ChainCatcher news, Singapore's DBS Bank has launched a new service called "DBS Token Services," which combines tokenization and smart contract capabilities with its existing banking services.According to the statement, the DBS Token Services integrate the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, its core payment engine, and multiple industry payment infrastructures.Additionally, smart contracts enable institutions to programmatically manage the use of funds. Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.Lyn Shun Chong, Head of Global Transaction Services at DBS Bank, stated that the DBS Token Services allow corporate and public sector entities to "optimize liquidity management, streamline operational workflows, enhance business resilience, and open up new opportunities for end customers or end users."

ChainCatcher news, the non-custodial crypto wallet brand SafePal has announced a limited-time commission-free promotion for its Swiss banking channel service within the app. Users who successfully open an account before December 31, 2024, can enjoy 90 days of commission-free deposits and withdrawals, with the fees charged during this period fully refunded to the users' accounts.SafePal launched its compliant Swiss banking channel service in March this year, allowing users to apply for a Swiss bank account licensed by the Swiss Financial Market Supervisory Authority (FINMA) within the SafePal App. This account supports deposits, transfers, currency exchange, and other functions, and applications are currently open to users in over 70 countries and regions worldwide.

ChainCatcher news, Hong Kong virtual bank WeLab announced a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand, with the results expected to be announced in the first half of 2025.It is reported that Lightnet Group has obtained licenses from the Bank of Thailand as well as four other central banks in Asia and Europe. It utilizes artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.WeLab founder and Group CEO, Ronny Tong, expressed his anticipation of the opportunity to establish the third digital bank in Asia and to make it the leading digital bank in Thailand.

ChainCatcher news, Greeks.live analyst Adam released a preview of the major events that Bitcoin investors should pay attention to this week (August 19 to 25). The most important macro event this week is the Jackson Hole Global Central Bank Annual Symposium starting on Thursday.The news related to the yen interest rate hike and the dollar interest rate cut is highly anticipated, as the Bank of Japan and the Federal Reserve will deliver important speeches that will influence the direction of the entire capital market. Several important monetary policy meeting minutes will also be released this week. Here are the daily highlights:On Tuesday (August 20), the Reserve Bank of Australia will release the minutes of the August monetary policy meeting, and Swiss National Bank President Jordan will give a speech.On Wednesday (August 21), 2024 FOMC voting member and Atlanta Fed President Bostic will speak.Thursday (August 22) is the busiest day of the week, with the U.S. releasing the initial jobless claims for the week, and the Federal Reserve and the European Central Bank releasing their monetary policy meeting minutes. The Jackson Hole Global Central Bank Annual Symposium will also kick off on the same day.On Friday (August 23), Bank of Japan Governor Ueda and Finance Minister Suzuki will attend a parliamentary hearing, and Federal Reserve Chairman Powell and Bank of England Governor Bailey will speak at the Jackson Hole symposium.Adam stated that the cryptocurrency market remains weak, but the risk of a crash has been alleviated, and market confidence has somewhat recovered. The implied volatility for major maturities continues to decline, currently at a moderate level, with downward pressure still present this week. The cryptocurrency market has maintained a wide range of fluctuations since March, with Ethereum still performing poorly. Adam suggests that investors consider buying short-term options at appropriate implied volatility levels to bet on the "sell the news" effect of the central bank symposium.

ChainCatcher news, according to Cointelegraph, regarding the Federal Reserve's enforcement action against Customers Bancorp, Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, stated that Customers Bancorp is one of the few banks in the United States that holds a friendly attitude towards cryptocurrency. The Federal Reserve is now controlling the channels through which cryptocurrency companies can obtain banking services, essentially deciding who can open bank accounts and who cannot, thereby limiting the operational capacity of crypto banks.It is reported that the Federal Reserve requires Customers Bancorp to provide a 30-day notice before establishing any new banking relationships with crypto companies, a move that has sparked dissatisfaction within the crypto community.

ChainCatcher news, according to Cointelegraph, Tether CEO Paolo Ardoino stated that the recently approved Markets in Crypto-Assets Regulation (MiCA) by the EU poses not only a threat to stablecoins but also a systemic risk to the entire banking system.In an interview, Ardoino pointed out that MiCA requires at least 60% of stablecoin reserves to be held in EU bank accounts, a regulation that could increase systemic risk. He emphasized that banks operate under a fractional reserve system, making them vulnerable to runs, and mentioned the 2023 Silicon Valley Bank collapse as a warning, believing that this regulation could adversely affect large-scale stablecoin issuers.

ChainCatcher news, cryptocurrency-friendly bank Revolut has obtained a banking license in the UK after more than three years of application.Revolut stated that the London-based company has entered the "mobilization phase" of the Prudential Regulation Authority (PRA), which is designed to allow new banks to operate under restrictions. This approval means it is becoming a mature bank in the UK that has also obtained a license to provide cryptocurrency services.It is reported that Revolut has allowed buying and selling of cryptocurrencies for several years and launched a separate cryptocurrency exchange for experienced traders earlier this year.

ChainCatcher news, according to market news, asset management and banking giant State Street, with an asset management scale of $4 trillion, is exploring the creation of stablecoins and tokenized deposits to settle transfers on the blockchain.State Street is also considering participating in the "Digital Cash Alliance" and looking for settlement options through its invested fintech company Fnality International.

ChainCatcher news, Circle co-founder and CEO Jeremy Allaire expressed concerns about the requirements for stablecoin companies' reserves in MiCA, stating: "Companies in our industry struggle to maintain stable relationships with banks, and MiCA actually introduces a lot of banking risks."It is reported that MiCA requires companies issuing stablecoins pegged to fiat currencies to hold 30% of their cash reserves in multiple EU bank accounts, with this ratio rising to as much as 60% for significant electronic money tokens. Some experts speculate that MiCA II regulations will follow and update the current legislation, adding more provisions regarding decentralized finance.

