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Italy Sets Up Crypto Environment to Meet EU’s New Laws: Central Bank Governor

• Italy’s central bank governor Ignazio Visco has announced the country’s regulators are preparing for Europe’s upcoming crypto regulations.
• Surveys show only 2% of Italian households own crypto and the exposure of Italian intermediaries to the market is limited.
• Bank of Italy is working with Consob and Ministry of Economy to set up authorization and supervision activities laid out in MiCA framework, which will be voted on in April.

Italy Preparing Crypto Environment to Meet EU Regulations

Italy’s central bank Governor Ignazio Visco has announced that the country’s regulators are preparing a supervisory environment anticipating European Union laws for regulating crypto assets. Although surveys show only about 2% of households own crypto, Bank of Italy is taking steps to ensure it meets the forthcoming Markets in Crypto Assets (MiCA) rules for service providers.

Survey Results Show Limited Exposure To Crypto Market

Bank of Italy surveys have shown that only about 2% of Italian households hold „modest amounts, on average“ of cryptocurrencies. The exposure of Italian intermediaries to the market was also very limited, indicating that last year’s crypto market collapse did not have any „systemic consequences“ on „the real economy,“ according to Visco.

MiCA Rules For Service Providers

The MiCA rules will require licensing requirements for all crypto issuers and service providers including cryptocurrency exchange platforms when they come into effect in April. In order to meet these requirements, Bank of Italy has been working with local financial markets regulator Consob and the Ministry of Economy and Finance on setting up authorization and supervision activities outlined by MiCA.

Mandatory Registration Requirement For Crypto Firms

Previously, Italy had set up a mandatory registration requirement for all cryptocurrency firms operating in the country but as yet none have been vetted by regulators. As of Monday there were 91 virtual asset service providers registered with Bank Of Italy.

Applications Of Distributed Ledger Technology Being Examined By Regulators

Additionally, Bank Of Italy is looking into various applications of distributed ledger technology such as blockchain that could help enhance regulatory oversight over digital assets trading activities within its borders.

Silvergate Suspends Preferred Stock Dividend to Preserve Capital Amid Volatility

Bullet Points:
• Silvergate Capital (SI) suspended dividend payments on its preferred stock to preserve capital.
• The suspension affects its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, Silvergate said Friday.
• In response, its preferred stock (SI.PRA) is down over 26% on the day at $8.43, while common shares of the La Jolla, California-based bank are down around 6% at $13.26.

Crypto-focused bank Silvergate Capital (SI) has taken a major step to preserve capital in the face of recent volatility in the digital asset industry. On Friday, the La Jolla, California-based bank announced that it had suspended dividend payments on its preferred stock, series A, which carries a 5.375% fixed rate non-cumulative perpetual preferred stock.

In response to the news, the bank’s preferred stock (SI.PRA) is down over 26% at $8.43, while common shares of the bank are down around 6% at $13.26. The decision to suspend dividends is designed to ensure that Silvergate maintains a “highly liquid balance sheet with a strong capital position” as it navigates the current economic landscape.

Silvergate’s decision is especially noteworthy given the recent downturn in the crypto industry. After peaking in late 2017, the combined market capitalization of all digital assets has fallen sharply over the past two years. This has resulted in significant losses for many investors and companies in the industry, leading to a period of increased caution and risk management.

The bank’s move is also indicative of the current state of the banking industry. Banks have traditionally been the main source of capital for businesses and individuals, and the current environment of low interest rates and increased regulation has made it difficult for banks to generate profits. As a result, many banks have taken steps to reduce risk and increase liquidity, such as suspending dividend payments.

Silvergate’s decision is a sign that the crypto industry is still maturing and that companies are taking the necessary steps to protect their balance sheets. It is also a reminder of the importance of risk management in a volatile market, and the need for companies to take a long-term view when it comes to their finances.

