Jonathan Farnell

ClearBank announced it has been selected by Poundtoken to provide banking services, allowing it to hold its fiat-backed stablecoin reserves at the Bank of England. poundtoken.io is the first British regulated sterling stablecoin issuer. The fiat equivalent value of Poundtoken (GBP) is “held in safeguarded and segregated bank accounts, meaning it is always redeemable, one-to-one, for pound sterling.” By providing safeguarded bank accounts, ClearBank enables “the stablecoin reserves to be held at the Bank of England, offering greater peace of mind for holders.” #blockchain #crypto #stablecoin #digital #future

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Risk and RegTech Roundup | 10th June - 16th June 2024 6 Key Highlights – USD 2.2 Bn Case, New Crypto Association, Zipmex License Revoked, INR 44.4 Bn Case, Big Crypto Settlements Welcome to our weekly newsletter that provides you with the most recent updates and insights regarding AML, financial crime compliance, and emerging risks. For This week we have the following news: 1- SGD 3Bn Money Laundering Case: Su Jianfeng Given 17 Months’ Jail, Last Of 10 To Be Dealt With 2- Taiwan Forms Official Cryptocurrency Association To Regulate Her Crypto Sector 3- Thai SEC Revokes Operating Licenses Of Zipmex Cryptocurrency Exchange 4- Outcomes Of The 79th Ordinary Session Of The African Commission On Human And Peoples’ Rights 5- Ex-UP MLC's Assets Worth INR 44.40 Bn Attached In Money Laundering Case 6- From USD 40 Billion Fraud To USD 4.5 Billion Settlement: Inside The Latest Crypto Firm Paying Big Bucks To End Legal Trouble To read more: https://zurl.co/KTwa Subscribe to our newsletter: https://zurl.co/t2d6 #Singapore #SuJianfeng #Taiwan #ThaiSEC #AfricanCommission #India #MoneyLaundering #Minister #CryptoCurrency #Settlement

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Like London buses, crypto regulatory news come all at once. First we can expect stablecoin regulation in Q1/Q2-25 and now it's been announced by the FCA that the UK will have "full" crypto regulation by 2026. It's encouraging to see the UK government providing much-needed clarity and demonstrating a clear direction for digital assets. Let’s hope the upcoming regulations strike the right balance—supporting innovation while fostering growth in the UK's thriving crypto ecosystem. 🚀 #crypto #london #aminabank #web3 #digitalasset #cryptoregulation #FCA https://lnkd.in/eutNMpMH

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✅ Here is what we have accomplished the previous week  ・Bridging is in progress ・Token profile updates are in progress ・Fiat off-ramp implemented, testing in progress ・Released light KYC and transaction fee optimisations to all new users ・$MONY token development in progress ・Yields discovery & design in progress ・Cards discovery & design in progress ・Tiers, seasons and more for Points & Awards platform are in development ・Various bug fixes and performance optimizations were done ・Weekly AMA sessions with other projects ・AMA with Jumptask ・Weekly Discord & Telegram loyalty races ➡️ What’s next?  ・Implement & release bridging ・Release updated token profile screen ・Release fiat off-ramp ・Iterate on Trade Pulse feature - expose bought and sold metrics for tokens ・Start implementing yields ・Introduce Monitok Academy on the app ・Continue $MONY token development ・Release Points & Awards platform update with Tiers, seasons and more

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Archax, said to be the first FCA regulated digital asset exchange, broker and custodian, has provided access to a money market fund from UK asset manager abrdn in tokenised form on the XRP Ledger (XRPL), a decentralised blockchain. https://lnkd.in/g8bRrgJb #digitalasset #tokenisation #decentralisedblockchain #blockchain #TheBlock

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Stablecoins as a more reliable alternative to complete decentralisation. Stablecoins are a hybrid variety of crypto assets. Although they follow decentralised networks, they’re still linked to some sort of stable currency or a fiat currency like the US dollar, the UK pound, or the Euro. These are fiat collaterised stable coins. Price stability can be achieved through either the use of reserve assets (collateralisation), or algorithms that dynamically balance supply and demand (typical of algorithmic stablecoins).  Looking ahead, stablecoins hold the potential to drive innovation across diverse domains: More inclusive payment and financial systems: By facilitating faster, cheaper payments, stablecoins can reduce barriers, especially for cross-border transfers. The Central Bank of the United Arab Emirates (CBUAE) has granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework, the company said in a news release.

