The Philippines’ Union Bank has become the first licensed bank in the country to serve as a virtual asset service provider, validated by the Bangko Sentral ng Pilipinas. Alongside, it’s introducing a feature for trading cryptocurrencies directly through its mobile app, marking a significant stride in digital banking transformation.
Search Results for: Philippine Digital Asset Exchange
Expanding Crypto Trading on Tel Aviv Stock Exchange: Pros, Cons, and Global Regulation Debate
The Tel Aviv Stock Exchange plans to allow nonbanking member customers to trade cryptoassets, expanding authorized activities. Meanwhile, the IMF and FSB aim to develop a coordinated global crypto regulation approach. In other news, private investment firm ABO Digital launched, supporting the digital asset space, and Push Protocol revealed a group chat feature for its Web3 messaging app.
Regulatory Turmoil: SEC’s Coinbase Decision, Circle’s Singapore License & Delayed Philippine Framework
The US Court of Appeals for the Third Circuit recently ordered the SEC to clarify its position on a rulemaking petition from Coinbase, while Circle Singapore secured its MPI license for digital payment token services. The Philippines’ SEC delayed the issuance of a digital assets framework, and Ark Investment Management purchased $21.6 million in Coinbase shares after the SEC lawsuit caused prices to drop.
Unraveling Crypto Adoption: Growth Momentum in Lower Middle Income Countries Vs. Homogenized Landscape
The 2023 Chainalysis Global Crypto Adoption Index reveals a rise in cryptocurrency adoption in Central and Southern Asia, with countries like India, Vietnam, and the Philippines capturing significant positions. Lower Middle Income countries, which house 40% of the world’s population, show resilience in adoption trends, and are poised to shape the future of global cryptocurrency adoption.
Exploring the Dark Side of Blockchain Gaming: Risks, Exploits, and Regulations
“The Philippine National Police Anti-Cybercrime Group highlights the potential risks of blockchain gaming and the exploitation possibilities for cybercriminals. Despite the promise of high returns, the group warns about market fraudsters, price volatility, and non-adherence to Anti-Money Laundering Regulations, encouraging thorough research and vigilance.”
Blockchain Gaming: A New Frontier of Risks Amidst Play-to-Earn Rewards
Recent alerts by the Philippine National Police highlight latent risks with blockchain-based ‘play-to-earn’ games like Axie Infinity. Lack of regulatory safeguards could allow fraud and NFT loss, while market-driven pricing anomalies and non-existent rewards bring unpredictability to these investments. Evolved cybercriminal tactics could also siphon off in-game earnings.
Abra Hit with Emergency Cease and Desist Order: Examining the Accusations and Impact on Crypto
Cryptocurrency investment company Abra faces an emergency cease and desist order from Texas securities regulators, alleging securities fraud and offering investment products to unaccredited investors. With a partially insolvent status, Abra’s future and the wider cryptocurrency industry may face further regulatory scrutiny.
Binance Secures Thai License: A Win for Crypto Enthusiasts and Regional Compliance
Binance has secured a digital asset license in Thailand through a partnership with Gulf Innova Co, forming Gulf Binance. This marks Binance’s first Southeast Asian license and will allow the launch of a compliant-first, regulated local exchange for Thai crypto enthusiasts.
Tranglo and Ripple’s ODL Revolution: Milestones, Expansion, and Market Risks
Tranglo, a partner of Ripple, recently announced reaching over $1 billion in On-Demand Liquidity (ODL) transactions, after a successful partnership aimed at increasing customer demand in Asia and expanding ODL services. Ripple’s ODL service has gained recognition and adoption across various regions, revolutionizing cross-border transactions and indicating a promising future for both companies and the wider crypto community.