Hong Kong targets global fintech leadership with new virtual asset strategies

Hong Kong is sharpening its focus on virtual asset trading and digital financial systems, local media reported on Oct. 23, citing Financial Secretary for Services and the Treasury Christopher Hui.

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Trump-linked DeFi venture could double Aave’s treasury overnight with $100M boost

Former President Donald Trump‘s World Liberty Financial (WLF) DeFi project may add over $100 million in revenue to Aave DAO’s treasury if the lending protocol approves a pending proposal.

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Bitcoin Trapped Between 50 and 200-Day Averages as Bond Market Volatility Spikes, China Stocks Slide

The MOVE index, which measures expected volatility in U.S. Treasury notes, spiked to the highest since January, hinting at tighter financial conditions ahead.

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Guggenheim issues $20 million worth of tokenized commercial paper on Ethereum

Guggenheim Treasury Securities (GTS), a subsidiary of financial consulting firm Guggenheim Capital, has issued $20 million worth of Digital Commercial Paper (DCP) on Ethereum. The DCP received a P-1 credit rating from Moody’s.

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Wall Street Titan Guggenheim Tokenizes $20M of Commercial Paper on Ethereum

Guggenheim Treasury Services, a subsidiary of financial services giant Guggenheim Partners, has issued $20 million of tokenized commercial paper on the Ethereum blockchain, its partner, blockchain platform Zeconomy, announced Thursday.

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R.I.P. Unhosted Wallet Rule

In 2020, the Financial Crimes Enforcement Network proposed imposing know-your-customer requirements on unhosted wallets, drawing immense backlash from the crypto industry. This week, the Treasury Department formally withdrew the proposal.

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DBS pilots blockchain-based treasury tokens with Ant International

Singaporean financial giant DBS has launched a treasury token pilot with Ant International to improve cross-border treasury and liquidity management. DBS Group has initiated a blockchain-based pilot in collaboration with Ant International in a bid to streamline cross-border treasury and…

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DBS Bank launches ‘treasury tokens’ pilot with Ant International

DBS Bank's treasury tokens pilot with Ant International could revolutionize liquidity management, enhancing efficiency and transparency in financial operations. The post DBS Bank launches ‘treasury tokens’ pilot with Ant International appeared first on Crypto Briefing.

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Trump quashes reports on Jamie Dimon and Larry Fink as his Treasury Secretary

The 78-year-old Republican nominee responded to reports suggesting he was considering the two financial CEOs for his cabinet.

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Hong Kong to present regulatory framework for stablecoins by 2025

Hong Kong’s financial regulators have received over 100 submissions from market participants, with a vast majority endorsing the establishment of a licensing regime for stablecoins. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA)…

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Regulatory Reboot: Hong Kong to Adjust Crypto Laws in Response to Lawmaker’s Inquiry

Hong Kong’s financial regulators are taking a measured approach to cryptocurrency regulations, responding with a constant change to market developments. Christopher Hui, the Treasury chief, recently emphasized the government’s strategy of continuously monitoring and adapting crypto-related rules to match the evolving industry.

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Is Polkadot the next FTX? $87M spending spree, racism claims, and user backlash

How do Polkadot’s financial practices, spending $87M with a net loss of $108M annually, compare to FTX’s pre-collapse habits? Polkadot (DOT), one of the early competitors to Ethereum (ETH), has recently come under the spotlight after publishing its latest treasury…

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FinCEN says illicit use of crypto by criminals creates new ‘opportunities’ for detection

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a stark warning to US financial firms, warning them about the increasing use of crypto by Mexican drug cartels to purchase chemicals used to manufacture fentanyl.

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Mexican Cartels Using BTC, ETH, USDT, Other Tokens to Buy Fentanyl Ingredients: U.S.

Criminal organizations in Mexico have been using several popular digital assets to buy the materials needed to make the drug fentanyl, according to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), which cited the use of bitcoin and other tokens in a Thursday advisory.

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Over 300 Million Users Depend on Tether’s USDT, Says Paolo Ardoino

Tether is a major purchaser of US Treasury Bills, reflecting its growing influence in the financial sector, despite facing ongoing regulatory scrutiny. The post Over 300 Million Users Depend on Tether’s USDT, Says Paolo Ardoino appeared first on BeInCrypto.

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In Conversation With Brian Nelson

Last October, the Financial Crimes Enforcement Network (FinCEN) – the U. S. Treasury Department's money laundering watchdog – announced a proposal to label crypto mixers as a "primary money laundering" concern, a move that alarmed a broad swath of the crypto industry.

