Polish Bank Pekao Tokenizes Artworks

BeenCrypto's comprehensive European crypto roundup covers the latest news and trends shaping the continent's crypto landscape. With journalists in key markets such as Germany, France and the UK, we provide in-depth insights into the regulatory environment, adoption rates and key industry events.

This week's roundup features Bank Pekao from Aleph Zero, Börse Stuttgart Group's trial of blockchain-based securities trading, and other top stories.

Polish bank Pekao has partnered with Aleph Zero to promote historic artworks.

Poland's second largest bank Pekao SA has teamed up with Aleph Zero to promote some of the country's most famous works of art. In cooperation with Degen House, the initiative aimed at preserving Polish cultural heritage has launched the Three Arkiv 3. The Arctic World Archive (AWA), often referred to as the “Doomsday Library”, securely stores digital copies of the artworks.

Archiv3 marks an important step, making Bank Pekao the first international bank to preserve historical art. This follows the previous “special” project and emphasizes the commitment to integrate blockchain with traditional banking. Bank Pekao cited Aleph Zero's speed, security and ecosystem-friendly approach as key reasons for choosing blockchain.

“We chose Aleph Zero because of our experience with privacy-focused, high-end technology in collaboration with large institutions. Small carbon footprint and low storage costs were important factors in our decision-making process. State-of-the-art token modern and flexible technology, unlimited creativity and some outside-the-box thinking. We were delighted to have these features in partnership with Aleph Zero,” said Michalo Walszak, Director of the Private Banking Strategy and Development Department at Bank Pekao SA.

Read more: What is Tokenization on Blockchain?

The project focuses on digitizing masterpieces from famous Polish artists such as Jan Matejko, Stanisław Wyspiański and Wojciech Kossak. High-end 3D scanning technology captured every detail of the original artwork. These digital copies are stored as NFTs on the Aleph Zero blockchain, ensuring they last up to 1,000 years.

Robinhood starts Crypto transfer in Europe

Robinhood has launched crypto transfer services in Europe that allow customers to move and withdraw cryptocurrencies from within the app. Customers in the European Union can now deposit and withdraw over 20 digital currencies through the Robinhood platform, including BTC, ETH, SOL and USDC.

This development comes a year after Robin Hood crypto entered the EU market. Venture allows customers to buy and sell cryptocurrencies. However, they cannot transfer them from the platform to another third party or to their own managed wallet. The latest development changes that.

Robinhood's move to bring crypto transfers to Europe acknowledges the region's potential as an attractive market for digital currencies. CEO and Vice President Johan Kerbrat cited the crypto-friendly regulations adopted in Europe's 27 member states. In his opinion, things can be better after the markets in Crypto-Assets (MiCA) are fully operational.

Read more: What are Markets in Crypto-Assets (MiCA)?

This regulatory transparency has allowed companies like Circle to obtain an Electronic Money Institution (EMI) license, allowing them to offer dollar and euro-pegged crypto tokens within the MiCA framework.

Amidst this environment, there was speculation that Robinhood was exploring a stablecoin launch alongside Revolut, but the retail investment platform denied these claims. The company released the speculation, noting that there are no “immediate plans” to launch its own stablecoin.

Börse Stuttgart Group and ECB Test Blockchain-Based Securities for Faster Settlement

Börse Stuttgart Group, Germany's second largest exchange, has completed a trial of blockchain-based securities transactions in cooperation with the European Central Bank (ECB). This pilot is the first example of using central bank money to settle exchange transactions with blockchain-based securities.

The test was conducted as part of the ECB's exploration of blockchain technology and involved six major banks, namely Commerzbank, Deutsche Bank, DZ Bank, LBBW, Bankhaus Metzler and V-Bank. Using Börse Stuttgart's blockchain-based settlement solution, the institutions executed various transactions in five tokenized securities, including bonds, stocks and funds.

“The tests show that settlement processes can be automated, step-by-step and directly between business participants – efficiently, securely and risk-free,” the news release read.

Read more: Crypto vs. Banking: Which is the Smarter Choice?

The pilot focused on achieving interoperability between blockchain systems and central bank money, reducing settlement times from the usual two days to just a few minutes. The project evaluated various scenarios by simulating real-world market conditions to understand how blockchain could integrate with existing financial infrastructure.

In addition, Börse Stuttgart's crypto-custody service Yuwax contributed to the test, which is part of the ECB's ongoing research into the feasibility of blockchain support for capital market transactions. This pilot represents a major step towards adopting blockchain for faster and more efficient financial settlements.

France introduced the JONUM regulation for gaming

France, the epicenter of crypto regulation, has introduced new rules for the growing play-to-earn gaming sector. Building on existing frameworks such as the PSAN license, the country adopted the JONUM (Games with Revenue Digital Objects) regulation aimed at clarifying the legal status of games that offer cryptocurrency rewards.

The JONUM regulation, which will come into effect from May 2023, addresses the uncertainty surrounding crypto-based prizes in games. France's National Gaming Authority (ANJ) oversees these projects, with full implementation expected by the end of 2024. To qualify under JONUM, games must meet four criteria: provide online services, convert rewards into NFTs or tokens, feature random game mechanics, and allow players to invest in game components.

Unlike crypto platforms, games that are played for income are not required to obtain a specific license, but must report their activities and comply with existing gambling, anti-money laundering, and cryptocurrency laws. Failure to comply may result in fines or imprisonment.

Read more: Top 7 Telegram tap-getting games to play in 2024

Games that offer cash or stable coins are considered traditional gambling, digital prizes that cannot be bought or sold remain outside the scope of JONUM.