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Gate.io Debuts GateTR at Istanbul Blockchain Week 2022, Accelerating Global Expansion

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A leading cryptocurrency exchange Gate.io is attending Istanbul Blockchain Week (IBW) from November 14 to 17 in Istanbul, Turkey. IBW 2022 is Turkey’s most anticipated blockchain event, expected to host thousands of attendees and dozens of industry executives, leaders, and developers. At the event, Gate.io is set to debut its new Turkey-based cryptocurrency exchange platform, GateTR, during its keynote speech. The new platform will showcase its ecosystem at the Gate.io booth and host an NFT airdrop campaign.

Gate.io’s first regional crypto exchange – GateTR

Developed by the Gate.io crypto exchange team over the past six months, GateTR is a new exchange platform designed to offer a seamless, ultra-fast, and user-friendly crypto trading experience tailored to Turkey’s crypto market. The exchange will be accessible through a dedicated website and mobile iOS and Android apps.

On GateTR, users can trade cryptocurrency, buy or sell using Turkish Lira (TRY), and withdraw to local bank accounts. Moreover, users can transfer between their Gate.io accounts and GateTR free of charge, and the exchange will share the same crypto listing policy as Gate.io to the furthest extent available in Turkey.

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At Launch, GateTR will offer spot trading but will later expand to other products and services. In addition, a 24/7 customer support team has been established to support local users and will activate a live telephone support line soon. And, In Q1 2023, GateTR will announce new collaborations to bring crypto into people’s daily lives, connecting crypto payments with areas such as transportation, travel, shopping, and more.

Gate Turkey’s commitment to regulatory compliance

Gate.io Group, to which Gate.io and Gate Turkey are belonging, is fully committed to meeting regulators’ expectations. This has been a core focus of its global expansion strategy, which involves strict compliance with data privacy and digital asset regulations and AML/CTF controls. Notably, Gate.io Group has received licensing and registration in several major crypto regions this year, such as MaltaUSALithuania, Dubai, and more.

Gate.io’s keynote, booth, and special events

During IBW 2022, Gate.io will engage with attendees and partners at an exhibition booth and host a special afterparty event with a free NFT airdrop. Additionally, the Founder and CEO of Gate.io, Dr. Lin Han, will deliver the keynote alongside Kafkas Sonmez, Head of Gate Turkey. The keynote will cover Gate.io’s commitments to the Turkish crypto industry, an intro to the Gate.io ecosystem, the reveal of GateTR, Gate.io’s regulatory compliance actions, and more.

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Promoting Merkle Tree Proof of Reserves

As the first mainstream cryptocurrency exchange to implement third-party certified and publicly verifiable Proof of Reserves audits, Gate.io recently released its Merkle Tree audit solution on the open-source platform GitHub. In addition, Gate.io is welcoming other crypto platforms to employ its open-source solution to improve transparency and trust with users across the industry in Turkey and worldwide.

SOURCE Gate.io

Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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