U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has proposed a joint US-UK digital securities sandbox. She noted that the U.S. and UK are ideally positioned for this initiative, emphasizing that this collaboration would benefit innovators, regulators, and consumers in both countries. Hester Peirce Pushes for US-UK Collaborative Financial Sandbox U.S. Securities and Exchange […]
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Disney to Acquire $1.5 Billion Stake in Epic Games, Aims to Create Joint Metaverse
Disney, one of the biggest entertainment companies, has decided to acquire a .5 billion stake in Epic Games, makers of the known persistent metaverse platform Fortnite. The companies will collaborate to develop a metaverse featuring Disney-owned intellectual properties (IPs) which will benefit from interaction and coexistence with Fortnite. The Disney Metaverse Is Coming Disney is […]
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Standard Chartered’s SC Ventures Partners With SBI to Establish Digital Asset Joint Venture in UAE
Standard Chartered’s ventures arm, SC Ventures, and Japanese conglomerate SBI Holdings are collaborating to establish a digital asset joint venture in the United Arab Emirates (UAE). “The joint venture will focus on investing in companies across the digital assets spectrum including market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse,” SC Ventures described.
SC Ventures Collaborates With SBI Holdings
SC Ventures, Standard Chartered’s ventures arm, announced Thursday that it is partnering with SBI Holdings, a Japanese financial conglomerate, to “establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE).”
Noting that the two companies “intend to capitalize the vehicle with 0 million,” the announcement details:
The joint venture will focus on investing in companies across the digital assets spectrum including market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse.
SC Ventures CEO Alex Manson explained that the UAE “is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent.” He noted that the joint venture will leverage SC Ventures’ experience in digital assets through its ventures, such as Zodia Custody and Zodia Markets, and through its investments in companies like Ripple and Metaco. The announcement notes that the Digital Asset Joint Venture plans “to make investments ranging from seed to Series C funding with a focus on investing globally.”
SBI Holdings CEO Yoshitaka Kitao opined: “This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and Myzoi.”
Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), a special economic zone, in May to collaborate in the digital asset space, including digital asset custody. Salmaan Jaffery, Chief Business Development Officer at the DIFC, commented:
We congratulate SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre.
What do you think about Standard Chartered’s SC Ventures joining forces with SBI Holdings to set up a digital asset joint venture in the UAE? Let us know in the comments section below.
Sony Announces Joint Initiative to Create Blockchain for Spearheading Its Web3 Strategy
Sony Network Communications, part of the Sony Group, entered into a joint initiative to create a blockchain project that aims to serve as the “backbone of global Web3 infrastructure.” The new company, created with Startale Labs, a Web3 development startup, aims to provide “value-added services” in different areas.
Sony Network Announces Joint Blockchain Initiative
Sony Network Communications, part of the Sony Group that focuses on providing communications infrastructure services, has announced that it entered a joint venture to develop a blockchain to become “the backbone of global web3 infrastructure.” This new blockchain technology will be leveraged to create “killer Web3 use cases to drive the adoption of Web3,” according to a joint press release.
The joint venture, which will be created in collaboration with Startale Labs, a Web3 development company, will provide value-added services for companies of the Sony Group in several key areas, including game and network services, music, pictures, entertainment technology and services, imaging and sensing solutions, and financial services.
Jun Watanabe, president of Sony Network Communications, commented on the future of this strategic alliance. He stated:
By combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.
Sona Watanabe, CEO of Singapore-based Startale Labs, believes this partnership will allow the new venture to focus on Web3 using Sony’s resources. He declared:
This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern Web3 trends and drive them globally.
Sony and Blockchain
Sony Network Communications has been involved in blockchain initiatives before. In February, the company reported the launch of a non-fungible token (NFT) and decentralized autonomous organizations (DAO) incubation program in partnership with Astar Network and Startale Labs, in which 10 to 15 projects using these tools would be selected to be funded.
Furthermore, Sony has also been entering the Web3 and metaverse markets, with the company declaring it would have a more comprehensive metaverse approach, even acquiring a 3D animation company to create a “metaverse around entertainment.”
The company has filed patents to use NFTs to track item changes in a game and to issue NFTs to showcase interesting moments in interactive games.
What do you think about Sony and its new blockchain initiative? Tell us in the comments section below.
‘Infamous Chisel’ Malware Targets Crypto Wallets and Exchanges: A Joint Warning by FBI and GCHQ
The “Infamous Chisel,” a new sophisticated malware, has been targeting crypto wallets and exchanges, as revealed in a joint report by the U.S. Federal Bureau of Investigation (FBI) and the U.K.’s Government Communications Headquarters (GCHQ).
Multi-Agency Alert Over ‘Infamous Chisel’ Malware Threat Targeting Android Crypto Infrastructure
The malware, named “Infamous Chisel,” has been designed specifically to target Android devices. Unlike many of its counterparts, this malware is associated with the notorious Sandworm’s activity, a group known for its complex cyber-espionage campaigns. The report notes that the malware can target specific crypto wallets and digital currency exchanges.
