Lưu trữ cho từ khóa: Europe

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Settlement giant Euroclear backs blockchain infra startup Marketnode

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Singapore-based blockchain infrastructure startup Marketnode has secured funding from European clearinghouse giant Euroclear to expand services in the Asia-Pacific region.

Marketnode, a blockchain infrastructure startup based in Singapore, has announced a strategic investment from European clearinghouse Euroclear, aimed at expanding its services across the Asia-Pacific region.

In a blog announcement on Oct. 17, the Singapore-based startup, which specializes in blockchain-based financial infrastructure and tokenization asset management, highlighted that the funding aligns with Euroclear’s global funds strategy. While the specific financial details of the investment were not disclosed, the partnership is expected to enhance Euroclear’s one-stop-shop fund offering in the region, the announcement reads.

Marketnode chief executive Rehan Ahmed commenting on the funding said the investment “will catalyze the growth of Marketnode’s platforms,” adding that the firm is looking forward to building the “next generation of financial market infrastructure out of Asia, working together with Euroclear, HSBC, Temasek and our clients to realize our mission and vision.”

Euroclear has previously ventured into blockchain technology, having partnered with the World Bank to launch a tokenized securities issuance service, which included a €100 million digital bond issuance.

Founded by SGX Group and Temasek in 2021, Marketnode serves as Asia-Pacific’s distributed ledger-powered financial market infrastructure. The startup offers a platform that includes issuance, data, workflow, and tokenization capabilities, as well as blockchain-based fund settlement infrastructure. In May, Marketnode closed its Series A investment round led by HSBC alongside contributions from existing shareholder Temasek to scale its platform in an effort to develop a multi-asset ecosystem.

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EU markets regulator demands enhanced cybersecurity audits for crypto firms: report

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The EU’s markets watchdog is reportedly set to call for mandatory external audits of crypto companies’ cyber defenses to enhance consumer protection amid rising security breaches.

The European Securities and Markets Authority is said to be gearing up to advocate for mandatory external audits of cyber defenses for crypto businesses as part of its broader effort to enhance consumer protection in the crypto space.

According to a Wednesday report from the Financial Times, which does not cite specific sources, ESMA is considering stricter cyber protection rules and urging European Union lawmakers to amend upcoming regulations to mandate third-party audits assessing the resilience of crypto firms against cyber attacks.

However, the European Commission “has pushed back against the move,” the report reads, adding that the commission is suggesting that ESMA’s proposals may exceed the intended scope of the legislation.

Cybersecurity has become a pressing issue for the crypto industry, with hackers stealing almost $1.4 billion, nearly doubling last year’s figures, per data from TRM Labs. Another blockchain forensic firm Chainalysis reported that the number of hacking incidents in 2024 has seen a modest increase of 2.8% compared to 2023. However, the average value lost per hack has surged by 79.5%, escalating from $5.9 million per incident in 2023 to $10.6 million in 2024, highlighting a growing concern as cybercriminals increasingly focus on centralized exchanges.

Under the upcoming Markets in Crypto-Assets framework, crypto firms will be required to secure licenses from European Union member states starting Dec. 31 and demonstrate robust controls against money laundering and other financial crimes. Some aspects of this regulatory framework have already begun to reshape the industry, with Coinbase recently announcing plans to remove non-compliant stablecoins from its European exchange by year-end.

Concerns about the regulations persist among industry leaders. Paolo Ardoino, CEO of Tether, the largest stablecoin issuer, cautioned that strict cash reserve requirements could create systemic risks for banks. The trend of delisting is not limited to stablecoins, as Kraken recently also announced plans to suspend trading for privacy-focused Monero (XMR) in the European Economic Area, following similar moves by Binance and OKX.

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OSCE hosts workshop aimed at crypto regulation in Eastern Europe

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The OSCE’s recent workshop brought together regulators from Ukraine, Moldova, and Armenia to address the urgent need for crypto regulations in the face of rising financial risks.

