BTC $83,515.32 -1.14%
ETH $2,652.17 -1.82%
BNB $773.51 +0.07%
XRP $1.50 -1.73%
SOL $120.34 -0.91%
TRX $0.3340 +0.23%
DOGE $0.0949 -1.59%
ADA $0.2539 +0.41%
BCH $325.45 -2.09%
LINK $14.00 -1.72%
HYPE $90.52 -3.04%
AAVE $151.19 -3.22%
SUI $1.25 +7.05%
XLM $0.2147 -0.29%
ZEC $1,574.84 -4.36%
AAPL $340.55 +0.05%
AMZN $248.90 -0.30%
GOOGL $342.00 -0.43%
MSFT $516.50 -0.20%
META $734.44 -1.71%
NVDA $224.10 -0.18%
TSLA $370.23 -0.56%
SNDK $1,737.03 -1.96%
INTC $119.54 -3.17%
SPCX $149.02 +0.28%
MU $1,066.65 -2.15%
AMD $620.16 -1.31%
BTC $83,515.32 -1.14%
ETH $2,652.17 -1.82%
BNB $773.51 +0.07%
XRP $1.50 -1.73%
SOL $120.34 -0.91%
TRX $0.3340 +0.23%
DOGE $0.0949 -1.59%
ADA $0.2539 +0.41%
BCH $325.45 -2.09%
LINK $14.00 -1.72%
HYPE $90.52 -3.04%
AAVE $151.19 -3.22%
SUI $1.25 +7.05%
XLM $0.2147 -0.29%
ZEC $1,574.84 -4.36%
AAPL $340.55 +0.05%
AMZN $248.90 -0.30%
GOOGL $342.00 -0.43%
MSFT $516.50 -0.20%
META $734.44 -1.71%
NVDA $224.10 -0.18%
TSLA $370.23 -0.56%
SNDK $1,737.03 -1.96%
INTC $119.54 -3.17%
SPCX $149.02 +0.28%
MU $1,066.65 -2.15%
AMD $620.16 -1.31%

num

All
Article
Flash

first_img UK challenger bank Monument plans to tokenize £250 million in retail deposits

According to CoinDesk, while Wall Street giants like JPMorgan and Citi have processed huge amounts of money through blockchain, tokenized payment services are still primarily aimed at institutional clients and licensed networks. JPMorgan's Kinexys blockchain platform has processed over $3 trillion, and Citi Token Services handles billions of dollars in cross-border payments daily, neither of which is open to regular savings users.The UK challenger bank Monument Bank is attempting to fill this gap. The bank has a balance sheet size of approximately $2.4 billion and plans to tokenize up to £250 million (about $335 million) of retail customer deposits on the privacy public chain Midnight. These deposits will still earn interest, be fully backed by the bank, can be exchanged 1:1 for pounds, and are protected by the Financial Services Compensation Scheme. The project utilizes zero-knowledge proofs to protect customer data and meet regulatory requirements, allowing users to engage without needing to understand or directly use cryptocurrencies.Mintoo Bhandari, founder of Monument Bank, stated that most tokenization projects are currently internal bank projects and have not yet truly allowed retail users to participate directly in tokenization. In the long term, the bank plans to offer fractional private equity, tokenized structured products, and Lombard loans to customers through regular banking applications under compliance, and is considering licensing related infrastructure to other banks through its subsidiary Monument Technology.

first_img The number of registered banks under the EU MiCA has doubled, accounting for nearly 23%

According to an analysis by Cointelegraph of the European Securities and Markets Authority (ESMA) MiCA registration data, the number of banks on the EU MiCA crypto service provider list has doubled from about 40 on June 26 to about 80 on September 16, with the proportion rising from about 17% to nearly 23%, approaching one-quarter. During the same period, the total number of registered Crypto Asset Service Providers (CASP) increased from 243 to 349, but the proportion of non-bank service providers decreased from about 84% to 77%, reflecting a relative shrinkage.Germany is the main driving force behind this round of bank expansion, with several cooperative banks and commercial banks recently appearing on ESMA's MiCA registration list, including Volksbank, Raiffeisenbank, and VR Bank. Germany's largest bank, Deutsche Bank, also announced on Wednesday plans to launch digital asset custody services for institutional and corporate clients in Europe. A spokesperson for the bank told Cointelegraph that regulatory approval under MiCA is expected in October.Unlike crypto companies that need to apply for CASP authorization, banks can provide crypto asset services through the notification procedure stipulated in Article 60 of MiCA, allowing them to bypass the standard CASP authorization process by simply submitting the required information to their national regulatory authority at least 40 working days before offering the service for the first time.

Gate US has obtained the MTL license in Massachusetts, increasing the total number of state-level compliance licenses in the United States to 37

After successfully obtaining the Money Transmitter License (MTL) in Florida in July, Gate US has now received the MTL license in Massachusetts this month. So far, the platform has obtained 37 state-level compliance licenses in the United States, covering 47 states and regions. Areas without licenses can conduct related business without such qualifications. This approval further solidifies Gate US's regulatory foundation in the U.S. market and marks another important milestone in its implementation of a global compliance strategy and deepening localized operations.Massachusetts requires money transmission institutions to meet strict standards in financial condition, compliance controls, and operations. Gate US has met these requirements and has been granted the license. Currently, Gate US has established a comprehensive compliance service system in key jurisdictions such as Massachusetts, Florida, Illinois, Ohio, and Pennsylvania.Globally, multiple entities under Gate have obtained regulatory registrations, authorizations, and related compliance licenses in various countries and regions, including Malta, the Bahamas, Japan, the United States, Australia, and Dubai. In the future, Gate US will continue to uphold the principles of safety, transparency, and long-term development, deepen compliance efforts in the U.S. market, and continuously provide trustworthy digital asset services to global users.

first_img Monument Bank delays retail tokenized deposits due to regulatory issues in the UK

According to CoinDesk, London challenger bank Monument Bank has postponed its £250 million (approximately $330 million) project to tokenize UK retail bank deposits for several months, as the bank has been unable to find a local crypto custodian that meets the Financial Conduct Authority (FCA) standards and can handle zero-knowledge privacy proofs.Mintoo Bhandari, founder of Monument Bank, stated that the bank originally planned to tokenize customer deposits on the privacy public chain Midnight, hoping to launch the world's first tokenized deposits two months ago, but it is now expected to take another two months, with a retail customer launch in November. To meet regulatory requirements, the bank expanded its search for custodial partners to overseas, ultimately finding a Canadian custodian approved by the FCA.Midnight is a privacy-first Layer 1 blockchain project funded by Charles Hoskinson, which keeps customer information within the Monument system through zero-knowledge proofs while allowing the bank to prove compliance on-chain and provide audit records to regulators. Monument Bank announced the project in March this year, planning to offer tokenized private equity, structured products, and automated Lombard loans to "mass affluent" customers with investable assets ranging from £50,000 to £5 million.Bhandari stated that customer deposits will continue to earn interest, fully backed by Monument, and can be exchanged at a 1:1 ratio for pounds, protected by the Financial Services Compensation Scheme (FSCS), with a limit of £120,000 per person or company.
app_icon
ChainCatcher Building the Web3 world with innovations.