Fireblocks to Launch Off-Exchange Service, Wirex Adds Stellar & USDC
• The Financial Stability Board (FSB) has concluded that many existing stablecoins would not meet the incoming high-level recommendations or international standards.
• Hong Kong’s Securities and Futures Commission (SFC) is considering allowing retail investors to buy crypto.
• Fireblocks is launching an off-exchange service, Binance Fan Token is introducing a royalty system and Wirex is now supporting Stellar and USDC in its wallet.
The Financial Stability Board (FSB) ’s „work concludes that many existing stablecoins would not currently meet [the incoming] high-level recommendations, nor would they meet the international standards,“ said the FSB Chair Klaas Knot in a letter to G20 finance ministers and central bank governors. The FSB, an international body that monitors and prepares recommendations about the global financial system, is set to finalize and publish its proposals for regulating crypto and stablecoins in July this year. Additionally, Hong Kong’s Securities and Futures Commission (SFC) may allow retail investors to buy crypto, according to the latest policy proposal which calls for public feedback on its proposed licensing regime for crypto exchanges: whether it should allow licensed exchanges to serve retail investors in the country, and what measures should be implemented to provide „robust investor protection measures.“ This regime is set to take effect in June 2023.
Digital asset platform Fireblocks is gearing up to launch an „off-exchange“ service – a new platform that would help traditional finance firms guard against collapses like that of the FTX exchange, the Financial News reported. The company said the product would act as an intermediary, letting firms keep cryptoassets in custody while trading; assets only move post-trade for settlement. Binance Fan Token also announced a new royalty system for token holders – Binance Fan Club – which will allow fans to collect Star Points by engaging with teams and unlock exclusive fan privileges such as VIP tickets to team matches, meet & greet sessions, personalized video clips from players; all new users who sign up with crypto exchange Binance via Binance Fan Club can also claim a Fan Badge each as proof of their membership.
Digital payment platform Wirex announced that it became „the world’s first non-custodial wallet without seed phrase vulnerability“ to launch on the Stellar blockchain; its wallet now supports stellar (XLM) and USDC tokens as well.
Overall, this article discussed regulation news regarding existing stablecoins not meeting upcoming standards or international regulations; exchange news regarding Fireblocks launching an off-exchange service plus Binance introducing a royalty system; lastly wallet news regarding Wirex supporting Stellar & USDC tokens on its wallet platform.