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💡 Web3 Weekly Round-up - 02/08/24 🌱 - Probably nothing... 1️⃣ 🇺🇸 U.S. Senator Cynthia Lummis announces bill for US Treasury to buy 1 million bitcoins worth $68 billion 2️⃣ 🇬🇧 Bank of England - Tokenisation could allow payments to be embedded more efficiently and deeply into our increasing digital economy 3️⃣ 🇦🇪 UAE's leading crypto exchange M2, enables UAE residents to trade crypto directly with their bank accounts 4️⃣ 🌍 Bitlayer, a layer 2 built on Bitcoin, just raised an $11M Series A at a $300M valuation. 5️⃣ 🇺🇸 Cantor Fitzgerald CEO, Howard W. Lutnick, announced the firm's plan to establish a Bitcoin financing business with an initial $2 billion investment 6️⃣ 🌍 Bernstein analysts project a $20 billion total addressable market in Bitcoin mining hardware over the next five years 7️⃣ 🇮🇪 Central Bank of Ireland announces innovation sandbox theme: combatting financial crime 8️⃣ 🇪🇺 European Central Bank claims the digital euro will offer unprecedented privacy 9️⃣ 🌍 Pantera Capital - women in crypto earn more than men 🔟 🇺🇸 Ignoring quantum threats in CBDC design is reckless - North Carolina Blockchain Initiative #blockchain #ecosystems ❓What else happened? Gradually then suddenly...

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FUNToken Delistings on Major Exchanges: What Does This Mean for Crypto Traders? FUNToken (FUN) has recently been delisted from multiple major platforms, including Bitfinex on 5 November 2024 and Bybit on 15 November 2024. These actions highlight the importance of monitoring the lifecycle of tokens in this fast-evolving market. Why was FUNToken delisted? While neither exchange has provided detailed reasons, such decisions are typically based on rigorous assessments of token performance, market demand, or compliance with listing standards. Exchanges regularly review listed assets to ensure a robust and secure user trading environment. What should holders and traders do? Withdraw FUNToken: If you held FUN on these platforms, ensure you withdraw your assets to an external wallet or another exchange supporting FUNToken (e.g., Binance). Reassess your holdings: Delistings often serve as a wake-up call to evaluate a token’s long-term viability. Diversify strategies: Stay updated and adapt to changes in the market. The cryptocurrency space remains highly dynamic, and such developments underscore the importance of due diligence when engaging with digital assets. What are your thoughts on the future of FUNToken? https://lnkd.in/eGuatVwd #CryptoNews #Cryptocurrency #Blockchain #FUNToken #CryptoMarket #TokenDelisting #CryptoTrading #DigitalAssets #CryptoInvesting #BlockchainTechnology #CryptoRegulations #DecentralisedFinance #CryptoUpdates #Altcoins #CryptocurrencyAnalysis

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UK Forges Ahead with Crypto Regulations The UK is poised to enact pivotal regulations on staking and stablecoins under Economic Secretary Bim Afolami's leadership. Despite political shifts, the move aims to enhance market stability, attract investment, and bolster confidence in the UK's crypto sector. Stay tuned as the UK charts its crypto course! #Cryptic #CryptoRegulation #UKCryptoHub

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🔊MiCA Stablecoin legislation comes into effect this Sunday 30th June 2024. 😳$20BN of Stablecoin USDT has left the market - and IMHO has gone underground into Fiat/Cash. This structural market movement is due to stronger VASP (Crypto exchange) AML/KYC source of funds ongoing due diligence and daily PEP/Sanction checks in line with Financial Action Task Force (FATF) travel rule adoption. 🇦🇪 UAE announce a ban on non-dirham backed stablecoins for payments within the region. 🇯🇪 Jersey British Isles based Moneybrain (VASP) ready to serve 🇬🇧 & 🇪🇺 with liquid Blackrock Moneymarket Fund Backed Ethereum ERC20 Stablecoins. $ #USDB € #EUROB £ #GBPB Please add in the comments any other Stablecoins that are able to be exchanged in 🇬🇧 & 🇪🇺from July 1st 2024. Please forward/re-post to who you feel may be interested and onto your preferred exchanges or family offices/OTC desks and ask them to DM me lee@moneybrain.com if they wish to establish BiPS digital $€£ stablecoin pairings. With thanks to Camomile Shumba for the article in the comments for sharing all the up to date facts. CoinDesk #GlobalP2P #Moneybrain #BiPS #Stablecoins

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There is a lot of voices re MiCA and impact on Reserves and Liquidity. All of designed to protect consumers which should always be a priority. Sure our regulators have to support businesses but not at the disadvantage of consumers.. 🚀 **Understanding MiCA's Reserve Requirements for Stablecoin Issuers** 🚀 The European Union's Markets in Crypto-Assets (MiCA) framework is setting new standards for stablecoin issuers. Here are the key reserve requirements: 🔹 **1:1 Reserve Ratio**: Issuers must hold reserves equal to or exceeding the value of their stablecoins in circulation. 🔹 **High-Quality, Liquid Assets**: Reserves must consist of high-quality, highly liquid assets like cash or government bonds to ensure stability. 🔹 **Segregation of Reserves**: Reserves must be kept separate from corporate assets and held in a bankruptcy-remote vehicle for enhanced security. 🔹 **Regular Audits and Disclosures**: Issuers are required to conduct regular third-party audits and provide transparent disclosures to build trust and ensure compliance. These measures aim to protect users and maintain market confidence, fostering a secure and reliable environment for stablecoins in the EU. 🌐💼 #Crypto #Stablecoins #MiCA #Blockchain #Fintech #Regulation #DigitalAssets --- Feel free to customize it further to match your style or add any additional insights you might have!

