XDC Network gets Japanese foothold via partnership with SBI subsidiary
After a fruitful spring season, the XDC Network expands its presence in the Japanese market via SBI VC Trade.
Čítaj viac
Značka: SBI
Ripple-based MoneyTap adopted by three Japanese banks
Japanese banks like Yamaguchi, Momiji and Kitakyushu now support the MoneyTap P2P remittance service based on RippleNet.
Čítaj viac
Singapore's financial authority grants license to SBI's digital asset arm
The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holdings, a license to conduct certain regulated activities in the country.In a Thursday announcement, MAS said it had awarded SBI Digital Markets a Capital Markets Services license following the firm receiving in-principle approval in May. The firm, whose parent company offers digital asset custody and trading, will be providing custodial services, capital markets products and corporate finance advisory services in Singapore as a regulated business. It also plans to launch a digital asset securities platform.“This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” said SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao.SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of the largest financial institutions in Japan, SBI Holdings. The company recently ceased all mining operations in Russia due to the crypto winter and the country’s role in the war on Ukraine. SBI Holdings also reported in August that one of its investees, Clear Markets, received approval from the U.S. Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement. Related: Singapore MAS examines crypto firms ahead of new regulations: ReportAs the principal financial regulator in Singapore, the MAS has the authority to grant licenses to companies aiming to offer crypto-related services to the country’s residents — the area is currently home to crypto exchange Crypto.com and the founder of the Terraform Labs, Do Kwon. Filecoin service provider RRMine Global announced on Tuesday that it planned to relocate its headquarters to Singapore in response to “tightened restrictions on cryptocurrency usage” in China.
Čítaj viac
Crypto licensing roundup: Learn about the most recent approvals in the industry
Cryptocurrency companies have been moving to improve compliance worldwide amid the bear market of 2022, with many platforms increasingly securing licenses and approvals. As one may find it difficult to track all global regulatory milestones in crypto, Cointelegraph has picked up some of the latest compliance developments over the past couple of weeks.Global crypto firms have recently been active in growing presence and compliance in North America, with exchanges like China-founded Huobi Tech entering Canada.Huobi Technology Holdings announced on Tuesday that its subsidiary Hbit Technologies has successfully obtained a Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Centre of Canada.cuWith the new license, Huobi Tech is officially authorized to engage in regulated activities for foreign exchange, money transferring and virtual currencies dealing in Canada. The new compliance milestone came shortly after Hbit received the MSB license in the United States in July.Binance.US, the American partner of Binance, another crypto exchange founded in China, has also been actively improving regulatory efforts in North America recently. On Thursday, the exchange received a Money Transmitter License from the Nevada Department of Business and Industry, Financial Institutions Division.Nevada became the seventh jurisdiction where Binance.US secured the license in 2022, following West Virginia, Connecticut, Wyoming, Rhode Island, Idaho and Puerto Rico. Binance.US said it operates in 46 states and Puerto Rico, offering investment and trading for more than 120 cryptocurrencies.Clear Markets, a crypto derivatives platform tied to the Japanese financial giant SBI, has secured major approval in the United State as well. Backed by SBI, Clear Markets received approval from the Commodity Futures Trading Commission in mid-August for over-the-counter crypto derivatives trading for its U.S. subsidiary Clear Markets North America.Among other compliance developments in North America, major crypto exchange Crypto.com completed the Service Organization Control (SOC) 2 Type II Compliance audit on Tuesday. Developed by the American Institute of CPAs, the SOC 2 is an auditing procedure aiming to ensure the secure management of data and confidentiality. Previously, Crypto.com became one of 37 crypto exchanges to register with the United Kingdom’s Financial Conduct Authority.Elsewhere in the world, Singapore-based crypto exchange Bhex.sg received the Standard Payment Institution license from the Monetary Authority of Singapore (MAS) on Friday. The MAS approval requires licensees to meet a high standard of compliance to protect consumers, enabling the exchange to offer digital payment token services in Singapore.Related: European Central Bank addresses guidance on licensing of digital assetsOther recent compliance developments also include Socios, a major fan token platform working in conjunction with the fan token cryptocurrency Chiliz. On Thursda, Socios secured regulatory approval as a service provider of virtual currencies and digital wallets for its fan engagement and rewards platform in Italy.The recent compliance developments in the crypto industry mark yet another milestone in the global crypto regulatory landscape but international regulators are yet to come up with clear rules for crypto companies. Earlier this week, economists from the International Monetary Fund highlighted the need to establish clear guidelines on regulated financial institutions in Asia. Some experts believe that certain regulatory clarity could be detrimental to crypto though.
