Stablecoins to Be Regulated as Fiat Payment Services

Stablecoins to face the same regulations as PayPal or Western Union

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Report: Biden administration eyeing regulation of Tether, other stablecoins

Stablecoins like Tether (USDT/USD) and Circle Internet Financial’s USD Coin (USDC/USD) could see bank-like regulations imposed from US President Joe Biden and his administration, sources told The Wall Street Journal.

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Banking Giant HSBC Slams Cryptocurrencies, But Applauds CBDCs For This Reason

HSBC, a British multinational investment bank and a financial services firm, has scrutinized cryptocurrencies and stablecoins, claiming the lack of regulations in the space pose threats to investors.

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Coinbase CEO Asks For “True” Stablecoin, Jack Dorsey Says: Bitcoin Fixes This

Bitcoin and stablecoins have seen a lot of attention during the past week. After the Securities and Exchange Commission (SEC) Chairman Gary Gensler took part in a U. S. Congressional Hearing, the looming threat of new regulations against the sector growths.

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TomiEx: CBDC’s would eventually lose competition to global stablecoins

Central bank digital currencies, or CBDC’s, are unlikely to significantly solve the problem of facilitating international cross-border online services, unless central banks put heavy regulations on global stablecoins like Diem.

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China Has No Final Date for Launch of e-CNY, the ‘Cash Substitute’ with Smart Contract Feature Aiming for Internationalization

Declining use of cash and rapid rise in crypto, especially stablecoins, drove POC’s digital fiat development, which will coexist with physical RMB. In its whitepaper, e-CNY claims to offer anonymity for small value and collects less transaction information than traditional electronic payment unless, of course, “stipulated otherwise in laws and regulations.

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Japan to Intensify Digital Currencies Regulations

Japanese officials are aiming for more global regulations against digital currencies and stablecoins

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Fed Chair says stablecoins need stricter regulation, speaks on CBDC

Powell stated that stablecoins need stricter regulations if they are to be part of the payment universe.

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Stablecoin growth could affect credit markets, rating agency warns

Fitch notes potential asset contagion risks posed by stablecoins could lead to tighter regulations for the industry.

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Trust is key to mainstream adoption for stablecoins, says Paxos CEO

In order to go beyond the crypto ecosystem, stablecoins need solid regulations, Paxos CEO Charles Cascarilla said.

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‘Bitcoin is not an asset that is designed to be leveraged,’ says Caitlin Long

The Avanti Financial CEO says Bitcoin shouldn’t be leveraged and that regulations for stablecoins are underway.

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Bank of Thailand Set to Regulate Stablecoins, Says Bank Official

The Bank of Thailand (BOT) is set to draft regulations on stablecoins by the end of 2021. This comes following growing criticism from financial regulations regarding unlicensed stablecoins issued by private companies.

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Thailand's central bank planning to regulate stablecoins this year

The growth of cryptocurrencies over the past couple of years has pushed many countries towards stricter regulations, while some have moved to ban the asset class altogether. Thailand is one of the forThe post Thailand's central bank planning to regulate stablecoins this year appeared first on AMBCrypto.

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Bank of Thailand plans to regulate asset-backed stablecoins this year

After issuing a warning against a Baht-pegged stablecoin produced by a South Korea-based firm, Thailand plans to introduce a series of regulations for stablecoins in 2021.

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European Central Bank (ECB) Demands Power to Shut Down Private Stablecoins, Like Diem, in the EU

The European Central Bank finally tables its official opinion regarding crypto regulations to the top decision-making again, European Commission. In their official opinion, the ECB now wants the EU members of parliament to grant its veto powers regarding the legal status of stablecoins such as Facebook-supported-Diem.

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UK Treasury Calls for Feedback on Approach to Cryptocurrency and Stablecoin Regulation

The U.K. government is focusing on stablecoins for the next phase of its development of crypto regulations.

