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Harbour Teams with Velocity Labs to Launch Instant Stablecoin Payment Between EU Banks and Polkadot

London, UK, December 19th, 2024, Chainwire Harbour , in partnership with Velocity Labs , announces the launch of their stablecoin payment system “Magic Ramp”, connecting SEPA Instant payment rails with Polkadot. This collaboration seamlessly integrates TradFi banking systems into Web3, providing efficient, low-cost payment solutions. Magic Ramp allows Euros to be sent from any bank account and received as USDC on-chain in less than 30 seconds, with minimal fees while funds held in Web3 wallets can be received as Euros in bank accounts with the same speed. For the first six weeks following the launch, these bank-to-on-chain transactions will be available at no cost. Through this partnership, developers can now issue virtual IBANs that are linked to Polkadot wallet addresses and bridge SEPA Instant payment rails in Europe with the Polkadot Asset Hub. James Brownlee, CEO of Harbour, shared, “Polkadot’s infrastructure enables instant, low-cost stablecoin transfers, which aligns with our goal of making blockchain interoperable with traditional banking. This partnership expands the design space for developers working on stablecoin-based solutions.” Potential use cases include efficient on-and-off ramps for Web3 users, stablecoin payment gateways for merchants who prefer receiving Euros, international payroll, bill payments, and cross-border remittances. Nicolas Arevalo, CEO of Velocity Labs, stated “Among all the on-ramp providers we’ve worked with, Harbour stood out by blending the convenience of on-ramps with the speed and cost of CEX on-ramping. This will allow stablecoins in Polkadot to become seamlessly accessible with negligible fees.” Harbour’s Magic Ramp makes it simple for traditional banking entities to integrate with Web3 in a way that addresses practical challenges in payments to meet evolving market needs. For more information, users can visit Harbour.fi or try out the Magic Ramp at https://ramp.harbour.fi/polkadot For media inquiries, users may contact Jonathan Duran at Jonathan@Distractive.xyz About Harbour Harbour.fi is an innovative payments platform bridging traditional banking and blockchain rails with Stablecoins. Harbour is headquartered in the United Kingdom with a branch in Poland, EU. About Velocity Labs Velocity Labs is a core contributor to Polkadot, dedicated to transforming it into the premier platform for DeFi development in Web3. As strategic partners, we empower builders and infrastructure providers with comprehensive support across business development, go-to-market strategy, engineering support, and product strategy. Contact Comms & PR manager Jonathan Duran Distractive jonathan@distractive.xyz Huobi blog

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Hong Kong SFC Grants Conditional Licenses to Four Crypto Exchanges

The Hong Kong Securities and Futures Commission (SFC) has taken another significant step toward regulating the cryptocurrency sector. On December 18, 2024, the SFC announced that it had issued conditional licenses to four virtual asset trading platforms. The licensed exchanges—Accumulus GBA Technology (Hongkong) Co., Limited, DFX Labs Company Limited, Hong Kong Digital Asset EX Limited, and Thousand Whales Technology (BVI) Limited—are required to fulfill strict regulatory obligations before commencing full operations. This move aligns with Hong Kong’s ambition to position itself as a global hub for crypto innovation while maintaining robust investor protections. Here’s a closer look at the details of the licensing process and its implications for the crypto industry. Who Are the Licensed Exchanges? The four platforms granted conditional licenses represent a diverse range of players in the crypto space: Accumulus GBA Technology (Hongkong) Co., Limited: Focused on blockchain infrastructure and financial technology solutions. DFX Labs Company Limited: Known for its DeFi trading and liquidity solutions. Hong Kong Digital Asset EX Limited: Specializes in institutional-grade trading services for digital assets. Thousand Whales Technology (BVI) Limited: Offers comprehensive asset management services for high-net-worth clients and institutional investors. These companies were selected following comprehensive risk-based inspections conducted by the SFC, ensuring adherence to the regulatory framework established in 2023. What Are the Licensing Conditions? The conditional licenses come with stringent requirements designed to enhance operational transparency and security. The exchanges must: Address Regulatory Feedback: Implement changes based on the SFC’s recommendations to mitigate potential risks. Perform Third-Party Vulnerability Assessments: Engage independent cybersecurity firms to identify and address vulnerabilities in their platforms. Pass Penetration Tests: Ensure systems are resistant to cyberattacks by simulating real-world hacking attempts. Failure to meet these conditions could result in license revocation or suspension, signaling the SFC’s firm stance on compliance. Hong Kong’s Vision for Crypto Regulation The issuance of conditional licenses underscores Hong Kong’s evolving approach to regulating the cryptocurrency industry. By implementing a risk-based, pragmatic framework, the SFC aims to balance innovation with investor protection. Key aspects of Hong Kong’s crypto regulations include: Mandatory Licensing: All crypto exchanges serving Hong Kong residents must obtain a license. AML and KYC Compliance: Exchanges must adhere to anti-money laundering (AML) and know-your-customer (KYC) standards. Custody Standards: Platforms must implement robust custodial solutions to protect user funds. This comprehensive regulatory structure has attracted crypto firms from around the world, solidifying Hong Kong’s status as a crypto-friendly jurisdiction. Impact on the Global Crypto Ecosystem Hong Kong’s licensing move carries significant implications for the global cryptocurrency market: Increased Credibility: Licensed platforms can leverage their regulatory compliance to attract institutional investors. Enhanced Investor Confidence: Stringent licensing conditions ensure a safer trading environment for retail and professional traders. Global Benchmark: Other jurisdictions may look to Hong Kong’s framework as a model for regulating their own crypto industries. However, some industry players express concerns that strict regulations may stifle innovation, urging the SFC to strike a balance between oversight and flexibility. Cybersecurity: A Top Priority With cyberattacks on the rise, the SFC’s emphasis on cybersecurity is timely. By mandating third-party vulnerability assessments and penetration tests, the regulator ensures that licensed exchanges are well-equipped to safeguard user assets and data. In 2024 alone, the crypto industry witnessed over $2 billion in losses due to hacking incidents, highlighting the need for robust security measures. The SFC’s proactive approach sets a precedent for other regulators worldwide. FAQs What is the significance of conditional licenses? Conditional licenses allow exchanges to prepare for full operations while addressing regulatory requirements. This phased approach ensures compliance without abrupt disruptions. Why is Hong Kong regulating crypto exchanges? Hong Kong aims to foster innovation in the crypto industry while protecting investors from risks like fraud and cyberattacks through a robust regulatory framework. What happens if an exchange fails to meet licensing conditions? Exchanges that do not fulfill the SFC’s requirements risk losing their licenses, effectively barring them from operating in Hong Kong. How does Hong Kong’s regulatory approach compare to other countries? Hong Kong’s balanced approach prioritizes both innovation and investor protection, making it a global leader in crypto regulation. What are third-party vulnerability assessments? These assessments involve independent cybersecurity experts evaluating a platform’s systems to identify and fix vulnerabilities. Will other jurisdictions adopt similar licensing frameworks? Given Hong Kong’s reputation as a financial hub, its regulatory framework may influence global standards for crypto governance. Conclusion The Hong Kong SFC’s decision to grant conditional licenses to four crypto exchanges marks a pivotal moment for the industry. By prioritizing compliance, cybersecurity, and investor protection, Hong Kong continues to establish itself as a leader in the global crypto landscape. As these exchanges work to meet the SFC’s stringent requirements, they pave the way for a safer and more transparent trading ecosystem. Investors and industry stakeholders alike will be closely watching how these developments unfold. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries. Huobi blog