The Monetary Authority of Singapore (MAS) has officially established new regulations for stablecoins, a move aimed at keeping stablecoins operating in the city-state a little more stable. The framework, which has been under development since October 2022, is under continuous development, designed with input from public consultations. The regulations, announced today, will be applicable to single-currency stablecoins (SCS) pegged to…
RocketSwap, the second-largest decentralized exchange by trading volume on Base, was hacked for around $866,500 due to a private key compromise from their online servers. The DEX led Base’s meme coin hype after its mainnet launch last week. Base is an Ethereum layer-2 solution incubated by Coinbase. RocketSwap’s team detected a hack early Tuesday morning as it tweeted about an…
The exchange claims the SEC’s deposition and discovery requests are outside the scope of the regulators lawsuit it filed against Binance. Source: https://cointelegraph.com/app/public/index.php/news/binance-files-motion-for-protective-order-against-sec
United States based Bitcoin (BTC) ATM operator Bitcoin Depot said it posted best ever revenue numbers in the second quarter of 2023 as the company looks to expand its footprint after recently being listed on the NASDAQ. Bitcoin Depot released its Q2 results in line with a number of cryptocurrency ecosystem firms, recording $197.5 million in quarterly revenue. The company…
Customers of Auckland-headquartered crypto exchange, Dasset, are denied access to their funds, the company’s representative revealed the beginning of liquidation. On August 14, the New Zealand newspaper The Herald reported the Dasset troubles. According to the report, some customers have been unsuccessfully trying to withdraw their funds for months. Speaking to journalists, the company’s CEO, Stephen Macaskill, explained that Dasset didn’t…
While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes that three business days is a “timely transfer” for single-currency stablecoins (SCS), which is similar to transfer speed requirements for domestic money transfers. On Aug. 15, the Monetary Authority of Singapore (MAS) released its regulatory framework for stablecoins in the city-state. In the newly-published guidelines, the…
Crypto mortgages entail utilizing cryptocurrency holdings as security to bind a conventional mortgage or loan. The procedure to obtain a crypto-backed mortgage starts with the borrower giving their cryptocurrency to the lender as security, with the lender calculating the maximum loan amount depending on the value of the collateral. The acceptability of the cryptocurrency is assessed before interest rates, payback…
Dubai has started offering commercial licenses to artificial intelligence (AI) and Web3 businesses at a 90% subsidy as it works to create the largest cluster of new-age tech companies in the Middle East and North Africa (MENA) region. The Dubai AI and Web 3.0 Campus — an aspiring tech hub — announced the decision to subsidize the licenses for companies…
Europe has beaten the U.S. with the roll-out of the first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management today announced the product’s listing on Euronext Amsterdam. After receiving approval from the Guernsey Financial Services Commission (GFSC) in October 2021, the firm initially planned to launch its Bitcoin ETF product last year. It, however, decided to postpone the launch,…
Binance.US has filed a motion seeking a protective order to limit the scope of discovery sought by the Securities and Exchange Commission (SEC) in its case against the cryptocurrency exchange. In June, the U.S. arm of Binance—operating under the names BAM Trading Services and BAM Management US Holdings—entered into a consent order with the SEC after the agency sought to…
