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Report: State Street enters tokenized bonds and digital money funds

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American financial giant State Street is exploring blockchain technology to tokenize bonds and money market funds for enhanced collateral management.

State Street, the largest custodian bank in the world, is leveraging blockchain to explore the tokenization of bonds and money market funds, joining a growing number of firms adopting distributed ledger technology in traditional finance.

In an Oct. 8 interview with Financial News, State Street chief product officer Donna Milrod said the firm has two ongoing projects focused on tokenizing collateral linked to money market funds and bonds, adding that the pilot “will take us through part of next year.”

She explained that the Boston-headquartered banking institution aims to develop tokenized collateral that can be used as variation or initial margin for trading.

State Street does not rule out stablecoin launch

Currently, trading firms are required to liquidate their holdings in money market funds to post cash as margin for trades. However, with digitalized funds, tokens could serve as collateral, eliminating the need for redemption altogether, Milrod explained.

State Street is not the first institution experimenting with the tokenization of money market funds. BlackRock, for example, launched a blockchain-based fund earlier in March. JPMorgan is also exploring the use of tokenized money market funds as collateral and has already tokenized real-world money through its stablecoin.

Although Milrod noted State Street’s current focus does not include launching a stablecoin, she acknowledged the potential for future developments, saying, “That does not mean we will not [launch a stablecoin] at some point, but we do not feel the need to do that right now.”

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Theo Crypto News

Pháp Lý

Russia’s central bank to probe crypto-linked cross-border transfers, banking channels

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The Bank of Russia is planning to investigate cross-border crypto transfers by residents, focusing on banking channels to assess the volume of crypto-related operations.

Russia‘s central bank will conduct an investigation into cross-border crypto transactions by residents in Q4 and Q1 2025, according to its latest oversight program in a bid to identify and quantify operations involving the purchase and sale of cryptocurrencies.

The investigation will focus on key factors such as transaction forms, transfer directions, counterparties, and the banks facilitating these transfers, the central bank said in a statement. The study will include major financial institutions like Raiffeisenbank, Citibank, MTS Bank, Unistream, and several regional banks, including Asia-Pacific Bank, Ak Bars Bank, and Avangard.

The regulator’s statistics department will analyze the volume and value of crypto-related cross-border transfers to assess their impact on the broader financial system.

The move comes as crypto adoption in Russia continues to rise. Per the latest research, nearly 20% of Russians have used cryptocurrency, while over 65% are aware of it but lack detailed knowledge. Despite this growing awareness, most Russians do not currently hold any digital tokens, with only a small fraction using crypto for savings or investment purposes.

In June, a research report from fintech company Triple A showed that approximately 6% of Russians hold cryptocurrency, equating to over 9 million individuals, suggesting that more than 12% of the working population has acquired cryptocurrencies.

In April 2022, Russia’s prime minister Mikhail Mishustin revealed in the State Duma that more than 10 million citizens possess crypto wallets, which could contain over 10 trillion rubles (exceeding $107 billion at current rates). However, he did not disclose the source or methodology behind this estimate.

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Theo Crypto News

Pháp Lý

Hong Kong’s ZA Bank becomes first virtual bank to get SFC license

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ZA Bank becomes the first Hong Kong digital-only bank to gain a license from the Securities and Futures Commission for Type 1 regulated activity.

According to Hong Kong news outlet HKEJ, on Sept. 30 a ZA Bank spokesperson said that ZA Bank has received approval from the China Securities Regulatory Commission to allow the company to add new conditions for virtual asset transactions to its Type 1 license.

This news follows a year-long process the bank has undertaken since Hong Kong financial regulators tightened restrictions on unlicensed exchanges and the development of a regulated crypto ecosystem.

The bank plans to implement an investment fund service and operate under crypto regulations set by the country’s financial regulators.

CEO of ZA Bank, Rockson Hsu, stated in a press release that the firm remains committed to becoming a “game changer” for the banking sector two years after its official launch. He also highlighted the bank’s plan to launch an investment fund service.

“We look forward to further enhancing users’ experience with our game-changing investment fund services!” said Hsu.

Hong Kong introduced new regulations in 2022, requiring all crypto exchanges operating in the city to submit license applications by February 2024. Since then, over 24 companies struggled to get licenses. By Aug. 2024, around 12 applications have been withdrawn, including those from Bybit, Huobi HK, and OKX.

In May, 2024, the SFC warned investors to only use licensed platforms. The country’s cryptocurrency regulations came into effect in June 2023.

On July 18, 2024, ZA Bank began offering banking services to stablecoin issuers after the Hong Kong Monetary Authority unveils a list of approved companies for its stablecoin sandbox initiative.

