Crypto regulation
IMF asks El Salvador to reconsider Bitcoin decision amid risk concerns
IMF directors want the scope of the Bitcoin law constricted to strip legal tender status off the digital asset Last year on September 7th, El Salvador, led by a Bitcoin optimistic president, Nayib Bukele, officially adopted the king cryptocurrency Bitcoin as legal currency. Several financial institutions, including the World Bank and the International Monetary Fund (IMF), advised against the move, but El Salvador went ahead nonetheless. The IMF board has now, once again, asked the nation to renounce its position on the matter. The Latin American country has been in discussion with the monetary body to over a $1.3 billion loan. As part of the consultation, the IMF wants it to change the legal currency status of Bitcoin in the country. The IMF has long held a stance against the idea of using...
Bithumb users have less than 48 hours to whitelist private wallet
The South Korean digital assets trading platform will block withdrawals to wallets that are not verified starting Thursday In an announcement shared yesterday, Bithumb exchange detailed that it is taking more steps towards managing crypto withdrawal services to third-party and private wallets. The exchange noted that starting January 27th, unverified private wallet owners will no longer be able to authorise crypto withdrawals to their wallets successfully. The affected wallets include MetaMask and MyEtherWallet. Bithumb follows Coinone, more set to conform Bithumb is one of the most popular crypto exchanges in the region and one of four approved to offer crypto trading services. The affected users are required to validate their wallets with their Bithumb accounts, so they are ‘allowl...
Weekly Report: MicroStrategy chief says firm will hold onto Bitcoin stash amid crypto market tumble
The cryptocurrency market has continued bleeding on the second straight day. Bitcoin has sunk further, hitting a six-month low. It is currently trading at around $35,500, 6.28% down on the day. Ether and other altcoins have also haemorrhaged, erasing a chunk of gains from recent rallies. The crash has been attributed to the global stock sell-off and a looming crypto ban in Russia. Here are other top cryptocurrency headlines that you might have missed this week: Singapore’s top financial regulator goes after cryptocurrency ATM operators Cryptocurrency ATM operators in Singapore were on Monday ordered to halt their operations in accordance with recently published guidelines. The issued ‘request’ outlawed crypto businesses from lending services at physical crypto ATMs. Singa...
Binance CEO doesn’t think crypto ad restrictions will affect user adoption – Here are his thoughts
Changpeng Zhao explained that word of mouth plays a more prominent role than advertisement in ramping up user adoption Binance CEO Changpeng Zhao said in a recent interview shared by CNBC that he does not expect the increasing ad restrictions by regulators to impact the growth of crypto. Zhao explained that it is only recently that crypto ads were embraced, given that word of mouth has been the dominant force behind crypto adoption. As such, he expects the demand for crypto to grow further, and the surging regulatory measures against the ads are evidence of this. “Clampdown on crypto advertising is unlikely to have much of an effect on demand, as most of the crypto users come from word-of-mouth promotions anyway,” he elucidated. Ads haven’t had a significant influen...
Binance partners with Gulf Energy to set up a digital asset exchange in Thailand
Last year, Binance received a criminal complaint from the Thailand SEC over unlicensed operation Thailand-based Gulf Energy Development Public Company has reached an agreement with crypto exchange Binance to explore avenues leading to the development of a digital asset trading platform and related business in the country. A letter sent to The Stock Exchange of Thailand on Monday revealed an MoU reached between the two parties that would see Binance help advance blockchain technology and scale the development of digital assets in the country. Gulf Energy is said to have banked its decision to complete the agreement with Binance in the hopes that the infrastructure around Thailand’s digital economy would proliferate in the coming years. The firm explained that with a combination ...
Spain establishes new requirements for influencers advertising crypto assets
New rules will require social media influencers advertising crypto to seek prior approval before publishing their content Spanish regulators have today announced that starting a month from now, they will impose new guidelines around cryptocurrencies. As per the updated guideline policy, promotions by the so-called influencers will be restricted in what is a first for a member country of the European Union (EU). According to a paper published by the National Securities Market Commission (CNMV) today, Spain intends to ensure that advertisements for products and services offer “true, understandable, and non-misleading content, and includes a prominent warning of the associated risks.” Big adjustments are coming along with the new policy When the new policy comes into effect around...
The wait is coming to an end: Fed chair promises crypto report release in ‘coming weeks’
The release of the Federal Reserve report touching on digital currency development and crypto regulations has experienced several delays Federal Reserve chair Jerome Powell told the Senate Banking Committee yesterday during his nomination hearing that the much-awaited crypto report is now within weeks of publication despite recent delays. Directing his statement to Idaho Senator Mike Crapo, Powell explained that the report was not yet “quite where [it] needed to” be but insisted that it would get released soon nonetheless. “It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions. The report really is ready to go, and I would expect we will drop...
IMF notes that crypto evolution is heightening financial stability worries
The monetary authority is proposing a global regulatory framework to alleviate the financial stability risks posed by crypto and its assurgent adoption In a blog post published on Tuesday, the International Monetary Fund (IMF) penned that as crypto markets are growing, there is an equivalent increase in the correlation between cryptocurrencies and the financial markets. The coronavirus pandemic redefined correlations in the investment landscape Pre COVID-19, the IMF explained, there was little relation between crypto assets like Bitcoin and the stocks. As such, they were considered good options as a hedge against inflation for investors. However, with time the pandemic pushed financial systems to the extremes, causing the central bank to enact policies to ease the strain. Afterward, both c...
Weekly Report: Shark Tank’s Kevin O’Leary argues that NFTs are growing bigger than Bitcoin
This week, top cryptocurrencies suffered a massive dip as the broader market pulled back following confirmation of plans to hike interest rates. Minutes from the FOMC meeting hinted that the US Federal Reserve was considering a potential rate increase in March. The top crypto assets (not including Tether and USD Coin stables) are all down by double figures over the last 7-days. Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) lead the way in losses with 19.47%, 13.97%, and 13.15% plunges, respectively as of writing. The leading cryptocurrency is also trading in the red – down by 12.01% in the last 7-days. Here’s a look at the top headlines outside the market in the first week of the year. Shark Tank’s Kevin O’Leary bets on NFTs getting bigger than Bitcoin Popular Shar...
US Fed Chair says cryptocurrencies aren’t a danger to country’s financial stability
While speaking at a press conference after the recent Fed interest rate decision, the Fed Chair Jerome Powell said that cryptocurrencies are currently not a danger to the country’s financial stability. He however noted that there should focus should shift to monitoring and controlling cryptocurrencies. Jerome Powell has served as the Federal Reserve Chair since 2018 and is likely to serve for a second term following a positive backing by President Joe Biden. Powell and his vice chair Lael Brainard have shown enthusiasm on ensuring that cryptocurrencies do not cause financial instability. Powell actually did express his reservations about cryptocurrency industry despite saying that it does not pose any risk at the moment. He stated that cryptocurrencies are speculative assets “ris...
