Seeds of Wisdom RV and Economic Updates Monday Evening 9-30-24
Good Evening Dinar Recaps,
BINANCE KAZAKHSTAN OBTAINS FULL DIGITAL ASSET TRADING FACILITY LICENSE
Binance Kazakhstan has obtained a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA).
The license authorizes Binance Kazakhstan to operate a digital assets trading facility, act as a broker-dealer, and provide custody services for digital assets.
Kazakhstan has become the first country in Central Asia where a Binance entity has secured a regulatory license, highlighting the nation’s forward-looking approach to financial innovation and Binance’s sustained commitment to operating at the highest standards of trust and security in line with all applicable local regulations.
For Binance Kazakhstan, obtaining the full DATF license meant undergoing a rigorous and comprehensive review, including an External Financial Audit, ISO certifications, and multiple internal and external audits to ensure full compliance with all applicable regulatory requirements.
The multi-stage review by the regulator saw Binance Kazakhstan being assessed against the standards set out in a variety of specialized codes and rulebooks: the AIFC Digital Asset Activities, Conduct of Business Rules, AML laws, and other relevant regulations.
The resulting approval underscores the fit of Binance Kazakhstan’s robust systems, controls, and cybersecurity protocols for the task of providing a secure, compliant platform for digital-asset trading.
@ Newshounds News™
Source: Forex News Group
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ROBINHOOD VP QUASHES STABLECOIN LAUNCH RUMORS
Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.
Robinhood Crypto Vice President and General Manager Johann Kerbrat put an end to recent rumors that the fintech giant has plans to launch its own stablecoin.
Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.
Kerbrat said:
“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”
His comments come after a recent Bloomberg News report claimed Robinhood and Revolut were looking to launch a stablecoin.
Despite rising interest in stablecoins, Kerbrat emphasized that Robinhood has no imminent plans to enter this space. He added:
“It’s always interesting to see where people think we’re going to go next, but for now, that’s not part of our roadmap.”
Robinhood’s approach to stablecoins has largely been through partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings but has not confirmed any specific plans for a stablecoin launch.
@ Newshounds News™
Read more: CryptoSlate
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FULLY FUNCTIONAL RIPPLE STABLECOIN (RLUSD) WILL NOT LAUNCH THIS YEAR: EXPERT
The XRP community is currently abuzz with speculation regarding the imminent release of the Ripple stablecoin, RLUSD. Contrary to widespread rumors, Vet (@Vet_X0), a recognized XRPL dUNL validator and co-founder of the leading NFT marketplace on the XRP Ledger “xrp.cafe,” has clarified that the RLUSD will not be fully functional on the XRPL this year.
Why The Ripple Stablecoin Will Not Be Fully Operational This Year
In a detailed post on X, Vet explains the technical constraints: “Expectation management! RLUSD will either only launch on ETH this year, or they launch also on the XRPL but without the ability to be used in the AMM on the XRP Ledger initially, but with the DEX orderbook. I expect, or rather hope, for the latter.”
Vet further elaborated on the reasons, pointing to the ‘clawback’ feature enabled on RLUSD, which the XRP Ledger currently does not support in its Automated Market Maker (AMM).
“RLUSD is a stablecoin with clawback settings enabled. Tokens with this setting are denied by the XRP Ledger to be used in the AMM. There are amendments in the works to help solving this,” Vet added.
The key amendments cited by Vet include XLS-73 AMM Clawback and XLS-77, which are designed to enhance control over trustlines and restrict the transferability of RLUSD under certain conditions. XLS-73 aims to modify the AMM system to accommodate assets with clawback features, while XLS-77 is intended to allow for a more comprehensive freeze of Trustlines further securing the network against misuse by blacklisted accounts.
“In other words, because the XRPL is decentralized these amendments are impossible to predict when they will come, especially given the fatigue I observed. I love seeing people be excited about things happening on chain via the tracker I made, educating themselves on trustlines and IOUs on the XRPL is exactly where I want attention to go to, as opposed to screenshots of articles, partnerships and secret committee hot air talk,” Vet concluded.
Notably, Ripple Chief Technology Officer (CTO) David “JoelKatz” Schwartz did not dispute Vet’s overall assessment but did provide a clarification on a specific technical point in Vet’s explanation. In a commentary on X, Schwartz noted:
“FWIW, I’m not sure I like the description of XLS-77 as a ‘deeper’ freeze. If anything, it’s less deep. Unless I’m missing something, in any case where XLS-77 makes a difference, an asset that would have been frozen is, instead, not frozen.”
Vet responded to Schwartz’s critique by refining his terminology, acknowledging the complexity of the terms and their implications across the XRPL infrastructure: “Good point…hmmm…in my mind it made sense because the freeze goes beyond the trustline, it includes the payment engine and dex – maybe that’s why ‘deep.'”
