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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
GERMANY’S DEKABANK LANDS CRYPTO CUSTODY LICENSE
Germany’s DekaBank has received a bank crypto custody license from German regulator BaFin and the European Central Bank (ECB). We believe Commerzbank was the first German bank licensed last year. However, other major banks have not received licenses, including DZ Bank.
BaFin has issued another 11 crypto custody licenses, mainly for crypto firms. One of them is the digital asset custody subsidiary of Hauck Aufhäuser Lampe Privatbank.
The difference with DekaBank and Commerzbank versus the crypto firms is they are licensed under the Banking Act (KWG).
This is DekaBank’s second new license this year. In July it received a license as a crypto securities registrar for the German issuance of DLT-based digital securities. These crypto securities don’t require a central securities depository (CSD) for issuance.
DekaBank is very active in the digital asset space. It is the founder of SWIAT, the blockchain platform for digital securities in which Standard Chartered and LBBW are also investors. In September Siemens used the platform to issue a €300 million digital bond.
Our understanding is that a crypto custody license is not needed for crypto securities, but is required for cryptocurrencies.
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As part of the announcement, DekaBank said this allows the bank to operate throughout Europe under the EU’s MiCAR crypto legislation.
A MiCAR holdup?
We’ve previously reported that there’s a bit of a challenge with MiCAR for German institutions. In October 2023 a draft version of the Supervision of Crypto Markets Act (KMAG) was introduced. It’s the piece of legislation that supplants Germany’s old crypto rules with MiCAR. The problem is this legislation has not been passed and with the collapse of the German ruling coalition, it’s not likely soon.
Hence, while in theory DekaBank’s license will allow it to operate in the EU, we believe that may be subject to the passage of the KMAG law. We contacted DekaBank to confirm, but didn’t receive a response in time for publication.
@ Newshounds News™
Source: Ledger Insights
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XRP LAWSUIT: JOHN REED STARK SAYS JUDGE TORRES WAS ‘MISTAKEN,’ SLAMS RIPPLE DECISION
The legal battle between Ripple and the SEC has been gaining momentum as the January 15 hearing approaches. John Reed Stark, a former SEC enforcement official and crypto skeptic, recently appeared on Docket Media LLC podcast and opened up about the historic Ripple decisions. He said that the Ripple ruling doesn’t provide broad legal clarity and should only be applied to cases with similar specific facts.
He criticized the Ripple decision, claiming that many people misunderstand the ruling, likely because they haven’t fully read it. He argued that Judge Torres was ‘mistaken on multiple counts, a view shared by other judges who have reviewed the case.
“There’s so many things about the Ripple decision that people get entirely wrong because I don’t think they read it. It’s completely… it’s respectfully to Judge Torres, I think she was mistaken on multiple counts, as does Judge Rakoff and every single other judge that has looked at that decision (thought),” he said.
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Stark pointed out that the Ripple decision was twofold. First, he agreed that the initial offering of XRP tokens to sophisticated investors should have been registered as securities to protect those investors. However, Stark disagreed with the decision when it came to the secondary market, where XRP was traded on exchanges.
‘Ripple Decision Created Confusion’
He argued that the lack of a direct relationship between Ripple and retail investors meant they weren’t protected, which he believes is an unfair argument. Stark compared it to buying stocks in companies, where investors don’t have a direct contractual relationship with the company but are still protected under securities regulations.
Stark also criticized the Ripple decision for creating confusion, especially after pro-crypto companies began citing it to argue that tokens were not securities. In response, the SEC sought an interlocutory appeal, hoping to stop the ongoing proceedings. However, the judge rejected the SEC’s request, stating that the Ripple decision could not be used as precedent unless the exact same circumstances were present.
@ Newshounds News™
Source: CoinPedia
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Source: Dinar Recaps
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BRICS CREATOR SAYS INDIA WILL BE 3RD LARGEST GLOBAL ECONOMY & KEY MEMBER
Things have changed dramatically for the BRICS bloc since the acronym was first coined in 2001. Over the last two years, it has become a key voice in the geopolitical and global economic sectors. Now, BRICS Creator Jim O’Neill has recently expressed his view on its trajectory, while noting that India is poised to soon be the third-largest global economy and a key alliance member.
In a recent interview with The Economic Times, the economist discussed the growth rate of the country. Specifically, he noted that India is “doing almost exactly what we thought over 20 years ago, and that is in the process of becoming bigger than Japan and Germany” and becoming a global force.