One of the alarming features of the “Infamous Chisel” is its ability to perform periodic scans of both files and network information, prepped for exfiltration. Once inside a system, it can access and export system and application configuration files, a treasure trove of data for malicious actors.
Beyond just exfiltration, the malware is equipped with a network backdoor capability. This is facilitated through Tor, commonly known as The Onion Router, and SSH (Secure Shell). Such access not only gives malefactors control over the device but also a degree of anonymity.
Its arsenal of capabilities doesn’t end there. “Infamous Chisel” also boasts network monitoring, traffic collection, SSH access, network scanning, and even SCP file transfer functionalities. This multi-pronged approach makes it a formidable tool in the hands of its operators. Crypto wallets mentioned in the security alert include Binance, Trust Wallet, and Coinbase.
The joint report was not an isolated warning. Agencies such as the UK National Cyber Security Centre (NCSC), US National Security Agency (NSA), US Cybersecurity and Infrastructure Security Agency (CISA), and even the Australian Signals Directorate (ASD) have expressed concerns over this malware.
What do you think about the joint warning from the government agencies about the Infamous Chisel malware? Share your thoughts and opinions about this subject in the comments section below.
Iran-Russia Trade Settlements Exceed 60% in National Currencies, Says Joint Chamber Chief
Iran and Russia have increased cooperation and settled more than 60% of their bilateral trade in the Russian ruble and the Iranian rial, according to the chairman of Iran-Russia Joint Chamber of Commerce. The two countries have ramped up their de-dollarization efforts with Iranian President Ebrahim Raisi calling for the Central Bank of Iran to lay the necessary groundwork to ditch the U.S. dollar in bilateral trade settlements.
Iran and Russia Increase Cooperation Amid Heavy Sanctions
The head of the Tehran-based Iran-Russia Joint Chamber of Commerce, Hadi Tizhoush Taban, discussed de-dollarization efforts by the two countries Friday in an interview with Iran’s news agency IRNA. He stated that the use of the Russian ruble and the Iranian rial in bilateral trade settlements between Russia and Iran has exceeded 60%.
The Joint Chamber chief explained that following the onset of the conflict between Russia and Ukraine, Russia was heavily sanctioned by Western countries, just like Iran, so the two countries strengthened their cooperation. He added that during Iranian President Ebrahim Raisi’s recent visit to Russia, the two countries agreed to increase the value of their annual trade to billion.
Furthermore, Tizhoush Taban detailed that the governor of the Central Bank of Iran (CBI) and the head of the Economic Commission of the Iranian Parliament recently visited Russia to strengthen economic, monetary, and banking ties between the two countries. During their visit, the CBI governor held meetings with Russia’s deputy prime minister, minister of economic development, and the head of the Russian central bank to discuss monetary and banking cooperation, solutions to remove some obstacles, and investment expansion. He emphasized that this process effectively circumvents Western sanctions, addresses issues related to mutually beneficial bilateral cooperation, and increases trade.
The head of the Joint Chamber also noted that Russia has become Iran’s largest foreign investor, with .7 billion in investments in two Iranian oil projects, adding that this investment accounts for about 45% of the total foreign investment in Iran from October 2021 to January 2023.
This week, Russian Foreign Minister Sergey Lavrov said Russia is actively shifting away from using the U.S. dollar in favor of national currencies. Russian Deputy Prime Minister Alexander Novak said last month that the call to use national currencies in trade settlements has been effective as only a small amount of bilateral transactions still rely on the U.S. dollar.
Iranian President Raisi has called on the Central Bank of Iran to lay the necessary groundwork to ditch the U.S. dollar in bilateral trade settlements and use the Iranian rial whenever possible. In April, the secretary of the National Security Council of Iran stated that the recent progress made in bilateral monetary and banking cooperation between Iran and Russia is essential for “dooming the illegal Western sanctions to failure.”
Iran is also seeking BRICS membership to counter Western hegemony and promote a multipolar world. The BRICS nations (Brazil, Russia, India, China, and South Africa) have been encouraging the use of national currencies to settle trades in place of the U.S. dollar. There is also a proposal for a common BRICS currency that is expected to be discussed at the economic bloc’s upcoming leaders’ summit.
What do you think about Iran and Russia increasing cooperation and settling trades in national currencies? Let us know in the comments section below.
EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card
Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank cards.
BRICS, SCO, and EAEU May Launch Common Payment Card System
BRICS (Brazil, Russia, India, China, and South Africa), the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EAEU) can issue a common payment card, the Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, has stated and elaborated:
We invite our colleagues from the SCO and BRICS to pool our resources. I am talking about the joint approaches to the use of digital currencies and the launch of the common payment card system. We already have appropriate solutions.
Myasnikovich was speaking during the second edition of the Eurasian Economic Forum in Moscow on Wednesday and was quoted by the Belta news agency. The Belarusian heads the EAEU’s executive body since 2020. The Commission is responsible for implementing decisions and upholding the organization’s treaties.
The EAEU official also pointed out that the share of settlements in national currencies between its members already stands at around 80%. The estimate comes after Russian Prime Minister Mikhail Mishustin recently revealed that 70% of settlements between Russia and China are already conducted in ruble and yuan.
