Dive into today's top stories, including Citi's innovative blockchain services, Mark Cuban's crypto loss, and Malta's steps towards MiCA readiness.
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Citigroup to Launch Blockchain Services for Institutional Investors

Citigroup to Launch Blockchain Services for Institutional Investors

Dive into today's top stories, including Citi's innovative blockchain services, Mark Cuban's crypto loss, and Malta's steps towards MiCA readiness.

Last update:
Sep 19, 2023
| Issue
#
107

Good morning and welcome to a new week of Datawallet newsletters, a place where you go to get your daily dose of crypto news and developments. Today’s drop covers the following topics:

Citi to pilot private blockchain services

CitiGroup has created a blockchain system that allows institutional customers to engage with digital assets, but with permission. The newly developed offering, named Citi Token Services, aims to grant clients continuous access to tokenized deposits, cross-border payments and automated trade finance solutions. This availability is provided round the clock.

Shahmir Khaliq, the head of global services at CitiGroup, states that this advancement aligns with the objectives set out in the Regulated Liability Network whitepaper from November 2022. This paper advocates for achieving a global financial system capable of on-chain transactions and final settlement in sovereign currencies at any time throughout the day.

Mark Cuban loses nearly $900k on crypto

After a period of inactivity, billionaire Mark Cuban, known for his appearances on "Shark Tank," returned to the crypto world only to experience a hack. One of his cryptocurrency wallets suffered losses totalling approximately $870,000 across different digital currencies. Fortunately, vigilant individuals monitoring blockchain transactions noticed that his wallet was being depleted at an abnormal rate and alerted him promptly. As a result, further financial losses were prevented.

Malta looks to prepare for MiCA

Starting Monday, the Malta Financial Services Authority (MFSA) is seeking public input on its plans to revise the rulebook for cryptocurrency companies. The aim is to align regulations for exchanges, custodians, and portfolio managers with those outlined in the European Union's Markets in Crypto Assets regulation (MiCA). 

One of the proposed requirements is that crypto providers must have a contingency plan for an orderly wind-down. MiCA, which will come into effect in 2024, represents a significant milestone as it will be the first comprehensive crypto regulation implemented by a major jurisdiction. It will enable service providers to operate throughout the EU with just one license.

New York regulator proposes new guidelines for coin listings 

The financial regulator in New York is calling for increased transparency from cryptocurrency companies operating within the state. The New York State Department of Financial Services is set to release guidelines that outline the expectations for evaluating and adopting crypto coins. These guidelines are based on a previous version of the framework. Additionally, the regulator details the steps and criteria that must be taken into account when considering delisting a coin. The aim of these measures is to create a more transparent environment within the cryptocurrency industry in New York.

Other breaking news

Wrapping up

That’s all for today’s edition, folks. Today’s drop covered New York regulators looking to introduce new regulations for coin listing and delisting on exchanges. Malta taking proactive steps to prepare for the EU’s new crypto regulation, while Mark Cuban fell victim to a MetaMask scam and lost nearly $1 million. Finally, Citi is testing out their own blockchain for institutional investing clients. Stay tuned for more updates in our rapidly evolving space.