The Dubai Virtual Assets Regulatory Authority (VARA) has granted an “Initial Approval” license to WadzPay, a crypto firm, as part of its journey to obtain a Virtual Asset Service Provider (VASP) license. This license allows WadzPay to begin preparations for offering virtual asset services and activities under the VASP License for Transfer and Settlement and […]
USD Coin (USDC), the second-largest stablecoin, has experienced a decline in its circulating supply, falling below 25 billion for the first time since 2021. This decrease in supply is a result of Circle, the issuer of USDC, curbing minting services for retail users. Circle stated that they have discontinued their customer app and are now […]
SafeMoon, a decentralized finance project, has been charged by the United States Securities and Exchange Commission (SEC) for security rules violations and fraud. The project was exploited in March, resulting in a net loss of $8.9 million in BNB. The funds associated with the exploit have been moving through centralized exchanges, which could be crucial […]
PayPal, the digital payment giant, has received a subpoena from the Securities and Exchange Commission (SEC) regarding its U.S. dollar stablecoin, PYUSD. This development highlights the growing intersection between traditional finance and digital currencies. PayPal made waves in August when it became the first major company in its field to embrace digital currencies for payments […]
Hong Kong’s Securities and Futures Commission (SFC) has issued two circulars to regulate digital asset tokenization, as the city aims to become a leading Web3 hub in Asia. The circulars provide instructions to intermediaries involved in tokenized securities activities and outline the criteria for tokenizing investment products authorized by the SFC. The SFC considers tokenized […]
PayPal, the popular payment platform, has been served a subpoena by the United States Securities and Exchange Commission (SEC) regarding its stablecoin called PayPal USD (PYUSD). The SEC’s Enforcement division sent the subpoena to PayPal, according to a report by Reuters. This development comes three months after PayPal launched its PYUSD stablecoin, which is backed […]
St. Galler Kantonalbank, Switzerland’s fifth-largest cantonal bank, has entered the world of digital assets through a strategic partnership with SEBA Bank. This move signifies a significant step in the adoption of cryptocurrencies within the Swiss banking industry. SGKB has launched digital asset custody and trading services for select clients, starting with Bitcoin and Ethereum. This […]
The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. These regulations, known as the Distributed Ledger Technology (DLT) Foundations Regulations, are the first of their kind and are designed specifically for the operation of blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations expanding into DLT. The […]
The recent alleged scandal involving crypto exchange JPEX in Hong Kong has not deterred the government from pursuing its Web3 vision for the region. Despite the financial scandal and allegations of fraud, the government remains determined to grow the Web3 market. Hong Kong plans to tighten its crypto regulations in response to JPEX’s actions, with […]
The trial of Sam Bankman-Fried (SBF) reached a critical point as both the prosecution and defense presented their closing arguments to the jury. The prosecution portrayed SBF as a serial liar motivated by greed, accusing him of knowingly misappropriating billions in customer deposits. They emphasized the weight of the evidence presented throughout the trial and […]
