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US Treasury to Increase DeFi Regulation
The US Treasury conducted a risk assessment of DeFi, finding it lacking in AML/CFT compliance, and reported money laundering, scammers, and North Korean hackers benefiting from the sector. The Treasury response to Biden's executive order suggests more regulation for DeFi, including compliance with the Bank Secrecy Act.
Fortune Business Insights: Blockchain-as-a-Service Market to Skyrocket to $24 Billion by 2027
Fortune Business Insights, a leading publisher of market research reports, has revealed that the blockchain-as-a-service (BaaS) sector will escalate to $24.94 billion by 2027 from $1.9 billion recorded in 2019, representing a compound annual growth rate (CAGR) of 39.5%. This uptrend will be fueled by small and medium enterprises (SMEs) as they are viewing blockchain technology as an optimal solution for the numerous challenges they face, like access to bank loans, trade financing, and cash flow difficulties.
Global Supply Chain Financing: A New Era of Resilience and Diversification
Citi's 2024 report on supply chain financing highlights a shift towards resilience and diversification in global trade, emphasizing technological innovations and the adoption of the China Plus One strategy.
IMF Emphasizes Digitalization in Financial Inclusion Agenda
IMF Managing Director Kristalina Georgieva emphasizes the role of digitalization in expanding financial inclusion. She calls for a balanced approach that includes regulation to ensure financial stability. The IMF has also been active in digital finance, recently presenting a crypto-risk assessment tool.
Ant Group Partners with Dell, Hewlett-Packard and Lenovo to Enable Access for its New Blockchain Solution—AntChain
Ant Group, formerly known as Ant Financial, the payments arm of Chinese e-commerce giant Alibaba, has launched a new blockchain solution, AntChain. Ant Group has signed an agreement with Dell, Hewlett-Packard, and Lenovo to enable accessibility of IT leasing services for small to medium enterprises (SMEs) through the AntChain blockchain solution.
Ant Financial Launches OpenChain for China's Small Businesses to Leverage its Enterprise Blockchain Consortium
Ant Financial, the parent company of AliPay, has launched OpenChain, a new blockchain platform that gives developers and small and micro enterprises (SMEs) the power to leverage the Chinese blockchain giant’s proprietary blockchain consortium and efficiently and cost effectively deploy smart contracts and create decentralized apps (DApps).
IMF Proposes Framework to Assess Crypto Asset Risks
The International Monetary Fund (IMF) has released a working paper that delves into the macrofinancial risks tied to crypto assets. The paper, part of the IMF's Working Papers series, proposes a framework aimed at aiding policymakers and regulatory authorities in understanding and tracking systemic risks from the crypto sector. This framework is crucial as traditional financial tools are not well-suited for assessing crypto-related risks.
Industry Concerns New Policy Implementation after Google Lifting the Ban on Crypto Advertisements
Crypto experts welcome the recent lifting of cryptocurrency advertisements in general. Yet, industrial leaders still concern….
Mid-Size Banks Ask for Deposit Insurance Extension
The Mid-Size Bank Coalition of America (MBCA) has requested that the US Federal Deposit Insurance Corporation (FDIC) extend insurance on all deposits for the next two years, which would immediately halt the outflow of deposits from smaller banks and stabilize the banking industry, according to a Bloomberg report. The MBCA proposed that the banks themselves fund the insurance program by raising the deposit-insurance assessment on lenders who opt to participate in the increased coverage, and the failure to provide this could result in up to 300 banks going under.
Ant Group Launches Blockchain-Powered System to Help SMEs in Cross-Border Trade
China's Ant Group established a blockchain-enabled smart contract platform Trusple to assist small and medium enterprises (SMEs) for cross-border trades.
Eureka Entertainment and Astar Network Collaborate for "CoinMusme" Blockchain Game Development
Eureka Entertainment and Stake Technologies are collaborating on the blockchain game "CoinMusme," which will introduce a new character, "Astar," and distribute 100 exclusive NFTs. The game also plans to collaborate with various cryptocurrencies and NFT projects.
New York Seeks to Stop Bitcoin Mining For 3 Years Until Environmental Impact Assessment Done
A new bill could force crypto firms to halt their Bitcoin mining activities in New York state.
BNB Chain's Red Alert Flags 191 High-Risk Projects
Binance's BNB Chain has added 191 new high-risk projects and decentralized applications (DApps) to its weekly red alarm list. The list is based on smart contract assessment and includes projects suspected of issuing fake tokens, having high tax fees, or malfunctioning websites or Twitter handles. The alert is aimed at helping users research before investing, and does not represent the risk level of the underlying DApp projects.
Microsoft Copilot: SMEs with Affordable AI Integration
Microsoft's introduction of Copilot AI for SMEs, with individual subscriptions at $20 and business plans at $30 per month, brings advanced AI capabilities, including GPT-4 Turbo, to small and medium-sized businesses, enhancing productivity and decision-making.
Ant Blockchain Open Alliance Seeks to Minimize Costs for SMEs
Ant Blockchain Open Alliance, an enterprise blockchain platform by Chinese financial giant Ant Financial, is purported to aid SMEs in generating their own blockchain applications at minimal costs.
Exclusive: Deloitte Blockchain Lab on the Three Areas of Collaborations with HKMA
We were delighted to interview Dr. Paul Sin, leader of the Deloitte Asia Pacific Blockchain Lab, who shared with us its development goals and the collaborations with HKMA across the Greater Bay Area and Europe.
US Congressman Set to Implement the Cryptocurrency Act of 2020
Paul Gosar of the House of Representative introduced the “Crypto-Currency Act of 2020,” on March 9, a bill that is set to choreograph a wide range of digital assets to be liable to the appropriate regulatory bodies and agencies assigned to it.
BitBoy Crypto accused of threatening class-action lawsuit lawyers
Lawyers representing a class-action lawsuit against BitBoy Crypto and other FTX influencers for promoting FTX crypto fraud without disclosing compensation claimed that BitBoy Crypto's Ben Armstrong made multiple threats against them, including voicemails with vulgarities and warnings of protesters and danger to their families.
Here’s A Look at The Top Outlets For Blockchain Developers To Source Grants
Monetary grants are extremely important in any field - be it the arts, media, technology - especially nascent ones where there is a lot of scope for growth and development. For example, blockchain is one such domain which over the course of the last decade or so has seen an incredible output of innovation (ala smart contracts, decentralized finance, etc) from relatively independent developers working with limited resources.
Hong Kong to Pioneer Web3 Financing Platform for SMEs in the Greater Bay Area
NPC delegate Wu Jiezhuang proposes the creation of a Web3 financing platform in the Greater Bay Area to foster SME innovation and international expansion.
Wales Eyes Own Digital Currency for Speedy Business Transactions
Wales has set its eyes on creating a complementary digital currency. It has been speculated that it could enhance the nation’s economy by approximately £250m in the next ten years.
Why Hong Kong Will Be a Leading Digital Asset Trading Centre in Asia
Reasons why Hong Kong will a leading digital asset trading centre in Asia.
Leading Vietnamese Bank Joins RippleNet to Boost Cross-Border Remittances
Orient Commercial Joint Stock Bank (OCB), a large Vietnamese bank with assets worth $4.6 billion, has joined RippleNet as a strategic partner after a 10-month wait.
Stablecoin and Its Potential Business Uses
Blockchain innovation has significantly changed the way we thought in the traditional financial sector. All of those concepts and business models, such as decentralization, cryptographic tokens, and digital ledger, also brought us more imaginations toward the future forms of money.