OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, today announced that its Hong Kong-licensed digital asset exchange OSL HK has officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz Republic. HONG KONG, May 21 — OSL Group (863.HK) (OSL), a global stablecoin payment and trading platform, today announced that its Hong Kong-licensed digital asset exchange OSL HK has officially listed USDKG, the gold-backed stablecoin issued by the Kyrgyz Republic. The listing marks a significant step in bringing a state-supervised, asset-backed digital currency to one of the world’s most established licensed virtual asset markets. Pegged 1:1 to the U.S. Dollar and fully backed by physical gold reserves, USDKG is now accessible to professional investors through OSL’s institutional-grade infrastructure. The initial trading pair USDKG/USDT is now available to professional investors across OSL HK’s over-the-counter (OTC) platform. The listing of USDKG aligns with OSL's commitment to contr...
Former Silvergate executive Kate Fraher said the rule that prevented her from sharing her side of the story was unconstitutional. It was finally lifted by the SEC this week. The former chief risk officer of Silvergate revealed she made the decision to settle with the US securities regulator in 2024 to avoid a “multi-year battle” in court, where she was accused of misleading investors about anti-money laundering rules and how the bank monitored crypto customers. In her first public comments about her settlement with the SEC on Wednesday, Kate Fraher claimed that no financial agency proved that Silvergate’s anti-money laundering controls had failed, and that she only opted to settle to “move forward.” Fraher had agreed to a civil penalty of $250,000 and was banned from serving as a company executive or board director for five years. Read more
Italian authorities uncovered a tax evasion scheme in which an individual allegedly used Bitcoin Ordinals and the BRC-20 token standard to generate and conceal $1.1 million. Tax dodgers have started turning to Bitcoin Ordinals, BRC-20 tokens and other digital methods in an attempt to hide their wealth from tax authorities, according to blockchain analytics platform Chainalysis. “Tax evasion and unreported income are age-old financial crimes, but the methods used to commit them are rapidly evolving,” Chainalysis said in a report Wednesday. Tax authorities have been scrambling to catch up with technological advances and to track and apply taxes. A March study estimated that only 32% to 56% of US crypto owners report their gains. In Norway, that percentage was only 12%, according to a study from August 2024. Read more
The Ethereum rollup market is dominated by Arbitrum and Base, which have a combined 68% market share, according to L2Beat. Syndicate Labs announced it is winding down after five years of developing onchain infrastructure for customizable Ethereum rollups and sequencers, citing a shrinking market for rollups. The company said on Thursday on X that the decision was necessary because “the rollup market has fundamentally shifted.” “Unfortunately, the rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down,” it said. Read more
Bitwise, Roundhill Investments and GraniteShares had their prediction market ETF applications put on hold by the SEC earlier this month. The US securities regulator is delaying the launch of a recent wave of “novel ETFs,” including those that allow investors to bet on the outcome of events, to consider the implications of introducing the new products. In a statement on Wednesday, SEC Chair Paul Atkins said that “novel products raise novel questions” and instructed his staff to seek public feedback on how the regulator should respond to these applications. Bitwise filed in February for a series of prediction market ETFs under the PredictionShares brand to track US election results, while Roundhill Investments and GraniteShares also filed for prediction market ETFs that month. Read more