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Digital asset custody firm Trustology has cut seven of its 18 staffers as the big banks it courted are taking longer than expected to jump into crypto. Original Source
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Berlin-based fintech company solarisBank has established a subsidiary to provide a custody solution for digital assets.Per a Dec. 11 announcement, solarisBank’s newly established subsidiary, solaris Digital Assets GmbH, will provide clients with an application programming interface (API)-accessible platform, which gives access to the full range of solarisBank’s digital white-label
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The firm will have a better idea of what it will do with digital asset custody in 2020, he said at an event sponsored by the bank Thursday in New York. After custody, State Street is interested in looking at fund administration, private placements, issuance and trading of digital assets,
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U.S. lawmakers and administration officials including Mnuchin and President Donald J. Trump have warned of the risks to the financial system from cryptocurrencies and stablecoins like Facebook's proposed Libra. But some former officials, including ex-CFTC Chair Christopher Giancarlo, have pushed for faster adoption of blockchains, arguing that the country could
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German banking association BdB was positive about the legislation, too. "Credit institutions are experienced in the safekeeping of client assets and in risk management, are committed to investor protection and have always been controlled by the financial supervision," it said. As such, banks could "effectively prevent money laundering and terrorist
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According to the report, HSBC intends to move its current paper-based records onto its Digital Vault platform by March 2020, allowing investors to track securities in real-time. The U.K.-based bank will specifically digitize its private placement records, allowing investors to quickly check on holdings. Source
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Fidelity Digital Assets expects to sign its first crypto exchange partner by year-end, giving clients access to a broader pool of liquidity. Source
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The New York Department of Financial Services has granted Fidelity Digital Assets Services (FDAS) a charter to operate as a limited liability trust company to custody digital currencies and execute crypto trading. Source
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U.K.: Crypto-assets are legally equivalent to property, clearing the way for businesses to use digital currencies backed by blockchain technology, a high-powered group of legal experts chaired by a senior member of the judiciary reported today. The panel urged commercial lawyers to prepare for the disruptive impact of digital coins
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A panel of senior British judges and lawyers has moved to clarify the legal status of cryptocurrencies and smart contracts. Source
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