Fintech PR
IDnow joins consortium aimed at making crypto assets compliant with new EU regulations
System to achieve full compliance of Crypto Asset Service Providers and self-hosted wallets with AML regulations and the Transfer of Funds Regulation
MUNICH, Feb. 13, 2024 /PRNewswire/ — IDnow, a leading identity verification platform provider in Europe, joins a consortium of five partners including the IOTA Foundation, walt.id, SPYCE.5, and Bloom Labs with the goal of making Crypto Asset Service Providers (CASPs) and self-hosted wallets compliant with the European Anti-Money-Laundering Regulation and the Transfer of Funds Regulation (TFR).
The new TFR regulation in the EU mandates that all cryptocurrency transactions will need to carry identifying data of the sender and the receiver. According to the new rule, compliance with TFR is mandatory for all CASPs. Additionally, the new AML Regulation will require all CASPs to comply with similar AML rules as other financial institutions. For example, when a user opens an account and registers a wallet with a CASP, an identification process is required to comply with the new AML Regulation and TFR.
One challenge for CASPs to adhere to the new rules lies in GDPR compliance, as personal identifiable information (PII) should not be stored on blockchains or Distributed Ledger Technologies (DLT). However, to comply with the new regulations, CASPs need to know with whom they are doing business and continuously verify this information.
Raising trust and transparency in crypto asset transactions
To address this challenge, the partners have formed a consortium to propose a system where a trusted party tokenizes an identification process it has witnessed, allowing CASPs to have confidence in this process, without revealing any PII. The resulting soul-bound token (SBT) can be used for blockchain processes, enabling web3 native interactions. Furthermore, the trusted party can reveal the identity information, if requested by an authorized party, such as law enforcement, as well as revoke the SBT, if needed.
Within the consortium, the IOTA Foundation, a non-profit foundation supporting the development of the IOTA protocol, will provide the underlying network as the proposed solution will be implemented on an Ethereum Virtual Machine (EVM)-compatible IOTA Smart Contract Chain. walt.id, a leading open source vendor of decentralized identity and wallet infrastructure, will develop, provide, and maintain the trusted witness service for creating and verifying SBTs like identity proofs, while IDnow will deliver the identity verification solution to onboard users into the wallet solution. Bloom, an all-in-one wallet for the IOTA, Shimmer and EVM ecosystem, will provide the capabilities for users to store, present and prove ownership of the SBT. SPYCE.5, specializing in the integration of hybrid blockchain technologies, will provide the essential infrastructure for seamless interchain communication and transaction validation, ensuring the system’s overall efficiency and regulatory compliance.
Statements
“We are excited to be part of this forward-thinking consortium alongside highly esteemed crypto asset industry players to address a pressing need for crypto wallet solutions that comply with the latest EU regulations. Crypto companies are facing a race against the clock to implement new requirements, which is why we wish to submit this proposed solution to the EU for consideration to address the technological and regulatory challenges around AML, KYC and TFR in crypto,” says Rayissa Armata, Director Global Regulatory and Government Affairs at IDnow.
“We are thrilled to be working with such incredible partners to create a truly seamless user experience and to provide the underlying distributed ledger technology. Identity verification in Web3 environments should be simple and straightforward, without sacrificing privacy or security. As regulatory requirements grow, we need innovative solutions that are easy to use for both businesses and everyday users,” says Dominik Schiener, Chairman of the Board of the IOTA Foundation.
“We have been building decentralized identity and wallet solutions for many clients across various industries, but this project is particularly interesting as it shows new ways of onboarding and verifying users for crypto and DeFi use cases that have traditionally been struggling with regulatory compliance,” says Dominik Beron, Founder of walt.id.
“Bloom is excited to be collaborating with the partners in this consortium. This project will ensure our users and the crypto ecosystem can benefit from a self-hosted wallet that complies with EU regulations,” says Nicole O’Brien, Co-founder of Bloom Labs.
“We’re proud to be part of this groundbreaking consortium, leveraging SPYCE.5’s hybrid chain architecture to navigate the complex landscape of EU regulations. Our innovative approach ensures not only compliance but also maintains the integrity and efficiency vital in the crypto space,” says Holger Köther, Managing Director of SPYCE.5.
About IDnow
IDnow is a leading identity verification platform provider in Europe with a vision to make the connected world a safer place. The IDnow platform provides a broad portfolio of identity verification solutions, ranging from automated to human-assisted from purely online to point-of-sale, each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers one of the broadest identification solutions through a single, integrated platform.
The company has offices in Germany, United Kingdom, and France and is backed by renowned institutional investors, including Corsair Capital and Seventure Partners. Its portfolio of over 900 international clients spans a wide range of industries, and includes leading international players, such as UniCredit, Telefonica, Sixt, Crédit Agricole, BNP, and Munich Re, as well as digital champions like N26, Solarisbank, Younited Credit, Boursorama, Klarna and Tier mobility.