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US Federal Regulator Allows Banks to Issue or Use Stablecoins for Payments

The Office of the Comptroller of Currency has announced on January 4 that financial institutions like banks can now make use of stablecoins and blockchains to process payments, via a letter. The OCC informed banks that they could use these new methods as long as they comply with regulations and best banking practices in the US.Read More

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Stablecoins Must Meet Appropriate Financial Regulations, Says U.S Presidential Advisory Group

The financial working group of the US government has indicated that Stablecoins must meet certain regulatory standards to be accepted in the country. This comes after the controversial stablecoin bill that has been proposed by US lawmaker Talib Rashid.

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The President’s Working Group Ponders Stablecoin Regulation

According to the working group, the new regulations specifically target stablecoins: “These requirements address a range of policy objectives, including safety and soundness, countering illicit finance, end-user protection, and market integrity.

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Everyone's talking crypto for solving sub-Saharan Africa's payments problems

Stablecoins and continentwide regulations are key to breaking down barriers to Africa's economic growth.

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BIS Says CBDCs Likely Better than Private Stablecoins Like Libra

The Bank for International Settlements is the latest major financial organization looking to implement industry-standard regulations in the stablecoins arena. Meanwhile, several nations are also working towards creating their own central bank digital currencies (CBDCs) which are seen by some commentators as being driven by private stablecoin projects like Facebook’s Libra.

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UK Authorities Get Serious with Stablecoins, Set to Unveil Regulatory Framework 

The government of the United Kingdom is making active plans to transform the nation’s financial ecosystem and ultimately make the region a hotbed for innovative businesses. The government says it plans to formulate amenable regulations for stablecoin initiatives and central bank digital currencies (CBDCs), according to a statement November 9, 2020.

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UK Treasury drawing up stablecoin regulations

The UK has revealed that it is working on regulations for stablecoins as it...

The post UK Treasury drawing up stablecoin regulations appeared first on Coin Journal.

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UK drafting stablecoin regulations and researching a CBDC

The United Kingdom has announced forthcoming regulatory proposals for stablecoins and ongoing research into CBDC.

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By 2024, EU will put in place a comprehensive framework on DLT, crypto-assets

Members of European Union have decided to make use of distributed ledger technology and adopt crypto-assets such as stablecoins, by 2024, in order to introduce new regulations to make cross-border payThe post By 2024, EU will put in place a comprehensive framework on DLT, crypto-assets appeared first on AMBCrypto.

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EU’s Draft Regulation to Fragment the Crypto Market with Special Focus on ‘Subset’ Stablecoins

The 168-page long leaked version of the draft legislation of “Markets in Crypto Assets (MiCA)” by the European Commission provides legal certainty about digital currencies. To be issued later this month, the set of regulations will be covering the issuance and trading of digital assets across the bloc.

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EU Wants to Regulate and Ban Stablecoins

Several European countries have united to advocate regulations that could greatly restrict stablecoins and asset-backed cryptocurrencies, according to a report published by Reuters this week.

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Bank of England Governor Wants Global Regulations as Stablecoins Pick Up Steam

Bank of England Governor Andrew Bailey wants coordinated global regulation around stablecoins as the payment method picks up steam.

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Here’s How Proposed Stablecoin Regulations Could Play In Favor Of Bitcoin and XRP

This week, Central banks got recommendations to heavily regulate, if not ban, stablecoins. The recommendations were outlined by the Financial Stability Board (FSB). This organization makes recommendations about financial systems to central banks and finance ministers of G20 member countries.

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G-20's Harsh Stance on Stablecoin Is a Step Forward, but Regulators Have More to Learn

Regulations can help not only legitimize stablecoins but also increase their global popularity, as per many experts

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Facebook Libra Redesigned: New System and Cryptocurrency to Comply With Regulations

Facebook’s Libra cryptocurrency project has undergone major changes. A number of key areas have been redesigned, including the payment system, the Libra cryptocurrency, and the addition of new single-currency stablecoins.

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FSB Calls for Streamlined Approach to Regulate Stablecoins Across G20 States

The Financial Stability Board (FSB) has issued recommendations calling for a unified approach to crypto regulations for stablecoins that adequately account for the risks posed by global private payment projects like Facebook’s Libra.

