Autor Cointelegraph By David Attlee

GitHub users respond with 'Bitcoin bill' idea to Gillibrand-Lummis bill

GitHub users respond with 'Bitcoin bill' idea to Gillibrand-Lummis bill

Uverejnil používateľ | jún 23, 2022 |

Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback. On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’ representatives commented:“The senators seek comments from industry stakeholders, consumers and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while also adding confidence, trust and stability for consumers.”By the press time, there are six commentaries available on the act page, with some of them being more of a solitary battle-cry (“Taxation is theft”), while others suggesting debatable edits to the document. A user called Stduey explains why Bitcoin is different and should not be included with risky “assets” due to its “absolute scarcity” feature. In his opinion, that makes a case for an absolutely separate bill for Bitcoin:“If you buy 5,000 satoshis for $1, you will have 5,000/2.1 quadrillion satoshis, forever, and no one can change that. People cannot understand the magnitude of this yet but this subtle difference is what separates Bitcoin from every other crypto, fiat, precious metal, and commodity.”Another commentator, savage1r, elaborates on the inconsistency of the current framework in regard to airdrops — it ties the taxable value of coins to its entry price, which might be significantly higher than at the cash-out phase:“Airdrop receivers should only have to pay short or long term taxes on the coins they cash out assuming the initial value is $0 because they do not realize the gains until they trade or sell.”Related: Lummis-Gillibrand crypto bill comprehensive but still creates divisionThe highly awaited RFIA was introduced in the U.S. Senate on June 7. There is a broad consensus among the community that the bill is favorable to crypto.

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ECB head calls for separate framework to regulate crypto lending

ECB head calls for separate framework to regulate crypto lending

Uverejnil používateľ | jún 22, 2022 |

A week after the major American crypto lending platform Celsius had to freeze the withdrawal option for its users, European Central Bank (ECB) president Christine Lagarde voiced her conviction on the necessity of tighter scrutiny over this part of the crypto market. During the testimony before the European Parliament on Monday, June 20, Christine Lagarde expressed her thoughts not only about the looming inflation in Europe and around the globe but also about the increasing activities of crypto-assets staking and lending. In Lagarde’s opinion, this trend demands additional regulatory efforts from the European Union (EU). Referring to the major regulatory package, making its way through the legislative routine, Markets in Crypto-Assets (MiCa), she even coined the term “MiCa II”:“MiCA II should regulate the activities of crypto-asset staking and lending, which are definitely increasing.”Lagarde warned about the risks, posed by the lack of regulation in this segment of the market:“Innovations in these unexplored and uncharted territories put consumers at risk, where the lack of regulation is often covering fraud, completely illegitimate claims about valuation, and very often speculation as well as criminal dealings.”The official made a separate mention of decentralized finance (DeFi), which, from her point of view, also poses a “real risk to financial stability” and thus should be covered by the separate regulatory framework. A procedure, which caught the ECB head’s attention, staking is available on Proof-of-Stake (PoS) protocol and allows multiple crypto token holders to pool in their tokens, thereby granting the staking pool operator a validator status and rewarding all stakeholders with tokens for their computational resources’ contributions. Related: The pros and cons of staking cryptocurrencyLagarde is famous for her overt anti-crypto position and numerous claims that cryptocurrencies are “worth nothing” and “based on nothing.” Meanwhile, the European Commission announced that it’s preparing a digital euro proposal for 2023. The ECB is expected to have a prototype by the end of 2023, and if everything goes well, it may be issued in 2025.

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Crypto.com scores approval from Singapore finance regulators

Crypto.com scores approval from Singapore finance regulators

Uverejnil používateľ | jún 22, 2022 |

Major Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country. On Wednesday, June 22, Crypto.com announced the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act. In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS:“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build. We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore — a flourishing market for fintech innovation, renowned for its well-regulated business environment.” The Payment Service Act came into force in 2019, introducing the categories of small payment institutions and major payment institutions. In order to obtain the following licenses, the enterprises are obliged to comply with a number of legal demands, as well as act in accordance with anti-money laundering and countering the financing of terrorism legislation.Related: Why Singapore is one of the most crypto-friendly countriesIn June, Crypto.com reported the provisional approval of its virtual asset license by the Dubai Virtual Assets Regulatory Authority. Back in 2021, the exchange became the first cryptocurrency company to receive Malta’s Class 3 Virtual Financial Assets License. Recently the company saw a launch of a $100 million accelerator program to fast-track decentralized finance, Web3 and metaverse projects by its blockchain ecosystem, Cronos. Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks.

