Regulatory Compliance in the US and UK; A Huge Couple of Weeks for DeFi; Our Closed Beta Launch of RedLedgers

  1. Crypto exchange Gemini has recently received approval to operate in the UK from its financial regulatory body, the FCA. More specifically, Gemini will be designated as an Electronic Money Institution, which means its UK customers can now use GBP to invest and trade in crypto. The importance of regulatory compliance in the crypto space can’t be overstated. As Gemini CCO Blair Halliday puts it, “‘rigorous compliance is central to building a sustainable future for crypto and for our growth as a company. It ensures customers’ funds and data are adequately protected and that users can trust in the safety, stability and reliability of the product’”. (Decrypt)
  1. Later in this week, we got news that “cryptocurrency money manager, Panxora, seeks to raise up to $50 million for a new hedge fund to buy digital tokens associated with the fast-growing decentralized finance (DeFi) sector. “ The figure of $50 million, while high, almost comes across as quite par for the course as centralized exchanges are themselves diving head first into the DeFi space by hosting new tokens such as UNI, YAM and SUSHI. Although the DeFi market is seeing a bit of a decline at the moment, people such as Panxora CEO Gavin Smith believe that “‘this has got the potential to really change the way finance is carried out’”. (CoinDesk)
  2. Biotech company Yulong Eco-Materials Limited/ EV Biologistics will become the first biotech company to issue an STO for R&D purposes and list its token on a licensed digital exchange. The digital asset exchange in question, CryptoSX, a fully licensed and regulated exchange, also has ambitions of full SEC and FINRA compliance. The token, named ALI for “acute lung injury”, which is what the biotech company’s STO seeks to raise funds to treat, will be an SEC registered security. (BioSpace)
  1. “Crypto investment firm Panxora seeks $50M for new hedge fund to buy DeFi tokens”- https://www.coindesk.com/first-mover-bitcoin-exchanges-cryptocurrencies-defi-hedge-fund-50-million
  2. “Yulong to List its Securitized Token on CryptoSX”- https://www.biospace.com/article/releases/yulong-to-list-its-securitized-token-on-cryptosx/

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