The Canadian federal government is set to launch a consultation on cryptocurrencies, stablecoins, and Central Bank Digital Currencies (CBDCs) as revealed in its new mini-budget. The government's “2022 Fall Economic Statement” released on Nov. 3 by Deputy Prime Minister Chrystia Freeland works as a fiscal update in conjunction with its main yearly budget. The statement included a small section on “Addressing the Digitalization of Money” that outlined the government’s crypto plans. It said the rise in cryptocurrencies and money digitalization is “transforming financial systems in Canada and around the world” and the country’s financial system regulation “needs to keep pace.” …

Global payment giant Mastercard continues supporting cryptocurrency and blockchain startups as part of its fintech accelerator, the Mastercard Start Path program. Mastercard has chosen another seven industry startups for its Start Path program in order to promote the adoption of crypto and blockchain technology, the firm announced on Nov. 3. The new cohort of startups includes the crypto gateway provider Fasset, Singapore’s crypto payment platform Digital Treasures Center and the Colombian stablecoin-focused firm Stable. Mastercard previously partnered with Fasset in July to jointly work on digital solutions to drive financial inclusion in Indonesia. The latest Mastercard Start Path program also …

The Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm. UnionBank has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and trading services for select retail customers, the firm said in a joint announcement on Nov. 2. The new investment and trading feature launches in collaboration with the Swiss crypto technology firm Metaco, with UnionBank going live on Metaco’s digital asset platform Harmonize. UnionBank initially partnered with Metaco for the development of crypto trading services in January 2022. Licensed and …

Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state's central bank. Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services. Circle and Paxos both announced their approvals on Nov. 2, which came a week after the MAS issued two consultation papers on proposals for regulating digital payment token service providers and stablecoin issuers under Singapore’s Payment Services Act (PSA). The PSA was passed by …

Nikolai Mushegian, a co-founder of the cryptocurrency lending platform MakerDAO and the decentralized Dai (DAI) stablecoin, was found dead in Puerto Rico last week. Mushegian died due to drowning after being dragged by sea currents on the Condado beach in San Juan, the local newspaper El Nuevo Día reported. Mushegian had no vital signs by the time his body was rescued. The Condado beach is considered one of the world’s most dangerous places for swimmers, reportedly taking the lives of at least eight people in 2021. The unfortunate event was reported to local authorities on the morning on Oct. 28. …

Chinese central bank governor Yi Gang, in a recent speech at Hong Kong Fintech Week, talked about the progress of their national digital currency called the digital yuan. He outlined the progress and the adoption of the national digital currency. During his speech, Yi noted that the digital yuan is being positioned as an alternative to cash in China, a country with a robust digital payment infrastructure. He added that “privacy protection is one of the top of the issue on our agenda.” He went on to describe the two-layer payment system that would offer controllable anonymity to the users. …

Major cryptocurrency firm BitPay is expanding the scope of supported blockchain networks, preparing to debut payments in ERC-20 tokens on the Polygon network. BitPay and Polygon jointly announced on Oct. 26 the integration of Polygon on the BitPay app, allowing customers to spend Polygon-bridged ERC-20 tokens. The BitPay app is specifically preparing to support payments in tokens like Polygon-based USD Coin (USDC) later this week. USDC developer Circle originally launched the USDC stablecoin on the Ethereum blockchain, bridging it over to Polygon via the Polygon Bridge in June 2022. Polygon USDC is not the only Polygon-bridged token that is coming …

The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and “digital settlement assets” in the country. The Bill, proposed on Oct. 18, suggested would propose “A range of measures to maintain and enhance the U.K.’s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.” The Bill reasserts the U.K.’s intention to become a global cryptocurrency hub, comments echoed by Dr. Lisa Cameron, Member of Parliament and the chairperson of The Crypto and Digital Assets All-Party …

The Monetary Authority of Singapore (MAS) is introducing proposals to better regulate the cryptocurrency industry in the aftermath of the bankruptcy of the Singaporean crypto hedge fund Three Arrows Capital (3AC). The central bank of Singapore has issued two consultation papers on proposals for regulating the operations of digital payment token service providers (DPTSP) and stablecoin issuers under the Payment Services Act. Published on Oct. 26, both consultation papers aim to reduce risks to consumers from crypto trading and improve standards of stablecoin-related transactions. The first document includes proposals for digital payment token (DPT) services or services related to major …

Institutional prime broker platform for crypto assets Coinbase Prime announced on Oct 24th that it had entered into a partnership with MakerDAO — the largest single holder of USDC — to become a custodian of $1.6 billion worth of the stablecoin. The MakerDAO community voted to approve this custodianship which will allow its community to earn a 1.5% reward on its USDC while holding funds with a leading institutional custodian. The program described the following yield schedule for the USDC onboarded by @MakerDAO: • 1% APY on the first 100 million USDC. • 0.1% more APY on each 100 million …

Near Protocol’s in-house stablecoin, USN, recently became undercollateralized, forcing Near Foundation to recommend winding down USN to prevent a situation similar to the Terra (LUNA) and UST collapse. Supporting this move, the Near Foundation opened up a $40 million fund to protect investors and help them cash out of USN with equal amounts of wrapped Tether (USDT.e). On Oct. 24, Near Foundation revealed setting up a $40 million fund, allowing eligible USN holders to redeem their USN tokens on a 1:1 basis with USDT.e. The program was launched after Decentral Bank (DCB), the issuer of NEAR-native stablecoin USN, raised concerns …

Blockchain tech firm Laguna Labs has launched a testnet for its in-development “flatcoin” — a spin-off of stablecoin tokens — pegged to the cost of living rather than a fiat currency or a commodity. In an Oct. 24 announcement, Laguna Labs said that the Nuon flatcoin is unlike tokens tied to fiat currencies, such as the U.S. dollar, as it is pegged to the cost of living via “daily unbiased, authentic, and on-chain inflation data.” The firm said the idea is inspired by discussions and Twitter threads from big players in the space, such as Coinbase CEO Brian Armstrong, ex-Coinbase …