Luno Appoints New CTO After Co-Founder’s Departure

• Timothy Stranex, co-founder and chief technology officer of cryptocurrency exchange Luno, left the company in December 2020.
• Stranex was replaced as CTO by Simon Ince, who joined Luno in 2019 as its vice president of engineering.
• Luno, a Digital Currency Group company, has over 10 million customers worldwide and offices in multiple cities.

Cryptocurrency exchange Luno announced Thursday that Timothy Stranex, the company’s co-founder and chief technology officer (CTO), departed in December of 2020. Stranex had founded Luno in 2011 alongside Carel van Wyk, Pieter Heyns and current CEO Marcus Swanepoel.

Following Stranex’s departure, Simon Ince was appointed as the new CTO. Ince joined Luno in 2019 as its Vice President of Engineering and will now be responsible for Luno’s overall engineering strategy and technology operations.

Luno is a cryptocurrency exchange with a global presence. It is a subsidiary of Digital Currency Group (DCG), which is also the parent company of CoinDesk. Luno has over 10 million customers worldwide and offices in several cities, including London, Singapore, Cape Town, Johannesburg, Lagos and Sydney.

In a statement to CoinDesk, Luno’s CEO Marcus Swanepoel said: “Timothy was instrumental in growing Luno from the ground up and we thank him for his contribution to the company. We’re pleased to have Simon Ince as our new Chief Technology Officer and are confident that Simon’s experience and leadership will help Luno continue to build and scale our engineering teams and products.”

Stranex had been with the company for almost 10 years, and his departure marked the end of an era for Luno. He helped to shape the company into the successful and growing business it is today, and he will be missed. Ince, on the other hand, is well-suited to take on the role of CTO and is expected to bring fresh insights and ideas to the company.

It is clear that Luno has big plans for the future, and with the appointment of a new CTO they are well-positioned to continue to grow and expand their cryptocurrency exchange. As the industry continues to evolve, Luno will be able to stay at the forefront of the market.

Gemini & DCG Dispute Highlights Crypto Industry Risks

• Digital Currency Group’s (DCG) Genesis Global Trading has had a dispute with Gemini over a crypto lending product.
• DCG is reportedly looking to sell some of its venture-capital portfolio, worth around $500 million, to pay off its creditors.
• Lumida CEO and co-founder Ram Ahluwalia weighed in on the tensions between the two companies.

Trouble has been brewing between the Winklevoss twins‘ crypto exchange Gemini and Digital Currency Group’s (DCG) Genesis Global Trading, partner on a crypto lending product pitched to smaller investors. On Thursday, the Financial Times reported that the tension between the two companies had escalated, as Gemini terminated a key aspect of their relationship.

The issue at hand is that Genesis reportedly owes its creditors over $3 billion, prompting its parent company, DCG, to look at selling some of its venture-capital portfolio, worth around $500 million. Lumida CEO and co-founder Ram Ahluwalia weighed in on the tensions between the two companies, saying: “It is a pretty big deal when one of the largest crypto companies in the world has to sell its venture-capital portfolio to pay off its creditors.”

The FT noted that the dispute between DCG and Gemini is complicated and goes beyond the $3 billion owed to creditors. According to sources, the two companies have been in a dispute for several months and have been unable to agree on a resolution. The report also said that DCG is seeking to resolve the matter with Gemini but that the latter is unwilling to negotiate.

As the two companies continue to dispute their relationship, the fate of DCG’s venture-capital portfolio remains uncertain. If the company is forced to sell it, it could have a negative impact on the crypto industry, as it could lead to a disruption in the capital and resources needed to develop the industry.

The dispute between the two companies has put a spotlight on the risks associated with investing in the crypto space, as the lack of regulatory oversight can lead to companies failing to meet their obligations. It also highlights the need for greater transparency and accountability in the industry, as investors need to be able to trust the companies they are investing in.

Overall, the dispute between Gemini and DCG underscores the need for increased regulation in the crypto space and greater transparency from companies operating in the industry. It also serves as a reminder of the risks associated with investing in a nascent and largely unregulated market, and the importance of doing due diligence before investing in any project or company.

