Find everything you need to know about crypto and its effect on fintech sector with our updated fintech crypto news.

Fintech Crypto News

Deutsche Bank is reportedly in talks to invest in two German cryptocurrency companies, <a href="https://cointelegraph.com/news/deutsche-bank-s-dws-eyes-2-german-crypto-firms-for-investment-report" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



Deutsche Bank&#8217;s asset management company, DWS Group, held talks with Deutsche Digital Assets, a crypto exchange-traded products provider, to purchase a minority stake in it in addition to talks with Tradias, a fintech company that provides crypto trading.



CEO of DWS Group Stefan Hoops seemed to be bullish about chances offered by the digital space and crypto world, saying his company started assessing strategic partners and looking into potential opportunities, including digital assets.



Hoops pointed out that the low prices of digital assets are interesting opportunities for DWS, adding the bank has outlined a strategy toward the crypto industry as it plans to build or acquire various specific blockchain-related services.



Deutsche Bank and DWS seek to revive their growth by paying attention to investing in the crypto industry after greenwashing and tax fraud claims which resulted in launching probes in the United States and raids in Germany in May 2022.



It is worth mentioning that Deutsche Digital Assets offers investors exposure to crypto assets through a variety of investment vehicles, ranging from passive to actively managed funds, in addition to white-labeling services for asset managers, Cointelegraph reported.



Germany tops the world’s crypto economies in the third quarter of 2022, according to a report, issued by CoinHub. Germany is not a tax haven, however, it is considered as of the strongest all-around ‘traditional-tax’ crypto economies that encourages long-term crypto investment.

Deutsche Bank AG Chairman Achleitner Is Searching for Successor

Crypto

Deutsche Bank Eyes Investing in Crypto

South Korea is looking forward to introducing a crypto-tracking system to combat money laundering initiatives and recover funds linked to criminal activities in 2023, <a href="https://cointelegraph.com/news/south-korea-to-deploy-cryptocurrency-tracking-system-in-2023" target="_blank" rel="noreferrer noopener">Coin Telegraph reported</a>.



This came in an announcement made by the South Korean Ministry of Justice, which announced to launch “Virtual Currency Tracking System” soon to observe the transaction history, get information related to transactions and make sure of the funds&#8217; source before and after the remittance. The new tracking system is expected to be launched by the second half of 2023.



In a statement, the South Korean ministry noted: &#8220;In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).&#8221;



Related to this issue, the South Korean police inked five agreements with five local crypto exchanges in the last year to cooperate in stopping the exploitation of virtual assets and creating a safe trading environment through business agreements.



Recently, South Korea made remarkable progress in the Web3 world, topped by the foundation of its capital, Seoul, in the metaverse for public services for its residents and tourists.



Named “Metaverse Seoul,” the platform allows users to file public documents, tour tourist destinations in Seoul, ask for advice for starting a business, and seek help with taxes in addition to playing games. The Seoul government has a five-year roadmap for rolling out a full list of government services and activities covering the tourism, business, and cultural sectors. Citizens of Seoul on the platform’s first phase, which had been launched today, have access to official city paperwork, file complaints and get answers about local taxes.



The US Department of Justice also founded a department in September 2022 to address crimes related to the use of cryptocurrencies. The department includes 150 federal prosecutors.

South Korea

South Korea Set to Introduce Cryptocurrency Tracking System

Australia became the third country globally in terms of the number of crypto ATMs following the United States and Canada, according to Coin Telegraph.



Australia was the fourth by the beginning of 2023, but after its installation of 16 new crypto ATMs over the past days, the country came in third place worldwide, increasing the total number to 234. It surpassed Spain which has 222 crypto ATMs, Coin Telegraph quoted data from Coinatmradar.



Over the past three months of 2022, the country installed 99 crypto ATMs. It deployed 16 new ATMs from January 1. While El Salvador, which came in fifth place, did not install any new crypto ATMs.



