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first_img Monument Bank delays retail tokenized deposits due to regulatory issues in the UK

According to CoinDesk, London challenger bank Monument Bank has postponed its £250 million (approximately $330 million) project to tokenize UK retail bank deposits for several months, as the bank has been unable to find a local crypto custodian that meets the Financial Conduct Authority (FCA) standards and can handle zero-knowledge privacy proofs.Mintoo Bhandari, founder of Monument Bank, stated that the bank originally planned to tokenize customer deposits on the privacy public chain Midnight, hoping to launch the world's first tokenized deposits two months ago, but it is now expected to take another two months, with a retail customer launch in November. To meet regulatory requirements, the bank expanded its search for custodial partners to overseas, ultimately finding a Canadian custodian approved by the FCA.Midnight is a privacy-first Layer 1 blockchain project funded by Charles Hoskinson, which keeps customer information within the Monument system through zero-knowledge proofs while allowing the bank to prove compliance on-chain and provide audit records to regulators. Monument Bank announced the project in March this year, planning to offer tokenized private equity, structured products, and automated Lombard loans to "mass affluent" customers with investable assets ranging from £50,000 to £5 million.Bhandari stated that customer deposits will continue to earn interest, fully backed by Monument, and can be exchanged at a 1:1 ratio for pounds, protected by the Financial Services Compensation Scheme (FSCS), with a limit of £120,000 per person or company.

first_img India's financial intelligence agency issued violation notices to 15 offshore cryptocurrency platforms

The Financial Intelligence Unit of India (FIU-IND) issued non-compliance notices to 15 offshore virtual digital asset service providers under Article 13 of the Anti-Money Laundering Act, including Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. These platforms are accused of providing services to Indian users without registering with FIU-IND.Since March 2023, India has included cryptocurrency platforms in the same anti-money laundering regulatory framework as banks, requiring any platform serving Indian customers, regardless of whether they have an office in India, to complete registration and fulfill user verification, record-keeping, and suspicious transaction reporting obligations. FIU-IND also warned the public that cryptocurrency products and NFTs are unregulated and carry extremely high risks, and related trading losses may not be eligible for regulatory relief.This action comes amid reports of Indian users converting stablecoins like USDT into gift cards through platforms in Sweden, Germany, and Singapore to purchase groceries, fuel, and gold in India. Previously, FIU-IND had issued notices to nine major offshore exchanges, including Binance, Kraken, and KuCoin, in December 2023, after which Binance completed its registration and paid a fine of 1.882 billion rupees.

first_img Metaplanet CEO responds to equity incentive doubts, shareholders say key issues remain unresolved

The CEO of Bitcoin Reserve Company Metaplanet, Simon Gerovich, posted on the X platform in response to the controversy surrounding the company's equity incentive plan and MMXX Ventures. Gerovich admitted that the company "failed to adequately explain" the incentive arrangement known as "Series 10 Stock Options" and stated that he is a "significant but non-controlling shareholder" of MMXX's parent company, not involved in its trading decisions.The controversy stems from a stock rights plan established in December 2022, with a reward pool set at 20% of Metaplanet's fully diluted equity. After shifting to a Bitcoin reserve strategy in April 2024, the company dilutes existing shareholders with each new share issuance, while Gerovich's option rights increase accordingly. On August 18, the board canceled the floating adjustment mechanism, fixing the Series 10 pool at 319 million shares and setting a five-year lock-up period, but did not restore the reward pool to the level it was at when the Bitcoin strategy was initiated. On August 28, Gerovich exercised 92,000 Series 10 options, acquiring 64 million new shares, and currently holds about 6.2% of the company; he and MMXX together hold over 27% of the fully diluted equity.Shareholders expressed dissatisfaction. A shareholder using the pseudonym The Bitcoin Pharaoh stated on X that the adjustments in August were "a step in the right direction," but demanded that Gerovich address the issues that have arisen, disclose the owners of MMXX, and restore the reward pool to the level it was at when the Bitcoin strategy was initiated.

The Central Cyberspace Administration and six other departments issued a plan for digital and green collaborative transformation

The Central Cyberspace Affairs Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Agriculture and Rural Affairs, and the Ministry of Commerce jointly issued the "Implementation Plan for Promoting Coordinated Transformation and Development of Digitalization and Greening (2026-2030)", proposing to advance the coordinated transformation of digitalization and greening during the "14th Five-Year Plan" period.The plan emphasizes empowering green and low-carbon transformation with digital intelligence technology, achieving low-cost and high-efficiency applications of artificial intelligence by 2030, significantly improving the energy efficiency of computing facilities and 5G base stations, promoting renewable energy electricity consumption in key areas such as computing facilities to reach the responsibility weight level of the respective provinces, and deepening the digital and green applications in agriculture, manufacturing, trade, consumption, and urban operation, strengthening intelligent governance of the ecological environment and digital carbon management, and solidifying the foundation for coordinated dual transformation and international cooperation.
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