ChainCatcher news, according to Bloomberg, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the digital asset custody service structure proposed by Bank of New York Mellon can be applied to cryptocurrencies beyond Bitcoin and Ethereum ETFs.Gensler mentioned that the structure proposed by Bank of New York Mellon includes the use of individual crypto wallets, with each wallet having a separate bank account, and prohibits mixing with bank assets. Earlier this week, Bank of New York Mellon acknowledged that it had submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect customer funds in the event of a bank bankruptcy.

ChainCatcher news, according to Cointelegraph, multinational bank Standard Chartered has announced that it will begin offering cryptocurrency custody services in the United Arab Emirates, currently supporting the custody of BTC and ETH.It is reported that Standard Chartered has launched the related custody services in collaboration with the cryptocurrency division of hedge fund Brevan Howard, Brevan Howard Digital. This custody solution has now received approval from the Dubai Financial Services Authority (DFSA), the specialized financial regulatory authority of DIFC.

ChainCatcher news, SEC Chief Accountant Paul Munter stated that the SEC's position on restricting banks from providing crypto custody services remains unchanged.On September 9, Munter reiterated the views of SEC Staff Accounting Bulletin No. 121 (SAB 121) at a banking conference, emphasizing that financial institutions need to record liabilities for custodial crypto assets on their balance sheets. Munter pointed out that although some arrangements do not comply with the standard, the SEC still believes that regulated financial institutions should not provide crypto custody services.ETF Store President Nate Geraci stated on the X platform, "The SEC's position on SAB 121 seems to be unwavering. They are clearly unwilling to allow regulated financial institutions the ability to custody cryptocurrencies."

ChainCatcher news, Deep Custodian Limited has been granted the Hong Kong "Trust or Company Service Provider License (License No. TC009487)", allowing it to legally and compliantly provide clients with custody services for crypto assets including Bitcoin and Ethereum.Deep Custodian Limited stated that it will provide secure and compliant asset custody services for individual and institutional clients through state-of-the-art security technology, ensuring that every transaction can be conducted in a safe and reliable environment.In September last year, Deepcoin Labs was granted the Dubai DMCC license and established a $100 million fund to inject strong momentum and financial support for innovation in the Web3 industry. In January this year, Deepcoin became the seventh global exchange to obtain CODE compliance access to adhere to South Korea's cryptocurrency Travel Rule regulations.It is reported that since March 1, 2018, Hong Kong has officially implemented a licensing system for trust or company service providers, providing a legal and compliant regulatory framework for the independent custody of crypto assets, which is an important foundational system for Hong Kong as a Web3 financial center. TCSP has strict requirements for the IT infrastructure of applicants and operating entities, while inheriting many regulatory concepts from traditional finance, including compliance guarantees, KYC and anti-money laundering measures, as well as the establishment of cold and hot wallet security mechanisms, and the development of blockchain technology, among other stringent requirements.

ChainCatcher news, State Street Corp., headquartered in Boston, announced a restructuring of its digital asset team. Currently, its digital asset department has begun hiring, less than six months after layoffs in the department. It is reported that the bank plans to offer cryptocurrency custody services, a move that reflects State Street's increasing confidence in the digital asset market, as cryptocurrencies and tokenized assets become more integrated into the financial system.

ChainCatcher news, according to Bloomberg, Germany's largest state bank Landesbank Baden-Württemberg plans to collaborate with the cryptocurrency trading platform Bitpanda to provide cryptocurrency custody services for institutional and corporate clients in the second half of the year.

ChainCatcher news, according to the official announcement, the Monetary Authority of Singapore (MAS) has announced amendments to the Payment Services Act (PS Act) and its subsidiary regulations, expanding the scope of payment services regulated by MAS and implementing user protection and financial stability-related requirements for digital payment token (DPT) service providers. These amendments will take effect in phases starting from April 4, 2024. The amendments will bring the following activities under the regulation of the PS Act:Providing custody services for DPT;Facilitating the transfer of DPT between accounts and the exchange of DPT, even if the service provider does not handle the funds or DPT;Facilitating cross-border fund transfers between different countries, even if the funds are not accepted or received in Singapore.In addition, transitional arrangements will be provided for entities currently conducting activities under the expanded scope of the PS Act. These entities must notify MAS within 30 days starting from April 4 and submit a license application within six months from April 4, 2024, if they wish to temporarily continue these activities while MAS reviews their license application. Entities that do not comply with the above requirements will be required to cease activities when the amendments take effect.

ChainCatcher news, Hana Bank has reached a strategic cooperation agreement with the cryptocurrency custody company BitGo, and will provide cryptocurrency asset custody services in the second half of 2024. Currently, BitGo is establishing a legal entity in South Korea and preparing to obtain Information Security Management System (ISMS) certification and Virtual Asset Service Provider (VASP) report.

According to ChainCatcher news, as reported by CoinDesk, CACEIS Bank, the asset services division of Crédit Agricole and Santander, has been registered with French regulators to provide cryptocurrency custody services. According to the regulator's website, CACEIS Bank serves asset management companies such as insurance companies, pension funds, and private equity. (Source link)

ChainCatcher news, according to Bloomberg, Deutsche Bank AG has applied for regulatory approval to provide custody services for digital assets such as cryptocurrencies.David Lynne, head of the bank's commercial banking division, stated that this move is part of a broader strategy for Deutsche Bank to increase fee income from its corporate banking business. It also reflects the efforts of DWS Group, Deutsche Bank's investment division, to expand revenue from digital asset-related products. (Source link)

ChainCatcher news, according to Bloomberg, Nasdaq plans to launch cryptocurrency custody services by the end of the second quarter. Ira Auerbach, Senior Vice President and Head of Nasdaq Digital Assets, stated that Nasdaq is advancing all necessary technological infrastructure and regulatory approval processes.Previously, ChainCatcher reported in September last year that Nasdaq planned to launch institutional crypto custody services, initially offering custody for Bitcoin and Ethereum. (source link)