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<p><strong>This week brought notable changes to Europe’s cryptocurrency landscape. One key highlight is the launch of Societe Generale’s EUR CoinVertible stablecoin on the Solana blockchain. In other news, Germany has shut down 47 crypto exchanges over money laundering infractions.</strong></p>
<p>These occurrences highlight Europe's direction towards a blockchain-enabled future, balancing innovation in finance with the need for regulatory adherence.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-societe-generale-stablecoin-on-solana-for-faster-transactions-lower-fees">Societe Generale's Stablecoin on Solana: Enhancing Transactions and Cutting Costs</h2>
<p>On September 20, 2024, Societe Generale-FORGE (SG-FORGE) revealed the integration of its EUR CoinVertible (EURCV) stablecoin onto the Solana blockchain. The launch of EURCV is intended to promote the wider adoption of decentralized applications for both institutional and retail clients.</p>
<p>This integration opens up new avenues for liquidity provision and participation in decentralized finance (DeFi). It also provides users with a secure and efficient means to trade, send, and receive the stablecoin.</p>
<p>Societe Generale’s choice of Solana underscores the blockchain’s impressive performance. Solana boasts the capability to handle tens of thousands of transactions per second (TPS), distinguishing it as a high-performance option. Its low fees and rapid transaction finality make it an excellent alternative for routine digital transactions and international money transfers.</p>
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<p>“The synergy between Solana’s high-speed network and SG-FORGE’s secure, dependable stablecoin will create new opportunities for both retail users and institutional stakeholders within DeFi,” commented Jean-Marc Stenger, CEO of Societe Generale-FORGE, <a href="https://www.sgforge.com/societe-generale-forge-solana-network/" target="_blank" rel="noreferrer noopener nofollow">as stated</a>.</p>
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<p><strong>Discover more: What Exactly is a Stablecoin? A Beginner’s Overview</strong></p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-germany-s-crackdown-shutting-down-47-crypto-exchanges">Germany's Action: Closure of 47 Crypto Exchanges</h2>
<p>This week, Germany took stern measures by shutting down 47 crypto exchanges linked to money laundering activities. On September 19, 2024, the Federal Criminal Police Office (BKA), in conjunction with the Central Office for Combating Internet Crime (ZIT), shut down exchanges that facilitated anonymous transactions without complying with Know-Your-Customer (KYC) requirements.</p>
<p>By evading KYC checks, these platforms could have been exploited by criminals to hide their identities and launder illicitly acquired cryptocurrencies. As such, they are deemed key players in facilitating money laundering and cybercrime.</p>
<p>Law enforcement has also uncovered crucial user information, including transaction logs and IP addresses, which will support further investigations. Notably, Germany’s decisive actions come at a time when regulators throughout Europe are sharpening their focus on the cryptocurrency sector, particularly following the rollout of the Markets in Crypto-Assets Regulation (MiCA).</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-swiss-stock-exchange-eyes-crypto-trading">Swiss Stock Exchange Exploring Crypto Trading Opportunities</h2>
<p>A recent report <a href="https://www.ft.com/content/edcd0f00-71b1-4335-8eba-78c214cbc377" target="_blank" rel="noreferrer noopener nofollow">indicates</a> that Switzerland’s SIX Group is contemplating the creation of a European crypto trading platform. Bjørn Sibbern, the global head of exchanges at SIX Group, mentioned that the firm is evaluating the potential to offer both spot and derivatives trading for cryptocurrencies, targeting institutional investors such as asset managers.</p>
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<p>“We are exploring additional avenues for our expansion into Europe, including the potential integration of crypto. […] There is a growing trend of global banks and institutions taking a closer look at cryptocurrencies,” he added.</p>
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<p>SIX Group already manages AsiaNext, a crypto derivatives platform based in Singapore, in collaboration with SBI Group. Their interest in establishing a similar platform in Europe underscores the rising institutional demand for digital assets. Furthermore, Switzerland’s favorable regulatory environment for digital assets positions it as an appealing destination for institutional investors seeking reliable access to the crypto market.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-commerzbank-s-crypto-offerings-corporate-access-to-bitcoin-and-ethereum">Commerzbank Introduces Crypto Offerings: Corporate Access to Bitcoin and Ethereum</h2>
<p>The prominent German bank Commerzbank has officially ventured into the realm of digital assets by granting its corporate clients secured access to Bitcoin and Ethereum. This strategic collaboration is in alliance with Crypto Finance, a Deutsche Börse subsidiary that delivers institutional-quality crypto trading and custody services.</p>
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<p>“Our collaborative solution ensures the utmost security in the trading and custody of crypto assets, aligning with the standards we uphold at Deutsche Börse Group,” remarked Gernot Kleckner, Divisional Board Member at Commerzbank, <a href="https://www.commerzbank.de/group/newsroom/press-releases/commerzbank-crypto-finance.html" target="_blank" rel="noreferrer noopener nofollow">as stated</a>.</p>
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<p>Commerzbank’s foray into crypto services has been made possible following the acquisition of its crypto custody license in 2023. By providing a compliant, regulated platform, the bank is addressing the increasing demand among institutional clientele for trustworthy digital asset options.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-monerium-s-eure-launch-on-noble-first-euro-stablecoin-on-cosmos">Monerium Launches EURe on Noble: The First Euro Stablecoin on Cosmos</h2>
<p>Monerium, a prominent provider of e-money on blockchain networks, has launched the EURe, the first euro-backed stablecoin on the Noble blockchain, which is part of the Cosmos ecosystem. This launch marks a significant advancement for the Cosmos network, allowing euro-denominated transactions via blockchain technology.</p>
<p>The EURe stablecoin complies fully with MiCA regulations and is collateralized by euro-denominated deposits. Monerium’s connection with SEPA facilitates instant euro transfers between on-chain self-custody wallets and conventional bank accounts, enabling seamless interaction between blockchain technology and traditional financial structures.</p>
<p><strong>Learn more: What is the Markets in Crypto-Assets (MiCA)?</strong></p>
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<p>Noble, which focuses on stablecoin issuance, has emerged as a key player within the Cosmos ecosystem, overseeing billions in Inter-Blockchain Communication (IBC) transfer volume. This integration provides users with safe and effective methods for managing euro transactions across various blockchains.</p>
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</div> </div>EURCV Stablecoin Launches on Solana Amid Germany’s Crypto Crackdown[embed]https://www.youtube.com/watch?v=icoDiHV680k[/embed]
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