The U.S. Treasury Department’s adoption of artificial intelligence (AI) to combat financial crime has led to a massive leap in fraud detection. The treasury managed to recover $1 billion in check fraud in fiscal 2024 alone, nearly three times what it recovered the previous year. Treasury officials credited machine learning AI for the success, which also helped detect and prevent more than $4 billion in fraud overall during the year—a six-fold increase from the prior fiscal year. Renata Miskell, a senior Treasury official, called the impact of AI “transformative,” noting that it has increased their ability to detect and prevent fraud by uncovering hidden patterns and anomalies within vast amounts of data. Treasury officials began using AI to target financial crime in late 2022, following practices already in place by many banks and credit card companies. Unlike generative AI models like ChatGPT, which generate text and images, the Treasury’s fraud detection relies on machine learning, a branch of AI that excels at analyzing data and identifying suspicious activity much faster than humans could. This is crucial for an agency responsible for handling $7 trillion in payments annually, including Social Security, tax refunds, and federal paychecks. With the rise in fraud, particularly during the COVID-19 pandemic, AI has become essential in protecting taxpayer dollars from scammers. The treasury’s efforts come amid growing concerns about AI-related risks in finance. Secretary Janet Yellen and other officials warned that AI could also be exploited by bad actors, posing new dangers to the financial system. However, Miskell clarified that a human always reviews flagged transactions before determining if they constitute fraud, ensuring AI improves fraud detection without replacing human oversight. Miskell added the feds continue to expand use of AI and is working with state agencies to upgrade fraud detection tools, particularly to combat issues like unemployment insurance fraud. The Treasury is not alone in its adoption of AI for financial oversight. In September 2023, the Internal Revenue Service (IRS) announced its own use of AI to identify tax evasion schemes, particularly within hedge funds and law firms.

The U.S. Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, but the appeal does not contest the court’s ruling that XRP is not classified as a security. The SEC submitted a Form C appeal on Wednesday, asking the court to review specific aspects of the July 2023 summary judgment in favor of Ripple Labs. Ripple’s chief legal officer, Stuart Alderoty, clarified on social media that the SEC’s appeal does not challenge the court’s decision regarding XRP’s status, adding that the ruling remains “the law of the land.” Ripple is set to file its own Form C next week in response. The SEC’s appeal primarily focuses on claims that Ripple executives Brad Garlinghouse and Chris Larsen violated securities laws by selling XRP and allegedly aiding Ripple’s violations. The appeal seeks to review the court’s rulings on XRP sales on exchanges and personal sales by the executives. The legal battle between Ripple and the SEC is expected to continue, with the briefing process likely stretching until July 2025, as both parties prepare for further court proceedings. Ripple was fined $125 million as part of its protracted legal battle with the SEC. A federal judge ordered the XRP issuer to pay the fine after finding that its institutional sales violated federal securities laws. The penalty was well below the $1 billion in disgorgement and prejudgment interest, plus $900 million in civil penalties, initially sought by the SEC. In her decision, Judge Torres reiterated her earlier stance that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. The SEC’s attempt to appeal this aspect of the ruling during the ongoing case was unsuccessful. Ripple and the SEC also settled charges involving CEO Brad Garlinghouse and other executives after the interlocutory appeal was denied. A U.S. federal court judge ruled in July that a civil securities lawsuit against Ripple Labs can proceed, denying the company’s bid for summary judgment in a case alleging its CEO, Brad Garlinghouse, violated California securities laws. In the 2017 interview on Canada’s BNN Bloomberg, Garlinghouse stated he was “very, very long” on XRP, but the lawsuit claims this was misleading because he “sold millions of XRP” throughout that year.

Vantage has announced an exclusive event marking its 15th anniversary with prizes valued up to USD 111,000, but only in selected jurisdictions where this kind of bonus is allowed. Going by the name of Vantage First Class Promo, the event includes an array of high-value rewards such as a Mercedes Benz C220, a luxury trip to Japan for two, a Cartier Tank Must watch, and a Leica M11 Monochrom camera. Traders must deposit qualifying amount within the promotion period To participate, eligible traders are required to deposit the qualifying amount within the promotion period and engage in trading key assets such as Forex, Gold, Silver, or Crude Oil. Vantage says the promotion serves as a gesture of appreciation to its traders after 15 years in operation, offering premium gifts and highlighting the company’s ongoing commitment to fostering growth in these markets. The multi-asset broker offers access to Contracts for Difference (CFDs) products covering Forex, Commodities, Indices, Shares, ETFs, and Bonds. “We are excited to offer these exceptional rewards” Lian J, User Growth Director at Vantage Markets, said: “The Vantage First Class Promo is our way of acknowledging 15 years of unwavering support from our traders. We are excited to offer these exceptional rewards as we strengthen our position in economically dynamic regions.” This promotion provides an opportunity for traders to enjoy the benefits of Vantage’s platform while being rewarded for their support. For more details on how to participate, please visit the Vantage App. Terms and Conditions apply. Vantage replaces “signal providers” with “trading strategies” Vantage recently unveiled Multiple Strategies, a major upgrade to its Copy Trading platform that is designed to offer traders a more flexible, intuitive, and knowledge-based trading experience. The FX/CFD brokerage firm is now adding an extra focus to “strategies” on its trade copier, thus allowing clients to choose and copy preferred strategies based on their trading preferences, risk appetite and personal goals. The move contrasts with the typical copy trading platform, which highlights the persona of individual signal providers. The new feature removes the limitation of copying individual signal providers in their entirety. Instead, users can copy a variety of curated trading strategies. With Multiple Strategies: every signal provider can offer up to 10 distinct strategies, each tailored to different trading styles and objectives; copiers can select and follow multiple strategies simultaneously using new pre-set filters, including “Most Copied,” “Highest Annual Return,” “Low Risk and Stable Return,” “High Win Rate,” and “Top Signal Providers”; This update also brings a freshly revamped interface and enhanced capabilities, facilitating the exploration and following of multiple trading strategies. The addition of “Multiple Strategies” follows last month’s announcement that the CFD broker’s copy trading platform now includes up to 10 personalized trading strategies, customizable settlement periods, and the ability to trade using different account types and currencies interchangeably. The updates to the trade copier will allow an ECN account set to INR to seamlessly copy trades from a Swap-free account operating in USD. Vantage has also decided to extend its previous promo code offer. Users can download the Vantage App and use promo code EARN10 to claim their bonus. The enhanced copy trading functionality allows traders to create up to 10 customized strategies, each with unique instruments, methods, and profit-sharing ratios. Users can replicate multiple portfolios from the same Signal Provider, and trading between different account types and currencies is now effortless. Transparent settlement statements are accessible on a daily, weekly, or monthly basis, or for customized periods. Vantage launched multiple copy modes Vantage recently launched multiple copy modes to provide traders with greater flexibility to diversify their copy trades and refine their trading strategies. The retail FX/CFD broker stated its copy trading feature was designed for both those transitioning from traditional 9-5 roles and seasoned traders seeking more dynamic trading methods. The two additional modes cater to various risk appetites: For risk-averse traders who prefer a more controlled approach, the Fixed Lots mode allows them to set a specific volume for each copied trade, aiming for greater consistency. The Fixed Multiple mode is designed for those who wish to dynamically adjust their strategies based on market conditions, enabling them to multiply the original order size by a pre-set factor, providing a tool to manage their risk exposure more effectively. The team has also introduced significant improvements to the interface, broader search filters to pair ideal traders together, and released a new series of video guides to educate their clients.