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Crypto Regulation: EU Proposes Novel Approach to Industry “Gray Areas”

European Union (EU) lawmakers have released a report detailing possible approaches towards crypto regulations for some of the industry’s “gray areas,” which include mining, stablecoins, and token sales like initial coin offerings (ICOs).

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IOSCO Report: Stablecoins May Fall Under Securities Regulations In Certain Circumstances

The report was published on March 23 and shed more light on the legal uncertainty around stablecoins. IOSCO highlighted an example that sounds pretty similar to Facebook’s Libra. According to the summary, if an entity runs its own stablecoin on a private blockchain with a unique form of governance, then the asset falls under securities […]

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MakerDAO founder: Govts need not be ultimate judge on regulating stablecoins

The cryptocurrency industry has immensely grown in terms of popularity over the years, along with which the regulations surrounding the same have also witnessed a change. Regulators from all around thThe post MakerDAO founder: Govts need not be ultimate judge on regulating stablecoins appeared first on AMBCrypto.

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FinCEN Says Stablecoin Companies Must Observe Regulations

The Financial Crimes and Enforcement Network has revealed its stance on stablecoins. Kenneth A. Blanco, director of the U. S. government body, has declared that stablecoins are a form of money transmission and must be regulated as such.

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G20 leaders agree to disallow stablecoin issuance till risks are addressed

Leaders of G20 met on Friday, and have reportedly agreed to set strict regulations for stablecoins like Facebook’s Libra. They warned that the issuance of stablecoins should disallowed until the risks they pose to global economies are addressed.

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Marijuana-Focused Stablecoin Issuer Added to Arizona Fintech Sandbox

Arizona's fintech program has added a controversial startup using stablecoins to evade federal regulations

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These US Insurance Giants Will Pay Each Other on a Blockchain

By CCN: USAA and State Farm have reportedly closed a deal that will see them using the blockchain to pay each other. So when two people get in an accident, and they’re represented by either of the companies, the company that has to pay will eventually be using a blockchain solution to settle the inter-company payment.

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In Light of Tether’s Fractional Reserve, a Shadow of Fiatcoins’ Future

Tether has taken a lot of heat for admitting it is running a fractional reserve. There’s no doubt that Tether’s unregulated nature makes this approach risky and that its lack of transparency is unsettling, but the entire modern banking system is architected on fractioned assets.

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Stablecoin Classifications, Regulations, and Tax Implications from a Certified Public Accountant

Stablecoins are the latest innovation to emerge over the past year and have the potential to revolutionize not only virtual currency markets but to also become a new mechanism for worldwide commerce.

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Top 5 CPA Firm Confirms Funds in First Attestation of Circle’s USDC

Circle’s USD Coin (USDC) has released an independent, third-party attestation of its bank account, and according to a top 5 public accounting firm, the stablecoin has its funds in order.

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BlockFi Announces Global Expansion of Its Crypto-Backed Loan Services

Galaxy Capital–backed BlockFiis taking its loan services to the global stage. According to a statement shared with Bitcoin Magazine, the platform is expanding its services to an international audience.

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Bitcoin Magazine Week in Review: Stablecoins Take the Spotlight

With the exception of the SEC’s FinHub announcement, it has been a quiet week for regulatory news — something we’ve been getting a lot of recently as U. S. officials clamp down on unscrupulous coin offerings and crypto companies.

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Despite Indian Crypto Regulations and Bans, Unocoin Exchange Pushes Forward

Clampdown on Crypto in India Births Alternative Cryptocurrency startup, Unocoin, has taken measures to continue to operate in India despite a clampdown on cryptocurrency trading by authorities in the country.

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In Search of Stability: An Overview of the Budding Stablecoin Ecosystem

Stability. The word seems to be at complete odds with the current nature of the crypto market. With its flagship coin having “died” on hundreds of occasions, volatility and meteoric price swings have come to define cryptocurrencies, as price stability, ever-elusive, is in short supply.

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BitGo Gets Approval From State Regulators to Launch Custody Service

BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets, according to a Business Wire press release.

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