Paxos Digital Singapore, a branch of Paxos, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) to launch a US dollar-backed stablecoin in Singapore. This approval allows Paxos to issue stablecoins in the country by partnering with enterprise clients. The expansion into Singapore is driven by the global demand for the US dollar, […]
Bloomberg analyst Eric Balchunas has reported that the Securities and Exchange Commission (SEC) is instructing spot Bitcoin ETF applicants to incorporate cash creates. This means that instead of delivering Bitcoin assets in exchange for shares of the ETF, participants would deliver cash. Balchunas explains that cash creation may be preferred because broker-dealers cannot deal in […]
The U.S. Securities and Exchange Commission (SEC) has extended the decision period for two spot Bitcoin Exchange Traded Funds (ETFs). The first filing is for GlobalX’s spot Bitcoin ETF, which was submitted on August 4 and published for comment on August 23. The SEC will now have until February 2024 to approve or reject the […]
Fidelity Investments has filed for a spot Ethereum exchange-traded fund (ETF), following in the footsteps of its main competitor, BlackRock. The filing with the Securities and Exchange Commission (SEC) outlines Fidelity’s plan to list and trade shares of the proposed fund on Cboe BZX. This move comes after Fidelity submitted a similar proposal for a […]
Stablecoins, a type of digital currency pegged to a fiat currency like the USD, are facing challenges in maintaining stability and regulatory control, according to a study by the Bank for International Settlements (BIS). The study highlights the weaknesses of stablecoin settlement mechanisms, drawing parallels with the Eurodollar and foreign exchange markets. Unlike fiat currencies, […]
Asset manager WisdomTree has submitted an amended Form S-1 prospectus to the SEC for a spot bitcoin exchange-traded fund (ETF). The proposed WisdomTree Bitcoin Trust would trade on the CBOE BZX Exchange under the ticker BTCW, with Coinbase Custody Trust serving as the custodian. Despite ongoing discussions with the SEC, WisdomTree remains committed to launching […]
Global securities regulators are advocating for increased oversight of digital assets worldwide. The International Organization of Securities Commissions (IOSCO) has put forth 18 new policy recommendations aimed at protecting investors and ensuring market integrity in the crypto markets. These recommendations mirror the approach taken by the U.S. Securities and Exchange Commission (SEC). The goal is […]
WisdomTree, a global ETF provider, has filed an amended S-1 form with the SEC for a spot Bitcoin ETF. This comes after the company refiled its application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange. The updated prospectus reveals that the ETF […]
The Commerzbank, Germany’s fourth-largest bank, has been granted a license by the Federal Financial Supervisory Authority (BaFin) to custody crypto assets. This makes Commerzbank the first universal bank in Germany to receive such a license. The license allows the bank to custody cryptocurrencies like Bitcoin and Ether, as well as tokenized securities issued on the […]
The New York Department of Financial Services (NYDFS) has issued updated regulations for the listing and delisting of virtual currencies. These regulations build upon previous rules and include clearer definitions of certain terms. Companies that previously had an approved cryptocurrency listing policy must now have both listing and delisting policies approved by the regulator before […]