The Gold price is currently reaching a new all-time high almost every day. Even adjusted for inflation, the breakout has already been realized. Adjusted for inflation (by CPI), a high of USD 2635 was reached in January 1980 (in absolute terms in October 1980). While speculation was very high 44 years ago, there are still no excessive party feelings despite the daily records. Moreover, the Silver price is still trading well below the inflation-adjusted price of USD 154.40… Only the professionals, who are mainly active in the futures market, have large long positions in Gold, which usually call for caution… High long positions can also be seen in the Silver futures market, but we cannot (yet) speak of overheating… Retail investors tend to be invested in ETFs. In China, it can be seen that investments have recently been further expanded to a new record level. However, as this opportunity has only been available since 2015, a comparison with earlier phases is not really meaningful… The situation is different for global ETF investments, where Western retail investors in particular are invested. And although the Gold price is setting new records every day, the number of outstanding Gold ETFs is still around 25% below the record level of 2020… The situation is similar for outstanding Silver ETFs worldwide: Its number is also currently almost 30% below the record level of 2021… Although the long-term sentiment indicator for Gold is in positive territory, it is far from the exuberant sentiment that usually occurs at long-term highs… The sentiment indicator for Silver shows a similar picture. It is far from showing a similar picture as in 2020, when the Silver price more than doubled from its low within less than five months… In precious metals, the Asian markets (China and India) have become a decisive factor. Smart investor action in the Shanghai market shows that accumulation is continuing, but has been very restrained for a few weeks now… Since August 2024, no premium has been paid for physical Gold compared to the western gold price either… In contrast, buyers in Shanghai are still willing to pay a premium of around 6% for physical Silver… Not entirely surprising, as the industry (Solar & Batteries) responsible for the high demand is located in these regions… In short-term trading on Western Gold and Silver exchanges, investors appear to be ready to buy more aggressively again after a few weeks of ‘consolidation’. The after-open action at least suggests this… The same picture can be seen in the short-term Market Pendulum for the Gold market… In Silver, the bears are also passing the ball back to the bulls, which should have a positive effect on prices in the coming days… This can also be seen in the After Open Action, which monitors the activities of professional investors… The fact that the US Dollar was recently able to recover from its ‘cliff’ at the 100 mark had no negative impact on the trend in precious metals. It was more of an ‘adjustment’ to the Gold/Silver ratio… Although the Gold/Silver ratio currently seems very high at 84x, it was already at this level 30 years ago, only to fall to around 60x in the meantime… Can the ratio fall again? Absolutely. The industrial demand for Silver today and in the near and far future is not comparable to that of the 1990s. The Solar industry and possibly the Battery industry (SS battery) play an important role in this. However, it must also be remembered that although many Silver bugs constantly talk about a supply/demand deficit, they ignore the fact that there are several years’ worth of production stored in the world’s vaults. The approximately 1.5 billion ounces of Silver alone theoretically cover an annual supply/demand deficit of 300 million ounces for the next 5 years. And as long as there is no euphoria among Western investors, the willingness to sell these stocks will remain high. This will only change when long-term sentiment improves massively, when euphoria arises among Gold and Silver investors. Then the willingness to sell will fall massively – leading to the typical price explosions. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Clearstream, the post-trade services provider wholly owned by Deutsche Börse Group, has reached a digital issuance volume of €10 billion on its digital post-trade platform, D7. The milestone comes to show how the industry is moving towards a fully digitized post-trade ecosystem, which also calls for a transitory solution after the DLT ECB trials, the company argued. Clearstream’s D7 digitizes entire post-trade value chain With up to 15,000 new digital issuances added on a weekly basis, Clearstream’s D7 is capable of digitizing the entire post-trade value chain. D7 already processed over 250,000 digital issuances. Several financial institutions have already gone the digitization route, including the issuance of structured products and debt instruments without major implications to their existing tech stack, the firm claims. For example, Germany’s promotional bank, KfW, used D7 for the issuance of its two latest EUR benchmark bonds as central register securities in June (€4 bn, 3ys) – increased to a volume of €5bn in September – and October (€3bn, 7ys). Clearstream participates in ECB trials for wholesale CBDC Additionally to the abovementioned milestone, Clearstream’s participation as DLT Market Operator in the European Central Bank (ECB) trials and experiments comes as another signal to the industry. The ECB is exploring the potential of new technologies for wholesale digital payments targeting a Central Bank Digital Currency (CBDC). Recent successful live DLT transactions on D7 involved market players from across Europe, such as DekaBank, DZ Bank, Eurex Clearing, JP Morgan, NatWest, the German state of Saxony-Anhalt and the German central bank, Deutsche Bundesbank. “Towards a fully digitized post-trade ecosystem” Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, commented: “Reaching €10 billion in issuance volume plus the large number of securities already issued on our D7 platform not only reflect our clients’ commitment and trust placed but also highlight the transformative potential of scalable digital solutions in enhancing market efficiency and liquidity. We are excited to continue our journey towards a fully digitized post-trade ecosystem, leveraging cutting-edge technologies to deliver real value-add to our clients and the financial markets overall.” “The ECB trials have been very successful so far and the experience gathered has been invaluable. Clearstream calls for a frictionless lead-over of the proven trial infrastructure into a transitory solution. This would serve as the nucleus for developing a stable long-term solution to advance a competitive digital financial ecosystem in Europe.