Čítaj viac
SBI lost 40% of hash rate after stopping mining in Russia: Data
Japanese financial giant SBI Holdings has partly terminated cryptocurrency mining in Russia due to geopolitical uncertainty and the crypto winter.SBI Holdings suspended mining operations in Russia’s crypto mining-rich region of Siberia, citing reasons like Russia-Ukraine conflict and the ongoing bear market, Bloomberg reported on Thursday.The Japanese online brokerage shut down the Siberian mining operations shortly after Russia started a military intervention in Ukraine on Feb. 24, a spokesperson for the firm reportedly said. The termination contributed to SBI’s crypto asset business reporting a pretax loss of 9.7 billion yen ($71 million) in Q2 202. As a result, the Sumitomo Mitsui Financial Group-backed group recorded a 2.4 billion yen ($17.5 million) in net losses, reportedly posting its first quarterly loss in a decade.The reports on SBI’s mining suspensions in Siberia correspond with the public mining information of SBI’s crypto mining subsidiary SBI Crypto. According to data from the blockchain explorer BTC.com, SBI Crypto’s mining hash rate plummeted about 40% from 5,600 petahashes per second (PH/S) in mid-February to 3,300 PH/S on Aug. 18, 2022.SBI Crypto’s six-month mining hash rate. Source: BTC.comAfter closing some Siberian mining operations, SBI is reportedly still running some mining activity in Russia, according to Bloomberg. SBI’s chief financial officer Hideyuki Katsuchi reportedly disclosed the company’s plan to sell crypto mining hardware and withdraw from the country completely earlier this week.SBI has yet to decide when it will complete the withdrawal from Siberia, a spokesperson at SBI reportedly said. The company has no other crypto business in Russia, and plans to keep operating its Moscow-based commercial banking unit, SBI Bank.Related: Russia seems to be preparing to mine Bitcoin with flare gasAs previously reported, Russia emerged as one of the world’s biggest crypto mining countries last year, becoming the third largest BTC hash rate producer after the United States and Kazakhstan. The country quickly lost its hash rate leadership as China returned to the top three mining nations in early 2022, while many miners opted to avoid operations in Russia due to geopolitical uncertainty.In April 2022, the U.S. Treasury Department imposed sanctions on BitRiver, Russia’s largest crypto data center provider involved in major imports of crypto mining devices from other countries. Some U.S. mining companies like Compass Mining subsequently sought to liquidate $30 million in crypto mining hardware in Siberia to avoid sanctions.
Čítaj viac
SBI Group reports investee getting CFTC approval for OTC derivatives trading in US
The United States subsidiary of electronic trading platform developer Clear Markets has reportedly received approval from the Commodity Futures Trading Commission, or CFTC, to offer over-the-counter crypto derivatives products with physical settlement.In a Tuesday notice, SBI Holdings — a stakeholder of Clear Markets — said the CFTC had approved the U.S. subsidiary operating a Swap Execution Facility, in which it plans to offer derivatives trading for U.S. dollar and Bitcoin (BTC) pairs. The Japan-based financial services company said its market maker planned to expand its trading partners in the United States following pilot transactions on Clear Markets.SBI Holdings announced it had acquired a 12% stake in Clear Markets in August 2018, which it planned to increase in the future. At the time, the Japanese firm said the investment was aimed at creating a crypto derivatives trading platform catered toward institutional investors. Under the Commodity Exchange Act and related CFTC regulations, derivatives exchanges — whether dealing with crypto or other assets — must have approval to operate as a Designated Contract Market or a Swap Execution Facility in the United States. According to the Fiscal Year 2023 budget request released in March, the CFTC was considering expanding its authority over financial products using crypto.Related: What really goes on at a crypto OTC desk?In May, a federal court ordered three co-founders of BitMEX to pay $30 million in civil monetary penalties for allegedly violating the CFTC’s conditions. Major investment bank Goldman Sachs has also reportedly been looking into breaking into crypto derivatives products through the U.S. subsidiary of cryptocurrency exchange FTX.Cointelegraph reached out to the CFTC and Clear Markets, but did not receive a response at the time of publication.
