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JPMorgan explores digital token for international transactions

JPMorgan Chase (NYSE:JPM) is evaluating the creation of a blockchain-based digital token to streamline cross-border transactions and settlements. The infrastructure for this innovation is already in place, awaiting regulatory approval. Unlike JPM Coin, this token aims to simplify interbank transfers and can be used for transactions of tokenized digital assets. The initial implementation will be in US dollars, with possible expansions to other currencies.

Mirae Asset and Polygon Labs join forces for asset tokenization

Mirae Asset Securities, the South Korean asset management giant, has partnered with Polygon Labs to integrate Web3 and tokenize assets into mainstream finance. Polygon Labs will assist in creating an infrastructure for trading tokenized securities. Ahn In-sung of Mirae Asset sees the collaboration as a chance for global leadership in tokenized securities. This move underscores a growing global trend, with predictions pointing to a tokenization market worth $16.1 trillion by 2030.

Ripple acquires Fortress Trust to expand regulatory footprint

Blockchain company Ripple has bought cryptocurrency and Web3 focused Fortress Trust in Nevada. Financial details remain confidential, but sources indicate a price below $250 million. This acquisition adds Nevada to Ripple’s regulatory portfolio, which already has licenses in several US states. The move is seen as Ripple’s strategy to consolidate itself as a complete solution for companies in the blockchain sector.

Circle and OKX partnership extends usage of USDC on crypto platforms

Stablecoin issuer Circle (COIN:USDCUSD) and crypto exchange OKX have partnered to expand USDC capabilities in the OKX DEX wallet and aggregator. The aggregator will be integrated with Circle’s cross-chain transfer protocol, facilitating USDC exchanges across multiple networks such as Ethereum and Avalanche. Also, until October 5th, USDC transactions on OKX Wallet will be fee-free.

Coinbase targets global expansion prioritizing licenses in key jurisdictions

Coinbase (NASDAQ:COIN) plans to expand internationally, seeking licenses in financial jurisdictions such as the European Union, United Kingdom, Canada, Brazil, Singapore and Australia. While CEO Brian Armstrong rules out moving the US headquarters, the company is setting an EU hub ahead of the 2024 election.

Crypto rivalry leads to US investigations

Cameron Winklevoss, co-founder of Gemini, was recently interviewed by federal authorities, including the FBI and SEC, in connection with allegations of fraud against Barry Silbert, CEO of DCG. Bloomberg noted that this interview is a continuation of the investigation into DCG’s finances. While Silbert denies the allegations, tension between the parties and regulatory scrutiny continue to grow. The dispute between Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, and the CEO of Digital Currency Group (DCG), arose after the bankruptcy of Genesis, a subsidiary of DCG, which affected Gemini, its largest creditor. The Winklevoss accuse Genesis and Silbert of fraudulent activities. Although DCG refutes the allegations, the US Attorney’s Office is investigating Silbert. DCG claims to maintain high ethical standards in its operations.

France requires influencer certification for financial advertising

French influencers, especially in the crypto industry, are now required to obtain certification in the Responsible Influence in Financial Advertising program before endorsing any financial product. This certificate, introduced by the AMF and ARPP, validates the influencer’s understanding of the new financial advertising rules. The measure aims to professionalize the industry and protect investors from misleading offers. This initiative follows similar efforts in the UK, where crypto advertising is also under strict regulation.

MTI ordered to pay $1.7B in Ponzi scheme with digital assets

The U.S. District Court for the Western District of Texas has ruled that Mirror Trading International (MTI) must pay $1.7 billion in restitution for a digital asset and forex fraud scheme. The Commodity Futures Trading Commission (CFTC) revealed that MTI, along with its CEO, Cornelius Steynberg, scammed approximately 23,000 Americans, collecting approximately 30,000 Bitcoins (COIN:BTCUSD). MTI went into liquidation in 2020, and the fraud is considered one of the largest Ponzi schemes involving digital assets.

Thodex CEO sentenced to over 11,000 years in prison for crypto fraud

Faruk Fatih Ozer, former CEO of Turkish crypto exchange Thodex, was sentenced to 11,196 years in prison for crimes including fraud and money laundering. After shutting down the exchange in 2021, leaving 400,000 users without access to their funds, Ozer fled to Albania. Despite initial estimates of losses of around US$ 24 million, subsequent analyzes point to a loss of US$ 2.52 billion. Ozer was extradited to Turkey in 2023.

Hackers use Windows tool to mine cryptocurrencies

Hackers are exploiting Windows’ “Advanced Installer” tool to infect computers with cryptocurrency mining malware, according to Cisco Talos Intelligence Group. Cyber ​​criminals package malicious code with installers of popular 3D modeling software such as Adobe Illustrator and SketchUp Pro, targeting computers with powerful GPUs. Affected industries, including architecture and graphic design, are targeted due to the usefulness of GPUs in cryptocurrency mining. The malicious activity has been occurring since November 2021, with a focus on French-speaking regions.

US still in digital currency research phase, says Federal Reserve Vice Chair

Federal Reserve Vice Chairman Michael Barr stated that the US is in the “basic research” phase regarding a central bank digital currency (CBDC), being far from any concrete decision. He reiterated that any action would require the “clear support of the executive branch and authorization of legislation by Congress.” Barr also expressed concerns about stablecoins, highlighting the need for robust federal oversight to ensure financial stability.

CFTC proposes regulatory sandbox for digital assets

CFTC Commissioner Caroline Pham has suggested a regulatory sandbox for digital assets, citing U.S. delays in clear regulations for blockchain and digital assets. The proposal aims to promote compatible digital asset markets, with contributions from interested parties. Meanwhile, three DeFi platforms settled CFTC charges, paying fines for unregistered derivatives trading. However, some question the CFTC’s current regulatory approach.

Hong Kong advances Digital Yuan integration and strengthens its crypto position

Hong Kong has stepped up testing of China’s digital yuan, entering the second phase involving more local banks. The Hong Kong Monetary Authority and the People’s Bank of China have advanced cross-border payments using e-CNY. Furthermore, Hong Kong aims to consolidate itself as a global crypto hub by updating its regulatory rules and granting licenses to entities such as SEBA Bank and OKX.

Ant Group launches ZAN to focus on Blockchain and Web3

Ant Group, owner of Alipay, launched the ZAN sub-brand, focused on blockchain and Web3 services. The announcement details solutions for Web3 companies such as real asset management, electronic KYC checks and building DApps. In April, HashKey DID aggregator adopted ZAN electronic KYC.

Weibo intensifies crackdown on cryptography

Chinese social media giant Weibo (NASDAQ:WB) has deleted 80 influential crypto accounts and taken down 17,000 posts deemed illegal. The platform, which has 258 million daily users, operates in a country where global social media is blocked. Although China prohibits cryptocurrency trading, several accounts persisted in posting related content.