News list for " crypto escrow"
Japan's Financial Services Agency (FSA) is considering introducing a new regulatory regime that would make it mandatory for digital asset custodians and transaction management service providers to register with authorities before offering services to crypto exchanges. According to Nikkei coverage, the issue was discussed at a Financial System Commission working group meeting on Nov. 7. The new rules are designed to close existing regulatory gaps and prevent security incidents like the 2024 DMM B...
A court filing revealed that troubled digital asset custodian Fortress Trust (recently renamed Elemental Financial Technologies Inc.) is on the verge of bankruptcy, with a serious gap between its assets and liabilities. Nevada regulators issued a cease-and-desist order to the custodian on October 22, saying that Fortress' current liquidity position was "completely unable to meet customer reimbursement obligations".
The New York State Department of Financial Services (NYDFS) has released new guidance on how licensed cryptocurrency custodian entities (VCEs) should structure custody to ensure that the actual ownership of digital assets remains with the customer, even in the event of a breach.
Digital asset infrastructure firm Taurus (whose clients include Deutsche Bank and State Street) has launched the first private stablecoin contract for Financial Institution Groups and enterprises, aiming to address the concerns of users who are hesitant to use stablecoins due to privacy concerns. Built on the privacy-conscious Aztec Network (powered by a16z), the contract combines zero-knowledge privacy protection with compliance features designed with reference to the USDC model, including feat...
Ripple announced the launch of a crypto custodian service designed to help banks and fintech companies store digital assets. These new features include integration with Ripple's XRP Ledger blockchain platform, anti-money laundering risk monitoring, and a user-friendly interface. Ripple hopes to expand its business beyond its core payment settlement platform, RippleNet, with this move. The company's Ripple Custody brand will offer customers the ability to tokenize real-world assets and allow for ...
According to Bloomberg, citing people familiar with the matter, cryptocurrency custody and trading firm Bakkt is considering a sale or spin-off among numerous strategic options. Bakkt sought the help of a financial advisor to make the decision, though a decision has not yet been made officially. Bloomberg added that the company will likely remain independent. Bakkt offers institutional-grade services such as custody and trading. Despite a 15 percent drop in trading volume, the company still achi...
