This week has witnessed some significant developments within the crypto industry. The respective developments are considered to be beneficial for the future of this sector. As a result of such developments, it is expected that the adoption of this burgeoning sphere would increase in the coming time.
They include the acquisition of regulatory approvals by the top players across the world as well as the initiatives to spread knowledge about crypto as well as blockchain technology. In addition to this, Coinbase’s legal victory and Binance’s cease and desist letter for a Nigerian company are also very important events that occurred this week.
Alchemy Pay Starts Regional Payment Channels in the Philippines to Offer Crypto Purchases
To increase the growth rate of the Philippines-based crypto market, Alchemy Pay has declared the development of regional payment channels dealing with crypto purchases. This move focuses on providing more convenience and accessibility in crypto transfers performed by the people living in the Philippines. As Alchemy Pay leads in offering gateway solutions between fiat and crypto, it is endeavouring a lot to enhance its services within the Philippines.
The current move permits Philippines-based consumers to buy crypto assets with the use of their native fiat currency named Philippine Peso. This simplifies the procedure with the provision of more accessibility. At present, Alchemy Pay is compatible with the entirety of domestic bank transactions within the jurisdiction of the Philippines.
Crypto.com Gets a VASP License from the Bank of Spain
The prominent crypto exchange platform Crypto.com received a Virtual Asset Service Provider (VASP) license from the Bank of Spain. The firm mentioned that it comprehensively reviewed the compliance thereof with the Anti-Money Laundering Directive (AMLD) and other laws related to financial crime for the respective license.
As per its CEO Kris Marszalek, this development displays the firm’s commitment to achieving its top objectives related to compliance. The executive asserted that the platform intends to continue its cooperation with the Bank of Spain to provide a safe and convenient crypto experience to its consumers. In addition to this, license, the crypto exchange has effectively obtained several registrations in Singapore, the US, and Canada.
Binance Crypto Exchange Asks a Nigerian Entity to Cease Its Operations
The top crypto exchange Binance’s CEO Changpeng Zhao has openly made a statement that the platform has officially issued a cease and desist letter. The target of the respective letter is Binance Nigeria Limited. The entity is categorized by Zhao as an unauthorized platform that is running under the name of his exchange.
This announcement was made after a circular published by the Securities and Exchange Commission (SEC) of Nigeria. In that circular, the securities regulator mentioned that Binance Nigeria Limited’s operations are illegal. A Binance spokesperson also clarified that the well-known crypto exchange does not have any link with the Nigerian firm. The spokesperson added that Binance is endeavouring to cooperate with the regulator for further actions.
Ripple Obtains In-Principle Regulatory Authorization from Singaporean Authorities
The popular blockchain platform Ripple has acquired an in-principle regulatory authorization from the Monetary Authority of Singapore (MAS). This approval permits it to provide regulated services and products related to digital payment in Singapore. The respective move enhances the top crypto exchange’s presence within the region. It also plays a significant role in further expanding adoption of the crypto payments-related products.
As per Ripple’s CEO Brad Garlinghouse, the jurisdiction of Singapore is considered to be a driving worldwide financial hub. He is of the view that the country serves as a well-known business gateway in the Asia Pacific. The executive added that the MAS license reaffirms the company’s determination to collaborate with regulators around the world.
OSCE Joins UN to Conduct Training on Kazakhstan-Based Investigations on Crypto and Darknet
The Organization for Security and Cooperation in Europe (OSCE) recently joined the UN Office on Drugs and Crime (UNODC) for an exclusive initiative. The latest endeavour deals with a thorough training session covering crypto and Darknet-related investigations. The respective project intends to assist in the battle against cybercrime amid evolving digital hazards. The training program was scheduled to take place between the 19th and the 23rd of June.
The OSCE Programme Office in Astana provided the training while the Law Enforcement Academy under the Prosecutor General’s Office of Kazakhstan hosted the respective course. The attendees of the course took into account 20 individuals from the Karaganda and Almaty Academies of the Ministry of Internal Affairs as well as those from the Law Enforcement Academy of the Prosecutor General.
Coinbase Gains Legal Triumph in Supreme Court, Creating Precedent for Next Business Disputes
Coinbase, the famous crypto exchange has turned out to be triumphant in its recent legal fight. The US Supreme Court has provided the decision in its support. The respective ruling could additionally put a great impact on the next legal disputes dealing with businesses throughout diverse industries. The court offered a reprieve to the crypto exchange by announcing that a legal case submitted by its consumer cannot move forward until one condition is met.
The condition says that the firm first needs to defend an appeal dealing with a lower court-related ruling. This decision also permits the crypto exchange to keep on doing its endeavours to implement arbitration confronting the putative class action legal case. This legal victory denotes a huge landmark for the crypto market and signifies the significance of arbitration for the resolution of disputes. It also offers an agenda for businesses that go through analogous challenges.
