US Vice President Kamala Harris is strengthening her connection with the cryptocurrency community through her “Opportunity Economy” agenda. She is set to speak with Black entrepreneurs in Erie, Pennsylvania, discussing her support for small businesses, cryptocurrency regulation, and cannabis legalisation at the federal level. The initiative aims to empower Black men by providing tools for home ownership, business creation, and wealth building.
Harris’s campaign has shifted its stance on digital assets. Once seen as part of an anti-crypto regime, her current position favours regulatory frameworks that protect crypto investors, including Black men who own such assets. Ripple co-founder Chris Larsen’s $1 million donation to her campaign signals a growing belief that Harris may work on bipartisan crypto legislation.
Despite this support, not everyone in the crypto community is convinced by her campaign’s shift. However, Harris remains focused on protecting crypto ownership rather than restricting it.
Deutsche Bank has entered a strategic partnership with Keyrock, a crypto-native market maker, to bolster its global market-making and OTC trading operations. The collaboration is set to improve settlement processes and expand Keyrock’s operations across regions like Europe, the Middle East, and Asia-Pacific. Deutsche Bank will provide multi-currency accounts and access to over 100 currency pairs, enabling Keyrock to trade efficiently and reduce settlement risks.
Keyrock CEO Kevin de Patoul welcomed the partnership, emphasising Deutsche Bank’s industry expertise and innovative approach. Kilian Thalhammer, Deutsche Bank’s Global Head of Merchant Solutions, noted that this move reflects the bank’s commitment to supporting fintech and blockchain advancements.
This partnership follows Deutsche Bank’s earlier steps into blockchain technology, including its involvement in Singapore’s Project Guardian. The bank’s proactive stance on digital assets highlights its increasing engagement with the evolving financial markets.
Alchemy Pay has announced that its Virtual Card service is now compatible with Samsung Pay, making cryptocurrency payments faster and more convenient for users. This new feature allows cardholders to connect their virtual crypto cards to Samsung Pay, adding to the previously available Google Pay option. By linking their card, users can now seamlessly pay with cryptocurrency both online and in-store at millions of global locations.
With this integration, Alchemy Pay is making digital assets more accessible to everyday shoppers, offering flexibility to spend crypto on major platforms such as Amazon, Netflix, and eBay. Cardholders simply add their Virtual Card to Samsung Pay and can start making payments immediately.
Alchemy Pay is focused on expanding its payment capabilities and plans to collaborate with major card networks like Visa and Mastercard soon. This is part of a broader strategy to enhance crypto payments for both experienced users and newcomers alike.
21Shares, a leading issuer of crypto exchange-traded products (ETPs), has called on the European Union to establish a unified regulatory framework for incorporating cryptocurrencies into investment products. The firm highlighted the current inconsistencies across member states, where countries like Germany and Malta allow crypto in UCITS funds, while others, such as Luxembourg and Ireland, do not.
A unified regulatory approach, 21Shares argues, would not only provide much-needed clarity for investors but also align Europe with other global markets, including the US and Hong Kong. By establishing clear guidelines, retail and institutional investors alike could benefit from greater diversification opportunities, all within a secure, regulated environment.
The European Securities and Markets Authority (ESMA) has already begun reviewing feedback on the inclusion of crypto assets in UCITS funds, with a decision expected to follow. 21Shares, which currently offers over 40 ETPs, believes this move would pave the way for greater access to digital assets in a regulated market.
The National Bank of Bahrain has launched its first bitcoin investment fund aimed at institutional investors in the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Developed in partnership with ARP Digital, the fund allows investors to gain exposure to bitcoin while ensuring full protection against potential losses, albeit with a cap on possible gains.
Abdulla Kanoo, co-founder of ARP Digital, described the collaboration with NBB as a potential game-changer for the regional market. By combining ARP Digital’s expertise in digital assets with NBB’s strong presence in the financial sector, they have created a secure investment product for those looking to explore bitcoin.
Bahrain’s efforts to cultivate a crypto-friendly environment have attracted major players like Binance and Crypto.com, while the UAE is also advancing its regulatory framework for cryptocurrencies. In 2023, Dubai’s Virtual Asset Regulatory Authority issued comprehensive rules to facilitate Web3 firms operating in the region.
According to Chainalysis, the MENA region recorded $338.7 billion in crypto transactions between July 2023 and June 2024, primarily driven by institutional investors. With the new fund, NBB provides a promising opportunity for regional investors to safely engage with bitcoin in a well-regulated landscape.
