Latest news with #MarketsinCrypto-Assets
Business Wire
17 hours ago
- Business
- Business Wire
Circle Applies for National Trust Charter
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), a global financial technology company and stablecoin market leader, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle's U.S. issuer. An approval would also further strengthen the infrastructure that supports the issuance and circulation of USDC – the world's largest regulated payment stablecoin – and would offer digital asset custody services to institutional customers. A federally regulated trust charter would also help Circle meet expected requirements under the proposed GENIUS Act legislation, which would represent a meaningful step forward in integrating digital assets into the broader U.S. financial system. 'Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,' said Circle Co-Founder, Chairman and CEO Jeremy Allaire. 'By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on.' Circle's OCC application builds on the company's global track record of being first to seek key licenses and authorizations in multiple jurisdictions. In 2015, the company secured the very first NYDFS BitLicense and remains committed to working with NYDFS, the leading digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Most recently, in April of 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider. About Circle Internet Group, Inc. Circle (NYSE: CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. Visit for more information.
Business Insider
5 days ago
- Business
- Business Insider
CoinZoom Secures European VASP License, Paving the Way for EU Crypto Debit Card Expansion
CoinZoom, a U.S.-based fintech platform, announced today that it has officially secured a Virtual Asset Service Provider (VASP) license, marking a major milestone in the company's expansion in Europe. Since securing its VASP license in Latvia, CoinZoom is now fully authorized to operate and offer digital asset services across the European Union under a MiCA-aligned regulatory framework. The company has begun the formal application process for its full Markets in Crypto-Assets (MiCA) license, further enhancing its ability to deliver compliant services throughout Europe. The VASP license lays the foundation for CoinZoom to issue its Visa debit card to customers in the EU, allowing seamless spending of both crypto and USD at over 130 million merchants and 1 million ATMs globally, with the opportunity to earn up to 5% back in crypto on every transaction. Since the international expansion of the CoinZoom Visa debit card in November 2024, the program has seen explosive growth of 127% in users across 48 countries with an increasing adoption of crypto to make purchases. Close to 50% of users are opting to spend crypto on everyday items from gas and groceries to big ticket items such as airline tickets and hotel reservations. This figure has been consistent since launch and indicates an appetite for real world payments in crypto. Users earn over $50 in crypto a month as free rewards for their spending. 'We're thrilled to have secured our European VASP license,' said Todd Crosland, Founder and CEO of CoinZoom. 'This marks a pivotal step in our mission to provide regulated and secure services to customers throughout Europe. With our MiCA license application underway, we're doubling down on compliance to offer European residents the full power of our platform—from crypto trading and free instant remittances to our industry-leading Visa card program.' CoinZoom's expansion into the EU comes at a time of rapidly increasing demand for compliant crypto services and digital payments infrastructure. This regulatory milestone makes CoinZoom one of the few U.S.-based financial platforms to hold both U.S. regulatory approvals and a European VASP license, positioning it uniquely for global growth. The CoinZoom Visa Debit Card is currently available in over 150 countries. About CoinZoom CoinZoom is a US-based financial platform enabling anyone to send, spend, save and invest without barriers. To support the benefits of blockchain technology, CoinZoom offers flexible funding options including Apple and Google Pay, debit and credit cards, and instant cash deposits at multiple retail locations in the US. Its unique international peer-to-peer payment system, ZoomMe, is part of its cash-to-crypto ecosystem for its customers in 169 countries, allowing them to deposit and send cash or crypto, around the globe instantly for free – saving millions of dollars in remittance fees. The CoinZoom Crypto Debit card provides flexibility in spending by allowing users to spend in USD or crypto at over 130M merchants