Daniel Keller, another well-known figure within the XRP community, sought further clarification if the core statement about the Ripple stablecoin is pure speculation or a fact. Vet confirmed the technical barriers: “Confirmed by the XRP Ledger that it’s not possible. Unconfirmed what way they will go, only ETH or ETH and XRPL but with the AMM restrictions.”
@ Newshounds News™
Source: Bitcoinist
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66th NABE Annual Meeting: Luncheon Address - A View from the Federal Reserve Board
Powell on the Economy Today, "we see the risks to achieving our employment and inflation goals as roughly in balance."
"Our policy rate had been at a two-decade high since the July 2023 meeting. At the time of that meeting, core inflation was above 4 percent, well above our target, and unemployment was 3.5 percent, near a 50-year low. In the 14 months since, inflation has moved down, and unemployment has moved up, in both cases significantly. It was time for a recalibration of our policy stance to reflect progress toward our goals as well as the changed balance of risks."
@ Newshounds News™
Sources: Youtube
Federal Reserve
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KASIKORNBANK LAUNCHES FIRST LICENSED THAI DIGITAL ASSET CUSTODIAN
The new custody service will be just the latest in the bank's new digital asset and AI activities.
Thailand’s Kasikornbank, its second-largest bank by assets, intends to launch orbix Custodian as the country’s first licensed digital asset custodian, Kasikornbank, also known as KBank, announced. orbix Custodian obtained a Digital Asset Custodian license from the Ministry of Finance and will be supervised by the Securities and Exchange Commission (SEC).
The orbix Custodian’s license was granted on Sept. 13 but only announced two weeks later. The business is expected to begin operations in early 2025.
A busy month for digital assets at KBank
The launch of the custody service is the latest in a series of moves Kasikornbank has made in the crypto space. President Pipit Aneaknithi said in a statement:
“This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country's digital industry, in response to government policy to accommodate future changes in the financial sector.”
Kasikornbank owns orbix Custodian through its digital-focused Unita Capital subsidiary. It joins orbix Invest and orbix Technology. The orbix Trade platform is a cryptocurrency exchange that was known as Satang before its acquisition by Unita Capital in October 2023.
orbix Technology offers blockchain infrastructure services. That division was inherited from Satang.
At the beginning of September, orbix Technology launched the Q-Bond project. Q Bonds worth 500 million baht ($15.4 million) were issued on the Quarix blockchain. The bonds have one-year maturity and a fixed interest rate of 2.38%. KBank and state-owned oil and gas company PTT were partners in the issue.
orbix Invest is a digital asset fund manager that launched in July. KBank introduced orbix Reward at the beginning of September as a customer loyalty program for orbix Trade. The customer’s first opportunity to earn an orbix Reward is after completing its Know Your Customer verification.
KBank has its finger in the AI pie too
In addition to its digital asset operations, KBank subsidiary Kasikorn Business Technology Group (KBTC) has joined AI Singapore and Google Research in developing large language models (LLMs) in Southeast Asia in Project SEALD (Southeast Asian Languages in One Network Data). The project was launched in March, and KBTG’s participation was announced on Sept. 24.
The partners are looking to create LLMs in Thai, Indonesian, Tamil, Filipino and Burmese.
@ Newshounds News™
Source: CoinTelegraph
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Japan to potentially lower capital gains tax on crypto in regulatory review
Reclassifying digital assets under the Financial Instruments and Exchange Act could significantly reduce the current 55% tax rate on crypto gains.
Japan’s Financial Services Agency (FSA) is poised to reassess its crypto regulations, potentially reducing taxes on crypto gains and reclassifying digital assets in a bid to foster a more favorable investment environment by 2025, Bloomberg News reported Sept. 25.
The FSA’s upcoming review, which will continue through the winter, will determine whether the existing framework under the Payments Act adequately reflects the evolving role of cryptocurrencies.
Regulatory review
According to the report, the agency may shift the classification of digital assets to fall under the Financial Instruments and Exchange Act. This change could impose stricter investment regulations while also potentially reducing the tax burden on crypto-related profits.
Such a change by the FSA could lead to a significant reduction in the tax rate on crypto gains, which currently reaches as high as 55%. If reclassified as financial instruments, digital assets could be taxed at around 20%, aligning them with stocks and other financial assets.
The local industry has long argued that the high taxation has hindered growth and believes relief in this area will lead to significant growth as it encourages investing.
In addition to tax cuts, the review may also result in the approval of exchange-traded funds (ETFs) containing digital tokens, which would further integrate cryptocurrencies into Japan’s broader financial market.
For years, the FSA has sought to balance promoting innovation in the digital asset space with the need to protect investors. This latest review signals a continued effort to find a middle ground that fosters growth while ensuring regulatory safeguards remain in place.
@ Newshounds News™
Read more: CryptoSlate
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🌍 XRP VS TRADITIONAL BANKING: WHY BANKS ARE EYEING RIPPLE! | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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