Digital Assets

Chiliz's Socios.com Receives Approval for Digital Asset Services License

Friday. October 25 at 9:00 PM

1 min. read

Chiliz's SportsFi platform, Socios.com, has been granted in-principle approval by the Malta Financial Services Authority (MFSA) for a Class 3 Virtual Financial Assets Act (VFAA) license. This approval allows Socios.com to function as a regulated virtual financial asset provider, enhancing its credibility and compliance. While Class 3 license holders have certain restrictions, such as not being able to operate a VFA exchange, they can offer various VFA services and manage clients' assets. Chiliz's CEO, Alexandre Dreyfus, views this approval as a significant achievement for the company, aligning with their compliance efforts across different regions. Socios.com is also ensuring compliance with regulations in the UK, Lithuania, Indonesia, Spain, and Italy. Chiliz's focus on compliance is in preparation for the upcoming European Union's Markets in Crypto-Assets Regulation (MiCA) in 2025. Additionally, OKX, a crypto exchange, has chosen Malta as its MiCA hub to expand its services in the EU using its existing Class 4 license.

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Enhancing Digital Asset Transparency with TRUSThub

Friday. December 6 at 2:00 PM

The TRUSThub platform, led by Coinbase's Travel Rule Universal Solution Technology (TRUST), aims to streamline data sharing among Virtual Asset Service Providers (VASPs) to enhance compliance capabilities and secure Travel Rule data exchange. TRUSThub, set to launch by the end of 2024, includes prominent VASPs like BitGo, Binance.US, and Gemini. This platform addresses the need for secure information sharing in the crypto industry, ensuring transparency and reducing anonymity in digital asset transactions. TRUSThub's key principles of compliance, interoperability, simplicity, usability, and security enable seamless integration and regulatory alignment without disrupting VASP operations. By automating recipient identification and securely transmitting data, TRUSThub simplifies compliance for members, even when dealing with non-TRUST VASPs. Additionally, TRUST members can securely execute cross-network transactions while upholding privacy standards. Stay informed on the latest crypto news and market trends by following us on X.

Digital Assets

Nexo Launches Personal USD Accounts to Bridge Traditional Finance and Digital Assets

Tuesday. November 26 at 9:00 AM

Nexo, a prominent digital asset management platform, has introduced Personal USD Accounts to streamline the connection between traditional finance and the expanding digital asset sector. Available in 150+ countries, this service allows users to conduct USD bank transfers directly to and from accounts in their name. This initiative is part of Nexo's strategy to enhance its range of multi-currency accounts, which already include USD, EUR, and GBP. By facilitating direct bank transactions under users' names, Nexo aims to enhance transparency and security, particularly for institutional clients and high-net-worth individuals. The integration with SWIFT enables secure cross-border transfers, catering to global businesses and individuals. Future plans include adding domestic transfer options like ACH and Domestic Wire services to better serve US-based clients. With over $7 billion in assets under management, Nexo continues to innovate in the digital asset realm, offering cutting-edge technology and customer-focused solutions.

Digital Assets

Protecting Likeness Rights in the Age of AI

Wednesday. October 30 at 12:30 AM

Robert Downey, Jr. has taken a firm stance against the use of his likeness in digital replicas created through generative AI. The actor, known for his role as Tony Stark in the Marvel Cinematic Universe, stated that he would take legal action against any future executives attempting to create a digital version of him without his consent. Despite having his likeness digitally recreated for action sequences in films like 'Avengers,' Downey, Jr. remains adamant about protecting his character's integrity. The debate over generative AI extends beyond Hollywood, with actor Nicolas Cage criticizing the technology as 'inhumane.' While agreements have been made regarding the creation of digital replicas in the film industry, issues persist in the realm of video game production. SAG-AFTRA is currently in negotiations to ensure performers have control over the use of AI in replicating their voices and likenesses, highlighting the ongoing challenges posed by artificial intelligence in entertainment.

Digital Assets