The transition to payments in national fiats, part of Moscow’s ‘de-dollarization’ push, has been a major task for the Russian Federation and its allies amid heightened geopolitical tensions with the West and unprecedented sanctions imposed over Russia’s invasion of neighboring Ukraine.
BRICS, which unites five of the largest emerging economies, was formed in 2006 as an alternative to the Group of Seven (G7) format comprising the most advanced economies. According to research published in March, BRICS has already become the world’s largest bloc by share of global gross domestic product (GDP).
SCO is the world’s largest regional organization, in terms of territory and population, which functions as an economic, political, and defense alliance. The EAEU was established in 2014 by Belarus, Kazakhstan, and Russia and added two other former Soviet republics, Armenia and Kyrgyzstan, as members in 2015.
Do you think the three unions will soon issue a common payment card and coordinate policies on digital currencies? Tell us in the comments section below.
India Asks IMF and FSB for Joint Paper to Help Formulate ‘Comprehensive’ Crypto Policy
India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop “a synthesis paper” on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. “This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,” said India’s finance ministry.
India Asks IMF and FSB for Technical Paper on Crypto
The Indian government released on Saturday its “G20 Chair’s Summary and Outcome Document” following the first two-day G20 meeting of finance ministers and central bank governors that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed.
During a panel discussion on cryptocurrency regulation as part of the G20 meeting, India requested that the International Monetary Fund (IMF) and Financial Stability Board (FSB) collaborate on a technical paper on crypto assets. According to the summary document:
IMF and the FSB to jointly submit a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets in September 2023.
The document adds that the FSB is “to finalize its high-level recommendations on the regulation, supervision and oversight of global stablecoins; and high-level recommendations on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.” In addition, the Bank of International Settlements (BIS) is “to submit a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets.”
India’s ministry of finance also released a statement Saturday following the G20 meeting of finance ministers and central bank governors. “To complement the ongoing dialogue on the need for a policy framework, the Indian presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesize the macroeconomic and regulatory perspectives of crypto assets,” the finance ministry stated, elaborating:
This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets.
India aims to expand the scope of the G20 discussion on crypto assets to encompass not only financial integrity concerns but also the macroeconomic implications and the widespread adoption of cryptocurrencies throughout the economy, the Indian ministry of finance’s statement further notes.
Indian Finance Minister Nirmala Sitharaman has been saying for many months that crypto will be a priority in G20 discussions under India’s presidency. She said in October last year that India hopes to arrive at a technology-driven regulatory framework or a standard operating procedure (SOP) for crypto assets. Sitharaman has also repeatedly pushed for international cooperation on crypto.
This week, the IMF executive board released guidance to help countries develop effective crypto policies. Besides recommending that “crypto assets should not be granted official currency or legal tender status,” the IMF executive board directors “agreed that strict bans are not the first-best option, but that targeted restrictions could apply.”
What do you think about India asking the IMF and the FSB to jointly develop a technical paper on crypto? Let us know in the comments section below.
US Regulators and Federal Reserve Issue Joint Warning About Crypto Liquidity Risks
U.S. regulators and the Federal Reserve have issued a joint warning about key liquidity risks associated with crypto assets. However, the regulators clarified that banks “are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.”
US Regulators Issue Joint Statement on Crypto
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly issued a statement regarding crypto on Thursday.
The Federal Reserve, the FDIC, and the OCC explained that their statement “highlights key liquidity risks associated with crypto assets and crypto-asset sector participants that banking organizations should be aware of.” They warned:
In particular, certain sources of funding from crypto asset-related entities may pose heightened liquidity risks to banking organizations due to the unpredictability of the scale and timing of deposit inflows and outflows.
For example, the stability of deposits by crypto entities for the benefit of their customers may be driven by “the behavior of the end customer or crypto-asset sector dynamics, and not solely by the crypto-asset-related entity itself, which is the banking organization’s direct counterparty,” the regulators cautioned. “Such deposits can be susceptible to large and rapid inflows as well as outflows, when end customers react to crypto-asset-sector-related market events, media reports, and uncertainty.”
Another example is deposits that “constitute stablecoin-related reserves,” which may be “susceptible to large and rapid outflows,” including from “unanticipated stablecoin redemptions or dislocations in crypto-asset markets,” the regulators detailed.
Banking organizations using funding sources from crypto entities need to actively monitor liquidity risks and establish effective risk management and controls, the Federal Reserve, the FDIC, and the OCC advised. While emphasizing that banking organizations should apply existing risk management principles to crypto, the regulators clarified:
Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type, as permitted by law or regulation.
The Fed, the FDIC, and the OCC also issued a joint warning about crypto risks in January. The regulators mentioned fraud, scams, legal uncertainties, inaccurate or misleading representations by crypto companies, significant volatility in crypto markets, run risks, and contagion risks.
What do you think about the joint warning about cryptocurrency by the Federal Reserve, the FDIC, and the OCC? Let us know in the comments section below.
Visa Works on Blockchain System for Joint Computation of Large-Scale Private Data
n Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private datan
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