Crypto On LYO: The Blend — LYOTRADE Social Trading Feature Coming Soon, South Africa Set to Mandate Licensing for Crypto Exchanges by Year-End, Crypto-friendly DBS Bank Launches Digital Yuan Payment Tool

What happened in the crypto world in the last week? Let’s see some interesting news together!

LYOTRADE Social Trading Feature Coming Soon

We are thrilled to announce the upcoming release of a new feature on LYOTRADE, our regulated cryptocurrency exchange.

Introducing LYOTRADE Social Trading, a game-changing addition to our platform. This exciting feature allows users to allocate a portion of their investments to mimic the trading activities of experienced traders, enhancing their trading strategies and potential profits.

Users will have access to a comprehensive list of traders, and will see their profit percentages and earnings over a specified period, such as the past two weeks. It is essential for users to conduct their due diligence by independently assessing the traders’ statistics before choosing whom to copy.

The best part is that there are no charges associated with using this feature. Instead, a portion of the user’s profits will be shared with the trader being followed. To further enhance flexibility and risk management, the maximum leverage available will be 10x.

Stay tuned as LYOTRADE Social Trading is coming soon to revolutionize your trading experience. Follow our social media channels for more updates!

South Africa Set to Mandate Licensing for Crypto Exchanges by Year-End

South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg.

Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana stated that the agency had received approximately 20 license applications since its recent opening and expected more before the Nov. 30 deadline, Bloomberg reported.

Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines or the closure of noncompliant firms, according to the report.

The report quoted Kamlana as saying that introducing a regulatory framework for crypto products is a sensible approach due to the potential risk of serious harm to financial customers. He also expressed the need for time to determine the effectiveness of the measures, and assured ongoing collaboration with the industry to refine and implement necessary changes.

This initiative means South Africa becomes the first country on the continent to require digital asset exchanges to obtain licenses as crypto regulators and policymakers worldwide continue to tighten crypto regulations.

Crypto-friendly DBS Bank Launches Digital Yuan Payment Tool

Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY.

DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC).

The new service will allow corporate clients of DBS Bank China to collect payments from their customers in e-CNY and conduct automated settlement of e-CNY directly into their CNY bank deposit account.

DBS’ solution is designed to enable a number of benefits, allowing businesses to collect CBDC “without having to go through manual settlement processes,” the announcement notes. The tool also features capabilities allowing merchants to receive payments in underserved regions with limited internet connectivity.

Additionally, the solution provides reconciliation through consolidated merchant reports with itemized e-CNY transactions available via DBS’ digital platform for business banking.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: