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Binance said it is continuing to comply with BaFin requirements in “a detailed and ongoing process.”

Lightspark CEO David Marcus said it was frustrating to see the U.S. fall behind when it comes to digital assets.

“It’s disheartening and frustrating to see the U.S. fall behind and failing at retaining and importing the best talents to work on a much-needed upgrade to our financial system,” the former PayPal president and head of Meta’s abandoned Diem stablecoin project said on Twitter. “The rest of the world is noticing and taking advantage of this situation.”

Marcus was responding to a tweet by Paradigm co-founder and former Coinbase co-founder Fred Ehrsam, highlighting the Law Commission’s new recommendations to secure the UK’s position as a global crypto hub. “Imagine if this was a headline from the US government,” Ehrsam noted.

The Lightspark CEO’s comments follow similar remarks from Coinbase CEO Brian Armstrong, that the U.S. regulatory environment was “hurting America’s economic competitiveness.” Armstrong was responding to the SEC’s lawsuit against the crypto exchange earlier this month.

The UK is embracing crypto

The Law Commission’s recommendations, published yesterday, include the creation of a distinct category of personal property to recognize and protect digital assets, the establishment of a panel of industry experts to provide guidance on technical and legal issues and the development of a bespoke legal framework for collateral arrangements involving crypto assets. 

It also called for statutory law reform to clarify whether certain digital assets fall within the scope of existing financial regulations. It’s “now for the UK government to decide whether it intends to take the recommendations forward,” it said.

The recommendations follow plans from UK Prime Minister Rishi Sunak to make the country a web3 hub, with venture capital firm a16z announcing earlier this month it would open up a UK office as regulators in the U.S. continue their crypto crackdown.

Chris Dixon, a16z general partner, said the firm had “been working with policymakers and regulators across the globe, and during our discussions, it has become clear that the UK government sees the promise of web3,” in a blog post on June 11.

Sunak is keen on providing regulatory clarity regarding how crypto businesses should register and operate in the UK. “We must embrace new innovations like web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy,” Sunak’s office said in a statement at the time.

On an episode of The Scoop podcast earlier this week, Marcus unpacked how Lightspark is helping transform Bitcoin’s Lightning Network into a real-time global settlement layer for the internet.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The central bank wants to see innovative interventions in financial markets – but under existing rules.

Laser Digital, a digital asset subsidiary Nomura, is acquiring the trading firm Elysium Technology Group. 

The transaction is expected to close imminently, the companies said in a statement, adding that the deal is a “significant milestone for both companies as they join forces to bring cross-asset post-trade capabilities to institutional digital asset investors.”

Elysium focuses on providing over-the-counter, post-trade solutions for foreign exchange and digital assets with its RiskDB and MatchHub services. RiskDB minimizes trading costs through smoothing out post-trade workflows, while MatchHub software matches, reconciles and settles real-time transactions.

“The acquisition of Elysium is a strategic move that aligns perfectly with our vision for the future of finance,” said Laser Digital Executive Chairman Steve Ashley. “Combining Laser Digital with Elysium’s RiskDB and MatchHub platforms will enable us to deliver the cross-asset post-trade system institutional digital asset investors require.”

Laser Digital made other investments this year, most notably in the DeFi protocol Infinity Exchange in February and the crypto trading firm CrossX in March, The Block previously reported. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Former customers will receive an email containing a link to the Customer Claims Portal.

World ID, which uses biometric data to verify users, helps apps distinguish between bots whilst being more private than alternatives like Google sign-in.

U.S. crypto exchange Coinbase claimed that digital assets listed on its platform fall outside the U.S. Securities and Exchange Commission’s (SEC) purview in its first legal response to the regulator’s lawsuit. The SEC sued Coinbase at the beginning of June, alleging that a dozen of the cryptocurrencies offered through its wallet or trading platforms were unregistered securities. In its answer, filed early Thursday, Coinbase claimed that these cryptos are not investment contracts and therefore are not securities.

ALSO: Fast-paced, entrepreneurial Seoul ranked fourth globally in CoinDesk’s crypto hub series. Korea’s digital asset friendly, regulatory environment and a vibrant retail community have helped enabled the industry’s rising prominence in the city.

From questionable mint mechanics to recycled artwork, Azuki’s latest NFT mint shows that even blue-chip projects are struggling to grow during a challenging bear market.

The exchange recently announced a retreat from the U.K., Netherlands and Cyprus.