Čítaj viac
Japanese e-commerce site adopts BTC and XRP payments for used cars
SBI Motor Japan, a subsidiary of SBI Africa Co. Ltd., has announced that its customers can now make payments for used cars using Bitcoin (BTC) and Ripple (XRP).According to the announcement by SBI on Monday, the development marks the first time XRP cryptocurrency will be deployed on a cross-border e-commerce website in Japan. The BTC and XRP transactions will be settled on the SBI VC Trade Co. Ltd, a cryptocurrency exchange owned by the SBI Group. The platform, according to SBI, will use appropriate security methods in order to prevent money laundering and terrorist financing through crypto transactions.Furthermore, SBI revealed that it is presently monitoring and scrutinizing its business partners to verify that they follow Anti-Money Laundering (AML) and corporate regulations. SBI stated that aside from adding BTC and XRP settlements, it would continue to support other significant projects that serve the demands of its expanding client base.Japan’s first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crytpo-asset accepted. @yoshitaka_kitao keeps putting XRP utility in play.https://t.co/MYfcofN3XE— ☀CryptoEri 196k+ Followers (beware of imposters) (@sentosumosaba) May 9, 2022According to the announcement, the move stems from the growing demand for cryptocurrencies in developing countries, particularly in Africa, where people still lack access to basic financial services. According to SBI, over 1.7 billion people worldwide still lack access to basic financial services and have been shut out of beneficial activities because of it, as shown by a 2017 World Bank survey.Related: Ripple claims ‘a very big win’ in SEC caseThis move is seen as a positive step forward for Ripple, which has been struggling with a lawsuit filed in 2020 for selling unregistered securities in the form of XRP. The lawsuit has dealt a devastating blow to XRP and its holders, who have seen some platforms cease support for digital currency. Ripple CEO Brad Garlinghouse recently expressed his optimism that the long-ongoing lawsuit with the United States Securities and Exchange Commission would result in a favorable outcome for the blockchain-based global payments firm.According to Aliasgar Merchant, developer relations engineer at Ignite, the adoption of XRP outside the United States is a good indicator that a lawsuit in the United States “shall not deter a technology from adoption.”He went on to say that governments all around the world are seizing any possible moment to embrace cryptocurrency, and “if they can implement security and technology together, that’s like a marriage in heaven.” Merchant also added that “a revolution in financial technology is much needed, especially in developing countries. This initiative will make sure developing and underdeveloped countries get good financial opportunities.”
