UK-based banking firm Standard Chartered joins Global Digital Finance patron board

Standard Chartered, a United Kingdom-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating the adoption of best practices of cryptocurrencies. In a Wednesday announcement, Standard Chartered said it would be joining crypto and digital finance industry membership body Global Digital Finance, or GDF, Patron Board. As a member, the bank will help engage with international regulators and lawmakers as well as others in the industry to advocate for digital assets. According to the GDF, Standard Chartered is the first bank to join the…

Genesis Digital Assets buys 20K Bitcoin miners after $125M raise

The United States-based Bitcoin (BTC) mining company Genesis Digital Assets continues growing its cryptocurrency mining power with a fresh deal with Chinese crypto mining giant Canaan. Genesis has secured a purchase order for purchasing 20,000 Bitcoin miners from Canaan, the mining machine manufacturer announced on Aug. 31. In conjunction with the new purchase, Canaan has also granted Genesis an opportunity to buy up to 180,000 additional BTC mining machines, Canaan said. Genesis co-founder and executive chairman Abdumalik Mirakhmedov noted that the new batch of Bitcoin miners will help the firm further…

Thai SEC proposes new rules for digital asset custodians

The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns. On Wednesday, the Thai SEC proposed a set of additional regulations related to custody of investors’ cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings. The SEC is specifically looking to prohibit crypto companies from using investor assets for the “benefit of another client or other persons,”…

Galaxy Digital partners with Alerian to launch eight crypto indexes

Galaxy Digital Holdings has teamed up with Alerian and S-Network Global indexes to launch eight crypto-focused blockchain indexes. According to an Aug. 24 announcement, the duo have launched two crypto index families named “Alerian Galaxy Global Blockchain Indexes” and the “Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes,” which the eight offerings are listed under. The passive indexes offer exposure to “public companies and select investment vehicles” that are actively engaged in the crypto and blockchain sectors, such as crypto miners, companies that hold crypto on their balance sheets, infrastructure tech developers…

Poll shows Brits concerned over the prospect of a digital pound

The results of a recent survey undertaken by Redfield & Wilton Strategies on behalf of Politico suggest that a plurality of the British adult population hold visceral concerns surrounding a Bank of England (BOE)-issued central bank digital currency (CBDC). The 2,500 British adults surveyed in the study in early August expressed doubts and concerns on the inherent societal benefits of the issuance of a CBDC by the Bank of England. According to the data, 30% of participants believe that a “Britcoin” CBDC is “more likely to be harmful than beneficial…

Congress has put forward 18 bills on digital assets in 2021 so far

The United States Congress appears to be pushing for greater regulatory clarity regarding crypto assets, having proposed18 bills concerning blockchain and cryptocurrency during 2021 so far. According to analysis published by former Federal Deposit Insurance Corporation regulator, Jason Brett, on August 22, the current 117th Congress has broken from its predecessor in focusing on regulating decentralized assets rather than private stablecoins such as Facebook’s Diem project — formerly called Libra. In July, Congress put forward the Digital Asset Market Structure and Investor Protection Act in a bid to create distinct…

Digital intelligence must overcome challenges to solving crypto crimes

While the value of cryptocurrencies has varied wildly in the last year, this has not diminished crypto’s attractiveness to criminals. Many of them are moving their illegal activities underground and outside the view of law enforcement. Because of the public nature of most blockchains, however, this rapid movement shouldn’t be a major concern to law enforcement agencies. With the right tools and training, following the proceeds of crypto-enabled crime is actually not as difficult as it may seem. However, intelligence agencies must have a cryptocurrency investigation plan that includes the…

Coinbase will buy $500M in crypto and invest 10% of all future profits in digital assets

Leading U.S. exchange by trade volume, Coinbase, has revealed plans to add half a billion dollars worth of crypto to its balance sheet. Coinbase CEO, Brian Armstrong, announced that the company’s board had approved the crypto spending spree in an August 20 tweet, adding that Coinbase also plans to invest 10% of all profits generated into digital assets moving forward. Armstrong also indicated the company hopes to increase the percentage of profit it allocates to cryptocurrency purchases over time. We recently received board approval to purchase over $500M of crypto…

Galaxy Digital partners with Bloomberg for DeFi index

Financial news site Bloomberg and Galaxy Digital Management have expanded their crypto offering to track the performance of the decentralized finance space. In a Thursday announcement, Bloomberg said it would launch an index currently tracking nine different decentralized finance, or DeFi, projects with Galaxy Digital. As of Aug. 1, these projects included Uniswap (UNI), Aave (AAVE), Maker (MKR), Compound (COMP), Yearn.Finance (YFI), Synthetic (SNX), SushiSwap (SUSHI), 0x (ZXR), and Uma (UMA). “Decentralized finance is growing as the next major investment theme within crypto,” said Alan Campbell, Bloomberg’s multi-asset index business’…

Australia and Singapore conclude digital verification blockchain pilot

The Australian Border Force (ABF), Infocomm Media Development Authority of Singapore (IMDA) and Singapore Customs, along with other industry representations, have concluded a blockchain trial project analyzing the status of the countries’ digital verification systems in issuing and verifying trade documents. The collaborative venture was a part of the Australia–Singapore Digital Economy Agreement — an initiative designed to increase the efficiency of trade between the two countries, as well as to minimize economic friction in cross-border payments. The interoperability of the two digital verification systems — the ABF’s Intergovernmental Ledger…