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Crypto Flipsider News – Bitcoin Above $23k; AAVE to Launch Stablecoin; Ethereum Merge Delay; MineXMR Shuts Down; Crypto Regulations
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Thailand Plans To Implement Stricter Regulations On Crypto-Asset Platforms: Bloomberg
After a bitcoin selloff saddled retail investors with significant losses and brought down businesses, Thailand aims to tighten supervision of digital asset companies, Bloomberg reported citing the country's top regulator. What happened: Most current rules governing digital assets were passed in 2018, but the Securities & Exchange Commission is looking to modify them, according to Secretary-General Ruenvadee Suwanmongkol. She stated, without getting into specifics, that proposals include stricter requirements for the management and licensing of cryptocurrency custodians. Related: Crypto Exchange Zipmex To Resume Withdrawals Why It's Important: "The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision," Ruenvadee said in an interview. "Our main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets." Plans to increase oversight come as one of the country's regulated cryptocurrency exchanges, Zipmex (Thailand) Ltd., and its regional parent this week stopped accepting withdrawals, joining other crypto companies in a liquidity crisis after the collapse of Celsius Network Ltd. and Three Arrows Capital. Also Read: More Pain Ahead For Ethereum? Celsius Crashes 55% As It Halts Withdrawals Over 'Extreme Market Conditions' © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Thai Crypto Regulations Hindering SCB’s Bitkub Stake Purchase
SCB X Group postponed its plan to acquire a 51 percent stake in Thai crypto exchange Bitkub. This is due ...Read More...
Singapore Plans to Broaden Crypto Regulations After Shakeout
Singapore is a popular location for cryptocurrency companies. Recent market events clearly demonstrated the risks ... Read More... from Singapore Plans to Broaden Crypto Regulations After Shakeout The post Singapore Plans to Broaden Crypto Regulations After Shakeout appeared first on Crypto News Land.
Tencent's NFT Market Place Shuts Down Amid Plunging Market, Tightening Regulations
Stringent government policies in China have resulted in the shutdown of one of Tencent Holdings ADR's (OTC: TCEHY) digital collection NFT platforms. Tencent, the tech mega-giant, underwent significant losses in the months of May and June, causing them to take this step. The primary reason for the drastic reduction in sales remains the Chinese government’s restrictive laws, which infringe upon digital collectable markets. The government policy inhibits users from conducting private transactions after they have acquired NFTs. This move largely demotivates buyers, as it makes the NFTs less remunerative. Furthermore, the policy creates an environment wherein it becomes nearly impossible for buyers to generate any profit off NFTs. Also Read: If You Bought The Dip In Bitcoin And Ethereum, Here's How Much You'd Have Now For Tencent, the decision to shut down one of its NFT platforms took effect during the first week of July. They took the necessary steps of eliminating the virtual collectable section from their news application and transferring the executives that were responsible for the NFT platform. In addition, Tencent’s other NFT platform is struggling to survive amidst the unfavorable market. Thus, as turbulent market conditions continue, firms in the Web3 space must protect themselves to make it through the market downturn. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Report: SEC Chair Considers Waiving Some Crypto Regulations
Gary Gensler is considering waiving some crypto regulations. Gensler has said repeatedly that most cryptocurrencies are securities, not commodities. The ...Read More...
Kazakhstan Regulations Added Amendment on Crypto Mining
Taxes will be calculated based on the average cost of the electricity used to make coins. PIT rate on dividends
Binance Implements AML And KYC Regulations To Protect Users
Binance (CRYPTO: BNB) announced it will be taking firm measures to optimize the company’s security and protect users. What Happened: As per Binance’s recent announcement, users must undertake a three-step verification process to be considered verified Binance customers. The first step includes basic customer information and the second involves assessing potential risk by carrying out a customer background check. The final step involves ensuring the customer’s background and KYC (know your customer) details are up-to-date. Binance’s policies on AML (anti-money laundering) look to employ intricate tools and techniques to detect and prevent money laundering across the crypto sector. Binance’s recent move to optimize security can be attributed to its goal of being in global compliance with rules surrounding crypto regulation in order to further crypto adoption globally and to improve its regulation. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
FSB Reveals Strong Crypto Regulations Underway Amid Recent Crisis
Update comes after a series of high-profile crypto lending firm closures. FSB plans to provide reports in October this year.
The Bank of England Calls For Stricter Cryptocurrency Regulations
The weakening economy has produced extraordinary market volatility. The BOE warned that systemic problems for the larger economy might arise.
How Will The EU's Finalised Regulations Impact The Crypto Market?
Whilst Bitcoin (CRYPTO: BTC) remains below $20,000, the EU have finalised the MiCA Proposal - Markets in Crypto-assets (legislative proposal developed to help streamline distributed ledger technology (DLT) and virtual asset regulation in the European Union). These regulations will challenge crypto companies to help prevent money laundering and other illicit activities potentially involving digital assets. Spanish Green Party lawmaker Ernest Urtasun, who took part in the process, explained: “The new rules will enable law enforcement officials to be able to link certain transfers to criminal activities and identify the real person behind those transactions.” A key development has occurred with ‘unhosted wallets’ - wallets held by private individuals that are not managed by a licensed platform. The EU Parliament has always been in favour of forcing CASPs (crypto asset service providers) to identify their "unhosted" counterpart when transacting. The finalised regulations claim, "in case a customer sends or receives more than 1k euros to or from their own unhosted wallet, the CASP will need to verify whether the unhosted wallet is effectively owned or controlled by this customer." This will not be taken well by many crypto users, who value their privacy, however for most transfers from/to wallets, there won't be a mandatory verification. Also, the initial demand called ("unhosted wallet verification") from the EU Parliament was weakened. In addition, unfortunately for stablecoin issuers, MiCA have introduced an option for EU authorities to stop stablecoin issuance (ARTs & non-Euro EMTs) if used on a large scale for payments. On a positive note, lengthy negotiations have resulted in DeFi being left out of MiCA scope. However, the commission will publish a separate report in 2023 for a new form of "embedded DeFi supervision". Furthermore, the Bitcoin ban which was discussed previously (involving the Proof of Work mechanism) has been neglected. Instead, CASPs will have to disclose information the sustainability of the crypto-assets they provide services for. Why are these regulations so key for the crypto market? As the EU is the first major jurisdiction to implement a comprehensive regulatory framework for crypto, these rules will set global standards and affect regulations globally (including the U.S.) Are these regulations a positive for the industry? MiCA includes aspects which many will be aggrieved about, including the ‘unhosted wallet’ rule, but in my opinion the rules are a net positive development for the crypto industry within the EU. Aside from the added clarity that many businesses and financial institutions have been waiting for, I think the most pleasing aspect was that the Proof-of-Work ban (introduced because of its environmental impact) has been taken off the table. This demonstrates how policy makers have listened to those fighting back against the proposed rules, and recognition of a concerted effort towards a sustainable future for Proof-of-Work mining. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.