Blockchain
NEO Global Development invests and partners with Liquefy to develop a security token ecosystem
Liquefy announced today that NEO Global Development (NGD) will invest in and partner with Liquefy, to develop an NEO based security token ecosystem and allow asset owners to issue security tokens based on NEO.
NEO is a leading protocol that utilizes blockchain technology and digital identities to tokenize assets and automate the management of tokenize assets using smart contracts. The recent update to NEO 3.0 allows it to scale and build a fully-integrated tokenized economy.
“It is important to develop a security token standard while the industry is still in its infancy. What separates NEO apart from other public blockchain protocols is the integration of NeoID, which allows KYC, AML and accreditation status to be stored on-chain while maintaining privacy. This allows issuers to monitor and maintain records of all transactions in the secondary market to remain compliant in multiple jurisdictions,” Adrian Lai, CEO of Liquefy. “We are excited to welcome NGD as an investor and a partner to develop a security token ecosystem together and bring innovation to the financial market.”
The Liquefy Platform will support NEO which will allow NEO stakeholders to gain access to the security token universe. The current process of transferring private securities is fragmented, cumbersome and expensive since KYC information of investors are siloed across multiple intermediaries and compliance is a manual process. Liquefy is solving a critical pain point in the market by providing an end to end solution from issuance, managing compliance across multiple jurisdictions to investor management services.
The investment and partnership with Liquefy have cemented NEO’s commitment to develop the security token industry. Earlier this year, NEO had formed the Digital Asset Alliance (DAA) to explore, develop and share insights about the security tokens sector with a consortium of industry leaders such as Republic, Globacap, DLx and Liquefy.
SOURCE Liquefy Limited
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Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
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