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Treasury Secretary Yellen warns of financial stability risks posed by AI

US Treasury Secretary Janet Yellen expressed significant concerns about the potential dangers artificial intelligence (AI) poses to the stability of the financial system. Yellen made the remarks during a keynote address at a conference on AI and financial stability on June 6.

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Tether holds more US Treasuries than Germany, ranks 19th globally

Quick Take Tether reported a massive $4. 52 billion profit in the first quarter of the year. Notably, the stablecoin issuer’s consolidated financial figures revealed that as of March 31, it held a staggering $91 billion in direct and indirect US treasury bill holdings.

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US Treasury to increase focus on combatting illicit financial activity via crypto, emerging tech

The US Treasury Department intends to place a significant emphasis on addressing the risks posed by cryptocurrencies and other emerging technologies in the coming months via comprehensive regulation.

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El Salvador launches website to monitor the Bitcoin holdings in its treasury

El Salvador has made headlines once again in the cryptocurrency world with the launch of a Bitcoin treasury monitoring website. Since adopting Bitcoin (BTC) as a legal tender in 2021, El Salvador continues to pioneer initiatives aimed at embracing and leveraging the potential of digital assets for economic growth and financial inclusion. The Central American […]

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Crypto firms among ‘greatest risks’ for money laundering in 2022-2023: UK govt

Crypto firms, wealth management companies, and retail and wholesale banking remain “particularly vulnerable” to financial crime, according to a U.K. Treasury report.

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UK sharpens focus on crypto regulation in latest anti-money laundering report

The UK Financial Conduct Authority (FCA)’s recent anti-money laundering and counter-terrorist funding (AML/CTF) efforts have focused heavily on crypto. The UK Treasury said in a May 1 report that the FCA considers crypto firms — like retail and wholesale banks and wealth management firms — to be “particularly vulnerable” to financial crime and at the […] The post UK sharpens focus on crypto regulation in latest anti-money laundering report appeared first on CryptoSlate.

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Tether Posts Record Quarterly Profits of $4.52 Billion

Tether reports a Q1 profit of $4.52 billion, mainly from U.S. Treasury bonds, marking a significant increase in financial transparency and stability. The post Tether Posts Record Quarterly Profits of $4.52 Billion appeared first on BeInCrypto.

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MicroStrategy Adds 122 Bitcoins to Treasury Despite Q1 Net Loss of $53.1M

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FinCEN commends Coinbase for its contributions in major criminal case

The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury recently acknowledged crypto exchange Coinbase for its significant contributions to major criminal investigations.

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Акции Metaplanet взлетели на 90% после покупки биткоинов в резерв

Котировки японской публичной компании Metaplanet выросли почти на 90% после объявления о покупке на баланс биткоинов на сумму 1 млрд иен (~$6,6 млн) в рамках новой стратегии. Today, we're thrilled to announce a groundbreaking shift in our financial strategy, as we embrace Bitcoin as the core treasury asset of the Company going forward by committing an initial JPY 1 billion.

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OFAC sanctions Russian providers of digital financial assets

Treasury Department has sanctioned Russian providers of digital financial assets, saying many of the designated entities offered services that helped evade sanctions. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 13 entities and two…

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From tech boom to Bitcoin era: MicroStrategy’s journey to a $20 billion market cap

Quick Take MicroStrategy (MSTR), known for its significant bitcoin treasury, has experienced an impressive financial climb, concluding 24% higher after the March 4 close, placing its current trading value at $1,334.

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Number of crypto crimes in Hong Kong tripled in 3 years

Over the past three years, the number of crimes involving virtual assets in Hong Kong has almost tripled. According to a local media report, Financial Services and Treasury Minister Hui Ching-yu said that the Hong Kong Securities and Futures Commission…

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Bitcoin hits all-time high against traditional asset benchmarks

Quick Take Bitcoin’s recent performance has defied traditional financial metrics, with the digital asset reaching new heights against the US 20+ year Treasury Bond ETF (TLT), the S&P Regional Banking ETF (KRE), and the Japanese Yen.

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Yellen to Address Congress on Crypto Risks

U.S. Treasury Secretary Janet Yellen is poised to warn Congress about the specific threats that cryptocurrencies and stablecoins pose to the financial stability of the country

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Hong Kong Regulators Propose Mandatory Licenses for Fiat-Backed Stablecoin Issuers

The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are also planning a sandbox to provide guidance on compliance.

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UK lawmakers wary of launching retail CBDC due to privacy, financial stability concerns

The U. K. Parliamentary Treasury Committee issued a stern warning about the development of a retail central bank digital currency (CBDC), or ‘digital pound,’ and its potential hazards to financial stability.

