Kiffmeister’s #Fintech Daily Digest (07/30/2021)*

Ukraine central bank now officially allowed to issue digital currency

The National Bank of Ukraine (NBU) is now officially authorized to issue a central bank digital currency (CBDC). Ukrainian President Volodymyr Zelenskyy has signed a new Payment Services law, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, taking into account the demand of the private sector.

Crypto exchange Binance to wind down derivatives in Europe

Binance will wind down its futures and derivatives products offerings in Germany, Italy, and the Netherlands. With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts. With effect from a later date to be announced in a further notice, users from these countries will have 90 days to close their open positions.  Also, Malaysia’s Securities Commission (SC) served a public reprimand against Binance, calling for the exchange and all of its entities to cease operations in the country. The SC stated that Binance continued to operate in Malaysia despite previous warnings. 

State Street Expands Cryptocurrency Services

State Street will provide crypto-asset fund administration capabilities for the firm’s private funds clients” in partnership with Lukka. Specifically, State Street will leverage Lukka’s product suite, which includes a proprietary middle and back-office data management solution, Reference Data, and Prime Pricing Data. 

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