Recently, UBS Asset Management instigated a “smart contract” run pilot on the Ethereum blockchain. Constructed on UBS Tokenize, the firm’s proprietary tokenisation service, the pilot facilitates the management of a variety of functions, such as fund subscriptions and redemptions. Anchored within this endeavor is the premier live pilot of a tokenized Variable Capital Company (VCC) fund, part of a comprehensive VCC umbrella Project Guardian, slated to usher several “real world assets” on-chain. Orchestrated under the aegis of the Monetary Authority of Singapore (MAS) and Swiss heavyweight UBS, this initiative stands to revolutionize the future of tokenisation.
Alternately, Sam Bankman-Fried, the founder and former CEO of FTX, allegedly underplayed the significant sum of $8 billion in missing funds as a “rounding error”, according to biographer Michael Lewis in his appearance on CBS’s 60 Minutes. This statement raises eyebrows and stirs up questions about how funds of such colossal amount could be overlooked. To add to the muddle, FTX’s ex-auditing firm Prager Metis faces legal heat from the US Securities and Exchange Commission (SEC) over auditor independence rules infringements.
On another note, the launch of Deus X Capital, helmed by previous head of Galaxy Digital Holdings’ European business, Tim Grant, is stirring up the investment landscape. This newly minted investment firm is said to monitor $1 billion in assets and plans to diversify its holdings across private equity, venture, and fund allocation opportunities.
In channelizing a flow of crypto service to investors in the UAE, Turkish exchange Bitay has expanded its portfolio to offer over 350 cryptocurrencies and over 850 pairs. This initiative echoes the rising trend of crypto acceptance in the UAE, recognized as a top contender in the Crypto Adoption Index by Henley & Partners.
Lastly, global cryptocurrency trading firm GSR announced that its subsidiary, GSR Markets Pte. Ltd. (GSR Singapore), has been granted In-Principle Approval from MAS for a Major Payment Institution license. This license signifies a significant advancement for GSR Singapore, gearing it for better service provision to the crypto community. GSR now looks forward to acquiring a full license.
Thus, this spectrum of news reflects the dynamic and swiftly evolving world of crypto and blockchain technology, where colossal gains stand juxtaposed with sharp scrutiny, potential legal pitfalls, and the promise of groundbreaking transformations. The biggest question remains: how can we navigate these turbulent waters while ensuring the utmost transparency, legality, and longevity of our crypto projects and investments?
Source: Cryptonews
