Autor Cointelegraph By Turner Wright

South Africa's financial regulator plans to introduce framework aimed at protecting vulnerable crypto investors: report

South Africa's financial regulator plans to introduce framework aimed at protecting vulnerable crypto investors: report

Uverejnil používateľ | dec 10, 2021 |

Unathi Kamlana, the commissioner of South Africa’s Financial Sector Conduct Authority has reportedly said the government’s rollout of a crypto framework would be aimed at mitigating any potential risks.According to a Friday report from Bloomberg, Kamlana said the financial regulator planned to present a regulatory framework early in 2022 intended to protect investors from “potentially highly risky” crypto assets. The commissioner said any framework on crypto would be created in coordination with the Prudential Authority and Financial Surveillance Board of the South African Reserve Bank.“What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky,” said Kamlana. “We must be very careful to not just legitimize them.”The FSCA commissioner’s comments follow South Africa’s Intergovernmental Fintech Working Group saying in June it would be laying the groundwork for the “phased and structured” regulation of cryptocurrencies in South Africa. The African nation’s policy on crypto has largely been one of noninterference, but also in warning the public that there was little protection or recourse from the government for scams or fraud.When the co-founder of South African crypto investment platform AfriCrypt allegedly vanished with billions in user funds, the FSCA said it could not take action as crypto assets were unregulated in the country. After receiving a warning, major crypto exchange Binance also challenged the FSCA’s authority as South Africa’s financial regulator, arguing instead that the country’s Financial Intelligence Centre ensured crypto firms were in compliance with local laws. Related: South African asset manager denies stealing billions from users, claims $5M was lost in hackIn May, the South African Reserve Bank began an exploratory study on rolling out a central bank digital currency, or CBDC. The central bank is also part of a pilot program with those in Australia, Singapore, and Malaysia to trial international settlements using CBDCs.

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Indian PM calls for cryptocurrencies to 'empower' democracy at global summit

Indian PM calls for cryptocurrencies to 'empower' democracy at global summit

Uverejnil používateľ | dec 10, 2021 |

Cryptocurrency made an appearance at a global online summit for world leaders in a speech from Indian Prime Minister Narendra Modi.At Friday’s events for the Summit for Democracy hosted by U.S. President Joe Biden, Modi said India would be willing to offer other countries “innovative digital solutions” to facilitate free and fair elections and governance. In addition, the Prime Minister called for a global standard on cryptocurrencies and major social media platforms, likely referring to the impact some have had on politics in India as well as many other countries:”We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it […] By working together, democracies can meet the aspirations of our citizens.”Indian Prime Minister Narendra Modi speaking at Friday’s Summit for DemocracyAs the Prime Minister of India, Modi represented roughly 1.4 billion people at the summit, the largest democracy in the world by a large margin. His remarks came as the Indian government prepares to consider a bill that could ban certain cryptocurrencies, but also encourage the creation of a digital rupee. Different reports have suggested that the legislation is aimed at regulating crypto rather than banning it. The same bill has previously appeared on the Indian parliament’s agenda but has not yet led to a vote. The Reserve Bank of India also had a blanket ban on crypto on the books until March 2020, when the country’s supreme court overturned it. Related: Lines in the sand: US Congress is bringing partisan politics to cryptoDespite the lack of regulatory clarity in India, Modi has called on countries to work together on crypto and blockchain and urged others to consider the ethics when using the technology. The next general election in India is expected to occur in 2024 when citizens will choose new members for the country’s lower house of parliament.“It is important that all democratic nations work together on [crypto] and ensure it does not end up in wrong hands, which can spoil our youth,” said the PM in a Nov. 17 tweet.

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WisdomTree amends Bitcoin ETF application, naming US Bank as custodian

