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The London-based company has also tokenized an abrdn market fund in euros, pounds and dollars and has "a pipeline of several hundred million dollars worth of funds coming in to be held in that tokenized money market fund and where people can receive a yield based on the money market
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Amid growing concerns about consumer protection, market integrity, and financial crimes, the FCA has increased its scrutiny of the crypto sector. The UK’s Financial Conduct Authority (FCA) has approved Bitstamp’s registration as a crypto asset firm. Following the approval, Bitstamp became only the third firm to obtain the FCA license as
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“Events like FTX have highlighted the need for a more traditional approach to things,” said Archax Chief Marketing Officer Simon Barnby in an interview. “As an FCA-regulated custodian, we are permitted to hold cryptocurrencies, tokenized assets like funds or real estate, as well as traditional instruments and cash for our
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Abrdn, one of the U.K.'s biggest asset-management firms, has backed a $28.5 million Series A funding round into digital asset exchange Archax. Abrdn became the firm's largest external shareholder earlier this year. Source
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Eventually, the goal is to set up industry standards, but right now "there's lower hanging fruit," such as what technology, corporate governance, and AML/FATF characteristics of an issuance must be harmonized in order to list security tokens across Hong Kong, the U.K., and Singapore within the existent regulatory frameworks, Madden
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