• Tue. Feb 27th, 2024

French Bank Gets Crypto License; launch of new crypto products; FSB publishes framework for crypto-asset operations; BITA merges with GBBC | Bakerhosteler

French Bank Gets Crypto License;  launch of new crypto products;  FSB publishes framework for crypto-asset operations;  BITA merges with GBBC |  Bakerhosteler

French bank license to launch crypto services, new crypto products

Written by Christopher Lamb

According to recent reports, one of the largest banks in France recently received its first license for crypto services from the French financial regulatory body, Autorité des Marchés Financiers (AMF). The bank’s crypto unit is now reportedly licensed to provide cryptocurrency custody, trading and sales. An AMF license requires compliance with stricter rules than companies registered only with the AMF in areas including corporate governance, cyber security and compliance.

According to another recent report, Ethereum development firm Gnosis has partnered with a leading global financial services firm to launch the Gnosis Card, a physical debit card that connects to self-custody cryptocurrency wallets, allowing users to “spend fiat-like crypto” in traditional point-of-sale and internet transactions. Gnosis is also reportedly launching a set of developer tools that will allow others to create their own version of Gnosis Card.

In a recent blog post, blockchain development firm ChainLink announced that “ChainLink Cross-Chain Interoperability Protocol (CCIP) has entered the mainnet early access phase on the Avalanche, Ethereum, Optimism, and Polygon blockchains.” According to the blog post, “CCIP is the most secure, reliable, and easy-to-use interoperability protocol for building cross-chain applications and services.” The blog post notes that CCIP “enables protocols to quickly transfer tokens across chains using audited token pool contracts that they manage without writing custom code.” The blog post notes that, among other things, developers, applications and enterprises can use CCIP for cross-chain applications of tokens, lending applications, NFTs, account summarization, gaming, data storage and computation.

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FSB publishes global regulatory framework for crypto-asset activities

Written by Robert A. Musiala Jr

The Financial Stability Board (FSB) recently released a press release announcing the publication of the Global Regulatory Framework for Crypto-Asset Activities (FSB Framework). According to the press release, ”

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BITA Merges with Global Blockchain Business Council

Written by Keith R. Murphy

Through a merger, the BITA Standards Council (BITA) will become an initiative of the Global Blockchain Business Council (GBBC), and BITA members will become members of the GBBC, according to a recent press release. The GBBC is the largest industry association for the blockchain and digital asset communities, and when combined with BITA, it will have more than 500 institutional members across more than 100 jurisdictions and disciplines. BITA focuses on creating open-source, royalty-free data standards in the global supply chain. Following the merger, BITA will continue to work to map, develop, publish and adopt those standards, according to the press release. One focus will be shipment/inventory tracking and tracing. “By combining the scale and expertise of these two organizations, we will help shape a future for Web3 and blockchain,” according to GBBC Chair David Treat.

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