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BIG Weekly Newsletter
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A Message To The Reader
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Welcome to the BIG weekly Newsletter!
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This week read about FINMA publishes guidance on staking – Switzerland once again a pioneer for the Web3 industry, how Raiffeisen Switzerland joins SIX Digital Exchange for digital securities, why China to implement blockchain-based identity verification system and how Bank of England makes history in becoming the first to see blockchain payment.
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Wishing you an enchanting Christmas and a wonderful festive season!
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BIG EXPERTISE
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Harness the power of blockchain with a trusted partner. BIG is transforming financial futures through strategic, compliant, and operational excellence.
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- Proven Expertise: Architected and executed strategies for multiple global entities, seamlessly integrating digital assets and pioneering tokenization.
- Swiss Localization: Successfully onboarded several firms in Switzerland, optimizing their governance and fundraising capacities.
- Strategic Guidance: Elevated numerous projects to success with effective board and corporate structures.
- Tailored Solutions: Designed and deployed tailored products for several industry leaders, ensuring alignment with individual functional needs
- Seamless Integration: Managed end-to-end integrations for numerous service providers, ensuring smooth transitions to live operations.
- Project Mastery: Transformed numerous project concepts into operational successes, consistently meeting and exceeding client expectations.
- Regulatory Partnerships: Forged strong ties with legal specialists, SROs, and FINMA, setting the gold standard in regulatory navigation.
- Compliance Leadership: Rolled out internationally recognized compliance tools and frameworks, guiding best practices in the sector.
- Crypto Assurance: Pioneered innovative methods for cryptocurrency ownership verification, securing assets for multiple global entities.
- Operational Excellence: Spearheaded operational setups for several renowned industry leaders, championing peak performance.
- Cybersecurity Vanguard: Protected clients from numerous potential cyber threats, establishing a reputation for unmatched security.
- Infrastructure Prowess: Revolutionized IT for several firms with state-of-the-art setups and blockchain optimizations.
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FINMA published supervisory notice 08/2023 on staking
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FINMA has published supervisory notice 08/2023 according to which staked assets should have been considered public deposits.
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Raiffeisen Switzerland joins SIX Digital Exchange for digital securities
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The bank was the joint lead manager of a recent Zurich digital bond alongside co-leads UBS and Zürcher Kantonalbank. Raiffeisen Switzerland is now the second largest banking group in Switzerland.
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China to implement blockchain-based identity verification system
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Chinese authorities are exploring new use cases for blockchain, with the latest foray being an attempt to establish a digital identity verification system.
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Bank of England makes history in becoming the first to see blockchain payment
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Fnality seeks to bridge the gap between mainstream and digital finance to cut the time and cost of settling and making real-time wholesale payments for financial market transactions globally.
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REGULATED DIGITAL ASSETS (STO, TRADING, CUSTODY, COMPLIANCE)
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Regulated asset tokenization to launch in India’s GIFT City
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The team behind real estate development firm Collated has created a separate blockchain fintech, Terazo, to tokenize assets on the Poylgon blockchain. It’s part of the GIFT City sandbox and it also provides a marketplace.
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Akemona expands global tokenized equity offerings in 2024
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Akemona partnerships with three new issuers for worldwide equity token offerings, leveraging blockchain technology for a more efficient and inclusive capital-raising process.
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UK legislation for Digital Securities Sandbox published. No limits specified
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19 organizations had expressed an interest in participating and they are keen to hear from more. The regulators involved are the Bank of England and the FCA. Four types of FMI’s can apply to be FMI sandbox participants
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FINANCIAL SERVICES & CENTRAL BANK DIGITAL CURRENCY (CBDC)
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City of Basel settles tokenized bonds using wholesale CBDC
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The city of Basel in Switzerland has achieved a milestone by completing what might be the first regulated settlement of tokenized bonds in a production environment.
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EMTECH completes Ghana CBDC hackathon on public DLT
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Participants were given access to BYDC-eCedi APIs to ease integration. All transactions used the ERC-20 token standard. While transactions were transparent on the public DLT, user information was kept private.
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Norway’s CBDC project enters Phase 5 research on issuance
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Norway’s CBDC research is now entering a fifth phase after completing a fourth phase conducted over the past two years. Phase 4 consisted of experimental testing of technical solutions and reviewing the legislative changes necessary to permit the introduction of CBDC.
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CRYPTOCURRENCIES, DeFi and NFT
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Everything you need to know about eco-friendly cryptocurrencies
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Bitcoin’s operation and mining consumes 140 terawatt hours a year. Hedera’s transaction verification method uses a low amount of power, and consumes far less energy than the mining, proof-of-work approach used by bitcoin, which relies on computer processors.
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Ethereum sees major shift from centralized exchanges to DeFi
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Ethereum's shift from centralized to decentralized exchanges signals a maturing market. Ethereum holdings on CEXs enhances DeFi's profile. Uniswap V3's trading volume underscores investor confidence.
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Enjin migrates over 200M NFTs from Ethereum to its blockchain
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NFT platform Enjin recently migrated over 200 million NFTs. Enjin noted that over 118 million NFTs hosted on Ethereum, along with over 101 million NFTs hosted in an Ethereum sidechain called JumpNet, have been transferred to its mainnet called the Enjin Blockchain.
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RECOMMENDED INDUSTRY REPORTS AND BOOKS
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2023 State of Crypto Report:
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Introducing the State of Crypto Index
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Swiss Digital Asset Custody Report 2023
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The safekeeping of financial assets is a global strength of Switzerland’s banking industry.
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Laura Shin is a crypto/blockchain journalist and host of the Unchained podcast. As a former senior editor of Forbes, she was the first mainstream reporter to cover crypto assets full-time. She gives an overview to all experts and novices alike on the use cases making a real impact, and their vision for the future of this innovative technology!
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Crypto Finance Conference 2024
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Got a question? Or perhaps a suggestion? We'd love your feedback. Contact Rali Hill - content provider of this Newsletter.
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