The U.S. Commodity Futures Trading Commission (CFTC) is challenging a federal judge’s decision that allowed Kalshi to list election-related contracts. In a brief filed to an appellate court, the CFTC’s attorneys argued that the judge overseeing the case had “erred” by ignoring key definitions under the Commodity Exchange Act. The case began when Kalshi sought approval to list contracts related to the 2024 election. The CFTC rejected the application, citing concerns that election contracts resembled gaming transactions, which are restricted. However, the district court ruled in Kalshi’s favor and prevented the CFTC from intervening. In response, the CFTC has now taken the matter to the appellate court, reiterating many of its original concerns. Kalshi has since listed contracts tied to the 2024 election, including bets on the presidential race and various state contests. The CFTC’s filing states that these contracts mirror gaming activities, a point of contention between the two parties. Kalshi also faces another battle as the CFTC considers a new rule that could ban regulated entities from offering contracts on political contests due to concerns over election integrity. A growing number of industry leaders across the crypto and fintech sectors, including companies like Gemini, Crypto.com, and Robinhood, as well as influential blogger Scott Alexander, have voiced strong opposition to the proposed rule change that could ban political prediction markets. Coinbase Chief Legal Officer Paul Grewal also warned that the proposed rule could ban a wide range of prediction contracts, such as those involving Nobel Prizes or the Oscars, without clear reasoning. Grewal noted that the broad definition of “gaming” in the proposal could have unintended negative effects on emerging markets regulated by the CFTC. While the court proceedings continue, Kalshi is one of only two U.S.-regulated prediction markets, with its rival, Polymarket, dominating the crypto-based election betting space. Polymarket, which operates on the Polygon network, has garnered nearly $2 billion in bets on U.S. political events since its launch in 2020. Election betting markets, like those offered by Kalshi and Polymarket, have been lauded by some experts as more accurate than traditional polling. Rutgers University statistics professor Harry Crane argued that there is no significant evidence of manipulation or misuse in such markets. Kalshi currently pegs Donald Trump’s chances of winning the U.S. presidential election at 55%, with Kamala Harris trailing at 45%. Meanwhile, Polymarket’s bettors are more optimistic about Trump, giving him a 58% chance compared to Harris’s 41%. Both platforms also track the odds of low-probability outcomes, including potential victories by third-party candidates.

Euroclear has acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator founded in 2021 by SGX Group and Temasek. Marketnode is Asia-Pacific’s leading DLT-powered financial infrastructure platform, operating two key platforms: Gateway, a tokenization-focused platform, and Fundnode, a blockchain-powered solution for fund transaction management and record-keeping. By partnering with Marketnode, Euroclear plans to simplify fund management and settlement times using advanced technologies and also strengthens its Euroclear FundsPlace platform offering in the APAC region. “Expertise and access to a wider ecosystem” Philippe Laurensy, CEO of Asia Pacific markets at Euroclear, commented: “Partnering with Marketnode demonstrates our shared commitment to developing a new generation of funds market infrastructure by leveraging Euroclear’s global footprint, established fund infrastructure, and digital capabilities. This first strategic investment in Asia also reinforces the region’s importance to Euroclear’s positioning and business growth. We are excited to join Marketnode’s pioneering journey in the rapidly growing area of digital assets and support the company’s international service expansion.” Rehan Ahmed, CEO of Marketnode, said: “We are excited to welcome Euroclear as a strategic investor. Euroclear’s global connectivity, operational expertise, and market-leading position as a trusted financial market infrastructure will catalyze the growth of Marketnode’s platforms, especially Fundnode. It is also our privilege to be Euroclear’s first strategic investment in Asia, reflecting a strong endorsement of our trajectory and achievements to date. We look forward to building the next generation of financial market infrastructure out of Asia, working together with Euroclear, HSBC, Temasek, and our clients to realize our mission and vision.” Pradyumna Agrawal, Managing Director, Investment at Temasek, said: “With Euroclear coming on board, Marketnode’s efforts and potential in further developing the global digital infrastructure space are being recognised. Euroclear’s partnership will provide Marketnode with expertise and access to a wider ecosystem, reinforcing Singapore’s position as a leading financial hub for funds. As one of Marketnode’s founding shareholders, we look forward to witnessing their continued success and welcome more like-minded investors to join this journey.” HSBC also invested in Marketnode In May, Marketnode closed a Series A investment round led by HSBC alongside contributions from existing shareholder Temasek. The investment will be used to scale Marketnode’s platforms and realize the shareholders’ ambitions to develop a multi-asset ecosystem, starting in Asia-Pacific. Since 2020, HSBC and Marketnode have co-developed a digital market infrastructure spanning credit, funds, and structured products. Marketnode and HSBC have jointly participated in MAS’s Project Guardian initiative, Singapore’s fund settlement infrastructure Fundnode, and several digital bond initiatives. The investment enables Marketnode to collaborate with the financial services industry to scale infrastructure across key asset classes such as digital fixed income and structured products, participating in the upcoming launch of Fundnode, and rolling out other tokenized asset offerings.

Nishad Singh’s lawyers, the former Director of Engineering at FTX, have requested a lighter sentence from a federal judge, pointing out how he cooperated early on with authorities. They believe his help was crucial in building cases against FTX founder Sam Bankman-Fried and executive Ryan Salame. Singh pleaded guilty to six criminal charges, including fraud and conspiracy, back in February 2023. The court filing describes Singh as a “selfless individual” and claims that his involvement in the conspiracy occurred just two months before FTX’s collapse. Following the company’s bankruptcy, Singh voluntarily flew to New York to assist authorities. His cooperation provided critical evidence that helped secure convictions for Bankman-Fried and Salame. Singh’s lawyers noted that while he acknowledges his serious crimes, his limited role and prompt cooperation should be reflected in his sentencing. During Bankman-Fried’s trial, Singh described the luxurious lifestyle they led, including residing in a “super ostentatious” penthouse in the Bahamas. Singh recounted a conversation with Bankman-Fried on the balcony of this penthouse in September 2022, just weeks before FTX’s collapse. Singh testified that he confronted Bankman-Fried about Alameda Research’s financial situation and the $13 billion in borrowed funds that Alameda couldn’t repay. Bankman-Fried acknowledged they were “a little short on deliverables,” which left Singh feeling “blindsided and horrified.” Wang testified that, under Bankman-Fried’s direction, Alameda Research was allowed to withdraw funds even if its account had a negative balance. This revelation was part of the evidence that contributed to Bankman-Fried’s conviction. Sam Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and was ordered to repay up to $11 billion to investors and lenders. He was found guilty in November 2023 of seven criminal counts, including wire fraud and conspiracy to commit wire fraud, as well as conspiracy to commit securities and commodities fraud, among other charges. Singh is due to be sentenced on October 30, while former FTX CTO Gary Wang will face sentencing on November 20. Other key FTX figures, such as Caroline Ellison and Ryan Salame, also received prison terms for their roles in the downfall of the crypto exchange.