In a press release on July 18, ZA Bank partnered with RD InnoTech, one of the first companies listed by the HKMA for sandbox trials. At that time, ZA Bank managed to onboard around ten additional stablecoin clients.

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Theo Crypto News

Bitcoin

Italy’s historic Banca Sella to begin offering Bitcoin trading

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Italian banking institution Banca Sella has announced the introduction of Bitcoin trading services on its mobile banking platform, Hype.

Banca Sella, leveraging its historic reputation, announced on Monday its entry into the crypto market. The bank, which currently serves 1.4 million customers, will gradually roll out Bitcoin (BTC) trading services to its users. 

The new service, currently in beta testing for Hype Plus customers, will soon be available to all Hype users. It allows clients to buy, sell, and send Bitcoin directly within the app, eliminating the need for external exchanges. Users can perform transactions and make purchases wherever cryptocurrency payments are accepted.

Trading limits

To manage risk, the bank has implemented trading limits: Hype Start accounts are capped at $2,700 annually, while Plus and Premium accounts have a $54,000 limit.

This move comes amidst Italy’s stringent lockdown measures due to the COVID-19 pandemic, which has driven increased demand for alternative financial solutions.

This development is part of a broader trend of institutional adoption of cryptocurrency. Global financial institutions like J.P. Morgan Chase, BlackRock and Greyscale have all embraced pro-crypto practices, notably in the form of spot BTC ETFs. 

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Theo Crypto News

Bitcoin

Morgan Stanley to allow advisors to offer Bitcoin ETF investments

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Morgan Stanley has become the first major Wall Street bank to allow its financial advisors to advise Bitcoin ETF investments. 

Morgan Stanley will now allow its financial advisors to offer Bitcoin (BTC) ETFs to eligible clients starting August 7, according to reporting by CNBC, making it the first major Wall Street bank to do so,

Morgan Stanley has nearly 1500 advisors who can now solicit clients to purchase shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This follows the SEC’s approval of 11 spot Bitcoin ETFs in January. 

Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance, and a desire to make speculative investments are suitable for Bitcoin ETF solicitation. The investments are for taxable brokerage accounts, not retirement accounts.

Why does this matter?

This move allows financial advisors to offer Bitcoin ETFs to eligible clients, signaling broader retail Bitcoin adoption. It means more investors are gaining exposure to crypto, and Morgan Stanley is making Bitcoin more accessible to an affluent audience, boosting demand.

“15000 of the best compensated sales people in the world who will harvest the richest families and institutions in the world and put them into Bitcoin. I predict $3 trillion market cap inbound to Bitcoin in under 18 months!” posted investor Gary Cardone on X (fromerly Twitter) in reference to the news.

A spot crypto ETF tracks the price of a specific crypto and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. 

Like similar funds, crypto ETFs are on regular stock exchanges, and investors can keep them in their standard brokerage accounts. Bitcoin ETFs allow investors to gain exposure to Bitcoin without directly holding the crypto.

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Theo Crypto News

Bitcoin

Brazil’s largest bank opens crypto trading for all customers

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Itaú Unibanco has opened crypto trading to all users of its Íon investment platform, allowing clients to buy and sell Bitcoin and Ethereum directly through the app.

The largest financial institution in Latin America, Itaú Unibanco, has expanded access to crypto trading on its investment platform Íon, making Bitcoin (BTC) and Ethereum (ETH) available to all users who download the platform’s app.

In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, head of Itaú Digital Assets, revealed that the bank’s decision followed weekly surveys with an initial group of clients, which showed strong support for crypto-related products. Antunes emphasized that Itaú opted to develop the security for clients’ crypto wallets internally rather than outsourcing it.

“We have a participation and partnership with Liqi, but nothing regarding custody. The entire custody solution was designed and implemented within Itaú with our fiduciary duty in mind.”

Guto Antunes

While the bank didn’t disclose the number of Íon users, the report notes that the app has surpassed 3.5 million downloads across Android and iOS devices, which Antunes described as “significant for the crypto space and surprising.”

Despite the high acceptance, the offering to all users will be limited to BTC and ETH at first. Antunes admitted that clients are requesting additional tokens, which are under consideration pending a thorough regulatory risk assessment. Regarding stablecoins, Antunes said that Itaú is waiting for clear regulations from Brazil’s central bank without elaborating on the timeframe.

Itaú Unibanco first entered the crypto market in late 2023, launching services for select customers. The bank aims to compete with local entities like crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market.

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Theo Crypto News