ChainCatcher news, according to Cointelegraph, the European Banking Authority (EBA) has stated that it will take significant steps to strengthen anti-money laundering (AML) measures, with the travel rule guidelines extending to crypto service providers and intermediaries starting from December 30. This means that crypto asset service providers (CASP) will be subject to the EU's anti-money laundering/counter-terrorism financing (AML/CFT) regime.In addition, crypto service providers and intermediaries will need to declare their multi-intermediary and cross-border transfer policies.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on social media that former Deputy Attorney General Donald Verrilli of the Obama administration stated that U.S. regulators are intentionally "debanking" the cryptocurrency industry: "Despite the urgent need for banking services in the digital asset industry, federal regulators have launched a coordinated effort to debank the industry."

ChainCatcher news, according to Crowdfund Insider, ClearBank has announced that it has been selected by Poundtoken to provide banking services, allowing it to hold its fiat-backed stablecoin reserves at the Bank of England. ClearBank offers secure accounts, real-time clearing, and embedded banking services for financial institutions.It is reported that Poundtoken is the UK's first regulated issuer of a pound stablecoin. The fiat equivalent assets of Poundtoken (GBP) are "held in secure and segregated bank accounts to support a one-to-one exchange for pounds."In addition, ClearBank will also provide real-time transfer services.

ChainCatcher news, according to CoinDesk, the European Banking Authority (EBA) released the final draft of the technical standards for prudential requirements that companies must comply with under the Markets in Crypto-Assets (MiCA) legislation on Thursday. The EBA's standards establish the criteria for stress testing programs and detail the liquidity requirements for reserve assets, as well as the recovery plans that issuers need to develop.The recently published proposal states: "Issuers of asset-referenced tokens need to conduct stress tests based on reasonable financial stress scenarios, and the competent authority will be able to increase the own funds requirements for issuers of asset-referenced tokens based on the risk outlook and the results of the stress tests."This technical standard draft was developed in close cooperation with groups from 27 countries, the European Securities and Markets Authority (ESMA), and the European Central Bank (ECB), among other institutions. MiCA is a comprehensive set of tailored rules designed for the cryptocurrency industry, passed last year. The legislation sets rules for cryptocurrency companies and stablecoin issuers.

ChainCatcher news, venture capitalist Tim Draper, who has invested in Coinbase, Ledger, and Tezos, stated that in light of the situation during the Silicon Valley Bank collapse, startups should start using Bitcoin as a way to hedge against risks.

ChainCatcher news, cryptocurrency payment solution provider Alchemy Pay will launch a brand new Web3 digital bank, providing global Web3 enterprises with a compliant, convenient, and reliable way to open and operate multi-currency accounts, simplifying cash flow within a single account and facilitating seamless conversion between fiat and cryptocurrencies.

ChainCatcher news, according to Cointelegraph, Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), will resign due to recent scandals involving the FDIC.It is reported that during his tenure, Martin Gruenberg pushed to prevent banks from holding crypto deposits or providing banking services to crypto companies. In 2022, he also compared crypto assets to high-risk financial innovations such as subprime mortgages and mortgage-backed securities that led to the 2008 financial crisis in a speech.The FDIC is an independent U.S. government agency that provides insurance for depositors in U.S. commercial banks and savings banks.

ChainCatcher news, according to reports, Hong Kong virtual bank ZA Bank (ZhongAn Bank) announced that it will be the first to provide exclusive banking services to stablecoin issuers, offering ultimate security for their fiat reserves.

ChainCatcher news, according to The Block, Coinbase and Circle are opposing various aspects of the Basel Committee on Banking Supervision proposal, which introduces stricter standards for preferential regulatory treatment regarding banks' exposure to stablecoin risks.It is reported that the proposed requirements determine whether a stablecoin qualifies for the "Group 1b category," which grants preferential regulatory treatment. According to the consultation document, certain standards must be met, including low volatility and sufficient liquidity. The deadline for comments on the document is March 28.Coinbase stated regarding the above requirements: "The committee's choice indicates a desire to strictly limit banks' holdings and thus use of stablecoins." Circle expressed dissatisfaction with the committee's report mentioning that blockchain has "unique risks."

ChainCatcher news, according to CoinDesk, cryptocurrency hardware wallet provider SafePal announced on Thursday a strategic investment in Swiss bank Fiat24, opening a banking gateway for users to pay fees with digital assets and transfer funds to other compliant banks.It is reported that the two companies have launched a Visa card focused on cryptocurrency and in-app banking services, with the USDC stablecoin pegged to the US dollar as the default deposit currency. Users can exchange their held tokens for USDC through Arbitrum. USDC can be stored as US dollars, euros, and Swiss francs for trading and spending. After completing the KYC and login process in the SafePal mobile wallet application for Fiat24, users can establish a personal, fully compliant bank account without paying any account creation or management fees.Additionally, after creating a bank account in the SafePal mobile wallet, credentials will be generated in the form of NFTs on the Ethereum-based Arbitrum network, ensuring that all related transactions are securely and transparently recorded on-chain. The crypto Visa card is also connected to third-party payment platforms such as PayPal, Google Pay, Apple Pay, and Samsung Pay. This Visa card will initially launch in parts of Europe, followed by a rollout in other regions of continental Europe, while the in-app banking gateway will be launched outside the United States and in all non-U.S. sanctioned countries.