AUDCAD currency pair can be expected to rise further toward the next resistance level 0.93000, which stopped wave a of the previous ABC correction 2. – AUDCAD reversed from support zone – Likely to rise to resistance level 0.93000 AUDCAD currency pair recently reversed up from the support zone located between the key support level 0.9155 (which stopped the earlier minor wave a at the start of October, as you can see from the daily AUDCAD chart below), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from the start of September. The upward reversal from this support zone stopped the b-wave of the minor ABC correction 2 from the end of last month. Given the clear daily uptrend, AUDCAD currency pair can be expected to rise further toward the next resistance level 0.93000, which stopped wave a of the previous ABC correction 2. AUDCAD Technical Analysis Report The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Prosecutors are seeking a five-year prison sentence for Ilya “Dutch” Lichtenstein, who pleaded guilty to orchestrating the 2016 hack of crypto exchange Bitfinex, in which nearly 120,000 bitcoins were stolen. Lichtenstein and his wife, Heather “Razzlekhan” Morgan, were arrested in February 2022 and charged with laundering the stolen bitcoins, currently valued at around $7.5 billion. Lichtenstein later admitted to being the original hacker behind the theft. Court documents reveal that the couple laundered 21% of the stolen bitcoins, using sophisticated techniques, including Eastern European bank accounts and bitcoin mixing services, to obscure the origins of the funds. Prosecutors described the operation as one of the most complex money laundering schemes ever encountered by IRS agents. Lichtenstein pleaded guilty in August 2023 to one count of conspiracy to commit money laundering, a charge that carries a maximum sentence of 20 years. Prosecutors highlighted his calculated planning in breaching Bitfinex’s systems and cited his past involvement in cybercrimes, including a $200,000 theft from another crypto exchange prior to the Bitfinex hack. Morgan, who did not know about her husband’s theft until 2020, when she began helping him launder the funds, pleaded guilty to lesser charges and faces a suggested sentence of 18 months in prison. Prosecutors argue that Lichtenstein’s case fits a broader pattern seen in cybercrime, where individuals with early technical expertise engage in increasingly serious illegal activities, often exacerbated by a sense of impunity. They are pushing for a “strong sentence” to deter others and break the cycle of escalating cybercrime. Lichtenstein and Morgan are set to be sentenced on Nov. 14 and Nov. 15, respectively. Both have agreed to forfeit the proceeds of their crimes. Bitfinex could qualify for restitution related to the 2016 hack that saw 119,756 Bitcoin stolen from its platform, according to a recent filing in the case against the hackers. The U.S. government indicated that it is not aware of any other parties that qualify for restitution but is proceeding cautiously to ensure no victims are overlooked. Following the August 2016 hack, Bitfinex spread the loss among its customers by reducing all account balances by about 36% and issued a token called BFX to compensate for the losses. BFX holders could sell their tokens on the market, redeem them at a fixed rate of $1 per token, or exchange them for shares in Bitfinex’s parent company, iFinex. All BFX tokens were redeemed within eight months, and those who exchanged for shares received additional tokens known as Recovery Right Tokens (RRT), which could be redeemed if funds were ever recovered. In terms of how the hack happened and the identity of hackers themselves, it’s still pretty vague despite indicting two Israeli brothers as partially responsible for the attack. All we know is that Bitfinex’s multi-signature accounts were somehow compromised, and the exchange distributed losses amongst all users to the tune of 36% of their balances.  

Elwood has added EDX Markets to its growing list of execution venues accessible via its digital asset trading platform providing comprehensive solutions for institutional digital asset traders and investors. With this announcement, EDX Markets has become the latest marketplace to join Elwood’s newtork of available venues for clients seeking digital asset liquidity. “A centrally cleared crypto trading venue that offers strong pricing and liquidity” Elwood offers tools for electronic trading, portfolio management, risk management, collateral management and connectivity to key ecosystem partners including execution venues, custodians, market data providers and more. Established last year, EDX Markets is a US-based, institution-only spot venue that delivers digital asset trading services and a central clearinghouse that helps manage credit risk and assures daily settlement of all trades. Non-custodial and non-conflicted, EDX has structured its business to minimize risk for its members while providing a diverse array of operational and capital efficiencies. Chris Law, CEO of Elwood, commented: “At Elwood, we are focused on offering one of the most comprehensive trading, portfolio and risk management solutions for digital assets. This includes ensuring connectivity with prominent exchanges in the industry to ensure that our clients have access to the liquidity they need to execute their strategies. We are delighted to welcome EDX Markets to the Elwood platform and look forward to working closely together to provide institutions with the tools they need for efficiently accessing digital asset markets.” Jeanine Hightower-Sellitto, Chief Commercial and Strategy Officer at EDX, said: “We are excited to have joined the Elwood platform and look forward to offering its clients a centrally cleared crypto trading venue that offers strong pricing and liquidity. Elwood’s end-to-end solution and industry-leading technology gives its clients one of the most comprehensive trading tools for digital assets available in the market today and we are thrilled to be joining their network.” EDX Markets tapped Adaptive to develop proprietary central clearinghouse Earlier this week, EDX Markets announced it has partnered Adaptive to develop and deliver, EDX Clearing (EDXC), its an end-to-end proprietary, cloud-native central clearinghouse for its EDX’s institutional crypto marketplace. The software development firm said it worked closely with EDX to design and build its unique clearinghouse system to support all-to-all trading on EDX’s marketplace while reducing settlement risk exposure and providing a superior trading experience. With a central clearinghouse, EDX can independently manage and control the pace and focus of future innovations. Optimized for both simplicity and sophistication, EDX now offers a fully integrated marketplace and clearinghouse that addresses members’ trading, clearing and settlement needs. It took less than five months for Adaptive and EDX to leverage their comprehensive digital asset domain expertise and build the new clearinghouse on Amazon Web Services’ (AWS) cloud, including UX/UI design, end-to-end development, delivery management and SRE. EDXC was designed to reduce transaction costs and risk for members by netting all trades and operating a once-a-day settlement cycle rather than settling multiple times throughout the trading day with multiple counterparties. The platform ensures greater resilience and enables EDX to scale its clearing operations alongside market growth. Key features of the new clearinghouse include: Functionality: An institutional grade clearing and settlement solution with unique features, including core book and risk management functions. User Experience: A web-based clearing portal with an intuitive UI that provides reconciliation, reporting and administrative tools to EDX and its members. Modern Design: Complex functionality delivered through a modern architecture and technology stack running on AWS. Interoperability: Seamless integration with various third-party tools to respond quickly to emerging requirements.

