Blockchain Touts Digital Passport; Singapore Licenses

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citizen crypto

TRON blockchain founder Justin Sun says KYC and AML solutions will be a “must” in the future so his company has been creating a blockchain-based solution represented in the recently-launched Dominica Metaverse Bound Token (DMBT).

“Minted on the Tron blockchain, DMBT gives holders ‘citizenship’ to the Dominica Metaverse which, per marketing materials, also serves as a government-issued ID for the Commonwealth of Dominica,” reports Decrypt. Read more.

This is similar to a “universal cookie” in digital advertising – but here it’s called a soulbound token or decentralized ID.

more tips:

KYC vs AML: What is the difference? – Dow Jones

you’re talented

Electric Coin’s head of regulatory relations, Gary Weinstein, looks at the growing global battle for blockchain talent and finds Switzerland a worth competitor to the United States. In Forbes, Weinstein explains, “What truly sets Switzerland apart is its vibrant support ecosystem for blockchain companies. This is not limited to financial incentives but extends to an expansive network of reliable partners possessing in-depth know-how of the subject matter. Universities, venture capital firms, solution providers, and law firms have all leaned into blockchain, offering specialized support to startups and established businesses alike.” Read more.

Singapore licensing

The Monetary Authority of Singapore announced yesterday that it had granted a “major payment institution licence for digital payment token (DPT)” services to Also noteworthy – there hasn’t been a new Singapore license since December. “The new development brings the number of crypto-related firms that can offer DPT services, either through the major payment institution licence or standard payment institution licence, to 13.” Read more in The Straits Times.

goodbye Silvergate

Silvergate Capital Corporation and Silvergate Bank are officially in the last days of operation as the Federal Reserve announced an agreement with the failed crypto bank to “cease and desist.” Read the release.

From the consent order: “Within 10 days of this Order, the Company and the Bank shall submit a plan acceptable to the Supervisors that provides for the implementation of the Bank’s voluntary decision to self-liquidate and the orderly wind down of its operations.” Signed on the 23rd of May by Silverate CEO Alan Lane, the Silvergate plan should be in the Fed’s hands today if it isn’t already. Silvergate’s fiat/crypto rails will be missed by an industry under pressure from the U.S. government.  See the 11-page consent order (PDF), too.

stablecoin smacked

The Paxos stablecoin received more bad news yesterday as DeFi lending protocol MakerDAO voted to eliminate $500 million in the Paxos Dollar (USDP) stablecoin from its reserves. CoinDesk estimates this will impact half of Paxos’ supply. Paxos had already taken it on the chin when the New York Department of Financial Services (NYDFS) had forced the company to stop issuing Binance’s stablecoin, BUSD, in February.

On MakerDAO’s reasoning “for booting USDP, [the DAO] argued that holding the stablecoin does not accrue revenues for MakerDAO,” reports CoinDesk.

more tips:

What are stablecoins and why do we need them? – Coinbase

see more tips

Tokenized Funds, The Next Investment Trend? Regulatory Developments in the UK, EU, and UAE – Morgan Lewis

“Tether’s USDT circulation surpasses its $83.2B all-time-high, recovering the – $20B lost after TerraUSD imploded in 2022, even as crypto trading volumes drop” – Bloomberg

Binance to block privacy coins in four European countries – The Block

Increasing number of divorce proceedings involve crypto – Cointelegraph

NFLPA reportedly unable to collect $41.8 million in revenue stemming from crypto connections – Yahoo Sports

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