WisdomTree amends Bitcoin ETF application, naming US Bank as custodian

Uverejnil používateľ | dec 9, 2021 |

New York-based asset manager WisdomTree has amended its filing for a Bitcoin exchange-traded fund with the Securities and Exchange Commission to name U.S. Bank as its custodian. In a Wednesday filing, WisdomTree listed U.S. Bank National Association as the custodian for shares of its Bitcoin (BTC) trust. The filing is an amendment to its March 11 registration for a spot Bitcoin exchange-traded fund, or ETF, submitted to the SEC prior to U.S. Bank offering crypto custody services for institutional investors.On Dec. 2, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of WisdomTree’s Bitcoin Trust. It’s unclear if the recent amendment is aimed at resetting the clock on a new spot Bitcoin ETF application, given WisdomTree waited 265 days between its initial filing and the SEC rejection. A separate ETF application for WisdomTree’s Ethereum Trust submitted to the SEC in May is still under review.Related: US is ‘unquestionably’ behind the curve on crypto ETFs, says Brian BrooksWith more than $76 billion in assets under management, WisdomTree has also launched four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors. In addition, the company already has an exchange-traded product with exposure to a basket of cryptocurrencies on Euronext exchanges in Paris and Amsterdam.Regulators in the United States have yet to approve a cryptocurrency exchange-traded fund. However, the SEC gave the green light to products linked to crypto futures, including BTC futures ETFs from investment managers ProShares and Valkyrie. Other U.S. firms including Fidelity have successfully applied with Canadian regulators for ETFs with direct exposure to crypto.

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MicroStrategy purchases $82M in Bitcoin, now holds 122,478 coins

MicroStrategy purchases $82M in Bitcoin, now holds 122,478 coins

Uverejnil používateľ | dec 9, 2021 |

Business intelligence firm MicroStrategy has added 1,434 Bitcoin to its coffers after purchasing the crypto asset at an average price of $57,477.According to a Thursday filing with the Securities and Exchange Commission, MicroStrategy purchased 1,434 Bitcoin (BTC) between Nov. 29 and Dec. 8 for roughly $82.4 million, making its total holdings 122,478 BTC. With the recent buy, MicroStrategy’s holdings are valued at more than $5.9 billion, representing more than $2.2 billion in gains.MicroStrategy has purchased an additional 1,434 bitcoins for ~$82.4 million in cash at an average price of ~$57,477 per #bitcoin. As of 12/9/21 we #hodl ~122,478 bitcoins acquired for ~$3.66 billion at an average price of ~$29,861 per bitcoin. $MSTRhttps://t.co/Xke8QhoYpy— Michael Saylor⚡️ (@saylor) December 9, 2021Since making its initial $250-million Bitcoin investment in August 2020, MicroStrategy has gone on to purchase billions of dollars in Bitcoin in separate buys using the company’s cash on hand in addition to sales of convertible senior notes in private offerings to institutional buyers. Though there are cases in which the business intelligence firm bought the dip, some buys followed the price surges in early 2021 when the BTC price was more than $50,000.Related: MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2According to data from Cointelegraph Markets Pro, the price of Bitcoin is $48,684 at the time of publication, having fallen more than 25% in the last 30 days. The crypto asset has been hovering near $50,000 since dipping to the $42,000s on Friday.

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US lawmaker purchases exposure to Bitcoin through Grayscale shares

US lawmaker purchases exposure to Bitcoin through Grayscale shares

Uverejnil používateľ | dec 9, 2021 |

Illinois Representative Marie Newman has disclosed she purchased up to $50,000 in exposure to crypto through shares of Grayscale Bitcoin Trust.According to a financial disclosure report filed with the U.S. House of Representatives on Dec. 8, Congressperson Newman bought between $15,001 and $50,000 of GBTC between Nov. 9 and Dec. 4. In addition, she conducted four separate purchases of shares of Coinbase Global’s Class A stock between November and December, up to $215,000.Section of Illinois Representative Marie Newman’s financial disclosure report for 2021Members of the U.S. House of Representatives and Senate are permitted to buy, sell and trade stocks and other investments while in office but required to report such transactions of more than $1,000 within 30 to 45 days. This reporting is in accordance with the Stop Trading on Congressional Knowledge Act, or STOCK Act, passed in 2012 under President Barack Obama with nearly unanimous approval in both chambers of Congress. According to data gathered from financial disclosure reports by Bitcoinpoliticians.org, six other members of Congress currently hold cryptocurrency or some exposure to crypto assets, including Wyoming Senator Cynthia Lummis, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, New Jersey Representative Jefferson Van Drew, and Florida Representative Michael Waltz. However, many federal judges and lawmakers have reportedly flouted the STOCK Act by not disclosing certain investments.Related: Pro-crypto senator Cynthia Lummis discloses up-to-$100K BTC purchaseThe disclosure report from Newman comes following members of Congress questioning CEOs of major stablecoin issuers and crypto firms in a hearing to better understand the technology and where a regulatory path may lead. Progressive lawmaker Alexandria Ocasio-Cortez also recently spoke out on social media, saying it was inappropriate for her to hold Bitcoin (BTC) or other digital assets because lawmakers have access to “sensitive information and upcoming policy” and such investments could affect their impartiality.

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