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U.S. Treasury to expand sanctions powers for digital assets

The Biden administration is urging Congress to consider the most significant updates to the Treasury’s sanctions authority since 2001. This move aims to better regulate the use of digital assets for financial transactions in regions impacted by terrorism. According to…

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UK treasury secretary unveils new law to strengthen digital asset industry

The UK government has announced the implementation of the Digital Securities Sandbox, a significant initiative aimed at integrating digital assets into the nation's financial market infrastructure.

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Here Are 3 Charts Supporting the Bull Case for Bitcoin

Charts related to global central banks, U.S. financial conditions and the 10-year U.S. Treasury yield suggest the path of least resistance for the cryptocurrency is upward.

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US Treasury Cracks Down: Sanctions Crypto Money Launderer Tied To Russian Elite

In a significant move to combat sanctions evasion and illicit financial activities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Ekaterina Zhdanova, a Russian national allegedly involved in laundering and transferring funds using crypto on behalf of Russian elites.

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JPEX Scandal Can’t Ruin Hong Kong’s Web3 Vision, Says Financial Secretary

The recent JPEX scandal has scarred the reputation of Hong Kong’s crypto industry, raising questions about the future of web3 and digital assets in the region. However, a speech by the region’s Financial Services and Treasury Secretary, Christopher Hui, at the ongoing Hong Kong Fintech week put minds at ease. Hui declared that the $165 […]

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Hong Kong Finance Secretary Says New Tokenization Rules in the Pipeline

Hong Kong's Financial Services and Treasury Bureau has announced new fintech and tokenization initiatives, including regulatory clarity on tokenized securities and an Integrated Fund Platform. Visa also highlighted tokenization's potential.

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UK finalizes regulatory approach to crypto, stablecoins

The U. K. Treasury has finalized its regulatory approach to the crypto industry, which will be enacted in multiple phases, with the first phase bringing fiat-backed stablecoins under the supervision of financial watchdogs.

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How US Treasury’s Proposed Controls Could Impact Crypto Mixers

The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has escalated its crackdown on crypto mixers, labeling them as critical hubs for illicit financial activities.  In a move to intensify oversight of digital currency transactions, the agency unveiled a Notice of Proposed Rule Making (NPRM) over the weekend, singling out crypto transaction mixing as a […]

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U.S. Treasury plans to designate crypto mixers as "money laundering concern"

The notice of proposed rulemaking will be open to public comment for 90 days. The action follows the recent Israel-Palestine conflict. The U. S. Treasury Department’s Financial Crimes EnfoThe post U.

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US Treasury Mandates Record-Keeping and Reporting for Crypto Mixers

The US Treasury Department advances a robust proposal targeting crypto mixers to mitigate money laundering risks. This initiative, amidst growing national security concerns, symbolizes a notable regulatory move towards shaping the global financial system.

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U.S. Treasury targets crypto mixer transactions as new class of ‘primary money laundering concern’

The U. S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Oct. 19 that it is advancing regulation that could broadly restrict crypto mixers. The agency’s Notice of Proposed Rule Making (NPRM) identifies transactions made through convertible virtual currency (CVC) mixing platforms — generally referred to as crypto mixers — as a “class of transactions of […] The post U.

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U.S. Treasury Seeks to Name Crypto Mixers as 'Money Laundering Concern'

The U.S. Department of the Treasury's financial crimes arm is proposing to label crypto mixers as a "primary money laundering concern" in its effort to combat illicit crypto finance, highlighting the terrorist groups that have benefited from anonymous crypto funds, including possibly Hamas.

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US Treasury Targets Crypto Exchange Associated with Hamas

The US Treasury’s OFAC sanctioned individuals and entities connected to Hamas, targeting their financial networks spanning multiple regions and emphasizing the crackdown on terror-related cryptocurrency transactions.

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Australia releases new crypto regulatory framework

The Australian treasury has released a consultation paper proposing a new regulatory framework for cryptocurrency exchanges. The new legal framework will require cryptocurrency companies to apply for a financial services license.

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UK politician calls on FCA to be less aggressive on crypto ads

The new regulation is considered one of the toughest in the world as it bans unauthorized crypto firms from marketing in the UK. The Economic Secretary to the Treasury, Andrew Griffith, has urged the Financial Conduct Authority (FCA) to find…

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Australian crypto exchanges look to new licensing regime with cautious optimism

Australian crypto exchanges have largely praised the Treasury’s latest proposal to place crypto exchanges under the existing financial services license regime, though some worry it could put the crypto industry into a TradFi-shaped box.

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