Hong Kong’s securities regulatory authority has issued two circulars to regulate digital asset tokenization in its pursuit of becoming a prominent Web3 hub in Asia.

The Securities and Futures Commission (SFC), in these circulars, offered instructions to intermediaries participating in tokenized securities activities and outlined the criteria for tokenizing investment products authorized by the SFC.

The SFC considers tokenized securities as traditional securities with a tokenization layer. As a result, the exact legal and regulatory requirements that apply to conventional securities markets also pertain to tokenized securities.

The regulator specified that tokenized securities offerings…

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Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin.

The Enforcement division of the SEC has sent a subpoena to PayPal related to its PayPal USD (PYUSD) stablecoin, the firm disclosed on Nov. 2, according to a report by Reuters.

The action comes about three months after PayPal launched its PYUSD stablecoin in early August. The stablecoin is issued by Paxos Trust and backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. PYUSD is based on the Ethereum blockchain and is aimed at handling digital payments and Web3.

PayPal and Paxos did not immediately respond to…

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As the crypto industry continues to grow, it becomes increasingly intertwined with traditional finance (TradFi) to the benefit of end users. TradFi is notoriously slow, inefficient and expensive. International wire transfers, which take days and double-digit dollar fees in most cases, are a perfect embodiment of the current state of traditional finance.

By comparison, decentralized finance (DeFi) has the potential to provide similar services, including fund transfers, payments and storage, much quicker and at lower costs. However, the majority of financial technology (fintech) applications offered by TradFi services win the users in terms of user experience and simplicity, leaving the…

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Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers.

SGKB has partnered with the global cryptocurrency-focused bank SEBA to offer its clients digital asset custody and brokerage services.

Announcing the news on Nov. 1, SGKB and SEBA said that the new crypto service is immediately available to select SGKB customers following a short period of testing earlier this year. Starting off with Bitcoin and Ether support, SGKB plans to expand its offerings to additional cryptocurrencies based on client demand.

Founded back in 1868, St.Galler Kantonalbank is a major…

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Reacting to the rising attempts from bad actors to dupe crypto investors, the United Kingdom’s National Crime Agency (NCA) plans to form a specialized cryptocurrency and virtual assets team to counter the issue.

The NCA posted a job opening on Nov. 4, looking to hire six individuals to create a new team focused on crypto crimes — which will either fall under the National Cyber Crime Unit (NCCU) or the Digital Asset Team. The responsibilities include:

“The role will support existing and new investigations where specialist cryptocurrency experience is required along with taking a proactive lead in identifying targets for further development.”

The role requires candidates to have the…

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The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. The international financial free zone’s regulatory framework is “purpose-built” and the first of its kind, the agency claimed.

The Distributed Ledger Technology (DLT) Foundations Regulations will provide for the operation of blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs) and traditional foundations expanding into DLT. Blockchain foundations provide financial and other forms of support for a blockchain without direct involvement in it.

The regulations enable the creation of a “DLT Foundation” by submitting a signed…

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While the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) will likely spike the price of Bitcoin, some analysts are concerned it won’t be enough to fully thaw the markets from its winter chill. 

On Oct. 24 Bitcoin staged its largest single day rally in over a year, surging more than 14% on the news that the ticker of BlackRock’s spot Bitcoin ETF — IBTC — had been listed on the Depository Trust & Clearing Corporation (DTCC) website, something markets understood as a positive step forward for the funds’ application.

The surge turned out to be even stronger than that of oOct. 16, when Cointelegraph’s incorrect tweet that suggested a spot Bitcoin ETF had been…

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The Hong Kong government says the recent $165 million alleged scandal involving crypto exchange JPEX won’t  stifle its Web3 vision for the region.

In a Nov. 2 keynote at Hong Kong Fintech Week, the region’s Secretary for Financial Services and the Treasury Christopher Hui said the saga hasn’t affected the government’s plan.

“We’ve been asked many times whether JPEX will affect our determination to grow the Web3 market — the answer is a clear ‘no.’”

Hui was referring to the financial scandal involving the Dubai-based exchange JPEX, where 2,500 locals allege they were allegedly defrauded, prompting the Securities and Futures Commission (SFC) to warn that JPEX was…

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Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer.

SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows.

Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether (ETH) which posted under 11% gains in the past month.

Three-month SOL price chart with gains up nearly 81% in 30 days. Source: Cointelegraph Markets Pro

SOL-related investment products have also seen millions of dollars worth of inflows over the past weeks according to CoinShares. SOL is, however, still…

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