The British Treasury is hoping to launch a Digital Securities Sandbox (DSS) by the end of Q1 next year, according to Helen Boyd, Head of Capital Markets at the independent regulatory watchdog the Financial Conduct Authority (FCA). The FCA already has a similar engagement via its Regulatory Sandbox, where companies with viable products can begin pitching them to a closed circle of early customers. Boyd stated that the DSS will have a new rule set to allow it to do new things with digital securities, and that the FCA is waiting for HM Treasury to publish the results of its consultation before they can take forward the new powers and develop the regulatory framework. Boyd also mentioned that tokenization is likely to shake up the traditional finance world once traditional securities instruments are represented on-chain, and that trading, settlement, and clearing processes could be ‘revolutionized’.

The FCA told crypto companies advertising in the UK that they have until October 8th to get in line with the regulator’s existing financial promotion regime, and that failure to comply can result in two years’ imprisonment, a fine, or both. Boyd mentioned that certain firms running late for registration may be able to get an extension.

This is good news for the crypto industry, as it will provide a safe and secure environment for those looking to bring innovative products to the market. It will also set up clear regulations for companies advertising in the UK, ensuring a safe and secure environment for customers.

#Crypto #DigitalSecurities #FCA #RegulatoryFramework #Tokenization

You can read more about this topic here: Decrypt: UK Financial Watchdog Hints at New Crypto Sandbox for Next Year

The post “Unveiling 2021: UK Financial Watchdog Prepares to Launch Crypto Sandbox” first appeared on Byte Syze Crypto.

The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun. Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud and faces charges related to defrauding customers on his digital currency exchange, FTX. These accusations include wire fraud, securities fraud, and money laundering. The former CEO was arrested in December 2022 in Nassau, Bahamas, and extradited to the U.S. where he pleaded not guilty to all charges in January 2023. He was under house arrest at his parents home in Palo Alto, Claifornia, but in August 2023 his bond was revoked due to alleged witness tampering. Since then he’s been incarcerated at the Metropolitan Detention Center in Brooklyn. Jury selection began on Tuesday, October 3 at the New York courthouse, and the case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as “one of the biggest financial frauds in American history.” Bankman-Fried’s trial could potentially last up to six weeks.

This is definitely bad news for Bankman-Fried, as he faces a lengthy trial and potential prison sentence. The court denied his motion to be released from jail during the trial, so he will remain incarcerated. This news is important for the crypto industry, as Bankman-Fried’s case may set a legal precedent for future crypto-related frauds.

#CryptoFraud #FinancialFraud #SamBankmanFried #FTXExchange

You can read more about this topic here: Decrypt: The Trial of Sam Bankman-Fried: Live Blog, Latest News and Insights

The post “Follow Sam Bankman-Fried’s Historic Trial Live: Get the Latest News and Insights Here” first appeared on Byte Syze Crypto.

Nomic, a layer-1 bridging solution for Bitcoin, will enable Bitcoin liquidity on Cosmos via a Bitcoin-backed token. The team will implement an upgrade, the nBTC Interchain Upgrade, to the Nomic layer-1 blockchain, by the end of October to kick off the launch of the new token. The nBTC token will act as a native token in the Cosmos ecosystem and will be transferable through the Interchain Blockchain Communication (IBC) protocol. After the upgrade, the Nomic app or Nomic-integrated Cosmos apps like Osmosis, a decentralized exchange, will facilitate the issuance and redemption of nBTC for Bitcoin. The blockchain upgrade is scheduled for October 27 with activation expected by October 30. Nomic’s founding and developing team, Turbofish’s CEO Matt Bell unveiled the project at the Cosmoverse conference in Turkey today. Bell said, “Nomic will now unlock the exciting DeFi capabilities of the Cosmos ecosystem for any user holding BTC.”

The development can help solve the liquidity problem of the Cosmos ecosystem, which is in “need of a base money asset that can serve as its primary store of value,” said Sunny Aggarwal, co-founder of Osmosis. “Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality,” Aggarwal added.

According to DeFiLlama data, the total value lost in hacks from cross-chain bridges accounts for 37% of the cumulative amount of crypto hacks since 2016, raising concern about bridging protocols. However, Bell told Decrypt that Nomic is “fully decentralized and non-custodial, making it the first Bitcoin bridge of its kind.” Bell added that Bitcoin BTC is not “locked” on Nomic like other bridging protocols. Instead, it is “held in a “reserve output’ on the Bitcoin blockchain” and funds are released when transactions are signed by Nomic validators. This feature enables “Emergency Disbursals” which reduces the risk of losing Bitcoin should Nomic face any issues.

Besides Bitcoin, blockchain teams such as Noble and Celesta are also working to launch native USDC in the Cosmos ecosystem to enhance its DeFi liquidity.

Nomic is introducing a new layer-1 blockchain upgrade, the nBTC Interchain Upgrade, to the Cosmos ecosystem which will enable Bitcoin liquidity. The new token, nBTC, will act as a native token in the Cosmos ecosystem and will be transferable through the Interchain Blockchain Communication (IBC) protocol. This will help solve the liquidity problem of the Cosmos ecosystem, by providing a base money asset that can serve as its primary store of value. The blockchain upgrade is scheduled for October 27 with activation expected by October 30. Nomic is fully decentralized and non-custodial, reducing the risk of losing Bitcoin should Nomic face any issues. #Nomic #Cosmos # Bitcoin #DeFi #Interchain

You can read more about this topic here: Decrypt: Bitcoin Is Coming to Cosmos With New Nomics Bridge

The post Boost Your Financial Future: Invest in Bitcoin Through Cosmos’ Nomics Bridge first appeared on Byte Syze Crypto.