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Qatar Central Bank in ‘foundation stage‘ of launching digital currency

Qatar Central Bank in ‘foundation stage‘ of launching digital currency

Uverejnil používateľ | jún 22, 2022 |

The 2.8-million nation of Qatar is going to join a growing range of countries, experimenting with the central bank digital currency (CBDC) concept. The Qatar Central Bank (QCB) is currently “in the foundation stage” of issuing its digital currency. On June 21, during the “Inflation Test” session at the Qatar Economic Forum, QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani revealed that the bank is working to find technological solutions for its CBDC. Right now the project is in its early stage, Al Thani specified:“Many central banks are now considering to issue CBDC, and we are not an exception to that. But we are still in foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper and the right technology and platform to issue our CBDC.”“Currently, crypto are a technology innovation. It might take us to new era of fast, cheap, and more accessible financial services. However, those crypto assets which are not underlined by monetary authority might be less credible,” he added.First reports about the QCB exploring the possibility of CBDCs surfaced in March 2022. Back then, the head of the fintech section at QCB, Alanood Abdullah Al Muftah, disclosed that the bank is researching the concept due to the global trend. Related: ‘CBDCs are the natural evolution,’ says HyperLedger director BarbosaAt the moment, more than 100 countries globally have expressed their interest and/or started to research and develop CBDCs. Qatar’s main competitor in the Gulf region, the United Arab Emirates, launched its CBDC track as a part of its 2023–2026 tech strategy back in 2021. In the same year, it announced a joint project of cross-border CBDC payments with the central banks of Thailand, Hong Kong and China, as well as the Bank of International Settlements.

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Bitpanda cryptocurrency exchange scores registration in Spain

Bitpanda cryptocurrency exchange scores registration in Spain

Uverejnil používateľ | jún 21, 2022 |

Bitpanda, an Austrian cryptocurrency exchange that was valued at $4.1 billion last summer, have received registration as a virtual currency exchange and digital asset custody service provider in Spain. The company’s name appeared in the Bank of Spain’s registry for crypto enterprises on June 16. The registry itself opened in October 2021. At the moment, it includes 15 companies. Speaking to Cointelegraph, Bitpanda’s representative specified that the company has been de-facto operating in the country since 2014. Spain marks the sixth European country in which the Vienna-based company has obtained a license. In December 2020 it registered with the Financial Markets Authority of France, while in May and June 2022 it became the first foreign crypto provider with registration in Sweden and one of the first to get the Italian Virtual Asset Services Provider (VASP) license. In the company’s announcement, Bitpanda co-founder and co-CEO Eric Demuth pledged its commitment to providing a safe environment for trading amid the market crisis: “As recent market developments have shown, where you buy your digital assets matters and we are going to always be prioritizing the safety of our community, as we are working relentlessly to build the best and the safest investment platform in Europe and beyond.”Related: Unicorns in crypto. A growing herd of billion-dollar crypto companiesIn February 2022, Bitpanda acquired U.K.-based Trustology, a crypto custodian and wallet service provider, intending to rebrand it to Bitpanda Custody and start providing native crypto custody services focused on institutional investors. The exchange platform claimed its maiden acquisition is the first step toward the launch of Bitpanda Pro, its prime brokerage services platform and an over-the-counter trading desk.As the company representative told Cointelegraph:”We have applied for registration in every market we have a presence, and have already secured registration and licences as a virtual asset service provider in Italy, Austria, Sweden, France, the Czech Republic and now Spain. We do of course want to expand our presence in further European markets, but will only do so when we can ensure we are fully compliant with local regulatory requirements.”Under the upcoming Markets in Crypto Assetsbill, European Union authorities would grant crypto companies an opportunity to operate on the pan-European level, should they get registered in one of the Union’s countries. 

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