Eastern Europe is doubling down on regulatory measures for crypto exchanges as the Organization for Security and Co-operation in Europe hosts a workshop aimed at enhancing compliance and mitigating financial risks in the digital asset space.

In an Oct. 11 press release, the OSCE revealed that from Oct. 9 to Oct. 11, it convened a workshop in Vienna aimed at bolstering the regulatory framework for Virtual Asset Service Providers across Ukraine, Moldova, and Armenia.

The event, organized by the Office of the Co-ordinator of OSCE Economic and Environmental Activities, focused on enhancing participants’ ability to “mitigate money laundering and terrorism financing risks within the evolving digital asset ecosystem,” according to the press release. Led by OSCE financial regulation experts, the workshop featured a mix of discussions and interactive sessions designed to engage participants in practical compliance challenges.

“This workshop is a vital step in building the capacity of financial regulators to address the growing risks posed by virtual assets.”

Vera Strobachova-Budway, acting head of the economic governance unit at OCEEA

Key modules addressed pressing issues in VASP compliance, including anti-money laundering measures and counter-terrorism financing strategies. Participants also received “hands-on tools for supervising VASPs and analyzing suspicious activity,” equipping them with advanced skills in identifying and mitigating risks, per the press release.

OSCE elevates standards for crypto regulation

The workshop marks another step in the OSCE’s effort to formalize best practices in crypto regulation, fostering collaboration among regional regulators and financial experts. The initiative is part of a broader project aimed at regulating crypto businesses, supported by Germany, Italy, and the United States, among others.

Earlier in August, the OSCE also conducted a three-day training in Warsaw to enhance crypto investigation skills for Armenian and Georgian law enforcement. This specialized session on “countering blockchain obfuscation techniques” was part of ongoing efforts to combat illicit activities facilitated by cryptocurrencies.

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Worldcoin shifts focus from Europe to Asia amid GDPR challenges

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Worldcoin is shifting its focus from Europe to Asia, seeking markets more receptive to its biometric technology.

Worldcoin, the crypto biometrics initiative co-founded by Sam Altman, is shifting its focus from Europe to Asia in search of markets that are more open to innovative technologies.

In an interview with Sifted, Fabian Bodensteiner, managing director of the company’s European operations, noted that Worldcoin aims to target markets where local companies and governments are more receptive to emerging technologies.

“I would not say that [Europe] is a large focus. We just see a larger dynamic in other regions of the world and because we are not 1,000 employees we need to prioritize where we see the biggest business opportunities.”

Fabian Bodensteiner

The technology behind Worldcoin, developed by Tools For Humanity, now faces regulatory scrutiny, with Bavaria’s data protection authority expected to announce a decision later this month that could impact its operations in Europe, the report notes.

In May, Hong Kong’s privacy regulator found that Worldcoin contravened local privacy laws, saying the San Francisco-headquartered startup poses risks to privacy associated with the way how it handles biometric data. The Privacy Commissioner, Ada Chung Lai-ling said the face and iris images collected by the Worldcoin project were “unnecessary and excessive,” violating local rules.

In a commentary to crypto.news, a spokesperson for the Worldcoin Foundation said the company “operates lawfully and is designed to be fully compliant with all laws and regulations governing data collection and use.”

Despite these challenges, Worldcoin has expanded into Poland and Austria this year and continues operations in Germany. While Europe is no longer the company’s primary focus, Bodensteiner stressed that Worldcoin is not pulling out entirely, saying “we want to stay in the conversation and we want to stay committed to the market.” As of press time, (WLD) is up 4.44%, trading at $1.92.

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Crypto ETP giant 21Shares urges European regulator to bring regulatory clarity

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21Shares has urged the European Securities and Markets Authority to create a “much-needed clarity” for retail and institutional crypto investors across Europe.

Crypto investment firm 21Shares is pressing the European Securities and Markets Authority to establish clearer guidelines for including crypto assets in Undertakings for Collective Investment in Transferable Securities funds, addressing regulatory inconsistencies across Europe.