globally while earning up to 5% back in crypto on each purchase. The CoinZoom platform was built with a multi-layered security approach, and the team's decades of experience in financial technology security are equally important in safeguarding customer funds and personal information. CoinZoom is a U.S. registered Money Services Business with FinCen and holds a SOC2 Type II Certification, which is highly regarded as the most rigorous test for the trustworthiness of a company's processes, best practices and diligence around securing customer data. CoinZoom is also a U.S. registered Money Transmitter, available for trading in 46 states and has subsidiaries in Australia and Ireland. CoinZoom Australia PTY LTD is registered as a Digital Currency Exchange with AUSTRAC. PR & Communications Adrianne Blackett
Indian Express
5 days ago
- Business
- Indian Express
From the US to Japan, stablecoins are causing a global financial rewrite
Written by Sanhita Chauriha When Facebook (now Meta) launched its ill-fated stablecoin project, Libra, in 2019, central banks dismissed it as a corporate fantasy. Fast-forward to 2025. The same monetary authorities are now crafting legal blueprints for what is shaping up to be the next great leap in financial infrastructure: The regulation and integration of stablecoins. These cryptoassets, pegged to fiat currencies and often backed by real-world reserves, are no longer just liquidity tools for crypto traders. They are becoming foundational rails for payments, settlement, and programmable money. But as stablecoins inch closer to mass adoption, governments across the world are grappling with a new policy trilemma: How to encourage innovation, maintain financial stability, and preserve monetary sovereignty. The US, in a rare bipartisan feat, passed the GENIUS Act, a sweeping federal bill designed to regulate fiat-backed stablecoins. Under its provisions, stablecoins must be backed 1:1 by high-quality liquid assets (HQLA), be redeemable on demand, and be subject to monthly reserve disclosures and anti-money laundering checks. Issuers over $10 billion in circulation are now federally overseen, while smaller ones can operate under state charters, provided those states meet minimum national standards. In effect, the US is laying the groundwork for a tokenised digital dollar, while retaining oversight through traditional financial plumbing. Critics argue the GENIUS Act is a Trojan horse for financial incumbents. The law requires issuers to either be licensed financial institutions or partner with one effectively handling regulatory advantage to major banks. Unsurprisingly, Bank of America's CEO Brian Moynihan recently announced the bank is ready to issue its own stablecoin, following moves by JPMorgan (JPM Coin) and PayPal (PYUSD). If this trend continues, Wall Street may soon displace the DeFi startups that once pioneered this space. Nonetheless, such institutional entry brings maturity, deeper liquidity, and integration with the broader economic traits necessary for stablecoins to scale beyond crypto-native applications. Europe has taken a more technocratic path. The Markets in Crypto-Assets (MiCA) regulation, to be enforced from late 2024, classifies stablecoins as either 'e-money tokens' or 'asset-referenced tokens.' Stablecoin issuers must meet capital requirements, submit whitepapers, disclose reserve asset composition, and adhere to redemption guarantees. 'Significant' stablecoins that with large circulation or systemic reach will face direct oversight by the European Banking Authority and may be barred from excessive transaction volumes. MiCA aims to future-proof the euro's digital periphery while preventing stablecoins from competing directly with sovereign currency, a concern central banks share across continents. The United Kingdom, post-Brexit, is scripting its own stablecoin strategy with a regulatory regime that will place fiat-backed stablecoins under the supervision of the Financial Conduct Authority (FCA) and the Bank of England. Interestingly, the UK proposes to exempt overseas issuers from full domestic compliance if their home jurisdictions maintain equivalent safeguards. This open-but-cautious model aims to position London as a magnet for global crypto-finance, without abandoning core prudential standards. In Asia, innovation is swift but cautious. Singapore's Monetary Authority (MAS) has finalised a comprehensive regulatory framework for stablecoins pegged to the Singapore dollar or any G10 currency. Issuers must ensure full reserve backing, fast redemption (within five business days), and high transparency. Only those who meet the MAS's standards may market their coins as 'MAS-regulated', a