surged by 29.01% surge in the last 24 hours.
  • The price gain is attributed to the launch of TokenFi, a real-world asset tokenization platform.
  • TokenFi empowers users to tokenize real-world assets without coding skills.

In a significant move that is reverberating through the cryptocurrency world, the FLOKI token has experienced a remarkable 29.01% surge in its price over the past 24 hours. This sudden boost in value is directly attributed to the launch of TokenFi, a novel platform dedicated to real-world asset (RWA) tokenization.

TokenFi, introduced by the Floki development team, marks a pivotal shift for the once-meme coin project, positioning it as a formidable contender in the decentralized finance (DeFi) ecosystem.

Revolutionizing RWA tokenization using TokenFi

TokenFi is designed to facilitate the tokenization of real-world assets without requiring users to possess coding skills.

This groundbreaking platform empowers users to launch various cryptocurrencies and raises funds from the Floki community. Furthermore, it establishes connections with exchanges and market makers to ensure liquidity while offering the opportunity to create tokens representing real-world assets that are not classified as securities.

The cryptocurrency industry is now on the precipice of a vast opportunity. As developers envision, the tokenization industry is projected to reach a staggering $16 trillion by the year 2030. Indeed, even major institutional investors like BlackRock, managing assets worth $10 trillion, have shown unwavering belief in the potential of this industry, dubbing it “the next evolution in markets.”

Real-world asset tokenization a trillion-dollar opportunity

Real-world asset (RWA) tokenization refers to the digitization of physical assets such as real estate or vehicles, making them accessible within the realm of decentralized finance (DeFi) applications. Industry analysts have aptly labelled this as a “trillion-dollar opportunity” due to its potential to democratize global asset trading and investment, previously constrained by complex regulatory and financial laws.

TokenFi’s deployment will commence on five prominent blockchain networks, including Ethereum, BNB Chain, opBNB, Base, and Arbitrum. With plans for further expansion, this platform aims to attract users with incentives for protocol usage, creating a self-sustaining ecosystem.

FLOKI token staking

For FLOKI token holders, there’s an added incentive. Users can earn the reward token, TOKEN, by staking their FLOKI tokens for durations ranging from 3 months to 4 years. This mechanism is expected to reduce the circulating supply of FLOKI tokens and increase their intrinsic value, thereby further contributing to the ecosystem’s growth.

TokenFi’s ambitious mission to capitalize on the booming RWA tokenization market signifies the increasing prominence of blockchain technology in reshaping global finance.

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US Senator asks DOJ to consider criminal charges against Binance and Tether

  • US Senator Cynthia Lummis asks the Department of Justice (DOJ) to criminally charge crypto exchange Binance and USDT issuer Tether.
  • Lummis cites the two companies’ role in aiding illicit fundraising for terror.
  • Blockchain security and analytics firm Elliptic says a WSJ report “misrepresented” data.

The US Department of Justice should finish its investigation and consider criminal charges against crypto exchange Binance and USDT stablecoin issuer Tether, US Senator Cynthia Lummis says.

Senator Cynthia Lummis (R-WY), notes in a post on X today that she had sent a letter to the DOJ with a view of having the Justice Department charge the two crypto companies for being “intermediaries” in reported illicit financing of Hamas.

The letter, co-signed by Representative French Hill, Chair Subcommittee, House Financial Services, is part of a wider reaction to a recent Wall Street Journal report. The allegations in the report saw several lawmakers believe Hamas had raised millions of dollars in crypto funding before its attacks on Israel earlier this month.

But as blockchain analytics firm Elliptic noted in a blog post published on October 25, “there is no evidence to suggest that crypto fundraising” had resulted in the more than $130 million raised cited in the Wall Street Journal article.

Elliptic said its data and that from other platforms “has been misinterpreted.”

Tether wants mainstream media fact-checked

In an announcement published this afternoon, Tether said its stance against use of crypto in terrorism financing remains strong. However, it has urged the government to “fact-check” mainstream media misrepresentations about the topic.

The news release cited the stablecoin issuers cooperation with law enforcement, including Israel’s to freeze funds suspected to be meant for illicit activities.

“Crypto used by malicious actors accounts for a small drop in the huge ocean of illicit activity passing through the (willingly or poorly equipped) traditional financial industry. WSJ deceitful article tricked good actors with false information,” said Tether CEO Paolo Ardoino.

Nic Carter, partner at Castle Island Ventures, says crypto needs to stand up for itself in the wake of the latest regulatory developments. He shared on X:

Brian Armstrong, co-founder and CEO of Coinbase, shares similar sentiments and believes one of the steps to getting it right here is for the WSJ to issue a retraction or correction.

The post US Senator asks DOJ to consider criminal charges against Binance and Tether appeared first on CoinJournal.

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WINR Protocol price jumps 37%- here are the key network developments

  • WINR Protocol taps double-digit gains today, up 22% at the time of writing.
  • Gains of nearly 60% in the past month have come amid key network developments.
  • The protocol recently burned 70 million WINR tokens and launched the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.

WINR Protocol, a decentralised iGaming infrastructure platform powered by the WINR token, has seen significant market traction in the past week. Today, the price of the protocol’s native token jumped more than 22% in 24 hours to hit its highest price level since August.

WINR was trading around $0.05 at the time of writing, up 37% this past week and nearly +60% in the past 30 days. The token was however 57% down since its all-time high above $0.11 reached on March 21 this year.

The recent gains have come amid a series of major developments for the platform. Is this why WINR price has been rising? Let’s have a look.

Why is WINR Protocol price rising?

Cryptocurrencies saw a massive spike in volatility early this week, with mega cap altcoins catapulted to key levels after Bitcoin’s increase to $35,000. This outlook could have aided WINR bulls.

However, the altcoin appears to have been boosted by the platform’s several development milestones. Earlier this month, the protocol burned 70 million WINR tokens, permanently removing 7% of its maximum supply from circulation. 

Last week, the Arbitrum community voted to allow the Arbitrum Foundation grant WINR 462,000 ARB to incentivize developer activity.

These were then followed by this week’s release of the first on-chain 1000x Bitcoin (BTC) and Ethereum (ETH) futures.  The WINR Chain also announced on October 26 that its team was looking at becoming the “go-to execution layer for decentralized iGaming.”

“With the WINR Game Engine, game providers can build their game logic on smart contracts and seamlessly integrate data with existing UIs,” the platform wrote in an announcement on X.

The post WINR Protocol price jumps 37%- here are the key network developments appeared first on CoinJournal.