Čítaj viac
SBI Group launches crypto-asset fund for Japanese investors
Tokyo’s biggest finserv firm, SBI Group, will now allow general Japanese investors to purchase cryptocurrencies via its newly launched ‘crypto asset fund’. The fund is composed of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). The crypto-asset fund, to be traded and operated by the SBI Alternative Fund, was established on Dec. 02 with a dedicated capital of 5 million yen, worth approximately $45,000 at the time of writing. However, the company may choose to release the capital in smaller break-ups of 1 million yen each. Source: SBIAccording to the official statement, investors will be required to go through an application process that includes an anonymous partnership agreement with SBI Alternative Fund prior purchases. The company’s reasoning behind this move states:“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”In addition, the crypto investments made by such anonymous associations will be handled by SBI VC Trade, a sister firm dealing with cryptocurrency trading. SBI also highlighted that none of the seven cryptocurrencies in the crypto-asset fund will exceed 20% in ratio. Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Investors will also be subject to unrealized capital gains taxes in addition to bearing other shared expenses including establishment and liquidation costs and audit expenses.SBI has set an age limit between 20 to 70 for this fund and will enforce a three-month locking period for every purchase “aiming to reduce investment risk by diversifying time.” The company will also rebalance the investment ratio allocation once every month.Related: SBI Holdings invests in Singaporean crypto exchange CoinhakoIn addition to contributing to Japan’s crypto adoption, SBI continues to spread its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange named Coinhako.Coinhako received SBI’s funding soon after its received regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund jointly set up by SBI and Switzerland-based Sygnum Bank. Coinhako plans to “expand our business to other countries in Southeast Asia” by using SBI’s fund infusion and its pre-existing international network.
Čítaj viac
SBI Holdings invests in Singapore crypto exchange Coinhako
Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore’s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS). The Coinhako investment was made via a fund jointly set up by SBI and Swiss-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund, according to the notice.Speaking to Cointelegraph, a MAS spokesperson highlighted the importance of seeking licensing approvals for crypto businesses:“MAS’ approach to regulation under the Payment Services Act seeks to facilitate innovation while ensuring that adequate controls are in place to address key risks such as money laundering and terrorism financing.”Coinhako became the first crypto-asset exchange from Singapore to get in-principle approval from MAS to conduct Digital Payment Token (DPT) services, the same license application that Binance withdrew on Dec. 13. In this regard, MAS spokesperson told Cointelegraph:“Applicants are able to withdraw their applications should they see fit, upon which those who are operating under the exemption will be required to cease providing regulated payment services. Binance Asia Services has provided MAS with a plan for the orderly cessation of its regulated payment services.”With SBI’s fund infusion and a pre-existing international network, Coinhako plans to “expand our business to other countries in Southeast Asia while being based in Singapore.” According to SBI, the fund will be co-managed by both parties involved with a focus on financial market infrastructure and distributed ledger technology.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotionThe Monetary Authority of Singapore suspended the license of Bitget after the digital asset platform listed a K-pop-related cryptocurrency, Army Coin (ARMY).Source: Facebook screenshotAs Cointelegraph reported, the listing and promotion of ARMY reportedly violated the boy band’s intellectual property rights without permission. Going on the offensive, the crypto exchange claimed to have licenses in other jurisdictions such as Australia, Canada and the United States, as it announced:“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”
Čítaj viac
SBI announces crypto joint venture with Swiss digital exchange SIX
SBI Digital Asset Holdings, a fully owned subsidiary of Japanese banking giant SBI Holdings, announced a joint crypto venture with Switzerland’s SIX digital exchange (SDX). The joint venture would be set up in Singapore through a crypto issuance company and aims to become a regional liquidity hub for institutions. SBI Holdings CEO Yoshitaka Kitao said:“This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets. Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”The partnership between SBI and SIX banks on growing crypto demand in the Asia-Pacific region and will cater its services to regulated institutions. The venture is expected to formalize its operations by the end of 2021 and start offering its services by early 2022 following regulatory clearance from the Monetary Authority of Singapore.The new undertaking will offer a range of digital asset products and services in the form of tokenized securities such as digital bonds, digital equities and digital securitized loans.SIX did not immediately respond to Cointelegraph’s request for comment.Related: SBI doubled crypto business profits in past fiscal year.SDX chairman called SBI a natural partner for the joint venture given their expertise in the institutional digital asset market and dominance in Asia. Singapore has grown to become a global crypto hub over the past few years. Major crypto exchanges like Binance, FTX, Coinbase, Huobi, and several others have found a home in the country amid regulatory uncertainty around the globe.
Čítaj viac
Získaj BONUS 8 € v Bitcoinoch
Registrácia Binance