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"In a new discussion paper, the U.K. central bank also said it wants to ensure stablecoins are interchangeable with the pound." Bank of England #stablecoins #digitalcurrency #digitalpound #cbdc #dlt #UK #centralbankdigitalcurrency #crypto #cryptoassets #digitalassets https://lnkd.in/gmnmHaCD

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Stripe to pay $1.1bn for stablecoin platform Bridge https://buff.ly/3Ae88YW Stripe has announced its intention to acquire the stablecoin platform Bridge for a substantial sum of $1.1 billion. This strategic move highlights Stripe's commitment to expanding its capabilities in the fast-evolving financial technology sector. Stablecoins, known for their price stability, are increasingly important in facilitating seamless digital transactions. This acquisition is expected to bolster Stripe's position in the digital payments landscape, enhancing its offerings and market reach. For more details, visit the link: https://buff.ly/3Ae88YW. #Fintech #DigitalPayments

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STAND WITH CRYPTO IS LAUNCHING IN THE UK Over the last 10 years, we as a community have been working tirelessly to help bring crypto to life in the UK. Unlike in the US, where they are being met with archaic security laws made in the 1930's unfit for future tech, we are lucky enough to have a crypto curious government. All of my discussions with MP's go something like "I am interested in this but how is it practically going to make my businesses/constituents life better?" One key example is a conversation I was having with Natalie Elphicke OBE MP in Dover, about how blockchain technology could massively reduce the queue times for goods entering and exiting the country. Stand With Crypto (a Coinbase initiative) is on a mission to unite the entire industry, connecting policy makers to introduce regulation that protects consumers but does not block innovation, showcases all the great work innovators and entrepreneurs are creating in the space and ultimately moves us closer towards mass adoption in a safe and sustainable way. From me, Jolyon Layard Horsfall, Katharine S. and Henry Hankin starting our agency in lockdown in our bedrooms with the goal of creating a service that I would have wanted to use when I was helping scale Luno globally, to partnering with marketing heavyweights Steven Bartlett, Rebecca Ridge Oliver Yonchev and D. Neil Gissler, we are building Flight Story into the Web3 bluechip agency worthy of our vision. Partnering with a brand like Coinbase is a surreal moment, and one I'm very proud of. This is the first event of many (across the UK, not just London) that we'll be hosting; an evening of engaging discussions with policymakers, MPs, and digital asset enthusiasts, delving into how Web3 can build a strong financial future landscape in the UK. Esteemed speakers like George Osborne will be sharing compelling insights on the future of digital assets, followed by a16z crypto sharing their vision of the UK as a global digital asset hub. Massively grateful to Katie Harries, Michala Pamplin and the Coinbase team for giving us this opportunity and inviting us to share in the co-authorship of the future of finance and the internet. Slowly then suddenly!!   What do you think the UK needs to do to truly be a global leader in this area? Let me know in the comments and maybe I'll raise it at the event.

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Venture capital investment in the UK artificial intelligence (AI) sector experienced a resurgence in the first three months of 2024, as overall funding stabilized following a global downturn in late 2022 and 2023. Fintech took the lead with $1.4 billion raised, while innovative sectors like quantum computing witnessed increased support. While AI raising increased, crypto funding hit a 3-year low. Despite its historical significance in driving the crypto industry, VC investment has significantly declined, raising concerns about sector sustainability. AI UK Fintech Funding Jumps In 2023, the energy sector took the lead in funding for the first time, albeit briefly, according to research from HSBC/Dealroom. However, fintech swiftly reclaimed its top position in Q1 2024, securing $1.4 billion across 73 rounds. Notable late-stage rounds, including Monzo (£340 million), Flagstone (£108 million), and PPRO (£73 million), contributed significantly to this resurgence. Cutting-edge technological sectors like frontier technology, semiconductors, and quantum computing have also witnessed a surge in support, emerging as top funding recipients in the UK tech landscape during Q1 2024. These sectors, often concentrated in science hubs like Cambridge and Oxford, collectively raised …

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Exciting News! S1lkPay has partnered with Bybit, a leading cryptocurrency derivatives exchange globally. This collaboration will see S1lkPay providing Bybit with BIN sponsorship and payment processing services to introduce a new CRYPTO CARD with innovative stablecoin settlement options in the region and beyond… #Crypto #Blockchain #Partnership #Innovation #CryptocurrencyExchange *Crypto companies now have the opportunity to benefit from enhanced operational and liquidity efficiencies with S1lkPay’s new Crypto Card flow. Unlike traditional methods, S1lkPay enables companies to stay 'on-chain' and settle obligations with stablecoins, offering a more streamlined approach. ** S1lkPay is an e-wallet connected to bank and e-money systems via a peer-to-peer network and direct bank connections. Users hold their money as tenge, dollars or cryptocurrency, and can give an access, share, crowdfund, send and receive funds domestically and internationally.…

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