label likely to become a global credibility mark. Meanwhile, Hong Kong has also passed stablecoin legislation, effective by 2025, limiting issuance to licensed financial institutions. Already, major fintech players like Ant Group are applying for licenses, eager to gain early-mover status in the city's evolving digital asset ecosystem. Japan stands apart with perhaps the strictest regime: Only banks, fund-transfer firms, or trust companies can issue yen-pegged stablecoins. Amendments to the Payment Services Act in 2022 tightly regulate redemption, disclosure, and asset segregation, favouring stability over growth. While the market is small, Japan's emphasis on consumer protection and conservative financial norms reflects a broader regional wariness toward crypto's more volatile edges. Meanwhile, the United Arab Emirates has emerged as the Gulf's most aggressive regulator of stablecoins. Its Virtual Assets Regulatory Authority (VARA) and the UAE central bank have mandated 1:1 reserve backing, monthly third-party audits, and strict anti-money laundering/combating the financing of terrorism (AML/CFT) protocols. Dubai, in particular, is branding itself as a digital finance hub. Its approach mirrors Singapore's in one key way: Credibility must be earned, not assumed. What unites these regulatory initiatives despite differing geographies and philosophies is a growing consensus that stablecoins are no longer hypothetical. Their programmable nature makes them attractive for everything from cross-border settlements and tokenised trade finance to retail micropayments. The Bank for International Settlements, in its April 2024 paper, warned that more than 600 de-pegging events occurred in 2023, underscoring their fragility. Yet it also acknowledged that, with proper regulation, stablecoins could serve as complements to Central Bank Digital Currencies (CBDCs), not threats. The stablecoin race is not merely a question of financial regulation. It is one of economic statecraft. The US sees it as a lever to maintain dollar dominance in a multipolar world. Europe views it as a way to secure financial autonomy in the age of digital platforms. Asia, meanwhile, seeks to modernise without destabilising. And the Gulf hopes to leapfrog into fintech relevance. In short, stablecoins are forcing countries to rethink not just how money moves but who moves it, who regulates it, and to whom it ultimately belongs. The writer is a technology lawyer. Views are personal
Mint
16-06-2025
- Business
- Mint
Bitcoin buyer Metaplanet overtakeschipmaker Kioxia in m-cap, stock soars 400% in 2 months
Japan's hotelier-turned-Bitcoin-buyer Metaplanet Inc. overtook memory chipmaker Kioxia Holdings Corp. in terms of market capitalization as the stock soared nearly 400% in less than two months, riding the global crypto rally. Metaplanet's market value surpassed ¥1 trillion ($6.9 billion) for the first time on Monday, extending gains which also took it past chipmaker Screen Holdings Co. and Tokyo Metro Co., operator of one of the world's biggest subway systems. The stock rocketed 26% Monday as it announced its purchase of ¥16.9 billion worth of Bitcoin which hit a record of $111,980 on May 22. Metaplanet has plans to raise about $5.4 billion to add to its Bitcoin stockpile. The company is among a growing cadre of listed entities globally that have followed the strategy adopted by Strategy, the software maker that has amassed more than $60 billion of the original digital asset. Over a five-year period, Metaplanet shares have soared more than 3,000%. But not everyone is convinced Metaplanet's rally will last. Short positions have grown to about 23% of its free float as of June 12, the largest among Tokyo-listed companies of at least that size, according to data from S&P Global. Listed on the Tokyo Stock Exchange's Standard section for medium-sized companies and basic governance standards, Metaplanet is the largest stock on the bourse without any analyst coverage, according to data compiled by Bloomberg. Two of the world's largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, according to sources familiar with the matter. Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted, two people familiar with those discussions said, asking not to be named because of the sensitivity of the matter. At stake is the oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could facilitate fraud, market instability and illicit financial flows if it is not properly supervised. --With contribution from Reuters
Deccan Herald
16-06-2025
- Business
- Deccan Herald
Crypto giants set for EU green light amid growing regulatory rift, sources say
Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc.
