Liechtenstein-based Bank Frick is launching an institutional cryptocurrency trading platform subsidiary, DLT Markets, Cointelegraph auf Deutsch reported on Feb. 22. According to the bank’s announcement, DLT Markets will provide institutional investors “with fully regulated and secure multi-exchange access to the digital token asset class.” Edi Wögerer, CEO of Bank Frick, declared: “With our spin-off, we are offering institutional clients a unique combination of a fintech company and a bank regulated by the EU[.]” Roger Wurzel, who previously worked in business development at Bank Frick, has been appointed as the CEO of the new subsidiary, the press release reports. The bank’s …
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …
Finland-based cryptocurrency firm Prasos has secured a payment institution license via the Finnish Financial Supervisory Authority (FFSA). The news comes by way of an official announcement via its crypto exchange website on July 12. According to the announcement, Prasos is now the third crypto firm in Europe to secure a payment institution license. According to its website, Prasos operates a crypto exchange, a crypto investment platform, and Bitcoin (BTC) ATMs. Prasos stated that, thanks to its new license, its crypto investment platform Coinmotion is now capable of supporting a payment service in the European Economic Area, which includes EU member …
Dutch bank ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns, according to a report published on May 20 by tech news outlet The Next Web. Per the report, the bank’s senior press officer, Jarco de Swart, said in an email to the outlet that the bank decided not to continue its plans after it “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.” The rumors concerning alleged tests of the wallet first started spreading in January. Still, according …
The state of banking and finance today presents a complex labyrinth that even seasoned bankers struggle to navigate. Despite appearances, there is a method to this madness. As Nobel Prize winners like Muhammad Yunus and Joseph Stiglitz have cautioned in the past: central banking, in particular, has morphed to keep the status quo in check. Or, in the words of Mike Maloney, an expert on monetary history and economics: It is “the biggest scam in the history of mankind.” Maloney reasons that giving a small group of unelected individuals the keys to the monetary printing press will undoubtedly rot away …