In a Monday press release, on Oct. 7, the Zurich-headquartered firm said that the move aims to address regulatory inconsistencies across Europe, which currently lead to confusion for both retail and institutional investors.

While some European countries, such as Germany and Malta, permit UCITS funds to hold crypto, others like Luxembourg and Ireland do not, the firm says, adding that such a fragmented approach creates “confusion, making it difficult for investors to understand and compare their options.”

“The lack of a common approach can lead to gaps in investor protection, as investors have to access the asset through other means, often more expensive and less professionally managed.”

21Shares

The firm has proposed that ESMA introduce clear, consistent guidelines for indirect exposure to crypto across all EU member states, arguing that this would help ensure a “high level of protection for investors,” while enabling broader access to crypto investments.

The proposal comes as ESMA considers feedback from its recent consultation on the inclusion of new asset classes, including crypto, in UCITS funds. While market participants are watching for ESMA’s next steps, the timeline for any potential regulatory changes remains unclear.

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Coinbase to delist non-compliant stablecoins for EU clients over MiCA rules

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Crypto exchange Coinbase is set to delist unauthorized stablecoins from its European branch by year-end, in response to incoming MiCA regulations.

U.S.-based cryptocurrency exchange Coinbase will remove all non-compliant stablecoins from its European exchange by the end of this year, as the company moves to comply with the European Union’s new crypto regulations, Bloomberg has learned.

The Markets in Crypto-Assets framework, which came into effect in June for stablecoin issuers, requires companies to hold e-money authorization in at least one Europe’s member state. Further regulatory guidelines for exchanges like Coinbase will be enforced starting Dec. 31.

A spokesperson for Coinbase told Bloomberg that the exchange plans to restrict services related to non-compliant stablecoins, including Tether’s (USDT) by Dec. 30. The exchange will provide users with an update in November, outlining options to convert their holdings to alternatives such as Circle’s USD Coin (USDC).

In early July, French blockchain analytics firm Kaiko said in a research note that Circle has benefited from the MiCA regulations, with its stablecoins experiencing significant increases in daily trading volumes following the introduction of the new requirements.

Still, industry leaders have expressed concerns about the regulations. For instance, Tether CEO Paolo Ardoino cautioned that stringent cash reserve requirements could pose systemic risks to banks.

The delisting trend is not limited to stablecoins as Kraken recently announced it would halt trading and deposits of Monero (XMR) in the European Economic Area due to regulatory changes, following similar moves by Binance and OKX.

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Kraken to delist Monero for clients registered in Europe

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Kraken will delist Monero in the European Economic Area, halting all XMR trading and deposits due to regulatory changes.

U.S.-based cryptocurrency exchange Kraken will delist Monero (XMR) in the European Economic Area following regulatory shifts.

In a blog announcement, Kraken said that trading and deposits for XMR markets, including XMR/USD and XMR/EUR, will cease on Oct. 31 at 15:00 PM UTC for clients registered in the EEA. Open orders will automatically close at that time.

Kraken has set Dec. 31 as the deadline for XMR withdrawals, adding that any XMR balances remaining after this date will be converted to Bitcoin (BTC) at market rates, with distributions finalized by Jan. 6, 2025.

The move comes amid increasing regulatory scrutiny of privacy coins like Monero, which offer enhanced transaction anonymity. Kraken emphasized that while this decision was not made lightly, it remains “committed to supporting the most comprehensive set of digital assets possible, in alignment with our regulatory and compliance obligations.” In June, the exchange ceased XMR support for customers in Belgium and Ireland.

The delisting trend has been echoed across major crypto exchanges, including Binance and OKX, as privacy coins face increasing scrutiny. The MiCA legislation, which will take effect in December, along with new anti-money laundering rules, is forcing crypto service providers to stop supporting privacy-focused coins.

As Circle’s EU strategy and policy director Patrick Hansen explained earlier, the new AML regulations prohibit crypto-asset service providers from offering privacy coins and users from making merchant payments with tokens like XMR.