FirstCape, the largest wealth advice and asset management firm in New Zealand, has selected InvestCloud to transform the wealth management experience for advisors and their clients. According to the announcement, the move will redefine how FirstCape delivers financial services, focusing on boosting advisor efficiency and offering a single platform for client engagement, experience, and compliant advice at scale. First Cape was born out of a major merger in New Zealand Formed earlier this year through the consolidation of JBWere NZ, Jarden Wealth, Harbour Asset Management, and BNZ Investment Services, First Cape is now the largest the premier wealth management advisory and asset management firm serving clients in New Zealand. First Cape boasts more than 120 advisors and over NZ$50 billion in assets under management and advice. For this digital transformation, First Cape deployed InvestCloud’s Portfolio Manager and Order Capture solutions for Jarden Wealth. These key components establish the foundation for an enhanced, fully integrated platform that empowers advisors and improves the client and advisor experience. With Portfolio Manager, financial advisors are able to monitor and manage client portfolios with deeper insights, allowing for tailored investment proposals. By streamlining the process, advisors can deliver more accurate and compliant advice at scale, all while maintaining a personalized approach for each client. Order Capture offers a seamless interface for trading across various asset classes. Boosting operational efficiency, Order Capture allows advisors to act faster and focus more on client needs, resulting in a more dynamic, responsive wealth management experience. Future phases of the transformation will introduce enhanced Client & Advisor Experiences and Client Lifecycle Management (CLM) & Onboarding solutions, offering a fully integrated, scalable platform that will strengthen client engagement. Streamlining portfolio management and order execution Christine Mar Ciriani, President of Digital Wealth International at InvestCloud, said: “We are thrilled to see the tangible success of our partnership with FirstCape as they embark on this modular digital transformation. By leveraging our full suite of innovative front-office solutions, we are helping FirstCape create a robust digital backbone that will drive their growth, streamline advisor efficiency, and elevate client experiences. We are committed to supporting FirstCape’s journey as they are the leading wealth management firm in New Zealand.” Malcolm Jackson, CEO of FirstCape, commented: “We formed FirstCape with a stated intention of enhancing our client offering. Integrating InvestCloud’s tools that streamline portfolio management and order execution is part of delivering on that promise. We continue to be focused on providing a complete suite of services tailored to every client’s unique needs at whatever stage of their investment life cycle.”

The Euro is weakening against the US Dollar due to diverging central bank policies, economic outperformance by the US, and increased risk aversion. The ECB is expected to cut interest rates, while the Fed is more cautious. Economic indicators and market sentiment also influence currency movements. 1. Weakening Euro, Strengthening Dollar The Euro (EUR) continued its downward trend against the US Dollar (USD), hitting fresh two-month lows and breaking below key technical levels. This decline was driven by a combination of factors, including diverging central bank policies, economic outperformance by the United States, and increased risk aversion among investors. The European Central Bank (ECB) is anticipated to cut interest rates to stimulate the Eurozone economy, while the Federal Reserve (Fed) is leaning towards a more cautious approach. This divergence in monetary policies creates a favorable environment for the US Dollar. Additionally, the US economy is expected to outperform the Eurozone, leading to a stronger US Dollar. Increased risk aversion among investors often leads to a flight to safety, boosting the demand for US Dollars as a safe-haven currency. The ongoing trade tensions between the United States and China, coupled with geopolitical uncertainties in other regions, have contributed to a heightened risk-off sentiment. 2. Central Bank Policy Divergence The European Central Bank (ECB) is anticipated to cut interest rates to stimulate the Eurozone economy, while the Federal Reserve (Fed) is leaning towards a more cautious approach. This divergence in monetary policies is a key driver of the EUR/USD exchange rate. The ECB’s decision is influenced by below-target inflation and stagnant GDP growth in the Eurozone. The European Central Bank (ECB) is widely expected to cut interest rates by 25 basis points at its October 17 meeting. This would be the second straight interest rate cut by the ECB in a row. With strong confidence that the ECB will cut interest rates tomorrow, investors will pay close attention to the monetary policy statement and ECB President Christine Lagarde’s press conference to get fresh cues on the interest rate outlook. The Fed’s stance is shaped by the US economy’s resilience and concerns about inflation. The US economy is expected to outperform the Eurozone, leading to a stronger US Dollar. However, the Fed remains cautious about inflation risks and is not committed to a specific timeline for future rate cuts. 3. Economic Indicators and Market Sentiment Economic indicators and market sentiment play a significant role in currency movements. The release of UK inflation data, which came in below expectations, put downward pressure on the Pound Sterling (GBP). Meanwhile, the absence of major US economic data releases on Wednesday contributed to a relatively stable US Dollar. Market sentiment is also influenced by factors such as the US presidential election and geopolitical events. The US presidential election is expected to have a significant impact on market sentiment and currency valuations. A Trump victory could lead to increased trade tensions and a stronger US Dollar, while a Biden victory could lead to a more stable international environment and a weaker US Dollar. Geopolitical events, such as the ongoing trade tensions between the United States and China and the conflict in the Middle East, can also impact market sentiment and currency valuations. Increased geopolitical uncertainty can lead to a flight to safety, boosting the demand for US Dollars as a safe-haven currency.   Top 10 Economic Events for this Week ECB’s President Lagarde speech (10/16/2024 19:40:00): This is a high-impact event as it could provide insights into the ECB’s monetary policy stance. EU leaders summit (10/17/2024 00:00:00): This event could have significant implications for the European economy and the euro. ECB Main Refinancing Operations Rate (10/17/2024 12:15:00): This is a high-impact event as it will set the interest rate at which the ECB lends to banks. ECB Monetary Policy Statement (10/17/2024 12:15:00): This is a high-impact event as it will provide details on the ECB’s monetary policy decisions. ECB Rate On Deposit Facility (10/17/2024 12:15:00): This is a high-impact event as it will set the interest rate at which banks can deposit excess reserves with the ECB. ECB Press Conference (10/17/2024 12:45:00): This is a high-impact event as it will provide an opportunity for the ECB to explain its monetary policy decisions. Fed’s Goolsbee speech (10/17/2024 13:00:00): This is a medium-impact event as it could provide insights into the Fed’s monetary policy stance. BoE Monetary Policy Report Hearings (10/17/2024 13:15:00): This is a high-impact event as it will provide an opportunity for the BoE to explain its monetary policy decisions. Retail Sales (MoM) (10/17/2024 12:30:00): This is a high-impact event as it is a key indicator of consumer spending. Gross Domestic Product (QoQ) (10/18/2024 02:00:00): This is a high-impact event as it is a key indicator of economic growth. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 70000.00, former major resistance from July. – Bitcoin broke resistance zone – Likely to rise to resistance level 70000.00 Bitcoin cryptocurrency under the bullish pressure after the earlier breakout of the resistance zone lying between the key resistance level 66290.00 (which stopped the earlier minor impulse wave i in September, as you can see from the daily Bitcoin chart below) and the resistance trendline of the daily Triangle from the start of August. The breakout of this resistance zone accelerated the active short-term impulse wave iii, which is a part of the minor sub-impulse wave 3 of the intermediate impulse wave (3) from the start of August. Given the bullish sentiment that can be seen across the cryptocurrency markets today, Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 70000.00, former major resistance from July. Market News, Tech and Fundamental, Technical AnalysisBitcoin Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Tesla, one of the largest corporate holders of bitcoin, has moved nearly all of its cryptocurrency holdings, valued at roughly $760 million, to unknown wallets. According to data from Arkham Intelligence, this unexpected transfer has led to speculation that the electric carmaker might be preparing to sell its bitcoin. In a series of transactions over the past hour, Tesla moved its bitcoins to seven new addresses. The movement was preceded by six test transactions, making this the first time Tesla has interacted with its bitcoin wallets since selling most of its holdings in 2022. On Tuesday, Tesla’s wallets, which previously held over 11,500 bitcoins, moved the entire amount to unidentified wallets, leaving only about $6.65 worth of BTC behind. The ownership of these new wallets is unknown, raising questions about the company’s intentions with the transferred cryptocurrency. Tesla is currently the fourth-largest holder of bitcoin among publicly traded U.S. companies, following MicroStrategy, Marathon Digital Holdings, and Riot Platforms. Tesla originally made waves in the cryptocurrency world in February 2021 by investing $1.5 billion into bitcoin. At its peak, the company held 43,000 bitcoins, though by Oct. 15, 2024, it reportedly retained only around 9,720 BTC, worth roughly $650 million. However, Arkham estimates that Tesla may hold as much as 11,509 BTC, across 68 addresses, worth $770 million at current prices. Tesla previously sold $272 million worth of bitcoin in the first quarter of 2021, generating $128 million in profit when the cryptocurrency peaked near $62,000. In the second quarter of 2022, the company sold $936 million worth of bitcoin, recording $64 million in gains at the time. Elon Musk initially announced that the company would accept bitcoin payments, but those plans were scrapped soon after due to concerns about the environmental impact of bitcoin mining. While Tesla and Musk’s other companies, such as SpaceX, have bitcoin on their balance sheets, Musk’s personal views on the cryptocurrency have remained somewhat ambiguous. In a July interview, Musk acknowledged that bitcoin had “some merit” but expressed a stronger preference for dogecoin (DOGE).

