Two United States lawmakers have criticized crypto accounting guidelines outlined by the securities regulator, arguing it places crypto customers at greater risk of loss. The guidelines came from the United States Securities and Exchange Commission (SEC), which became effective in April last year. The guidelines ask financial companies holding crypto for customers to recognize all digital assets they do not control as a liability. It also states that digital assets should be backed by a safeguarding asset. Crypto companies must show liabilities equal to ALL customer crypto assets, according to SEC's new rule SAB 121 issued in March 2022.@coinbase complied …

A central focus for many in the Web3 community has been improving identity solutions available to consumers. Last year the emergence of soulbound tokens (SBT) introduced a new way for users to define themselves. Although the SBT hype quieted over the last months, they have not disappeared off the scene. On Mar. 1, the SBT protocol Masa Finance announced that it will deploy on the carbon-negative Celo blockchain to create a new identity solution. More than 10 million wallets active in the Celo ecosystem will be able to generate a Masa “Prosperity Passport.” This new Web3 identity solution allows users …

Goldman Sachs’ digital assets unit is reportedly open to bolstering its 70-strong team, despite a massive cost-cutting exercise at the firm last month that will see 3,200 employees clear their desks. Mathew McDermott, Global Head of Digital Assets for Goldman Sachs said the bank remains “hugely supportive” of exploring blockchain applications and that the digital asset division will hire “as appropriate” this year. The executive made the comments in Hong Kong to Bloomberg last week, noting that the digital assets team has grown from just four staff members in 2020 to around 70 today. The firm’s supposed openness to beef …

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies of the world, collectively known as G20. According to a document summarizing the outcomes of the meeting with finance ministers and central bank governors, the FSB will release by July 2023 recommendations on the regulation, supervision and oversight of global stablecoins, crypto assets activities and markets. The next guidance is expected for September 2023, when the FSB and the …

Galaxy Digital has invested $44 million into an institutional cryptocurrency custody platform to tap into its proprietary asset storage and management capabilities. Mike Novogratz’s cryptocurrency investment firm has completed the acquisition of GK8, which has developed its own patent cryptocurrency custody technology aimed at giving secure asset management for institutional users. The service specializes in providing cold vault technology that allows the execution of transactions without internet connectivity. Its in-house multi-party computation (MPC) vault provides the ability to automate transactions, and the service also provides access to Decentralized Finance (DeFi) networks, tokenization, NFT and trading. A statement from Novogratz highlighted …

The Web3 Domain Alliance, a member-led coalition that aims to provide a standardized framework for Web3 naming services, has announced 51 new members, including Blockchain.com, Rarible, Wyre, Bitdegree, WazirX, and Klever. These firms will help promote the development of the Web3 naming industry and the functioning of Web3 domain registries, according to the company We’re excited to announce that 52 new members are joining the Web3 Domain Alliance including @blockchain, @rarible, @sendwyre, @bitdegree_org, @WazirXIndia, and @klever_io, along with dozens of other naming systems, projects and companies! #W3DA Why this is great news [1/4] pic.twitter.com/rzSlYKYpEh — unstoppable.nft (@unstoppableweb) February 22, 2023 …

German engineering and technology giant Siemens has become one of the first companies in Germany to issue a digital bond on a public blockchain, worth €60 million, with a maturity of one year, in accordance with Germany’s Electronic Securities Act. According to the announcement, the bond was sold directly to investors such as DekaBank, DZ Bank, and Union Investment, without the need for central clearing and paper-based global certificates. Siemens noted that the process enabled transactions to be executed much faster and more efficiently than traditional bond-issuing methods. Siemens emphasized the benefits of using digital bonds over traditional bond-issuing methods …

Digital asset platform Bakkt has announced its plans to shift its focus to B2B technology solutions. The company said it will soon be sunsetting its consumer-facing app, which was designed to give users the ability to utilize their digital assets in different ways. The app, launched in March 2021, offered a user-friendly experience that brought together various digital assets, including cryptocurrencies, loyalty points, and gift cards. Despite the discontinuation of its consumer-facing app, current Bakkt App users will still have access to their crypto and cash holdings through a new web-based platform, available on all devices. According to Bakkt, users …

London-based digital asset protection firm, Coincover, has secured $30 million in a funding round led by Foundation Capital, with a follow-on investment from CMT digital. According to Coincover’s announcement, the funds will be used to scale its operations, drive recruitment, develop new products, and form partnerships to help strengthen the security of the cryptocurrency ecosystem, thereby, providing even more comprehensive protection to businesses and individuals holding digital assets. Coincover was founded in 2018 and launched in 2019 with the aim of providing trust to the digital asset industry. The company already works with over 300 businesses including exchanges, wallets, hedge …

Should people who purchase nonfungible tokens (NFT) be entitled to refunds if they decide they don’t like their digital pictures? Some Europeans are beginning to make that case under a 25-year-old law. Unhappy buyers have claimed that their right to a refund is protected by a 1997 European Union law that requires any person or business engaged in “distance selling” — that is, buying and selling a product that is not done in person — to allow customers a 14-day grace period to return the product for a refund. But since digital goods are different, the law makes provision for …

The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its clients without the proper qualifications. A Jan. 26 Reuters report citing “three sources with knowledge of the inquiry” said the SEC’s investigation has been going on for several months already but accelerated after the collapse of crypto exchange FTX. The investigations by the SEC have not been known previously before as the agency’s inquiries are not public, said the sources. As per the Reuters report, much of the SEC’s efforts in this inquiry are looking …

Crypto proponents would be wise to keep their eyes on nonfungible token (NFT) and metaverse trademark applications this year, which are “reliable signals” of future-use plans. Speaking to Cointelegraph, intellectual property lawyer Michael Kondoudis said while many people may think big corporations are just jumping onto the NFT trend as a novelty, “it is not possible” to register a trademark in the United States with no intention to use it. Despite a relatively low cost for filing an application — ranging from $250 to $350 per class of goods/services — Kondoudis explained when a company submits a trademark application, it …