Monthly Report: US regulatory bodies are hot on the heels of digital assets

Monthly Report: US regulatory bodies are hot on the heels of digital assets
фото показано с : coinjournal.net

2021-10-29 15:09

October has been an eventful month for most of the top cryptocurrencies.

Except for Cardano, the top 10 digital assets by market capital surged with a couple printing new all-time highs. The crypto scene has equally been active outside the markets, and here are some of the headlines you might have missed:

FDIC considers approving bank engagement with crypto

Over the last few months, regulators from the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have been exploring ways to allow banks to hold cryptocurrencies on their bank sheets.

FDIC Chairperson Jelena McWilliams said at the Money 20/20 conference held in Las Vegas that her agency is planning to issue a series of policy statements over the coming months. McWilliams stated that the policies would explicate to the public how the current rules and regulations affect crypto assets, which activities banks can engage in, and the regulatory requirements for banks to be allowed to engage.

The FDIC chair also reviewed stablecoins, which she acknowledged would play an essential role in making transactions faster and cheaper. However, she warned that these backed digital assets required diligent government oversight so that their full benefits are enjoyed. She held this point of view as she felt that if any one stable coin is adopted as a major payment tool, it could impact credit creation and affect financial stability. McWilliams' remarks follow a Bloomberg report on Monday citing anonymous sources who claimed the SEC had been given the regulatory reigns over stablecoins.

Alameda Research backs Voyager Digital with $75 million investment

Crypto trading firm Voyager Digital announced via a press release yesterday that it had received a $75 million investment from Alameda Research. Alameda, currently a growing market maker, is expected to help Voyager extend the reach of its rewards programs via its market-neutral algorithms.

Voyager Digital’s CEO Steve Ehrlich commented on the partnership which he explained as one to offer 'synergistic opportunities’ in the developing space of cryptocurrencies. Ehrlich went further to detail that he sees these opportunities as tied to NFTs & crypto products, as well as provision of ‘thought leadership’ as Voyager Digital interacts with the regulators.

Alameda Research was founded in 2017 and presently manages more than $1 billion worth of digital assets. The quantitative trading firm also says it trades anywhere between $1 billion and $10 billion worth of digital assets each day, including derivatives, major cryptocurrencies, and other altcoins.

This week on Wednesday, Voyager Digital also announced that it had reached a deal with Mark Cuban's Dallas Mavericks to become the official crypto brokerage partner for the NBA league team. The Mavs and Voyager will target newer audiences and use awareness to enhance crypto adoption worldwide.

El-Salvador is 420 Bitcoins stronger

The controversy around El Salvador’s decision to take up cryptocurrency Bitcoin as a legal tender has not stopped President Nayib Bukele and his government from advancing their crypto cause. Via his Twitter account, the President announced on Wednesday that the country had bought 420 new Bitcoins from the market dip.

He added that Bitcoin's rise in price had benefited the Central American country. El Salvador has a Bitcoin trust that uses both BTC and the American Dollar. President Bukele explained that through revaluation of value between BTC and the dollar, they were able to withdraw a profit, leaving the trust just as it was.

With this latest purchase, El Salvador now has approximately 1120 Bitcoins valued at about $66 million. Its first batch of coins (400 BTC) was announced just a day before the September 7 official launch, with the government saying it planned to continue purchasing the asset using government funding.  The country added a further 150 coins to its portfolio after Bitcoin dipped from $51,000 to $43,000 on the day of launch.

FATF updates virtual asset guidelines

Decentralised finance is increasingly becoming a point of focus for regulators. On Thursday, the Financial Action Task Force, FAT, announced that it is now subjecting DeFi apps to FATF standards, intending to have them regulated as VASPs despite not being VASPs by definition.

The update alters the 2019 guidance to a risk-based approach for virtual assets and virtual asset providers. The regulator said that the guidance explores issues that were singled out from a 12-month review, with a touch of public consultation done between March and April 2021. The updates have been adapted to include DeFi applications even though they are not considered VASPs.

Further, the FATF explained that DeFi operators or creators could easily fall under the regulator's purview if they actively provide or facilitate a VASP service.  The anti-money laundering watchdog explained that it did not see NFTs as virtual assets, but if operated in such a way that meets FATF standards, they would be treated as virtual assets. NFTs that stand for other assets already under the FATF standards would be regulated as the financial asset they represent.

CoinList raises $100 million in the latest round

CoinList, a platform that links early cryptocurrency adopters to protocols, announced on Tuesday that it had raised $100 million to reach a new $1.5 billion valuation. The round was led by Agman Partners and Accomplice, with other participants including Fenbushi Capital, Continue Capital, Alphemy Capital, and Metaplanet.

CoinList's last funding round was in 2019, led by Polychain, in which the token sale platform received $90 million. The funding from this round further highlights the growth of the primary token sales market. CEO of CoinList Graham Jenkin has acknowledged the progress explaining that the market has seen many new businesses (more so in staking and lending) that are growing quite fast despite still being immature.

Also on Tuesday, bug bounty platform ImmuneFi revealed that it had raised $5.5 million from private investors and a group of institutional investors, including Bitscale Capital, Framework Ventures, Electric Capital, and Blueprint Capital. Further, Alchemy announced yesterday that it had closed a Series C funding round worth $250 million at a $3.5 billion valuation, with the round led by venture capital firm Andreessen Horowitz, a16z.

The post Monthly Report: US regulatory bodies are hot on the heels of digital assets appeared first on Coin Journal.

