Agricultural company Man Agro tokenized soybeans to obtain liquidity from a bank loan. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
Banco Galicia grants loan backed by soybeans
📍Banco Galicia has granted a loan to the agricultural company Man Agro, which was backed by tokenized soybeans on the blockchain. The company's president, Diego Sánchez, highlighted tokenization as a potential innovation that allowed it to access liquidity, using the soybeans that it still stores in silos.
According to Sánchez, the tokenization of agricultural products on the blockchain offers enormous potential for rural producers and companies, by breaking several of the barriers that limit agricultural activity.
From his experience, Man Agro pointed out that obtaining liquidity through a bank loan, using tokenized grains on the blockchain as collateral, was an easy, agile and secure process. The company created tokens from soybeans stored in silos, SOYA, to obtain the loan with Banco Galicia.
“Agrotoken is a clear practical example of using blockchain technology to facilitate financing opportunities for producers”, highlighted the CFO of Man Agro, Juan Martín Guichon.
35 cryptocurrency companies formalize their registration in Argentina
📍A total of 35 cryptocurrency companies were registered in the Registry of Virtual Asset Service Providers of the National Securities Commission (CNV) of Argentina. The registry, which remained open for 45 days, was created as a mandatory requirement for companies interested in providing cryptocurrency and digital asset services in the country.
During the registration process, the Commission received applications from more than 80 companies, of which 35 have already completed the process and formalized their registration with the regulatory agency. The Commission also received a dozen applications for registration of natural persons, none of which have been approved so far.
On the other hand, the National Securities Commission (CNV) highlighted the registration as a first step towards the formulation of a clearer legal framework for the innovation of cryptocurrencies and digital assets, Infobae reported.
The United States will discuss tokenization in Congress
📍US lawmakers will have a discussion today on asset tokenization, considered the next generation infrastructure for financial markets. The hearing, to be held by the Digital Assets, Financial Technology and Innovation Subcommittee of the House Financial Services Committee, will discuss regulations related to asset tokenization, specifically, the Tokenization Reporting Act 2024 and the law on the development of tokenized securities and derivative products.
At the hearing, according to informo the Financial Services Committee, several experts from the crypto industry and the financial system will participate, such as Carlos Domingo, co-founder of Securitize; Nadine Chakar, Global Head of Digital Assets at DTCC; Robert Morgan, executive director of the USDF Consortium and Hilary Allen, law professor at the American University of Washington.
Thailand's First Spot Bitcoin ETF Approved
📍The Securities and Exchange Commission (SEC) of Thailand gave the green light to the firm One Asset Management to launch a Bitcoin ETF on the market. The regulatory approval of this exchange-traded fund, which was reported by the Bangkok Post on June 4, seeks to provide institutional and high-net-worth investors with regulated exposure to the bitcoin price, investing in 11 world-leading funds to ensure liquidity and security. The approved Bitcoin spot ETF will also store the cryptocurrencies that it will hold in reserves using international standards, the local media reported.
According to the report, the Thai SEC has approved only one Bitcoin exchange-traded investment fund to date, which was introduced by the firm One Asset Management. However, the management firm MFC Asset Management is also awaiting regulatory approval from the agency to launch its Bitcoin spot fund in this market.
Paolo Ardoino again criticizes MiCA requirements for stablecoins
📍The entry into force of the Digital Asset Markets Act (MiCA) in Europe has worried the USDT issuer, Tether. Paolo Ardoino, current CEO of the company, again expressed concern about the onerous regulatory requirements that, in his opinion, the new law has established for issuers of stablecoins, such as USDT, in the region.
As Ardoino commented to The Block, the MiCA law has complicated the work of stablecoin issuers in Europe, while at the same time it may be affecting their stability and security. He called MiCA a “problematic” law for stablecoin development that could even make these digital currencies “extremely vulnerable and riskier to operate.”
In April, Ardoino reported that it was actively participating in discussions with European regulators regarding the impact of the MiCA law on the stablecoin market, in an effort to expose the complexity that this new legislation poses for the development of the market.
Currently, several exchange platforms operating in Europe are preparing to restrict the access of users in the region to unauthorized stablecoins, before MiCA comes into effect on June 30. Although USDT is not mentioned directly, the stablecoin, the most capitalized in the crypto market, will not comply with MiCA regulations, Ardoino reported in April.
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