Digital Financial News

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A country in Western Europe, Luxemburg, is making moves amid actions by individual jurisdictions in the European Union for dedicated crypto regulations. 

Following the Securities and Exchanges Commission (SEC) lawsuit, US-based crypto exchange, Coinbase, has received multiple Show Cause orders from US states. 

Disclaimer: The Industry Talk section features insights from crypto industry players and is not a part of the editorial content of Cryptonews.com.

Cryptocurrency is the most prevalent investment held by Gen Z investors, a trend likely fueled by the cohort growing up during an age marked by technological change, social media and easier access to investing, according to a new joint report from the CFA Institute and Financial Industry Regulatory Authority's Investor Education Foundation.

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Last year, MAS and the Fed’s New York Innovation Centre teamed up to explore the use of wholesale CBDCs for cross-border payments. The experiment was conducted in a test environment and the hypothetical payments were settled using simulated wholesale central bank digital currencies.

Bitcoin, the leading cryptocurrency, has experienced a rebound in its price, climbing back up to $27,000 after facing a significant drop caused by the SEC's lawsuit against Binance. 

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Disclaimer: The text below is an advertorial article that is not part of  Cryptonews.com  editorial content.

Investors will soon be able to trade digital versions of FTSE100 shares and UK government bonds on the blockchain, as digital assets firm Archax gears up to issue prototypes of both this week.

The Japan Blockchain Week 2023 in Tokyo will commence on June 18 to July 9, 2023. And according to the Chainwire report, the Japanese Ministry of Economy, Trade and Industry (METI) is backing this year’s edition. 

Welcome to the Fintech Files, your weekly cheat sheet on the tumultuous worlds of crypto and fintech. This week digital editor Penny Sukhraj takes you through some of the main developments.

The rise of Web3 apps, or decentralized applications (dApps), has been nothing short of a journey in recent years. From blockchain-based social media platforms to non-fungible tokens (NFTs), the Web3 ecosystem has definitely started moving in a positive direction.

According to the SEC’s complaint, since at least 2019, Coinbase "has made billions of dollars unlawfully" through the buying and selling of crypto asset securities. The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law. As alleged in the SEC’s complaint, Coinbase’s failure to register has deprived investors of significant protections, including inspection by the SEC, recordkeeping requirements, and safeguards against conflicts of interest, among others. The regulator also slammed Coinbase for failing to register its staking-as-a-service program as required by the securities laws. "You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” says Gurbir S. Grewal, director of the SEC’s Division of Enforcement. "As alleged in our complaint, Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them. While Coinbase’s calculated decisions may have allowed it to earn billions, it’s done so at the expense of investors by depriving them of the protections to which they are entitled. Today’s action seeks to hold Coinbase accountable for its choices.”

Among the most trending crypto coins on DEXTools today are $CATGPT, $IS, $JIM, and $PLANET, topping the hot pairs list with explosive price action.

Following a 10-month inquiry, the Aall Party Parliamentary Group (APPG) has made a total of 53 recommendations on a number of key areas, warning that the UK has a finite window of 12-18 months to ensure early leadership on cryptocurrency regulation. The report looks into the the role and current approach of UK regulators including the Bank of England, the FCA and the ASA, the potential offered by Central Bank Digital Currencies and the risks faced in terms of consumer protection and economic crime. The lawmakers contend that cryptocurrency and digital assets are best regulated within existing and new financial services regulations, but state "significant concerns" about whether regulators currently have the resources, capacity and technical expertise required to deliver on their responsibilities. The APPG recommends that all UK regulators related to the sector should have dedicated and properly resourced cryptocurrency and digital assets units, states the report. To ensure a coordinated approach across all policy areas, the Government should also consider the appointment of a ‘Crypto Tsar’ who can help coordinate across departments to ensure a consistent approach.

Consider what it means to be a sports organization in 2023. 

Non-fungible tokens (NFTs) are set to expand well beyond the digital collectibles and art pieces that they are today, according to one industry insider.

While many celebrate Bitcoin (BTC)’s plethora of new applications related to its new “Ordinals” protocol, developers maintaining the network’s source code are in disarray on the matter. 

Fidelity Digital Assets, the crypto custody unit of US-based asset manager Fidelity Investments, more than tripled revenue across its UK business last year, with strong institutional client demand for its custody and trading services helping to narrow losses for the fledgling business.