We have collected the most important news from crypto industry participants over the week.
- Coinbase has received approval from the Bank of Spain to provide cryptocurrency-related services.
- OKX presented its 11th monthly Proof-of-Reserves report.
- Circle launched EURC stablecoin on the Stellar network.
- Bitget announced the listing of the “stable coin” PYUSD from PayPal.
- Binance is considering issuing a yen-based stablecoin.
Coinbase received approval from the Bank of Spain to provide cryptocurrency-related services
Coinbase has received anti-money laundering (AML) compliance registration from the Spanish Central Bank. The solution will allow the crypto exchange to offer a full range of products and services to retail and institutional investors in the country. Previously, Crypto.com and Bitstamp received similar licenses.
The initiative will support Coinbase’s expansion plans in the EU. Previously, the company received registration VASP in Italy, Ireland and the Netherlands.
According to Coinbase, 29% of adults in Spain see cryptocurrencies as the future of finance, while digital assets are the second most popular payment method in the country.
During the week, it became known that Gemini’s operations in the Netherlands would be suspended as of November 17th. Like Binance earlier, the platform’s management cited difficulties in meeting regulatory requirements. Users were advised to withdraw or transfer their assets by the specified deadline.
OKX presented its 11th monthly reserves report
The OKX exchange published its 11th monthly Proof-of-Reserves report, showing $11.2 billion in Bitcoin, Ethereum and Tether’s USDT stablecoin.
Over the past month, the platform has increased its cryptocurrency reserves by $0.8 billion.
The report covers 22 digital assets, including USD Coin (USDC), Dogecoin (DOGE), XRP from Ripple, Solana (SOL) and others. According to the exchange, client funds on the platform are more than 100% secured.
To audit balances, the platform takes a snapshot and uses an encrypted Merkle tree system to protect against unauthorized access.
Circle launched EURC stablecoin on the Stellar network
Circle launched the euro-denominated stablecoin EURC on the Stellar network. Previously, the asset received support from Ethereum and Avalanche.
“EURC can be sent, spent, stored and traded around the world 24/7 through low-cost, near-instant transactions. […] The launch of a stablecoin could radically improve European remittance corridors, cross-border payments, treasury management and humanitarian aid disbursement,” – the statement says.
The company also announced a change in the official names of the “stable coins” USD Coin and Euro Coin to USDC and EURC. The new names correspond to the stablecoin tickers. The issuer noted that it will gradually abandon the old names USD Coin, Euro Coin and EUROC.
Bitget Announces Listing of “Stable Coin” PYUSD from PayPal
Bitget announced the upcoming addition of the stablecoin PayPal USD (PYUSD) to the list of tradable instruments. Representatives of the cryptocurrency exchange explained this step with the desire to ensure uninterrupted work for traders in accordance with legal requirements.
PayPal emphasized that PYUSD is already present in “native cryptocurrencies and is becoming more accessible as the ecosystem grows.”
Previously, support for the coin was added by a number of:
- exchanges (Crypto.com, Bitstamp, Coinbase and Kraken);
- wallets (MetaMask, Ledger and Phantom);
- custodians and institutional service providers (Fireblocks, Copper, Paxos and Fordefi);
- famous DeFi applications.
Binance Considers Issuing a Yen-Based Stablecoin in Partnership with MUFG
Binance and included in MUFG Mitsubishi UFJ Trust and Banking Corporation has agreed to explore issuing a new “stable coin” pegged to fiat currencies, including the Japanese yen.
The infrastructure is expected to use the Progmat Coin platform developed by MUFG. The partners plan to begin operations with the stablecoin by the end of 2024 after receiving the appropriate regulatory approvals, they added.
In August, ForkLog reported that Binance planned to list 34 coins in the first stage of its return to Japan. In November 2022, the company acquired the Sakura Exchange BitCoin cryptocurrency exchange, registered with the local Financial Services Agency.
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