The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission to virtual asset firm M2 to operate a multilateral trading facility from the United Arab Emirates capital.

In an Aug. 16 announcement, the Abu Dhabi-headquartered M2 said the regulatory approval would allow institutional and retail clients in the UAE to “buy, sell and custody virtual assets,”

The M2 platform, which is scheduled to launch later in 2023, has been developed over the past year with a long-term vision to establish “the highest levels of trust, security and integrity in the emerging virtual asset class,” the announcement said.

Once live, the M2 platform will also allow UAE users to buy cryptocurrencies using fiat money, as well as access to derivatives and yield services.

“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets,” said Stefan Kimmel, the CEO of M2.🥳🥳🥳

Remember Nick talking about M2?

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Two private banks in Uzbekistan — Kapital Bank and Ravnaq Bank — acquired approval from the National Agency for Perspective Projects (NAPP) to participate in the digital sandbox of crypto regulation. The banks will issue plastic crypto cards powered by Mastercard.

On August 14, the NAPP reported the approval for Ravnaq Bank to participate in its pilot. Earlier, in May 2023, the Agency confirmed that Kapital Bank would issue its crypto card as well.

According to the release, the Uzbeki crypto card will be called UzNEX, which will integrate a bank account with access to a crypto exchange and automated exchange mechanism.

The current deadline for final customer rollouts of both banks’ crypto cards is the end of December 2023. Kapital Bank and Ravnaq remain two of the three registered participants in the national digital sandbox.

From 2023, the government of Uzbekistan has restricted the provision of crypto services to licensed cryptocurrency firms. The first licenses were granted to local crypto firms in November 2022. Before that, Uzbekistan restricted access to a number of large international crypto exchanges, including Binance, FTX and Houbi due to accusations of unlicensed activity.

The country’s regulatory approach to crypto was initiated by a presidential decree in 2022 when the NAPP was launched to oversee the digital assets industry.

The decree also provided comprehensive legal details related to cryptocurrency mining operations in Uzbekistan.

Things are sure getting interesting in the banking and crypto world, as more comes out about linking the two. 🔥🔥

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https://www.patreon.com/posts/ctgx-oprx-asset-87961459?utm_medium=clipboard_copy&utm_source=copyLink&utm_campaign=postshare_creator&utm_content=join_link

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https://finbold.com/xrp-wiped-18-billion-since-positive-sec-case-ruling-what-next/

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Ripple recently took to X to restate its argument for offering XRP as a bridge currency to fiat. This move comes a month after securing regulatory clarity for XRP from the US court.

In particular, Ripple highlighted the merits of its payment solution for cross-border settlement in a recent tweet. The company mentioned speed, cost-saving, and liquidity as crucial components driving the course. 

The firm noted the role of XRP in addressing the arrowing challenges corporate businesses face concerning intercontinental transactions. 

According to the statement, institutions using Ripple’s On-Demand Liquidity (ODL) product leverage XRP as a bridge asset for diverse government-back money pairs. However, the US regulatory environment haunted XRP for its role in this course. 🎤🎤🎤

Since the US court has judged that XRP itself is a digital asset, Ripple now comes out bold to restate XRP’s use in ODL. Nonetheless, it is worth mentioning that Ripple’s sale of XRP to institutions is still a matter of debate in the US court. 😏😏😏😏

Meanwhile, the XRP community no longer sees that point as a significant hurdle. Bill Morgan, a pro-XRP attorney, reacted to Ripple’s recent tweet to shed light on the pending case. 

Morgan highlighted that institutions using Ripple ODL after buying XRP did so for bridge currency transactions and related commercial reasons. ❗️❗️❗️❗️❗️

The lawyer noted that the institutions could not have acquired XRP solely for the value of XRP to appreciate. 

The lawyer ultimately believes Ripple will successfully appeal the pending court case. He remarked rhetorically:
“How can Ripple not appeal the finding XRP sales to ODL users are investment contracts.”

