The Swiss labor market is grappling with stagnant wages and a scarcity of skilled workers. Despite concerns from Swiss companies about a lack of workforce, wages have remained stagnant for an extended period. This goes against the principles of supply and demand, which suggest that limited resources should command higher prices. However, a recent UBS […]
Binance, a leading cryptocurrency exchange, has recently launched a new self-custody Web3 wallet. This wallet allows users to easily interact with the decentralized finance (DeFi) ecosystem. To create a wallet, users are required to use the Binance app, which also serves as a platform for various activities such as staking, lending, and borrowing. One notable […]
The European Banking Authority (EBA) has proposed new guidelines for stablecoin issuers in the European Union (EU). The aim of these guidelines is to ensure that stablecoins can be quickly redeemed, even in turbulent market conditions, to prevent bank runs and contagion during a crisis. Under the proposed rules, stablecoin issuers must offer fully redeemable […]
The Commodity Futures Trading Commission (CFTC) has released its enforcement outcomes for Fiscal Year 2023, revealing a significant increase in digital asset cases. The CFTC’s Division of Enforcement initiated 96 enforcement proceedings, resulting in penalties, restitution, and disgorgement totaling over $4.3 billion. Approximately 50% of the cases involved cryptocurrencies, with the CFTC filing 47 actions […]
Central banks are being urged to embrace the digital age and take the lead in innovation, according to Agustín Carstens, General Manager of the Bank for International Settlements (BIS). Speaking at a conference in Basel, Carstens highlighted central bank digital currencies (CBDCs) as a key element in this transformation. However, he also acknowledged the challenges […]
Ripple, the fintech company, has made major announcements at the Ripple Swell Conference 2023. Firstly, they have rebranded their flagship product RippleNet as Ripple Payments, signaling a strategic shift towards enhancing blockchain-enabled cross-border payments and promoting enterprise crypto adoption. The rebranded product now covers over 70 crypto and traditional payout markets, expanding the scope of […]
HSBC has announced a partnership with tech firm Metaco to integrate its institutional platform, Harmonize, with HSBC’s new custody service for digital assets. The bank plans to launch this custody service in 2024, which will complement its existing digital asset issuance platform, HSBC Orion, and its offering for tokenized physical gold. Together, these services will […]
Circle, the issuer of the USD Coin (USDC) stablecoin, is reportedly considering an initial public offering (IPO) next year. The company has initiated discussions with advisors to facilitate the IPO process. While the exact valuation Circle is aiming for remains undisclosed, it is worth noting that the company had a $9 billion valuation during its […]
The Central Bank of the United Arab Emirates (CBUAE) and other regulators in the country have released new guidelines for virtual asset service providers (VASPs) operating in the UAE. These guidelines include penalties for VASPs that operate without the proper licenses. The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations […]
Circle, the issuer of the USD Coin (USDC), is reportedly considering an initial public offering (IPO) in early 2024, according to Bloomberg. While the stablecoin issuer has been in talks with advisers about the move, there is no certainty that it will result in a public listing. Circle had previously agreed to go public through […]
