Gemini eyes UAE expansion, Hong Kong opens up for retail crypto trading

Gemini eyes UAE expansion

Crypto exchange Gemini is eyeing a United Arab Emirates expansion in the not too distant future.

The Winklevoss twin’s firm will “soon begin the process of acquiring a crypto licence to serve customers” in the country, it said on Wednesday.

“As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto,” the company said in blog. “By applying for a license, we will be taking another step towards making Gemini a truly global company and advancing our mission to unlock the next era of financial, personal, and creative freedom for all.”

The news comes mere days after Gemini announced that it will set up a new European headquarters in Ireland.

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Hong Kong opens up crypto trading for retail customers

Hong Kong opened cryptocurrency trading to retail traders on Thursday, as part of a new regulatory framework in the region, the South China Morning Post reported.

Crypto exchanges new to the city will be required to seek a licence with Hong Kong’s Securities and Futures Commission to operate, while established firms have a year to reach compliance.

Exchanges must also comply with broad requirements in regards to custodianship, cybersecurity and due diligence when listing new tokens.

Some commentators — such as Coinbase CEO Brian Armstrong — say China’s move to make Hong Kong a digital asset hub is a clear indicator that the nation may pull ahead of the United States as a global crypto leader.

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Circle clears Treasury bonds from its reserves ahead of debt ceiling crisis

Stablecoin issuer Circle Internet Financial has completely removed US Treasury bonds from its reserves for the company’s USD Coin stablecoin, CoinDesk reported.

The company said it would not carry US Treasuries ahead of a potential debt ceiling default in the country. Instead, it has moved all $24 billion of assets under its management into overnight repurchase agreements.

USDC’s market cap has fallen from this year’s high of $40 billion to $29 billion, after a wave of bank runs in March saw the token briefly lose its peg to the dollar.

Jimbos Protocol seeks US Homeland Security aid following $7.5m hack

Jimbos Protocol’s developers will work with US Homeland Security to locate the exploiter who stole $7.5 million in funds from the protocol over the weekend, CoinDesk reported.

The protocol’s team tried to negotiate a bounty with the exploiter via Twitter earlier in the week, in which the attacker would return 90% of stolen funds and receive no penalty.

When Jimbos Protocol’s ultimatum expired, it offered the 10% bounty to anyone who could help to find the attacker.

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Tradfi giant TP ICAP launches digital assets marketplace

TP ICAP, the largest global interdealer-broker, has launched its Fusion Digital Assets marketplace, which marks a major entry into the institutional crypto space by a TradFi firm.

The Fusion Digital Assets marketplace “aims to offer infrastructure that looks more familiar to institutional investors,” according to TP ICAP Group’s Digital Asset co head, Simon Forster.

The new marketplace supports trades for USD in Bitcoin and Ether, and the firm has stated the possibility of introducing new assets as well.

Tradfi firms have taken a mixed approach to the digital asset space following last year’s wave of collapses, with some banks divesting from the space, while major firms such as Visa have continued to express interest.

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