Hermetica, the innovative fintech company behind USDh, the first Bitcoin-backed, yield-bearing synthetic dollar, has successfully closed its $1.7 million seed funding round. This milestone marks a pivotal moment in Hermetica’s mission to advance decentralized finance (DeFi) within the Bitcoin ecosystem. Key Investors Driving Growth The seed round was led by UTXO Management, a leading investor in the blockchain space, with additional backing from notable firms like CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, and Silvermine. A host of strategic angel investors also contributed to the round, including prominent industry leaders such as Tycho Onnasch, Founder & CEO of Zest Protocol, Robin Obermaier, Founder & CEO of Liquidium, Mithil Thakore, Founder & CEO of Velar, Matt Maduno, Founder & CEO of Arch Network, and GM Chung, Founder & CEO of DeSpread. Accelerating the Expansion of USDh The fresh capital will fuel the continued development and growth of USDh, which is positioned as a key player in the fast-growing stablecoin market. USDh is natively issued on Bitcoin Layer 1 via Runes and Layer 2 through the Stacks network, making it accessible through decentralized exchanges (DEXs). This unique synthetic dollar is designed to bring Bitcoin’s immense value into the DeFi world. With the global stablecoin market doubling year-over-year and now surpassing $160 billion in value, stablecoins account for 50% of all on-chain transactions. USDh is ideally positioned to capitalize on this growth. Despite Bitcoin’s massive $1.3 trillion market capitalization, only 1% of its value is currently locked in DeFi. Hermetica aims to unlock this potential, targeting an untapped $1 trillion opportunity for USDh, offering Bitcoin users a powerful tool to hold and transact in a stable, liquid dollar asset. USDh allows users to remain within the Bitcoin ecosystem while benefiting from a stablecoin that is redeemable for Bitcoin (1 USDh = 1 USD worth of Bitcoin). This unique proposition enables Bitcoin holders to maintain exposure to the cryptocurrency while benefiting from the stability of a dollar-pegged asset, without the need to exit into traditional fiat currency. Hermetica’s Vision for Bitcoin DeFi As the decentralized finance sector continues to expand, stablecoins like USDh are becoming integral to the functioning of DeFi protocols and platforms. “We see stablecoins as one of the foundational pillars of a truly decentralized financial system,” said Jakob Schillinger, CEO of Hermetica Labs. “USDh is designed to be the ideal Bitcoin-backed stablecoin, offering a solution that is capital-efficient, completely independent of the traditional fiat system, and yield-generating. This combination makes it a highly attractive asset for both Bitcoin users and the broader DeFi ecosystem.” Future Developments and Expansion Plans The $1.7 million in seed funding will enable Hermetica to accelerate the integration of USDh across the Bitcoin ecosystem. The company plans to enhance liquidity, forge institutional-grade custodial partnerships, and develop scalable off-exchange settlement solutions that allow users to interact seamlessly with USDh. Hermetica is building on Bitcoin’s foundational security and decentralization to offer a more secure and decentralized alternative to traditional fiat-backed stablecoins. Investor Insights on USDh’s Potential Tyler Evans, Managing Partner at UTXO Management, expressed strong support for Hermetica’s innovative approach, saying, “USDh is a groundbreaking solution for Bitcoin-backed stablecoins. Hermetica’s unique approach to delta-hedging positions USDh as a major contender in the evolving stablecoin landscape. We are thrilled to support Hermetica as they continue to drive innovation in the Bitcoin DeFi space.” Simon Shin, Managing Partner at Ethos Fund, also highlighted the vast potential for USDh in the Bitcoin ecosystem, noting, “Hermetica is unlocking significant value within the Bitcoin network by creating USDh. Their ability to seamlessly integrate stablecoins into Bitcoin’s Layer 1 and Layer 2 networks presents a massive opportunity. We believe USDh will become a fundamental tool for Bitcoin users who are looking for a reliable dollar asset without having to leave the Bitcoin ecosystem.” About Hermetica Hermetica is a forward-thinking team of crypto-native experts with a deep understanding of financial technology and blockchain infrastructure. The team brings experience from established institutions like Kraken and State Street, with a shared goal of creating innovative financial products that leverage Bitcoin’s security, transparency, and decentralization. Hermetica is committed to driving the next wave of financial innovation through Bitcoin-backed assets. To learn more about USDh and how to earn up to 25% APY, visit app.hermetica.fi. About Stacks Stacks is a Bitcoin Layer 2 (L2) solution that brings smart contract functionality and decentralized applications (dApps) to the Bitcoin network. Stacks utilizes Bitcoin as a secure base layer, ensuring security and immutability for decentralized applications. The upcoming Nakamoto and sBTC releases in 2024 will further enhance Stacks by delivering faster transactions and 100% Bitcoin-backed finality. Stacks is the leading Bitcoin L2 solution by developer traction and market cap and aims to unlock the potential of Bitcoin’s $500 billion in passive capital, transforming it into a fully programmable and productive asset. Stacks’ native token, STX, was the first cryptocurrency to undergo an SEC-qualified sale in the United States, marking a significant regulatory milestone. Since the mainnet launch in 2021, the Stacks ecosystem has grown to include over 30 contributing entities, including the non-profit Stacks Foundation, developer tooling company Hiro, as well as Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, Bitcoin Frontier Fund, and more.

