Europe’s crypto scene saw some significant developments this week. Among them is Societe Generale’s EUR CoinVertible stablecoin debut on Solana. Additionally, Germany’s closure of 47 crypto exchanges due to money laundering violations made headlines.
These events illustrate how Europe is steering a future with blockchain, balancing financial innovation and regulatory compliance.
Societe Generale Stablecoin on Solana for Faster Transactions, Lower Fees
On September 20, 2024, Societe Generale-FORGE (SG-FORGE) announced integrating its EUR CoinVertible (EURCV) stablecoin onto the Solana blockchain. By launching EURCV, SG-FORGE aims to support the broader adoption of decentralized applications, offering solutions for both institutional and retail users.
The integration expands opportunities for liquidity provision and DeFi participation. It also enables users to trade, send, and receive the stablecoin securely and cost-effectively.
Societe Generale’s decision to adopt Solana reflects the blockchain’s high performance. Solana can process tens of thousands of transactions per second (TPS), making it stand out in performance. Moreover, its low transaction fees and near-instant finality make it an ideal choice for everyday digital payments and cross-border remittances.
“The combination of Solana’s high-speed network and SG-FORGE’s reliable, secure stablecoin will unlock new possibilities for both retail users and institutional players in DeFi,” Jean-Marc Stenger, CEO of Societe Generale-FORGE, stated.
Read more: What Is a Stablecoin? A Beginner’s Guide
Germany’s Crackdown: Shutting Down 47 Crypto Exchanges
Germany recently has taken decisive action by shutting down 47 crypto exchanges involved in money laundering activities. On September 19, 2024, the Federal Criminal Police Office (BKA), in collaboration with the Central Office for Combating Internet Crime (ZIT), closed exchanges that enabled anonymous financial transactions without adhering to Know-Your-Customer (KYC) standards.
By bypassing KYC protocols, criminals could misuse these platforms to conceal their identity and launder illegally obtained funds through cryptocurrencies. Therefore, these exchanges are considered to play a significant role in money laundering and cybercrime activities.
Law enforcement efforts have also uncovered critical user data, including transaction histories and IP addresses, which will aid in dismantling further criminal operations. Notably, Germany’s actions come as regulators across Europe intensify their scrutiny of the crypto space, particularly after the introduction of the Markets in Crypto-Assets Regulation (MiCA).
Swiss Stock Exchange Eyes Crypto Trading
A recent report revealed that Switzerland’s SIX Group is considering launching a European platform for crypto trading. Bjørn Sibbern, global head of exchanges at SIX Group, explained that the company is weighing options to offer both spot and derivatives trading for crypto. He also stated that the platform would only be available to institutional investors, such as asset managers.
“We are looking at other ways for us to expand in Europe, and as a part of that, we are also looking at [whether] crypto should be a part of it. […] We see the trend that more and more global banks and institutions are looking at crypto,” he added.
SIX Group already operates AsiaNext, a crypto derivatives platform based in Singapore, in partnership with SBI Group. The group’s interest in establishing a European counterpart highlights the increasing institutional demand for digital assets. Moreover, Switzerland’s progressive regulatory stance on digital assets makes it an attractive hub for institutional investors seeking secure entry into the crypto space.
Commerzbank’s Crypto Offerings: Corporate Access to Bitcoin and Ethereum
German banking giant Commerzbank has officially entered the digital asset arena by offering its corporate clients secure access to Bitcoin and Ethereum. This strategic move is in partnership with Crypto Finance, a subsidiary of Deutsche Börse, which provides institutional-grade crypto trading and custody services.
“Our joint solution represents the highest level of security in the trading and custody of crypto assets, which is also a standard we share with the Deutsche Börse Group,” Gernot Kleckner, Divisional Board Member at Commerzbank, remarked.
Commerzbank’s entry into crypto services comes after securing its crypto custody license in 2023. By offering a regulated and compliant platform, the bank is catering to the growing demand among institutional clients for reliable digital asset solutions.
Monerium’s EURe Launch on Noble: First Euro Stablecoin on Cosmos
Monerium, a leading provider of e-money on blockchains, has introduced the first euro-backed stablecoin, EURe, on the Noble blockchain, part of the Cosmos ecosystem. This launch represents a significant step forward for the Cosmos network, which now supports euro-denominated transactions via blockchain technology.
The EURe stablecoin is fully compliant with MiCA regulations and collateralized by euro-denominated deposits. Monerium’s integration with SEPA enables instant euro transfers between on-chain self-custody wallets and traditional bank accounts, providing seamless interoperability between blockchain and traditional financial systems.
Read more: What Is Markets in Crypto-Assets (MiCA)?
Noble, which specializes in stablecoin issuance, has become a key player within the Cosmos ecosystem, managing billions in Inter-Blockchain Communication (IBC) transfer volume. This integration offers users secure and cost-effective ways to manage euro transactions across multiple blockchains.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
