ALBAWABA- This week, amid the regulatory pressure and global bank upheaval, the lines between traditional finance and decentralized finance (DeFi) are blurring as they increasingly converge. As Nasdaq, Mastercard bring traditional finance and defi closer with crypto services. Without any further ado, let's dive in!
Crypto exchange Coinbase receives SEC warning of potential legal action
Coinbase, a cryptocurrency exchange, has received a notification called a Wells notice from the SEC (Securities and Exchange Commission) of the United States, which suggests that the exchange may face legal action. Coinbase has stated that this "legal threat" may be aimed at its staking program, digital assets listed, wallet or Coinbase Prime services. Paul Grewal, the exchange's chief legal officer, stated that this warning occurred after Coinbase made multiple proposals over several months to the SEC about registration, which the SEC ultimately declined to respond to. Following this development, Coinbase CEO Brian Armstrong has urged crypto users to support pro-crypto candidates.
Nasdaq to launch digital asset custody services in Q2 2023 pending regulatory approval
According to Bloomberg, Nasdaq is preparing to launch its digital asset custody services by the end of Q2 2023.
Nasdaq expects to launch crypto safekeeping services this year, joining a growing pool of traditional finance firms moving into the sector after a spate of bankruptcies https://t.co/Jz8TuFARcs— Bloomberg (@business) March 24, 2023
The exchange group has applied for a limited-purpose trust company charter from the New York Department of Financial Services to oversee this new venture.
In an interview in Paris, Ira Auerbach, Nasdaq's Senior Vice President and Head of Nasdaq Digital Assets, stated that the company is dedicated to obtaining all required regulatory approvals and technical infrastructure to ensure the success of this new service.
Mastercard enables spending of stablecoins in Asia-Pacific through partnership with Stables
Mastercard, a worldwide payment provider, has expanded its involvement in the cryptocurrency industry by allowing retail customers in the Asia-Pacific region to spend stablecoins wherever Mastercard is accepted.
We've partnered with @Mastercard and @circle to allow people to spend $USDC anywhere Mastercard is accepted - that's over 54 million locations worldwide!? pic.twitter.com/KE8PS0bEOz— Stables (@stables_money) March 21, 2023
Through a partnership with an Australian stablecoin platform, Stables, users can convert USDC into fiat and settle on the Mastercard network for spending and saving purposes. Deposits in various stablecoins, such as Tether and Binance USD BUSD, will be accepted and automatically converted into USDC in the wallet.