South Africa’s Financial Sector Conduct Authority (FSCA) has banned Kabelo Emanuel Mogale for 10 years and fined him R1,015,315.87 ($54,827) for offering financial signals without a proper license. Following an investigation, the FSCA found that Mogale was running under the name “Forex Private Jet Injectors” and giving unauthorized financial advice on Telegram, where he shared forex signals and trading tips. According to the regulator, his actions violated the Financial Advisory and Intermediary Services Act (FAIS Act), which requires anyone providing financial services to have a license. The FSCA concluded that Mogale’s actions, including advising clients on FX trades, qualified as providing financial services. Additionally, the regulatory prob revealed that Mogale failed to cooperate, which violated section 139(2) of the Financial Sector Regulation Act No. 9 of 2017. The FSCA added that providing financial signals without the proper licensing is illegal and constitutes a criminal offence under South African financial sector laws. Signal providers, who often charge subscription fees or take a percentage of trading profits, must have a financial services provider license to operate legally. The FSCA advises investors to be wary of unlicensed individuals offering financial services, especially in the online trading and forex markets. The watchdog urges the public to verify the licensing status of any financial service provider before engaging with them. Forex brokers in South Africa are overseen by the financial sector conduct authority, FSCA, which approves the platforms that can operate within the jurisdiction. The powerful watchdog handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system. The FSCA recently intensified its efforts to enforce compliance among Financial Services Providers (FSPs) with the Financial Markets Act (FMA) of 2016. On March 28, 2024, the FSCA issued a warning against 14 specific FSPs that remain unlicensed to offer derivative trading options, highlighting the risks associated with unregulated financial activities.

Bitnomial has announced the upcoming launch of its new US perpetual futures trading platform, Botanical, following a successful $25 million funding round, led by Ripple. Set to launch in the coming months, perpetual futures will be listed on a multiyear basis by, and subject to the rules of, Bitnomial Exchange, LLC., in addition to being subject to all necessary regulatory approvals, the firm stated. Botanical for perpetual futures, traditional futures, and options Botanical is currently in closed beta, offering an early access program with futures products made available on Botanical to be offered through Bitnomial’s CFTC-registered FCM, Bitnomial Clearing, LLC. Upon launch, Botanical will provide a seamless and compliant platform for trading perpetual futures, traditional futures, and options. Bitnomial also partnered with Ripple to leverage their stablecoin, RLUSD, for the settlement of the perpetual futures. Stablecoin settlement will be made available through Bitnomial’s newly approved derivatives clearing organization, Bitnomial Clearinghouse, LLC. “An alternative to DEXes and VPN-based workarounds” Luke Hoersten, CEO of Bitnomial, said: “We are taking a bold step forward in our mission to provide a regulated and innovative trading experience by launching Botanical, which will provide an alternative to DEXes and VPN-based workarounds common in perpetual trading today. We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the US.” Brad Garlinghouse, CEO of Ripple, said: “Ripple is proud to lead this investment round, supporting a company at the forefront of reshaping the future of the regulated derivatives market. Bitnomial’s approach to bringing offshore trading models into the US derivatives industry presents a significant market opportunity as they establish a compliant derivatives market for digital assets, such as XRP. Alongside their planned use of RLUSD for settlement, Bitnomial is setting a new standard for the industry.” Bitnomial sued SEC over XRP Last week, Bitnomial filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), its chair Gary Gensler, and four other commissioners. The lawsuit alleges that that the agency’s claim of jurisdiction over its XRP Futures product is “inappropriate.” It further argues that the SEC’s classification of XRP as a security led to unjust requirements for Bitnomial’s futures product. According to the court document, the SEC asserted that Bitnomial’s proposed XRP Futures product violated federal securities laws by treating XRP as an investment contract. The SEC reportedly claimed that XRP Futures must be supervised by both the SEC and the Commodity Futures Trading Commission (CFTC). Bitnomial disputes this view, stating that it does not agree with the SEC’s classification of XRP as a security. The exchange claims that because XRP is not a registered security, the SEC’s demands for it to register as a national securities exchange are both unreasonable and unattainable. The exchange pointed out that the Southern District of New York court recently rejected the SEC’s interpretation that XRP is a security when traded on secondary markets. Bitnomial leverages trade surveillance solution from Eventus Also last week, Bitnomial partnered with trade surveillance specialist, Eventus. The exchange sought a comprehensive, scalable trade surveillance solution as the firm has grown extensively and expanded into new products and business lines. The two companies first forged a partnership in May 2021, when Eventus began providing seamless integration of order and execution flow on behalf of two large futures commission merchant (FCM) clients that are members of the exchange. Bitnomial decided to expand on the partnership and deploy Validus following a review of both internal trade surveillance capabilities, which concluded the firm should build on its internal surveillance capabilities. In August, Bitnomial Exchange announced record growth for the quarter ending on June 30 and over $130 million in notional value traded during the first half of 2024, representing a 1,081% increase during the same period in 2023. The Chicago-based exchange offering physically settled Bitcoin futures and options was founded in 2014. Late last year, the CFTC approved Bitnomial’s clearinghouse.

You can read the entire case study here to learn more about the impact. Integrating Autochartist’s advanced technical analysis within SparkMarkets’ platform has empowered traders with actionable insights that are seamlessly accessible. Users can move from signal generation to trade execution faster than ever before, enhancing decision-making and improving trading outcomes. For brokers still on MetaTrader, this is your opportunity to consider the advantages of SparkMarkets for improved integration with advanced analytics and enhanced client engagement. Empowering Traders with Actionable Insights At the core of this integration lies Autochartist’s advanced technical analysis, which delivers real-time insights on market opportunities across various financial instruments, including forex, commodities, stocks, cryptocurrencies and indices. Traders can now receive personalised signals on their selected assets, enabling them to make quicker, more informed decisions. Benefits for Brokers: Custom Alerts and Push Notifications: Traders can subscribe to specific Autochartist signals and receive tailored alerts based on their trading preferences. Push notifications ensure they never miss critical market movements, even offline. Seamless User Experience: Autochartist’s signals are fully integrated into the SparkMarkets interface, making it easier than ever for traders to access actionable data without switching between platforms. Faster Trade Execution: With real-time market data and a shorter analysis-to-execution cycle, traders can respond to opportunities faster, resulting in a more efficient trading process. Engagement and Trading Metrics: 52.23% Increase in trading frequency. 111.07% Growth in trading volumes. 100% Adoption on the mobile app. A Game-Changing Integration for the Trading Industry The deep integration between SparkMarkets and Autochartist marks a step forward in the evolution of web trading platforms. Bridging the gap between analysis and execution, the partnership empowers brokers to offer a more dynamic, responsive trading experience. Brokers can look forward to a host of features suited to all types of brokerage setups. From smaller firms wanting an out-of-the-box working solution to those expecting a range of platform customisation choices, SparkMarkets provides an exceptional choice. This strategic partnership boosts trading efficiency and represents a compelling advancement in the online trading industry. Why wait? Autochartist provides some of the most sought-after analyses in the industry, with the expertise and experience to help your brokerage achieve its goals. Explore the exciting options available and find inspiration to take your brokerage into 2025 and beyond with renewed confidence. About Autochartist Founded in 2002, Autochartist partners with leading online brokers, serving millions of traders across more than 100 countries. Delivering thousands of trade setups, articles, and social media posts daily in over 30 languages, Autochartist is committed to service excellence and market leadership by continuously developing innovative ways to drive broker growth. www.autochartis.com  About SparkMarkets Spark Markets’ unique value proposition lies in its ability to offer a comprehensive brokerage solution that integrates seamlessly with other leading products. This includes a full ecosystem of products designed to work well together, a key differentiator from competitors. Spark Markets also provides advanced, cutting-edge functionality in its products and services and offers features unavailable in other products within the same price range. This integration, functionality, and cost-effectiveness combination sets Spark Markets apart in the trading technology space. www.sparkmarkets.com  The SparkMarkets trading platform is a cutting-edge trading platform designed for modern brokers who prioritise user experience and advanced functionality. Offering a complete, out-of-the-box solution, SparkMarkets delivers an unparalleled trading experience that drives engagement and conversion.