To Emily’s point! Mic drop! Mel and XRP Lion…🤡🤡🤡🤡

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Here ya go. Official Email saying Upgrade to New Technology for US Banks on September 15

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OPPORTUNITY TO BUY 922B TOKENS OF THE NEW BRICS GOLD-BACKED CURRENCY
https://www.patreon.com/posts/87918038
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https://www.mirror.co.uk/news/us-news/mising-crypto-king-found-chopped-30707060

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https://www.newsbtc.com/crypto/crypto-millionaire-found-dead/

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Stellar has announced that it is investing in MoneyGram International, also known as MGI in short, through its Development Foundation. Stellar Development Foundation, often referred to as SDF, will hail the investment opportunity just 2 years after they executed their commercial agreement.

The reason why their historical collaboration has taken center stage at the moment is because that is the same thing that enabled Stellar to gain access to the future plans of MoneyGram.

Needless to say, they were pretty impressed with what MoneyGram had the potential to do in terms of digital transformation and execution. That gave them the confidence to grab any opportunity which came their way.
Years later and the investment aligns with that historic judgment.

Stellar Development Foundation will now take a more active role in MoneyGram International. Possibly, an even more active role if another opportunity comes to light.

Stellar Development Foundation is now officially a minority investor, courtesy of the private transaction with MDF, short for Madison Dearborn Partners. The investment was rolled out of the Foundation’s own cash treasury.

This makes the investment one of its kind. Another option was to leverage the Enterprise Fund.

MoneyGram will use the funds to expand its digital business, explore the potential of blockchain technology, and find ways to grow the company.

The investment made to MoneyGram International has also granted the Foundation a spot on the Board of Directors. It also has leaders from the financial, technological, and payment industries.

Stellar has called this an exciting time for both companies, adding that there is definitely an opportunity for growth. Stellar and MoneyGram are now looking forward to the utilization of the investment and building more such partnerships in the future with the goal it puts Stellar Development Foundation a step closer to achieving equitable access to financial services.

GO STELLAR! 🙂🙂🙂

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In a groundbreaking move, Amazon, the world-renowned e-commerce titan, has announced a strategic partnership with Ripple, a pioneering cryptocurrency company. This collaboration aims to bring Ripple’s XRP token into the heart of Amazon’s payment operations, potentially reshaping the landscape of global online commerce.

Amazon’s recent decision to adopt Ripple’s technology signifies the increasing acknowledgment and approval of cryptocurrencies as a valid method of conducting financial transactions. This move by the leading industry company can potentially push cryptocurrencies, particularly XRP, into common usage. Additionally, this partnership allows Amazon users to make seamless, speedy, and cost-efficient transactions.

Reactions within the cryptocurrency community to the Amazon-Ripple collaboration have been varied. While specific individuals perceive the partnership as potentially insignificant, referencing the current state of the announcement, others foresee the possibility of additional disclosures emerging soon. The exact details of the arrangement are still veiled in secrecy, creating a space for conjecture and eagerness.

The underlying goal of Ripple Labs is committed: to pave the way for a future where cryptocurrencies seamlessly coexist with traditional fiat money, reshaping global transactions.

Bright prospects lie ahead for Ripple and its native cryptocurrency, XRP. As this partnership sets the stage for a new era of financial interactions, Ripple could emerge as a dominant force in the ever-evolving realm of cryptocurrencies. 😁😁😁

The stage is set, and the world watches this transformative saga unfold to pave the way for a future where cryptocurrencies seamlessly coexist with traditional fiat money, reshaping global transactions. 😂😂😂

“The stage is set!” 🕺🕺🕺🕺
Story by Tronweekly

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Coinbase to sell crypto futures in the US

Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.

Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.

In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.

But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.

The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.

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https://amg-news.com/boom-a-new-list-of-banks-that-are-connected-to-the-qfs-system-or-are-being-connected-qfs-rtgs-trust-the-plan/

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https://www.newsbtc.com/analysis/xlm/stellar-breaks-free-unleashes-new-open-source-disbursement-platform/

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The U.S. Securities and Exchange Commission (SEC) has recently come under scrutiny from members of the House Financial Services Committee (HFSC). These politicians, led by Committee chair Patrick McHenry (R-NC), have expressed concerns over the SEC’s approval of Prometheum, a relatively unknown crypto broker. The Republicans on the Committee have labeled this approval as “shady” and are vocally questioning the timing of this decision, given the broader context of cryptocurrency regulation in the United States.

