Blockchain
Bosonic launches Enterprise Solutions for digital assets clearing and settlement
Bosonic, a decentralized Financial Market Infrastructure (dFMI) business has today announced the launch of Bosonic Enterprise Solutions™, a best-in-class clearing and settlement capability for digital assets that removes the dependency on bilateral credit or a central counterparty.
Bosonic Enterprise Solutions™ provides Bosonic’s Layer-2 blockchain solution designed to support payment versus payment (PvP) instantaneous clearing and settlement of digital assets and fiat currencies that already underpins the Bosonic Network.
The capability has been launched to meet the growing demand from a range of clients. These include regulated financial market infrastructure organizations and banks looking to launch digital asset capabilities, as well as newly-formed digital asset exchanges that need a best-in-class post-trade clearing and settlement solution to eliminate counterparty credit and settlement risk.
Bosonic Enterprise Solutions™ can be delivered using a Software-as-a-Service (SaaS) model or via a dedicated deployment model to suit the needs of clients that want to operate their own networks and market platforms. With the solution, clients of FMIs, banks or exchanges can maintain collateral in their own accounts at regulated, neutral custodians that use Bosonic’s technology to automate net settlement movements from trading.
Rosario Ingargiola, Bosonic CEO, said: “The demand for a service such as Bosonic Enterprise Solutions™ has been extraordinary, with the market this year heavily focused on developing the next generation of digital asset capabilities across a range of asset classes and use cases.”
Jason Nabi, Chief Revenue Officer, commented: “The capital markets industry has been looking at blockchain technology since about 2015 to solve inefficiencies across post-trade. Bosonic Enterprise Solutions™, incorporating the Bosonic Network’s™ proven technology, delivers a specifically designed clearing and settlement capability which provides a turnkey digital asset infrastructure platform that can be used by market operators to run their own trading venue or digital asset post-trade service.”
Nabi added: “We believe all asset classes will be digital assets in the coming years, and the growth of this market and our respective business supporting the wider digital asset ecosystem will be significant.”
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Blockchain
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
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