Coinbase Won Crypto Futures US, UK to Enforce FATF Travel Rule, Singapore's Stablecoins Regulatory Framework, and Scorechain supports Celer Bridge
Coinbase Won Crypto Futures Approval in U.S.
Coinbase, a prominent cryptocurrency exchange, has achieved a significant breakthrough by receiving approval to offer crypto futures trading within the United States. This regulatory milestone, granted by the National Futures Association (NFA), marks a historic moment not only for Coinbase but also for the broader cryptocurrency sector.
The approval enables Coinbase Financial Markets to operate as a Futures Commission Merchant (FCM), a pivotal step in introducing futures trading to its platform alongside traditional spot trading. This move makes Coinbase the pioneering crypto-first platform to provide regulated and leveraged crypto futures trading, showcasing the company's commitment to innovation and adapting to evolving market demands.
After a journey spanning nearly two years since its initial application in September 2021, Coinbase's perseverance reflects the growing acceptance and integration of cryptocurrencies within the established financial framework. The endorsement from NFA underscores the industry's progress toward a more comprehensive regulatory environment.
UK to Enforce FATF Travel Rule in September 2023
The Financial Conduct Authority (FCA) of the United Kingdom has reaffirmed that as of September 1, crypto asset businesses within the country will be required to comply with the Financial Action Task Force (FATF) Anti-Money Laundering and Counter-Terrorist Financing rules, commonly referred to as the Travel Rule. This development aligns the UK with standards established by the FATF back in 2019.
Under the Travel Rule, virtual asset service providers (VASPs) are obligated to share customer information during transactions, a measure aimed at facilitating the identification of potentially suspicious activities. The enforcement of this rule will encompass the sending and receiving of crypto assets both within the UK and in jurisdictions that have already integrated the regulation. Notably, even when collaborating with third-party vendors, crypto businesses are expected to ensure compliance.
By mandating adherence to the Travel Rule, the UK is taking a proactive step to strengthen its anti-money laundering and counter-terrorist financing measures in the cryptocurrency sector. This move aligns with international efforts to enhance financial security and transparency within the digital asset realm. As the September 1 deadline approaches, UK crypto businesses are gearing up to implement the necessary protocols to meet these regulatory standards, further contributing to the legitimacy and credibility of the cryptocurrency industry.
Singapore Introduced Regulatory Framework for Stablecoins
Singapore's central bank, the Monetary Authority of Singapore (MAS), has updated the regulatory framework designed to enhance stability for single-currency stablecoins (SCS) operating under the city-state's regulations.
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The framework, announced on August 15, is specifically tailored for non-bank issued stablecoins that are pegged to the value of the Singapore dollar or other G10 currencies like the euro, British pound, and United States dollar. It comes into effect when the circulation of such stablecoins exceeds 5 million Singapore dollars (approximately $3.7 million).
The move showcases Singapore's commitment to fostering a secure and conducive environment for digital financial innovation. By addressing the unique characteristics and risks associated with single-currency stablecoins, the MAS aims to bolster consumer protection, ensure financial resilience, and prevent any potential disruptions to the broader financial system.
As the framework takes effect, stakeholders within the digital currency realm will closely monitor its implementation and impact, while observing how it influences the development of stablecoin projects in Singapore and potentially beyond.
Scorechain’s AML Compliance solution Now Supports Celer Bridge Protocol
Scorechain has expanded to encompass Celer Bridge, a multi-chain interoperability protocol that allows users to bridge assets and arbitrary messages across different blockchains. You can now follow all the coins swapped through this protocol across a wide range of blockchains including Ethereum, BSC, Polygon, Avalanche, Arbitrum, Fantom, Moonriver, Optimism, and more. This extension enables users to actively monitor and track transactions in real time, thereby strengthening risk assessment capabilities and mitigating potential threats linked to the Celer Bridge Protocol.
Users can easily get insightful data concerning cross-chain transfers, including on Celer Bridge Protocol, encompassing details such as sender and recipient addresses, involved crypto assets, transaction amounts, and the twin transaction, empowering users to trace funds across multiple blockchains.
If you are looking for Blockchain AML & Compliance solution to enhance your compliance strategies, we encourage you to request a demo without hesitation.
About Scorechain?
Scorechain provides a blockchain analytics and transaction monitoring platform for crypto assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 45 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.
Scorechain’s platform provides identifying data and risk assessment for 30+ blockchains. The platform connects to different sources and block lists to provide risk scoring on crypto assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and is fully customizable to fit all jurisdictions. Customers can monitor infinite possibilities of risk scenarios with a wide range of parameters provided so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.