Market Insights: Tokenized Stocks Transitioning

Today in crypto, the United Kingdom opened its crypto authorization application period, Crypto.com’s personal AI agent platform remains in “stealth mode” nearly eight months after its high-profile Super Bowl debut and Bitget’s CEO said she is pessimistic about recovering much of the $388 million stolen in last week’s hack.FCA opens crypto authorization window ahead of 2027 UK regimeThe UK’s Financial Conduct Authority (FCA) opened applications Wednesday for crypto businesses seeking authorization under a regulatory regime due to take effect on Oct. 25, 2027.Companies intending to continue operating in the UK should apply by the end of February 2027. The FCA expects to decide applications submitted during that window before the regime takes effect.The framework expands the FCA’s oversight beyond anti-money laundering and financial promotion requirements. The regulator finalized its rules in June, including requirements covering stablecoin issuance, crypto trading platforms and market abuse.“The UK’s new crypto regime will give consumers greater protections and firms a clear framework to operate in,” said Dominic Cashman, the FCA’s director of authorization.Emma Banymandhub, CEO of payments industry trade body The Payments Association, welcomed the opening but urged businesses already registered under money laundering regulations (MLRs) to treat it as a fresh authorization process.“MLR registration will not carry over, and firms should be realistic about the standards they will need to meet,” she said in comments shared with Cointelegraph.Crypto.com AI agent still in ‘stealth mode’ nearly 8 months after Super Bowl debutCrypto.com says its personal AI agent venture, pitched to perform a broad set of tasks from trading stocks to updating online dating profiles, is still under construction, months after a Super Bowl debut that got so much attention it crashed the website.Ai.com, a business line of Crypto.com, promoted the launch of its AI platform in a $15 million ad during the fourth quarter of the Super Bowl in February. The website crashed within minutes as curious users flocked to reserve a handle for their own personal AI agent. However, nearly eight months later, the website continues to display a message that AI agent generation is queued due to high demand.Speaking to Cointelegraph, a spokesperson for Crypto.com confirmed the AI agent platform is still being worked on. “ai.com continues building in stealth mode; we are happy to provide more details when we fully launch to the public,” they said. The prolonged wait comes as rival exchanges have already begun offering AI assistants focused on narrower tasks, such as trading and portfolio management. Bitget CEO doubts full recovery of $388 million stolen in hackBitget CEO Gracy Chen said she is “not very optimistic” that the crypto exchange will recover much of the $388 million stolen in last week’s security breach.In an interview with Cointelegraph, Chen pointed to the $1.5 billion Bybit hack in February 2025 as a reference point, noting that only a small percentage of the stolen assets have been frozen or recovered. She said the experience shows how difficult it can be to retrieve funds once hackers begin moving them across the crypto ecosystem.The exchange has launched a bounty program in response to the attack, offering 5% of funds frozen and another 5% for assets successfully recovered.Bitget initially estimated losses from the attack at $352 million, then raised the figure to $388 million after reviewing additional transfers. Chen initially pointed to evidence suggesting North Korean involvement, although the exchange has continued investigating the source of the breach.The exchange has also begun restoring withdrawals in stages, starting with Bitcoin on Monday and Ether on Tuesday.