Gradual endeavors by authorities around the world to provide better regulation for crypto assets and the further evolution in the burgeoning industry are the latest developments. In addition to this, the recent week has witnessed several collaborations between the top crypto and tech platforms for this sector’s growth. Moreover, the new crypto approvals in several jurisdictions are also noteworthy.
PayPal Introduces a USD-Linked Stablecoin Named PYUSD
A few days ago, the payment giant called PayPal disclosed the development of a USD-pegged stablecoin. Its latest stablecoin is called PayPal USD (or PYUSD). This development is known as a significant and beneficial project for revolutionizing payments within the Web3 world. Apart from that, it enables a matchless experience for developers, merchants, and users alike.
The launch of this stablecoin paves the way toward several opportunities to facilitate eligible PayPal clients in the US. With this, they can enjoy peer-to-peer payments. Additionally, they can also convert between PayPal USD as well as the crypto assets endorsed by PayPal.
Aptos Token Rises by Fifteen Percent after Collaboration with Microsoft
The community of Aptos is excited as the APT token of the platform has recently witnessed a huge increase of fifteen percent. This development has taken place after a collaboration between Aptos and the top tech company Microsoft. The partnership takes into account an integration between Web3 and AI technologies to explore exclusive opportunities.
Aptos Labs’ CEO Mo Shaikh said that the initiative would assist in the trailing of the AI models of Microsoft with the use of validated data provided by the blockchain of Aptos. Moreover, Aptos intends to run the blockchain validator nodes on the Azure cloud of Microsoft.
France Introduces Revised Rules for Crypto Entities in Line with EU MiCA Regulation
France’s Autorité des marchés financiers (AMF) has recently introduced a systematic revision to the registration requirements specified by it for crypto entities running within the country. The respective development plays a significant role targeting to create a harmony between French regulation and the EU-based Markets in Crypto Assets (MiCA) regulation.
The latest changes will be implemented on the 1st of January next year, promoting applicants for improved registration according to new standards. In March this year, the legislative body of France approved several crypto regulations that now await conclusive authorization.
Ripple Moves Forward to Go Against SEC’s Appeal
Stuart Alderoty, the chief legal officer of Ripple, has recently disclosed that the US SEC does not have any right to go against the ruling given for the XRP token. This statement is witnessed in response to the recent communication of the SEC, highlighting its strategy to request permission to challenge a crucial court ruling about systematic sales of XRP.
The SEC requested a provisional termination of the legal operations, expressing a desire for keeping the court from the ruling’s implementation. The result of the legal fight between the SEC and Ripple keeps reflects wider implications for the broader regulatory landscape.
Coinbase’s Base Integrates OKX Wallet to Explore Web3 Potential
OKX Wallet has officially announced its integration with Coinbase’s Ethereum L2 solution named Base. This takes place simultaneous to the integration of several Base dApps with OKX Discover. This indicates a pivotal development for crypto users and DeFi enthusiasts.
On the 9th of August, the successful launch of Base mainnet took place. As a result of this, more than a hundred service providers and dApps are accessible within the broad Base ecosystem. The latest integrations indicate an exclusive move in the dApps’ evolution.
Binance Pursues Regulatory Authorization in Taiwan to Offer Legal Crypto Services
The well-known crypto exchange Binance is making great efforts to obtain a license in Taiwanese jurisdiction according to the Money Laundering Control Act of the country. In this respect, a confidential conference was recently conducted by the Taiwan Financial Supervisory Commission (FSC). The agency informed the native crypto service providers regarding the intention of Binance to comply with the anti-money laundering policies.
Since 2021’s July, the financial authorities of Taiwan have necessitated AML compliance for the virtual asset services provider (VASPs). However, the bigger crypto sector in Taiwan is still predominantly unregulated. Although Binance has not yet witnessed formal regulation within the country’s jurisdiction, the company has created a local sub-branch named Binance International Limited Taiwan Branch in Seychelles.
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