While El Salvador represents about 54% of all crypto ATMs in South America. There are 38,602 crypto ATMs around the world, out of which 6,071 ATMs were installed in 2022 alone, Coin Telegraph reported. El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, El Salvador uses both Bitcoin and the US dollar as legal tender.



The total number of crypto ATMs in Australia, Spain and El Salvador does not equal the total number of ATMs in the US only, which is home to 33,387 crypto ATMs (86.9% of all the machines in the world). Besides Canada, which possesses 2,556, the two countries have a stunning 94.4% of all crypto ATMs.



Due to the bear market and global tension, only 94 Bitcoin ATMs were deployed between July to the end of 2022 to the global network, compared to 4,169 ATMs in the first five months of 2022.

Crypto ATMs

Australia Became 3rd Country Globally in Having Crypto ATMs

El Salvador, which was ranked in third place globally for having the largest network of crypto ATMs, became sixth place after Australia and Poland in 2023.



Australia took over El Salvador to become the fourth-largest country having crypto ATMs, following the United States and Canada. Australia geared up its crypto ATM installations, as they reached 225 ATMs.



El Salvador&#8217;s President Nayib Bukele ordered installing more than 200 crypto ATMs across the country, a move which made the country third place globally after the US and Canada in September 2022. But in a short time, Spain overtook this position in October 2022 after installing 215 ATMs.



El Salvador&#8217;s position in third place was short-lived after Australia accelerated its plans to install more crypto ATMs over the past months, which record 225 at the time of writing, <a href="https://coinatmradar.com/countries/" target="_blank" rel="noreferrer noopener">according to Coin ATM Radar website.</a>



As a part of its keenness to enhance its crypto environment, the Australian Federal Police have recently established a crypto unit to monitor cryptocurrency-related transactions and target money laundering. Now, Australia represents about 0.6% of global crypto ATM installations.



While El Salvador represents about 54% of all crypto ATMs in South America. There are 38,602 crypto ATMs around the world, out of which 6,071 ATMs were installed in 2022 alone, <a href="https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub" target="_blank" rel="noreferrer noopener">Coin Telegraph reported</a>. El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, El Salvador uses both Bitcoin and the US dollar as legal tender.

Australia Precedes El Salvador to Be 4th Largest Crypto ATMs Hub

Mastercard introduced a new program to enable financial institutions to conduct crypto trading and make them benefit from its services.



Called &#8220;Crypto Source,&#8221; Mastercard&#8217;s program, launched in partnership with Paxos Trust Company, a prominent regulated blockchain infrastructure platform, will allow users to buy, sell and hold cryptocurrencies.



Expected to be launched in the fourth quarter of 2022, Paxos, through Crypto Source, will offer crypto-based trading and custody services on behalf of the banks, while Mastercard will use its technologies to integrate these services into the bank&#8217;s interfaces to provide a smooth experience for the consumers.



According to the 2022 Mastercard New Payments Index, 29% of those who hold cryptocurrency see it as an investment, while 65% preferred to get crypto-related services from their current trusted financial institution.



President of Cyber and Intelligence at Mastercard Ajay Bhalla said the new program will make the users feel safe and secure in the crypto ecosystem.



Bhalla mentioned that Mastercard has a growing interest in the crypto market, pointing to his company&#8217;s acquisition of Etaka in April last year and CipherTrace in September this year.



Meanwhile, Head of Strategy at Paxos Walter Hessert hailed the strength of Mastercard&#8217;s network of financial institutions around the world, clarifying that the partnership would give these institutions the fastest and most trusted way to provide safe, dependable crypto access for their consumers worldwide.



Crypto Source is currently being prepared for pilot programs. Any additional details on wider availability will be announced later.



It is not the first time for Mastercard to collaborate with firms related to crypto and blockchain matters. In January 2022, Mastercard cooperated with the Coinbase exchange to allow users of the Coinbase NFT marketplace to use their cards to make purchases.



Earlier in 2021, Mastercard collaborated with Bakkt, a digital asset firm, to allow its US-based users to buy, sell, and hold digital assets through their custodial wallets.

Fintech Crypto News

Latest Fintech Crypto News