TON Foundation Unveils ‚TON Storage‘ Data Storage Platform

• TON Foundation, the stewards of the TON network, has unveiled a data storage ecosystem called TON Storage that aims to enable users to exchange files of any size while providing financial incentives to node operators for hosting files.
• The project aims to enable users to exchange files of any size while providing financial incentives to node operators to host files for users.
• The TON Storage platform is designed to solve the problem of large-scale data storage.

The TON Foundation, the stewards of the blockchain network TON, has unveiled their latest project, TON Storage. This platform is designed to provide a solution for large-scale data storage problems. The project is aimed at enabling users to exchange files of any size, while also providing financial incentives to node operators for hosting these files.

The TON Storage project is an ecosystem that is built on top of the TON blockchain, and it is expected to provide secure, fast, and reliable data storage solutions. The platform is designed to provide strong economic incentives in the form of rewards to node operators who are hosting user files. This is done through the use of smart contracts on the TON blockchain. The node operators can earn rewards for hosting files, and the users can pay for the storage without having to worry about the security of their data.

The TON Storage platform also provides a number of other features that are designed to make it easier for users to store and access their data. The platform provides a number of different protocols that allow users to access and transfer their data. There is also a data replication feature that allows files to be stored in multiple locations, which helps to protect the data from being lost if one of the nodes fails.

The TON Foundation is hoping that the TON Storage platform will help to create a more efficient and secure data storage system. It is also expected to help reduce the cost of data storage, as well as provide users with more control over their data. The TON Foundation is also working on new features that will be added to the platform in the future.

The launch of the TON Storage platform is a major step forward in the development of the TON blockchain, and it is expected to help make the network more secure and efficient. It is also expected to help reduce the cost of data storage and provide users with more control over their data. The TON Foundation is hoping that the TON Storage platform will be able to make a big impact on the crypto storage market, and the future of the blockchain.

Gain Exposure to Coinbase with 40% Annual Coupon and Partial Downside Protection

• Marex Solutions, a derivatives-focused division of the London-based financial services provider Marex, has issued a Coinbase (COIN) linked structured product.
• This six-month barrier reverse convertible (BRC) note offers a guaranteed annual 40% coupon paid monthly, providing holders with regular cash flow.
• The note has a predefined „barrier“ at 66% of the Nasdaq-listed stock’s price, and if the barrier is hit or breached, the partial downside protection disappears, and the holder will be allocated COIN shares at $25.

Marex Solutions, a derivatives-focused division of the London-based financial services provider Marex, recently unveiled a Coinbase (COIN) linked structured product that offers enhanced coupons in return for only partially protecting capital risk on the cryptocurrency exchange’s shares. Investors have been drawn to the product due to Coinbase’s increasing market share in the wake of rival FTX’s collapse.

The six-month barrier reverse convertible (BRC) note issued Wednesday by Marex’s FCA regulated entity Marex Financial offers a guaranteed annual 40% coupon paid monthly, providing holders with regular cash flow. It also has a predefined „barrier“ at 66% of the Nasdaq-listed stock’s price – $37.8 on the issue date. As long as the shares stay above $25 during the term, Marex Financial will repay the invested amount in full at expiry. If the barrier is hit or breached, the partial downside protection disappears, and the holder will be allocated COIN shares at $25, exposing them to market vicissitudes.

Ilan Solot, from Marex Solutions, said that the structured product is an attractive option for investors who prefer to express their view on Coinbase via structured products. He said that the product offers a „unique way to participate in the growth of the leading crypto exchange, while also offering a competitive return and the ability to benefit from high levels of liquidity.“

The product has been issued with a minimum denomination of £50,000 and is available to both institutional and retail investors. It is being sold by Marex Solutions‘ network of brokers, including Bank of America, Goldman Sachs, and JP Morgan.

Overall, the Coinbase-linked structured product is an attractive option for investors seeking to benefit from the growth of the leading crypto exchange while also enjoying a competitive return and high levels of liquidity.