It’s worth mentioning that during the same month FINRA approved Prometheum, the HFSC held hearings specifically related to the legislation of digital assets.

The goal was to create definitive guidelines for the types of crypto assets over which the SEC would have jurisdiction. SEC Chairman Gary Gensler, who maintains that the current securities laws are sufficient and clearly defined, has used Prometheum’s approval to illustrate that there is a clear route for existing companies to achieve compliance.

As a final note, the HFSC has demanded that the SEC and FINRA disclose all documents and communications pertaining to Prometheum’s approval. They have set a deadline for this disclosure: 5 pm on August 22, which is exactly one week from today.

In this unfolding situation, the HFSC is clearly urging for transparency and clarity, challenging what they perceive to be a dubious approval process by the SEC.

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https://www.theguardian.com/business/2023/jun/09/binanceus-prepares-to-suspend-us-dollar-deposits-and-withdrawals-from-exchange

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https://www.theguardian.com/business/2023/jun/09/binanceus-prepares-to-suspend-us-dollar-deposits-and-withdrawals-from-exchange

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https://www.cnbc.com/2023/08/15/singapore-among-worlds-first-to-agree-stablecoin-crypto-regulation.html

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https://ambcrypto.com/singapore-pushes-into-crypto-regulation-with-stablecoin-framework/

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With OpenAI launching its artificial intelligence (AI) tool ChatGPT, the ensuing hype has given birth to other powerful AI platforms, including Google Bard, which has proven itself useful in cryptocurrency market analysis, including comparisons between assets like Stellar(XLM) and XRP.

As it happens, Finbold asked Google Bard to provide a comparison table on XRP and Stellar, from both a utility and investment point of view, as well as to pick one of them to invest in and substantiate its choice with meaningful arguments, to which it expressed a preference for Stellar.🕺

Specifically, it provided detailed insights on both Stellar and the XRP token but concluded it would rather choose to invest in Stellar, arguing it had “a lot of potential to disrupt the financial industry and provide affordable and accessible financial services to people around the world.”

Furthermore, Bard said it liked the fact that “Stellar is more decentralized,” which makes XRP “more vulnerable to a single point of failure,” as well as that “XLM “has a more community-driven approach,” even though “XRP has a larger and more active community.”

However, it also said a larger, more active community could be a disadvantage “as it can make XRP more susceptible to price manipulation.”🤣

On top of that, Bard said XRP was more scalable than Stellar, making it “a better choice for high-volume applications, such as cross-border payments between banks.” That said, “XRP is more volatile than Stellar, and it is also facing a lawsuit from the United States Securities and Exchange Commission” as the AI tool noted. 🤩

Finally, it observed that “XLM is a newer and more innovative project than XRP.” 🥳🥳🥳

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Binance has asked a court for a protective order against the United States Securities and Exchange Commission, accusing the regulator of undertaking a “fishing expedition” with its discovery requests.

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August 13 update:

Heheh just as we predicted would happen back in December/January, now the industry is attacking the SEC saying it has no legislative authority over crypto, that there is precedent crypto are commodities instead, and that SEC puts the entire crypto industry and stakeholders (meaning all users from retail to institutional to gov 😂) at stake

Naughty naughty Hinman, naughty naughty Criminal Enterprise SEC, let’s go CFTC 🔥🔥🔥

Don’t you just love how this movie is going??? Hehehhe 🍿🍿🍿🍿

Aug 13, 2023: Chamber of Digital Commerce Joins Coinbase in Legal Battle Against SEC

CDC stated it aimed to put an end to the SEC’s attempts to regulate cryptocurrencies without proper legislative authority

https://coinedition.com/chamber-of-digital-commerce-joins-coinbase-in-legal-battle-against-sec/

IMF UN giving power to CFTC https://t.me/QuantumStellarInitiative/20135

XRP Thoingy https://t.me/QuantumStellarInitiative/27274

📱 QSI Channel
📱 Stellar Training

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