Latest Crypto Industry News: Bybit and Crypto.com to Register in Hong Kong, OKX Launches Platform in Argentina, Kraken Receives License from Dutch Central Bank, and More

We have collected the most important news from crypto industry participants over the week.

• Bybit and Crypto.com have applied for a license in Hong Kong.
• OKX launched the platform in Argentina and encountered problems in South Korea.
• Kraken received a license from the Dutch Central Bank.
• Solana Foundation has entered into a strategic partnership with the Dubai authorities.
• Ripple has acquired a New York-based crypto custodian.

Bybit and Crypto.com will register in Hong Kong

Cryptocurrency exchanges Bybit and Crypto.com have submitted an application to the Hong Kong SFC for a virtual asset trading platform license. This data is contained in regulator register.

In a press release received by ForkLog, Bybit representatives said that the operator of the site is Spark Fintech Limited. The organization intends to bring to market a wider range of innovative crypto services, which will further strengthen Hong Kong’s position as a key financial center in the region.

Problems with OKX in South Korea and the launch of the platform in Argentina

OK launched exchange, P2P platform and Web3 wallet in Argentina. Company President Hong Fang called the country a critical launching pad for the regional growth strategy.

Platform manager in Argentina Alejandro Estrin noted that OKX intends to accelerate innovation among retail and institutional participants in the local market while complying with legal requirements.

It also became known that the South Korean financial intelligence unit accused OKX works without registration.

According to the regulator, the company promoted the unlicensed platform Jumpstart for the sale of tokens among local investors. The firm also did not have a website in Korean.

Kraken received a license from the Dutch Central Bank

Bitcoin-exchange Kraken received a license crypto service provider from the Central Bank of the Netherlands. The document will allow the platform to offer virtual asset exchange and transfer services, as well as storage and wallet services.

Previously, the organization achieved similar recognition from regulators in the UK, Spain, Ireland and Italy. Kraken also offers crypto services in Belgium through a licensed subsidiary.

In October 2023, the exchange announced the acquisition of Dutch digital asset exchange Coin Meester BV to expand its presence in the country’s market.

In January 2024, Kraken brought on former N26 and Coinbase executives to “further grow in an evolving global regulatory environment.”

Solana Foundation has entered into a strategic partnership with the Dubai authorities

Abu Dhabi Global Market Management (ADGM) signed a memorandum on mutual understanding with the Solana Foundation for the implementation of DLT solutions.

The announcement follows the emirate’s adoption of the world’s first regulatory framework focusing on Web3-related non-profit organizations and DAOs.

The partnership is aimed at exploring joint initiatives and projects to further improve legislation and promote blockchain technologies and the Web3 ecosystem.

Previously, a similar agreement was signed by the IOTA Foundation.

Ripple acquired a crypto custodian from New York

Fintech company Ripple made a deal to acquire New York-based Standard Custody & Trust Co for an undisclosed amount. The purchase is awaiting local regulatory approval.

The initiative will allow Ripple to strengthen its existing products, as well as offer new ones, including those related to asset tokenization. The company is trying to expand beyond the payment network and expand the line of services in which its institutional clients can benefit from blockchain technology.

In May 2023, Ripple and Switzerland-based custodian Metaco agreed to take over the latter for $250 million. Later, the Swiss division of one of Spain’s largest banks, BBVA, began using the company’s digital asset storage service.

In February 2024, Ripple predicted large-scale changes in the structure of the cryptocurrency market in favor of institutional demand.

Key indicators of the DeFi segment

The volume of blocked funds (TVL) in DeFi protocols increased to $57.8 billion. The leader was Lido with $27.6 billion, while the second and third places in the ranking were held by Maker ($8.4 billion) and Aave ($8.3 billion), respectively. .

Data: DeFi Call.

TVL in Ethereum applications increased up to $43.6 billion Trading volume on decentralized exchanges (DEX) over the last 30 days made up $68.6 billion.

Uniswap continues to dominate the non-custodial exchange market, accounting for 58.2% of total turnover. The second DEX in terms of trading volume is PancakeSwap (16.5%), the third is Curve (5%).

Also on ForkLog:

What to read this weekend?

The US Securities and Exchange Commission has adopted amendments that will require participants in the DeFi sector to register as a dealer. ForkLog collected comments from industry players and a number of industry-friendly officials regarding these “hostile” norms.

Separately, the magazine presented material dedicated to the list Top 50 FinTech Companies 2024 from Forbes. It included three crypto firms – Chainalysis, Fireblocks and Gauntlet.

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2024-02-17 16:01:42
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