Atlas Navi has just announced a new partnership with OMV Petrom – Southeast Europe’s largest oil and gas company. On X, the AI navigation app, which enables users to earn cryptocurrency while driving, unveiled that AtlasNavi drivers can now convert their $NAVI tokens into fuel vouchers directly within the Atlas Market app. We are proud to announce our partnership with OMV / Petrom, the largest fuel station chain in Romania with 555 gas stations and one of the biggest oil and gas producers in Europe. Starting tomorrow, #AtlasNavi drivers can now exchange their $NAVI tokens for fuel vouchers ..read more

Gemini Earn users finally got a resolution to the “EARN” saga, as yesterday the crypto exchange resolved the ongoing dispute surrounding the defunct program. The company reached a settlement with the New York Department of Financial Services (NYDFS), which guarantees full asset recovery for users affected. As part of the settlement terms, Gemini has pledged to allocate $40 million to Genesis, the service provider for the Earn program, to assist in its ongoing bankruptcy proceedings. Additionally, the company has committed to paying $37 million to the NYDFS. In a bid to ensure timely restitutio ..read more

The Securities and Exchange Commission (SEC) has introduced a controversial new rule requiring market participants engaged in significant liquidity-providing roles, including those in the cryptocurrency sector, to comply with federal securities laws. According to a statement by SEC Chair Gary Gensler, the rationale behind this rule is to enhance investor protection, market integrity, and transparency. The rule applies to transactions involving crypto assets meeting the definition of securities or government securities, with exceptions for entities with assets less than $50 million. It requires ..read more

The Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121 is a controversial rule that was introduced in 2022. The rule has significant implications for crypto adoption, particularly in the context of cryptocurrency custody by banks. SAB 121 has had quite a lot of pushback, and just this week (February 2024) US legislators in both the House and Senate have taken steps to have the controversial rule revoked. Let’s take a closer look at SAB 121 and why it’s considered problematic for mainstream cryptocurrency adoption. Custody of Crypto: SAB 121 specifically addresses the ..read more

DZ Bank, the second-largest bank in Germany, told Bloomberg about plans to pilot a retail cryptocurrency trading offering this year. According to the report, the bank aims to provide access to cryptocurrencies for the 737 community banks it serves, representing 30 million retail clients. The offering will not include advisory services, and each cooperative bank can decide whether to adopt the crypto offering. A study by the cooperative bank association Genoverband revealed that “every second bank wants to activate the solution for their customers.” DZ Bank launched its institutional digital a ..read more

On January 29, the Central Bank of the United Arab Emirates (CBUAE) successfully executed its first cross-border digital dirham transfer through the mBridge central bank digital currency (CBDC) platform. The transaction involved the transfer of 50 million dirhams to China via mBridge. Project mBridge was launched in 2021 and is a collaborative effort between the CBUAE, Hong Kong’s Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Bank for International Settlements. The UAE has been working on the digitization of its national currenc ..read more

The United States Securities and Exchange Commission (SEC) has officially acknowledged proposals from Nasdaq and Cboe regarding the commencement of options trading on Bitcoin exchange-traded funds (ETFs). Nasdaq submitted a rule change application to facilitate options trading on BlackRock’s iShares Bitcoin Trust, while Cboe sought approval for trading options on “ETPs [exchange-traded products] that Hold Bitcoin.” The trading of BTC ETFs commenced on Nasdaq and Cboe on January 11, following SEC approval obtained a day earlier. Catherine Clay, the executive vice president of Cboe, shared on Ja ..read more

The European Union (EU) has agreed on the introduction of new rules aimed at combating money laundering (AML). The new rules are set to significantly impact the crypto sector, with all “cryptoasset service providers” (CASPs) mandated to conduct thorough due diligence on their customers. Under the agreed-upon provisions, CASPs are obligated to apply customer due diligence measures for transactions exceeding €1000. This entails verifying crucial facts and information about customers and promptly reporting any suspicious activities. The regulatory framework also introduces specific measures to ad ..read more

Donald Trump (who is currently in the running for the Republican presidential nomination) has declared his staunch opposition to the creation of a central bank digital currency (CBDC). In a campaign speech delivered in New Hampshire on Wednesday, the former US president asserted that the introduction of a CBDC could potentially give too much power to the federal government in matters concerning currency. In his address, Trump emphasized his commitment to protecting Americans from government tyranny. Trump stated, “Tonight, I am also making another promise to protect Americans from government t ..read more

This week the Bank of England released its Financial Stability Report for December 2023. The Report had several observations regarding the crypto market and associated systemic risks. Crypto: Not a Systemic Risk… Yet The report noted that the crypto and stablecoin markets do not yet pose a systemic risk to the wider financial system. In particular, it noted that the size of the crypto market is still relatively small when considered within the wider context and that large-scale institutional adoption has not yet taken place. However, the Bank of England did highlight some of the risks associat ..read more