Bank of England set for new innovation mandate covering stablecoins
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Mirae Asset lays out crypto, stablecoin, tokenization plans
The South Korean financial group plans to build a $109 billion digital asset business spanning crypto, stablecoins and tokenized assets, according to The Korea Times.
Bank of England Handed New Legal Duty to Foster Stablecoin Innovation
Financial stability stays the Bank's primary objective, with the new duty written into a bill due before the Lords in September.
Asset management giant Vanguard is hiring its first head of digital assets to evaluate strategies including tokenization and stablecoins.
PANews reported on July 8th that, according to Bitcoin Magazine, Vanguard, the world's second-largest asset manager (with approximately $12 trillion in assets under management), has created its first-ever Head of Digital Assets position, responsible for developing the company's long-term crypto and blockchain strategy. This role will evaluate areas such as tokenization, stablecoins, digital wallets, custody, and blockchain settlement, and determine whether Vanguard should build its own capabilities, partner with external entities, or postpone entry into certain markets. The position will involve developing multi-year roadmaps and designing governance and risk frameworks. Vanguard stated that this hiring does not indicate an upcoming launch of crypto products and that it currently has no plans to issue its own crypto investment vehicles.
Russia's largest bank, Sberbank, plans to launch compliant crypto wallets and custody services this year.
PANews reported on July 6th that, according to CoinDesk, Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody vault by December, provided the "Digital Currency and Digital Rights Law" officially takes effect in September. The service will be integrated into the "Sberbank Online" and "SberInvestments" apps, providing customers with access to authorized crypto assets within the banking system. The new law will establish a licensing framework for crypto trading, custody, fiat currency exchange, and cross-border settlement, with a trading limit of approximately 300,000 rubles (about $3,800) per year for non-accredited investors. Other large banks, including VTB and T-Bank, are also preparing related digital custody services.
Vanguard Group publicly advertised for a head of digital assets, having explicitly stated that crypto assets were inconsistent with its long-term investment philosophy.
According to Mars Finance, Vanguard Group is hiring a Head of Digital Assets for its Personal Wealth business. The job requirements include over 10 years of relevant experience, a deep understanding of digital assets (tokenization, stablecoins, custody, settlement, etc.), and innovation and risk management capabilities in a regulatory environment. This position will be responsible for developing Vanguard's strategy, roadmap, and implementation in the digital asset space, including assessing digital asset capabilities, product development, operating models, and cross-functional collaboration with product, technology, operations, risk, legal, and compliance departments. It will also require representing Vanguard in external communications with industry players, regulators, and clients. It is understood that Vanguard began allowing brokerage clients to trade crypto ETFs and mutual funds last December, but the company has explicitly stated that it has no plans to launch its own crypto investment products, believing that digital assets are still inconsistent with its long-term investment philosophy.
The European Central Bank has asked banks to submit plans to address AI and cybersecurity threats.
PANews reported on July 7 that the European Central Bank (ECB) has urged banks to develop plans to address the growing cybersecurity threats posed by cutting-edge AI models such as Anthropic's Claude Mythos. In a letter to bank CEOs, ECB Chief Supervisor Claudia Buch requested lending institutions to submit action plans by the end of October. She urged banks to accelerate software patch updates, strengthen AI-driven cyber defenses, and enhance oversight of third-party vendors, while also emphasizing the need for long-term infrastructure modernization. Buch stated, "The ECB calls on key institutions to immediately assess the impact of the evolving threat landscape and develop comprehensive action plans outlining specific measures to strengthen relevant controls."