National Bank of Georgia Enhances Sanction Monitoring, Includes Virtual Asset Service Providers

The Acting President of the National Bank of Georgia, Archil Mestvirishvili, stated that the bank has not only been monitoring the observance of financial sanctions but also expanded its oversight to virtual asset service providers. He made this declaration while presenting a report to the Parliament. Mestvirishvili emphasized that last year the financial sector of Georgia showed particular commitment … Read more

Consumer Caution: Payment Apps and the Risk of Uninsured Deposits

In the evolving landscape of financial services, nonbank payment app companies are revealing significant gaps in deposit insurance coverage compared to traditional bank and credit union accounts. These companies, often regulated as money services businesses (MSBs), are required to register with the U.S. Department of Treasury but are not subject to the same federal oversight … Read more

Federal Reserve Gives Consent Order to Silvergate Capital Corporation for Voluntary Self-Liquidation

The Federal Reserve Board announced a consent order against Silvergate Capital Corporation and its subsidiary Silvergate Bank on Thursday, providing the necessary regulatory supervision for the financial institution’s voluntary self-liquidation. Silvergate initially announced this drastic action plan on March 8, 2023. Silvergate Capital Corporation and Silvergate Bank, both headquartered in La Jolla, California, are now … Read more

HashKey PRO Moves to Expand Retail Services in Hong Kong with New License Application

HashKey PRO, a Hong Kong Securities and Futures Commission (SFC)-licensed virtual asset trading platform, has taken a major step towards broadening its services in the region. The firm announced that it has submitted an application to provide retail services in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615). This move signifies … Read more

Microsoft Signs Multi-Billion Dollar Deal with Nvidia-Backed CoreWeave, Former Ethereum Miner, for AI Computing

According to CNBC, Microsoft is set to expand its footprint in the artificial intelligence (AI) sector with a multi-billion dollar deal with CoreWeave, a cloud computing startup once known for its Ethereum mining operations. Microsoft’s investment follows the recent AI boom sparked by the introduction of OpenAI’s ChatGPT. While specific deal figures have not been … Read more

New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses

New Huo Tech, a Hong Kong-listed tech company, recently reported its mid-year financial performance for the period ending on March 31, 2023. The report reveals a complex financial picture with some noteworthy trends and developments. Most striking is the company’s exceptional growth in revenue. Compared to the same period in 2022, revenue has surged by … Read more

First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

Asia’s leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD). Launched by FD121 Limited under the brand “First Digital Labs,” this novel stablecoin pledges to bring stability, diversification, and innovation to the existing financial landscape. Stablecoins, digital … Read more

Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom

Tether, the leading blockchain-enabled platform behind the widely used stablecoin, USD₮, has achieved a significant milestone by surpassing its previous all-time high market cap of $83.2 billion, which was set in May 2022. The company’s Chief Technical Officer, Paolo Ardoino, attributes this achievement to the growing demand for financial freedom and the trust that customers … Read more

Hong Kong SFC Chief Executive: New Guidelines for Crypto Trading Platforms Prioritize Investor Protection

The Hong Kong Securities and Futures Commission (SFC) announced that the upcoming guidelines for operators of virtual asset trading platforms will place investor protection at the forefront. Julia Leung, Chief Executive of the SFC, made these remarks on May 30 during an online seminar in the Distinguished Leaders Series hosted by the Hong Kong Institute … Read more

Tether Amplifies Cryptocurrency Presence in Georgia: Invests in Payment Processor

Tether Operations Limited (USDT issuer), the driving force behind the highly adopted stablecoin blockchain platform, has magnified its presence in Georgia’s cryptocurrency landscape through a strategic investment in This leading payment processing company is active in over 600 locations nationwide, encompassing retail outlets, hospitality venues, and eateries. With an increasing cryptocurrency demand and … Read more