6 October

MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the bloc and imposes reserve requirements on stablecoins that are intended to avoid Terra-style collapses. A separate law on funds transfers requires wallet providers to check their customer’s identity, in a bid to cut money laundering.

The text must also be formally agreed to by lawmakers at the European Parliament and is expected to be published in the EU’s official journal in the early part of next year before taking effect in 2024.”

“SWIFT, a key part of the conventional financial system that helps make cross-border payments between banks, has presented a framework for a global CBDC system, claiming to have solved the challenge of interoperability between different networks. SWIFT said it has carried out transactions between different blockchain networks, using both CBDCs and fiat currencies.

Blockchain networks could be interlinked for cross-border payments through a single gateway. SWIFT’s new transaction management capabilities could orchestrate all inter-network communication.

There have been suggestions, however, that digital currencies in the form of crypto, stablecoins or CBDCs could turn SWIFT into an also-ran.”

Cybercriminals have been using cross-chain bridges, DEXs and coin swaps to obfuscate at least $4 billion worth of illicit crypto proceeds since the beginning of 2020, Elliptic researchers reported.

Around a third of all stolen crypto, or roughly $1.2 billion, has been laundered using coin swap services that allow users to swap assets within and across different networks without having an account. The Ren bridge was mentioned as a top choice for crypto laundering with the vast majority of illicit assets, or more than $540 million, passing through it.

Wallets connected to groups eventually sanctioned by the United States — including those used by North Korea to perpetrate multi-million-dollar cyberattacks — have laundered more than $1.8 billion through such techniques.”

“Hamilton Lane plans to give qualified U.S.-based investors access to funds providing exposure to direct equities, private credit and secondary transactions, which will be tokenized via Securitize’s digital transfer agency.

The aim of tokenization is to make private market investment available to a broader set of investors. Private-equity investments are generally accessible only to institutional or ultra-high-net worth investors.”

The council is made up of seven notable Bored Ape collectors tasked with providing feedback to Yuga Labs and uplifting community-driven projects. Yuga mentions commercial products, meetups and charitable endeavors as some potential use cases for the council to boost.

The council, and future councils to come, puts a more formal, efficient and consistent process in place for Yuga leadership to get community feedback and advice on an ongoing basis.”