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digital regulatory monthly heels assets report bodies

digital regulatory → Результатов: 126


AlphaPoint-powered Thai crypto exchange ERX receives regulatory approval

ERX today announced that it has been granted a Digital Assets exchange license by the Thai SEC for operation in Thailand. Built using AlphaPoint’s white label Digital Asset Exchange software, ERX’s trading platform launch represents a milestone in Thailand’s blockchain and cryptocurrency landscape, as ERX Digital Assets exchange comes online with full-regulatory approval by state governing bodies.

2020-7-22 17:21


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Hawaii Set to Introduce Regulatory Sandbox for Cryptocurrency Companies

Financial regulators in Hawaii have introduced a regulatory sandbox for cryptocurrency businesses in the State as a way of developing clear-cut laws for the emerging digital economy. Two-Year Sandbox for Cryptocurrency Firms in Hawaii Hawaii’s governor’s office released a press statement on Tuesday (March 17, 2020) announcing the creation of the regulatory sandbox for cryptocurrencyRead MoreRead More.

2020-3-20 22:00


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Facebook Plans to Redesign Project Libra Due to Regulatory Hurdles 

Facebook and the Libra Association are making plans to redesign project Libra in a bid to scale the ending regulatory hurdles that have plagued the global crypto project. Sources say the proposed Libra network may function as a payments network, supporting other cryptocurrencies including central bank digital currencies (CBDCs), reports Bloomberg on March 4, 2020.

2020-3-4 18:00


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Hurry Up and Regulate Crypto, FSB Chair Urges World Leaders

The Financial Stability Board (FSB) is asking global finance ministers to step up their efforts in creating regulatory frameworks for crypto and other innovative digital payment systems. “Pressures That Can Lead to Market Fragmentation Exist” Crypto assets and their underlying blockchain technology have already disrupted the financial world to a great extent.

2020-2-20 18:20


DTCC Urges Financial Institutions to Collaborate in Forming A DLT Regulatory Framework

U.S Depository Trust & Clearing Corporation (DTCC) published a white paper on Feb,12 calling for the establishment of a proper regulatory framework on blockchain technology. The leading American financial markets clearing and settlement company noted that this would help avoid the risks associated with Digital Ledger adoption in future. This white paper dubbed ‘Security of […]

2020-2-14 00:29


Crypto Hedge Fund Managers Offering CPO for Futures & Swaps Required CFTC Registration

In support of innovation in digital asset products, CFTC's Director of Swap Dealer and Intermediary Oversight Division Joshua B. Sterling published a statement on Feb. 10th. The statement reads, “The Division actively supports the CFTC’s core objective of fostering responsible innovation and enhancing the regulatory experience of market participants.

2020-2-11 17:51


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UK’s FCA is on the Lookout for ‘Crypto Experts’

The United Kingdom’s FCA is looking for crypto experts as part of their latest efforts to regulate digital currencies operating in the UK. The UK’s financial conduct authority posted a job role on LinkedIn, calling for someone with “experience working with crypto assets” and other relevant financial experience to help the organization expedite its aims of bringing more supervision and regulatory oversight to the cryptocurrency industry.

2020-2-9 23:30


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Ukraine Introduces ‘Sound’ Crypto Mining Regulatory Policy

Ukraine has just announced the most forward-thinking crypto-mining regulatory policy in the world.   Ukraine is Positioning Itself to be a Global Leader for Crypto Ukraine’s Manifesto of the Virtual Assets Ministry, Ministry and Committee of Digital Transformation of Ukraine, has just released the sanest and sound crypto-regulatory policy for Public Blockchains and Proof of Work (PoW) mining on earth.

2020-2-9 21:00


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Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets.

2020-2-8 07:45


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Singapore Implements New Legislation to Govern Crypto Market Participants 

Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has announced that its Payment Services Act (PSA) is now live. The PSA aims to strengthen the existing regulatory framework governing cryptocurrency exchanges and other financial services platforms, while also fostering consumer protection and promote users’ confidence in digital payments, according to a press release onRead MoreRead More.

2020-1-29 18:00


Monetary Authority of Singapore To Add AML Rules To Crypto With Payment Services Act

The MAS (Monetary Authority of Singapore) has announced measures to update the existing regulatory framework guiding all digital payments. Announced early Tuesday morning, the PSA Act of 2019 (Singapore’s Payment Services Act) is aimed at introducing DPT (Digital Payment Services) under the existing AML and CTF (Anti-money laundering and counter-terrorist-financing) rules. By doing so, it […]

2020-1-28 17:44


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Swiss Bank Julius Baer Offers New Digital Asset Services With Licensed Crypto Bank SEBA

Switzerland, a nation that’s been quite positive towards crypto business, is facilitating the integration between its traditional financial sector and the blockchain industry. With greater regulatory clarity and stability coming, established banks are plucking up the courage to offer digital asset products and services helped by local fintechs.

2020-1-28 12:30


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China Advised to Slow Down Its Pace on National Digital Currency

With China reportedly speeding up the development of its national currency, the digital yuan, some researchers and government officials have called on the Chinese government to exercise caution. While Facebook’s Libra might be a threat, there are suggestions that the government should instead work with global regulatory bodies to regulate cryptocurrencies such as Libra.

2020-1-28 12:00


CBDCs, stablecoins may see streamlined governance as WEF announces Global Consortium

The role of digital currencies has been at the center of a lot of discussion at the World Economic Forum (WEF) in Davos this year. As a measure to address the fragmented regulatory system that surrounThe post CBDCs, stablecoins may see streamlined governance as WEF announces Global Consortium appeared first on AMBCrypto.

2020-1-25 11:16