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Swiss SIX stock exchange explores setting up crypto arm in Europe

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The Swiss stock exchange is considering launching a crypto trading platform in Europe, aiming to attract traditional investors by leveraging Switzerland’s crypto-friendly laws.

The Swiss stock exchange operator, SIX Group, is considering establishing a new platform in Europe for crypto trading, aiming to challenge major players like Binance, OKX, and Coinbase, the Financial Times reports, citing Bjørn Sibbern, global head of exchanges at SIX Group.

The company hopes to leverage its reputation and Switzerland’s progressive crypto regulations to attract institutional investors interested in crypto trading. Sibbern says the stock exchange is mulling over the idea given that crypto has become “more and more a recognized asset class.”

Currently, the company is evaluating the creation of a platform “where we can help facilitate trading, whether it is [spot] crypto or whether it is derivatives,” he added, without elaborating on the timeframe of the platform’s launch.

SIX’s crypto venue to target institutional investors only

While many traditional financial firms have hesitated to enter the crypto space due to regulatory uncertainty, companies such as Deutsche Börse, Nomura, and Standard Chartered have already launched separate crypto trading venues.

Sibbern emphasized that the new venue would be open exclusively to institutional investors, adding that an increasing number of global banks and institutions are now exploring opportunities in crypto. Targeting big investors, the platform would capitalize on Switzerland’s crypto-friendly environment, where clear regulations govern asset trading and custody.

In late July, the Swiss Financial Market Supervisory Authority published a guidance addressing the risks and challenges associated with stablecoins for issuers and banks providing guarantees. In the guidance, the regulator underscored the necessity for stablecoin issuers to verify the identities of token holders and beneficial owners to mitigate these risks.

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Tether CEO warns MiCA stablecoin rules could pose ‘systemic risks’ to EU banks

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Tether chief executive Paolo Ardoino is alarmed that Europe’s MiCA regulations on stablecoins, due to excessive cash reserves requirements, could pose systemic risks to banks.

Paolo Ardoino, the chief executive of the company behind the largest stablecoin by market capitalization, Tether (USDT), appears to be concerned about the new European crypto legislation, known as MiCA (Markets in Crypto-Assets), saying it could create “systemic risks” for banks.

In an interview with Forbes, Ardoino criticized MiCA’s requirement for stablecoin issuers to hold 60% of their reserves in non-insured cash deposits, drawing parallels to Circle’s incident with Silicon Valley Bank in 2023, when over $3 billion of its $40 billion of USD Coin (USDC) reserves were stuck at the collapsed lender.

“I don’t want to endanger those 300 million people holding USDT because I have to keep the 60% in uninsured cash deposits in a European bank,” Paolo Ardoino said in the interview.

“Everyone will blame the stablecoins”

The Tether CEO argued that MiCA’s high reserve requirement could exacerbate risks rather than mitigate them, noting that the regulation also creates “restrictions on how much you can trade or make.”

“People asked me if I was concerned about that. I’m not. That is a restriction to protect or create a sandbox, which is fine. That restriction improves or reduces the risk. Conversely, a 60% cash deposit requirement increases the risk,” he explained.

Ardoino also addressed the potential pitfalls of the regulation, suggesting that it could lead to a situation where European banks would face a “systemic risk” due to the liquidity pressures imposed by large-scale redemptions.

The Tether CEO illustrated this with a scenario where a $10 billion stablecoin must keep $6 billion in cash deposits, allowing banks to lend out 90% of that amount. This would leave only $600 million on their balance sheets. If a $2 billion redemption request occurs, similar to the pressure Tether faced in 2022, Ardoino noted, the bank would struggle with only $600 million in reserves, potentially leading to bankruptcy.

“Everyone will blame the stablecoins, but even more so, in this way, you can prove, and it’s easy to understand that that type of requirement of MICA will create a systemic risk for European banks,” the Tether CEO said.

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