Author: Luis Acosta

As the April 29, 2024, deadline looms for the implementation of Unique Product Identifier (UPI) reporting in the European Union, the derivatives industry is making strides to comply with this new regulatory framework. The Derivatives Service Bureau (DSB) has shed light on the industry’s readiness, indicating significant preparation efforts across the region. Following the United States, which initiated UPI reporting in January 2024, the EU is set to be the next G20 jurisdiction to enforce this standard, with the UK scheduled to join in September 2024. Emma Kalliomaki, Managing Director of ANNA and the DSB, emphasized the global momentum towards…

Deribit FZE, the Dubai-based arm of the leading crypto derivatives platform Deribit, recently announced a major development in its operational framework. The firm has successfully secured a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a significant regulatory achievement. This conditional license is a pivotal step for Deribit, enabling it to offer Virtual Asset Exchange Services that encompass both spot and derivatives trading. However, it’s important to note that the license is non-operational at this stage. Deribit must meet additional requirements set forth by VARA to activate its license fully. This announcement also…

PayToMe.co, a fintech company based in Palo Alto, California, has announced a significant development in its global operations through the integration of Stripe Connect with its payment solutions. This collaboration is set to enhance the company’s capabilities in facilitating seamless onboarding, executing global payouts, ensuring payment compliance, and managing Know Your Customer (KYC) processes in over 100 countries worldwide. The inclusion of Stripe Connect is a strategic move aimed at scaling PayToMe.co’s services on a global level, marking a crucial step in its expansion and its aim to innovate in the field of global commerce. With this integration, PayToMe.co is…

Coinbase has taken a significant leap in its global expansion strategy by obtaining official registration as a restricted dealer in Canada, under the oversight of the Canadian Securities Administrators. This milestone makes Coinbase the pioneering international cryptocurrency exchange to secure such a designation in Canada, highlighting its dedication to regulatory adherence and its successful collaborations with Canadian regulatory bodies. Since March 2023, Coinbase has been diligently working towards this registration, emphasizing its commitment to compliance and establishing a solid policy framework in partnership with Canadian regulators. Brian Armstrong, Coinbase’s CEO, lauded the Canadian authorities for their role in demystifying regulations…

Skipify, a fintech firm based in the United States, recently announced a groundbreaking partnership with Visa through the Visa Digital Commerce Program. This alliance is set to revolutionize consumer transactions by employing advanced technologies to streamline and speed up the payment process. The collaboration aims to merge Visa’s comprehensive digital payment expertise with Skipify’s innovative digital wallet solutions, enhancing the convenience and security of the checkout experience for consumers. Mark Nelsen, the SVP of Regional Product and Innovation at Visa, expressed enthusiasm about the partnership, stating, “We’re empowering businesses with convenient and secure ways to accept payments, giving them the…

Faruk Fatih Ozer, the former CEO of Thodex, a Turkish cryptocurrency exchange that collapsed in 2021, has begun serving an unprecedented prison sentence for defrauding investors. After a lengthy legal process, Ozer’s conviction comes as a result of his actions that led to significant financial losses for numerous investors when he fled with their assets. Following the exchange’s failure, Ozer escaped to Albania, but was extradited back to Turkey to answer charges of money laundering, fraud, and engaging in organized crime activities. His trial concluded with a Turkish court imposing a shocking sentence of 11,196 years in prison, reflecting the…

The French Financial Markets Authority (AMF) has sounded the alarm on investment solicitations from the digital asset trading platform BITGET, cautioning savers across France to exercise extreme caution. The regulatory body pointed out that BITGET lacks the necessary authorization to offer digital asset services within the country. The AMF has underscored its readiness to initiate legal proceedings to obstruct access to BITGET’s website, underscoring the severity of the issue. According to France’s monetary and financial code, operations such as the custody, buying, or selling of digital assets, along with the management of digital asset trading platforms, require official registration as…

In March, the foreign exchange (FX) market saw a welcome boost in activity across major trading centers, offering a break from the lackluster numbers recorded in February. This upswing was notably strong in Asia, spearheaded by the Tokyo Financial Exchange’s Click 365 platform. While Europe and the US also experienced improvements in trading volumes, they have yet to surpass the highs of January. The Click 365 platform in Tokyo stood out with its trading volume reaching 1,929,621 contracts and an average daily volume (ADV) of 91,888 contracts during March. This performance indicates a significant rebound from the previous month and…

Saudi Arabian stock markets experienced a downturn at the close on Sunday, with significant losses in key sectors such as Media & Publishing, Building & Construction, and Energy & Utilities. This led to the Tadawul All Share Index falling by 1.31%, marking a new low for the month. Despite the overall decline, there were some standout performers. Red Sea Housing Services Company saw a notable increase of 9.89%, closing at 30.00, followed by the National Industrialization Co, which went up by 5.14% to end at 13.92. The Alinma Retail REIT Fund Unit also gained, rising by 5.00% to close at…

Grayscale, a key player in the digital asset management industry, has introduced an innovative investment vehicle termed the “dynamic income fund” or GDIF, targeting wealthy investors with an interest in proof-of-stake tokens. The firm’s announcement on X revealed that GDIF is tailored exclusively for accredited investors who have a net worth of at least $2.2 million. This move signifies Grayscale’s entry into the realm of actively managed investment products, with GDIF being its pioneer initiative. The fund’s strategy involves the active management of staking and unstaking multiple tokens to generate rewards for its investors, focusing on the burgeoning proof-of-stake token…