India Poised to be BRICS Leader? Jim O’Neill Discusses Shifting Power Balance
The last two years have seen the BRICS economic alliance notably increase in prominence. A massive reason for that has been its seeking of increased independence from a Western-dominated economic system. With de-dollarization being the focus, it has sought to increase the use of its own local currencies.
But that recent surge in prominence has overlooked the reality that the bloc has been in existence for more than 20 years. Moreover, it has continued to shift and change throughout that time. Now, the latest shift could be upon us. Indeed, BRICS creator Jim O’Neill has recently said India may well be on its way to being the third-largest global economy and a key BRICS member.
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In a recent interview, O’Neill says India could be on its way to entering the top 3 “in the next five to ten years.” Moreover, he notes that the BRICS country is presented with a key opportunity in the near term.
“This is India’s chance to really demonstrate its ubiquity with some of the natural things in India’s favor.” Specifically, he noted that it is among the younger nations within the bloc. That is not the case for China, one of the key economies in the bloc. Moreover, it should lead to an increased labor force, while they should be able to thrive in a world shifting under a Trump-run America.
Interestingly, India’s relatively low global trade could help them as Trump returns to the White House, O’Neill notes. Tariff plans would not be as big a threat to the nation in the coming years. Meanwhile, the economist notes that Modi and India have been sought out by G7 and BRICS nations. They want India as an ally, and it is due to its strong growth prospects in the coming years.
@ Newshounds News™
Source: Watcher Guru
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HONG KONG APPROVES 4 NEW CRYPTO TRADING PLATFORM LICENSES IN REGULATORY PUSH
The licensed platforms must meet rigorous standards and undergo evaluations to ensure compliance with global security practices.
Hong Kong’s Securities and Futures Commission (SFC) has issued licenses to four virtual asset trading platforms (VATPs), marking another step in its fast-tracked regulatory framework, according to a Dec. 18 statement.
The licensed platforms include: Accumulus GBA Technology Ltd, DFX Labs Company Ltd, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Ltd.
This brings the total number of licensed crypto trading platforms in the Asian city allowed to serve retail customers to seven, including HashKey Group, OSL, and the Hong Kong Virtual Asset Exchange (HKVAX).
Licensing regimes
The SFC stated that the recently licensed firms underwent rigorous on-site inspections earlier this year as part of the guidelines introduced in June. The inspections identified areas for improvement, which the firms addressed to secure their restricted licenses.
The licenses come with initial restrictions, but these will be lifted after the platforms pass a second-phase assessment by external evaluators. The process will ensure the platforms meet the required regulatory standards for full operational functionality.
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The SFC emphasized that the VATPs must conduct vulnerability assessments and p*********n tests through independent third parties. These evaluations are critical to maintaining security and align with global international standards.
The SFC’s Executive Director of Intermediaries, Eric Yip, stated that the licensing process involved close collaboration with the VATPs’ leadership teams. He highlighted the Commission’s dual focus on protecting investors while fostering growth in Hong Kong’s virtual asset ecosystem.
Yip said:
“We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.”
Meanwhile, this development aligns with the SFC’s broader plan to expand the licensing of crypto businesses by year-end. In October, the regulator revealed that 11 additional VATPs are under license consideration, with approvals expected to roll out in batches.
The SFC’s proactive approach highlights Hong Kong’s commitment to becoming a global hub for virtual asset innovation while maintaining robust investor safeguards.
@ Newshounds News™
Source: CryptoSlate
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News on Crypto Regulations for the US! Bullish news for Utility Crypto!
Rich (CSC) announces that in early January, Congress will be passing crypto regulations soon after returning from break on January 3rd. This will be followed by mass adoption of the utility ISO 20022 coins we have been talking about which will lead to the new financial system followed by the RV. But we still have a while for all this to happen. It just looks like it is all coming together a little sooner with regulations being addressed before the inauguration of Trump. All good news.
@ Newshounds News™
Source: Common Sense Crypto
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Source: Dinar Recaps
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Dinar Chronicles is an informational news aggregator. All content, including third-party reports and community commentary, is provided for educational purposes only. We do not provide financial, legal, or tax advice. We do not recommend the purchase or sale of any currency or investment. Please consult with a licensed professional before making any financial decisions.
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