Press contact IDnow
Katherina Riesner
[email protected]
+49 89 41324 6030
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DUBAI, UAE, Sept. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce that it has been granted a full license by the Astana Financial Service Authority (AFSA). This significant milestone enables Bybit to operate as a fully authorized market institution in Kazakhstan, marking another step in the company’s global expansion.
Under full authorization from AFSA, Bybit Kazakhstan will offer a comprehensive range of services, including operating a digital asset trading facility, providing custody, dealing in investments as both an agent and principal, and managing investments. Bybit’s new licensing opens many opportunities for users in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “With this full license, we are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
With this license, Bybit Kazakhstan will now offer various products, including spot and derivatives trading, margin trading, and crypto loans. The Bybit Kazakhstan website, under the domain “bybit.kz,” is scheduled to launch in mid-October 2024. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This new chapter for Bybit in Kazakhstan solidifies the company’s commitment to fostering innovation and growth within the global cryptocurrency landscape. With a fully regulated platform, Bybit is poised to deliver enhanced services that meet the highest standards of compliance and security. Bybit looks forward to building strong relationships with traders in Kazakhstan and across the CIS region, empowering them to navigate the dynamic world of digital assets with confidence.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
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Fintech PR
Crypto Derivatives Market Rebounds Amid Positive Sentiment, Bybit x Block Scholes Report Finds
DUBAI, UAE, Sept. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Block Scholes, a renowned quantitative finance firm, has released its latest crypto derivatives analytics report. The report provides a comprehensive analysis of the crypto market’s response to the Federal Reserve’s recent rate cut and highlights key trends in futures, options, and perpetual contracts.
Following the 50 basis point rate cut on September 18, 2024, both spot and derivatives markets have exhibited positive sentiment. Bitcoin (BTC) and Ethereum (ETH) have seen price increases, while open interest in futures and perpetual swaps remains high. Funding rates have generally been positive, and BTC call open interest has gradually risen. Additionally, the volatility smile has expanded for both BTC and ETH calls, indicating increased investor optimism.
Key Findings from the Report:
- Futures Market: While futures trade volumes have declined, open interest remains resilient, suggesting traders are maintaining their positions.
- Perpetual Swaps: Perpetual swap open interest and trading volumes have remained relatively stable, indicating consistent trader activity.
- Options Market: BTC options activity has favored puts over calls, but open interest for calls is slowly recovering. Implied volatility for short-tenor options has fallen since the Fed’s rate cut, indicating growing bullish sentiment.
Bybit remains committed to providing its users with comprehensive market analysis and tools to help them make informed trading decisions.
For more information and to download the full report, please visit: https://learn.bybit.com/crypto-insights/bybit-x-block-scholescrypto-derivatives-analytics-report-sep-25-2024/
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/crypto-derivatives-market-rebounds-amid-positive-sentiment-bybit-x-block-scholes-report-finds-302261056.html
Fintech PR
NPCI International to Develop UPI-like Real-Time Payments Platform in Trinidad and Tobago
- Agreement signed with the Ministry of Digital Transformation, Trinidad and Tobago
- Marks an important step in expanding India’s digital public goods initiative globally
MUMBAI, India, Sept. 27, 2024 /PRNewswire/ — NPCI International Payments Limited (NIPL) has entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago, to develop a real-time payments platform similar to India’s ‘Unified Payments Interface‘ (UPI). This collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI. This builds on the strong, longstanding bilateral ties between the two countries.
This strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion. By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem. This involves enhancing accessibility, affordability, connectivity with domestic and international payment networks in the times to come and ensuring interoperability.
UPI has emerged as a transformative force in India’s financial landscape, registering nearly 15 billion transactions in August 2024, with an estimated value of USD 245 billion. Through strategic collaborations with foreign central banks and governments, NIPL is committed to advancing India’s digital public goods across the globe.
Speaking on the development, Mr. Ritesh Shukla, CEO, NPCI International, said, “Trinidad and Tobago is taking significant steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated how real-time payments can transform economies, by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”
Spokesperson of Ministry of Digital Transformation, Trinidad and Tobago, said, “It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the Fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash. Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens. We extend sincere thanks to the Central Bank of Trinidad and Tobago, which continues to be a strategic partner and stakeholder in this important initiative. We look forward to the partnership with NPCI International, as we actively seek to transform the existing payments landscape and establish a modern digital payments ecosystem.”
For more details about NPCI International, click here.
For queries: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/npci-international-to-develop-upi-like-real-time-payments-platform-in-trinidad-and-tobago-302260996.html
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