Crypto assets may soon be treated as securities by default, as suggested by a study commissioned by the European Parliament. This approach could be based on the EU’s existing financial regulation framework and its classification criteria developed with various MiCA tools. By doing so, all crypto assets would initially be considered “transferable securities” until potentially being exempted or requalified by National Competent Authorities. This move would pave the way for a more stringent regulatory environment for cryptocurrencies in the EU.
In a related development, the National Bank of Georgia plans to introduce mandatory supervision of virtual asset service providers (VASPs) starting from September 1. According to the InterPressNews report, this initiative aims to help the country counter money laundering, terrorist financing, and ensure compliance with sanctions.
The cross-compatibility of blockchain addresses is gaining momentum as Bitget becomes the first crypto exchange to support an Ethereum Virtual Machine (EVM)-compatible address. This new feature allows traders to use a single address for multiple blockchains, enabling smoother trading and storage of assets across multiple chains on the Bitget platform. Such an advancement could potentially make transactions faster and more efficient by bypassing intermediary features like bridges and platform hopping.
Crypto exchange Gemini is preparing to acquire a crypto license for the United Arab Emirates (UAE), which it views as a fast-emerging global financial and crypto hub. The company’s leadership has met with regional stakeholders to understand local regulatory requirements and cater to the needs of UAE-based crypto investors.
In more regulatory news, Crypto.com received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). This move allows the exchange to continue serving customers in Singapore and further expanding its DPT services.
Hong Kong-based qualified custodian and registered trust company, First Digital, announced the introduction of a new stablecoin, First Digital USD (FDUSD). Backed by the US dollar or equivalent fair value assets, the stablecoin is intended to be held in Asia-based regulated financial institutions’ accounts.
It’s not all good news, as Cowen Digital, the digital asset unit launched by investment bank Cowen, is shutting down. The team reiterated the need for trusted counterparties who can cater to institutional investors, hinting that they may continue their work at different organizations. Finally, Bitcoin miner CleanSpark purchased 12,500 of Bitmain’s new Antminer S19 XP mining rigs to enhance its mining capabilities. The investment comes as part of a series of discounted purchases and acquisitions made by the company amid the ongoing crypto bear market.
Source: Cryptonews