A European Central Bank official has suggested the creation of a ‘European ledger,’ a blockchain platform that could bring together digital assets and money across the continent. This proposed platform, referred to as a digital capital markets union, would tackle Europe’s fragmented financial systems and outdated regulations, creating a more efficient environment for digital assets.
According to Piero Cipollone, an ECB executive board member, many European banks are already experimenting with distributed ledger technology (DLT), which could lead to greater financial integration. However, non-interoperable systems between countries continue to create fragmented liquidity. A unified platform could bring significant benefits, including cost reductions and round-the-clock operations, benefiting both investors and central banks.
Despite the advantages, concerns remain that a European ledger could stifle financial innovation. Cipollone noted that traditional finance might require the flexibility provided by competing DLT platforms to flourish. As discussions continue, the ECB is exploring ways to settle DLT transactions using central bank money, while seeking long-term solutions to avoid inefficiencies.
El Salvador’s President Nayib Bukele has met with Argentina’s President Javier Milei in Buenos Aires to discuss shared economic and security challenges. Their discussions included Milei’s zero-deficit budget strategy and Bukele’s experiences with debt management. Both leaders found common ground in their political journeys, particularly Bukele’s struggle with parliamentary opposition when he first took office.
During the visit, Bukele also met with Argentine senators and Vice President Victoria Villarruel to advise on cryptocurrency matters. Villarruel expressed significant interest in Bitcoin and El Salvador’s innovative use of Volcano Bonds for financing. These discussions signal Argentina’s growing interest in digital assets as part of its financial future.
Meanwhile, Uruguay has taken a major step in regulating cryptocurrency, passing a law that creates a clear framework for digital asset use. The law grants the central bank oversight of virtual asset service providers, ensuring compliance with anti-money laundering regulations whilst paving the way for new opportunities in the crypto sector.
The UAE has introduced amendments to its VAT regulations, exempting the transfer and conversion of digital assets, including cryptocurrencies, from VAT. This change, which applies retroactively from January 2018, will also benefit companies involved in managing investment funds. Businesses dealing with virtual assets are urged to review their past VAT positions to ensure proper input tax recovery, which enables them to claim back VAT paid on eligible purchases.
Virtual assets in the UAE are defined as representations of value used for digital trading or investment, excluding fiat currencies or financial securities. Meanwhile, regulators in the UAE have stepped up efforts to refine crypto regulations. Dubai’s VARA and the SCA have agreed to supervise virtual asset service providers jointly, allowing VASPs licensed in Dubai to operate across the wider UAE.
Additionally, the Virtual Asset Regulatory Authority has tightened rules on marketing, requiring firms to include disclaimers highlighting the volatility and potential loss in the value of digital assets. This move aims to ensure greater transparency in the rapidly growing crypto market.
LEGO Group’s website was briefly compromised on 5 October, with a scam promoting a fake ‘LEGO Coin’ token appearing on the homepage. The message encouraged users to purchase the token in exchange for ‘secret rewards’ but redirected them to a phishing site. The scam was removed after about 75 minutes, and LEGO confirmed that no user accounts had been compromised.
LEGO has since assured customers that the issue has been resolved and steps are being taken to prevent future incidents. Despite earlier hints in 2021 about entering the NFT space, LEGO has not officially pursued any crypto-related ventures.
This incident highlights the ongoing threat of cryptocurrency scams, which saw $127 million stolen from victims in the third quarter of 2024, with September alone accounting for $46 million in losses.
Taurus, supported by Deutsche Bank, has partnered with Chainlink Labs to enhance the adoption of tokenised assets by financial institutions. The collaboration aims to resolve key challenges, including security, data accuracy, and cross-chain connectivity, which are vital for institutional investors. By integrating Chainlink’s Data Feeds and Proof of Reserve, Taurus hopes to offer improved transparency and reduce risks associated with tokenised assets.
In addition, Chainlink’s Cross-Chain Interoperability Protocol will enable tokenised assets to move smoothly across different blockchains, increasing liquidity and accessibility. Taurus has already secured regulatory approval to offer tokenised securities trading, allowing retail clients to participate in digital asset markets more easily.
Both companies believe these advancements will encourage broader institutional adoption of tokenised assets, providing greater efficiency and data integrity in the market.