Stablecoins have become one of the most promising applications of blockchain technology, offering a unique balance between the volatile world of cryptocurrencies and the stability of traditional assets. These digital assets, designed to maintain a stable value by pegging to real-world assets or currencies, are now attracting attention from global regulators. As stablecoins gain momentum, so too does the effort to regulate them to ensure financial stability, consumer protection, and the continued development of blockchain technology. The report “Overview of Global Stablecoin Regulation” provides a detailed analysis of how various countries and regions are developing regulatory frameworks for stablecoins. It highlights the importance of striking a balance between fostering innovation and ensuring that these assets do not pose risks to the global financial system. Key Developments in Stablecoin Regulation The journey of stablecoin regulation can be traced back to 2019, when Facebook announced its Libra project, later renamed Diem. This ambitious initiative aimed to create a global digital currency, triggering discussions among regulators worldwide. The potential of Libra to disrupt traditional financial systems led to the first wave of stablecoin regulations. However, the collapse of TerraUSD (UST) in 2022 marked a significant turning point. The collapse, which resulted in substantial financial losses for consumers, underlined the risks associated with algorithmic stablecoins, prompting regulators to take a more stringent approach. The report explains that these two pivotal moments – Libra’s announcement and Terra’s collapse – have shaped the current global stablecoin regulatory landscape. Governments and regulators now understand that while stablecoins offer immense potential, they also carry risks that need to be carefully managed. Types of Stablecoins and Their Regulation The report classifies stablecoins into three main types: Real-World Asset-Linked, Digital Asset-Backed, and Algorithmic stablecoins. Each type faces different regulatory challenges, with the first category being the most widely used and regulated. – Fiat-linked Stablecoins: These stablecoins are backed by fiat currencies like the U.S. dollar or euro. They are the most commonly used and are subject to the most robust regulatory oversight. Many countries require issuers of fiat-linked stablecoins to hold appropriate licenses, maintain a certain level of reserves, and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. – Asset-backed Stablecoins: Backed by assets such as cryptocurrencies or real-world commodities, these stablecoins have received less regulatory scrutiny. However, as they evolve to include more traditional assets, regulators may focus more on this category. – Algorithmic Stablecoins: Following the failure of TerraUSD, this type of stablecoin has fallen out of favor. Many regulators, including those in the EU and the U.S., are considering or have already implemented bans on algorithmic stablecoins due to the risks associated with their complex mechanisms. Regional Approaches to Stablecoin Regulation The regulatory landscape for stablecoins varies significantly across regions. The report highlights key jurisdictions, including the European Union, the United States, the United Kingdom, the United Arab Emirates, Japan, and Singapore, each of which has adopted different strategies. – European Union (EU): The EU has introduced the Markets in Crypto-Assets (MiCA) framework, which provides a comprehensive regulatory structure for stablecoins. MiCA covers both electronic money tokens (EMTs) and asset-referenced tokens (ARTs). The framework sets out stringent rules on reserve management, governance, and supervision, aiming to create a consistent regulatory environment across all EU member states. – United States (US): While the U.S. does not yet have a unified federal framework for stablecoins, it applies existing regulations such as the Bank Secrecy Act. Several proposals, such as the Lummis-Gillibrand Payment Stablecoin Act, are under consideration, with the aim of integrating stablecoins into the existing banking system. The U.S. regulatory approach emphasizes consumer protection and the preservation of the dollar’s dominance in the global financial system. – United Kingdom (UK): The UK has adopted a phased approach, beginning with the regulation of fiat-backed stablecoins. This strategy allows for flexibility and adaptation over time. Unlike the EU’s comprehensive MiCA framework, the UK’s approach focuses on thorough analysis and stakeholder engagement. – United Arab Emirates (UAE): The UAE has emerged as a leader in virtual asset regulation. The Payment Token Services Regulation, set to take effect in 2025, gives the Central Bank of the UAE (CBUAE) authority over dirham-backed stablecoins. The UAE’s regulatory framework distinguishes between domestic and foreign stablecoins, with strict rules on issuance and redemption. – Japan: Japan’s Payment Services Act allows only banks, fund transfer service providers, and trust banks to issue stablecoins. These stablecoins are subject to strict regulations to ensure consumer protection and financial stability. With regulatory clarity now in place, Japan’s stablecoin market, particularly yen-backed stablecoins, is poised for growth. – Singapore: The Monetary Authority of Singapore (MAS) introduced a regulatory framework for single-currency stablecoins (SCS) in 2023. This framework focuses on value stability, requiring issuers to maintain robust reserves and capital. The MAS label for compliant stablecoins aims to build consumer trust and distinguish between regulated and unregulated stablecoins. The Future of Stablecoin Regulation The report concludes that the development of stablecoin regulation is crucial for the future of blockchain technology and the global financial system. Regulators must strike a balance between promoting innovation and ensuring financial stability. Clear, comprehensive regulations will foster trust and encourage the growth of stablecoins while protecting consumers and mitigating risks. As more countries and regions establish stablecoin regulations, the industry is likely to see increased adoption of diverse stablecoin types, particularly non-USD stablecoins. This shift reflects a growing acceptance of digital assets as part of the broader financial ecosystem. However, the success of these regulations will depend on their effective implementation and the continued collaboration between regulators, industry participants, and consumers. In conclusion, while stablecoin regulation is still evolving, the progress made so far suggests a promising future for these digital assets. As regulations become clearer, stablecoins are likely to play an increasingly important role in global finance, offering new opportunities for financial inclusion and economic empowerment.