India to Block Binance, Kraken, and Other Exchanges

Hi NoRamp Community,

Daily News:

1) Argentina Introduces Bill to Regulate Crypto Holdings for Tax Payers

2) India to Block Binance, Kraken, and Other Exchanges

3) Monex Acquires Majority Stake in Canadian Digital Asset Manager

4) Eastern Bank Innovates With New Biometric Metal Card

5) Fintech Giant Kaspi.kz Makes US IPO Filing Public

Argentina Introduces Bill to Regulate Crypto Holdings for Tax Payers:

• Argentina's new government under libertarian Javier Milei proposes a bill to simplify legalizing cryptocurrency holdings with a tiered tax rate system, reflecting a commitment to more accessible and transparent crypto regulations.

• The 'Law of Bases and Starting Points for the Freedom of Argentines' includes an asset regularization scheme for cryptocurrencies, offering reduced rates for early declarations, aiming to facilitate the formalization of crypto assets.

• While not explicitly a pro-crypto advocate, Milei's administration aims to incorporate cryptocurrencies into broader economic reforms, resonating with the principles of technological advancement and a free society, as the country faces significant economic challenges.

India to Block Binance, Kraken, and Other Exchange:

• India's Financial Intelligence Unit calls for the ban of nine major crypto exchanges, including Binance and Kraken, for operating illegally without registration and non-compliance with anti-money laundering and anti-terrorist financing regulations.

• The FIU has requested the blocking of these exchanges' websites in India, emphasizing the need for Virtual Digital Asset Service Providers to register and comply with the Prevention of Money Laundering Act.

• This move is part of a growing global trend of regulatory actions against crypto exchanges, following significant fines and legal settlements involving major platforms like Binance in the U.S., indicating heightened scrutiny and enforcement in the crypto industry.

Monex Acquires Majority Stake in Canadian Digital Asset Manager:

• Monex, a Japanese financial group, is acquiring a majority stake in 3iQ, a Canadian digital asset manager known for launching one of the first Bitcoin ETFs in Canada.

• 3iQ has been a pioneer in digital asset management, introducing Bitcoin and Ethereum ETFs on the Toronto Stock Exchange and recently integrating Staking capabilities within an Ethereum ETF.

• This acquisition aligns with Monex's strategy of diversifying into asset management, leveraging 3iQ's expertise to enhance offerings, particularly for institutional investors, as the global interest in crypto assets and related financial products continues to grow.

Eastern Bank Innovates With New Biometric Metal Card:

• Eastern Bank in Dhaka, Bangladesh, launches the world's first biometric metal card, featuring IDEX Biometrics technology, aiming to enhance security and user experience for premium customers from early 2024.

• The bank aligns with the 'Smart Bangladesh' initiative, leveraging the country's robust economic growth and digital advancement to introduce innovative payment solutions.

• The biometric metal card is expected to set a new standard in contactless payments, reflecting Eastern Bank's commitment to innovation and leadership in the banking sector, and promoting financial empowerment through secure, seamless transactions.

Fintech Giant Kaspi.kz Makes US IPO Filing Public

• Kazakhstan's Kaspi.kz announces a significant increase in profits and revenue, positioning itself for a U.S. listing in 2024 alongside other anticipated IPOs from various technology and social media companies.

• With a current valuation of nearly $19 billion on the London Stock Exchange, Kaspi.kz aims to expand its investor base through the U.S. listing, offering diverse fintech solutions including e-commerce, BNPL services, and government service facilitation through its app.

• Kaspi.kz is preparing to list its American Depositary Shares on the Nasdaq, with the IPO being led by prominent financial institutions such as Morgan Stanley, J.P. Morgan, and Citigroup.

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