Day: December 1, 2022

Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out – Regulation Bitcoin News

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A cryptocurrency law, which had been in discussion for several months, has been approved by the Chamber of Deputies in Brazil after having shed some of the changes presented by the Senate. The proposal left out two planned tax exemptions for green mining operations and the issue of segregating customer assets from company funds for virtual assets service providers (VASPs). Cryptocurrency Law Finally Approved in Brazil The cryptocurrency law project identified with the number 4.041/2021, was approved by the Chamber of Deputies in its session on Nov. 29. The law…

CFTC Chair Proposes Pause to Overhaul Digital Commodities Consumer Protection Bill

U.S. Fed Chair Jerome Powell’s remarks on Wednesday signaled a likely slowing down in interest rate hikes as soon as the central bank’s mid-December meeting, causing mixed results in equity markets. The S&P 500 index and Dow Jones Industrial Average closed down 0.09% and 0.56%, respectively, while the Nasdaq Composite was up 0.13%. Nicholas Colas, co-founder of the market analysis firm DataTrek Research, wrote in a note that as much as Powell is “trying to contain investors’ animal spirits by talking about persistently high interest rates, markets are rejecting that…

US Senate committee hearing on FTX fail brings gaps in regulatory authority to light

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United States Commodity Futures Trading Commission chair Rostin Behnam told a Senate Agriculture, Nutrition, and Forestry Committee meeting Dec. 1 that his agency’s regulations contain “core elements that have served the markets for decades.” But as the fallout from the FTX collapse gets sorted out, notable gaps in current legislation have come to light, Behnam and the senators agreed. Sen. Tina Smith called the FTX collapse “shocking, not surprising,” and said that future crises will continue to occur as long as regulatory gaps remain. Behnam pointed out that the Securities…

How smart crypto traders “got out” before a 35% price drop

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Disparities in information access and data analytics technology are what give institutional players an edge over regular retail investors in the digital asset space. The core idea behind Markets Pro, Cointelegraph’s crypto-intelligence platform powered by data analytics firm The Tie, is to equalize the information asymmetries present in the cryptocurrency market. Markets Pro bridges the gap of these asymmetries with its world-class functionality: the quant-style VORTECS™ Score. The VORTECS™ Score is an algorithmic comparison of several key market metrics for each coin utilizing years of historical data that assesses whether…

P2P Financial Systems panel: Crypto core values and transparency are critical for DeFi

Cointelegraph’s editor-in-chief Kristina Cornèr moderated a panel discussion on DeFi’s future among market dynamics, cyberattacks and regulatory uncertainty. As one of the main growing sub-sectors in the crypto industry, decentralized finance (DeFi) has faced a challenging year amid market dynamics, cyberattacks and regulatory uncertainty. Its future demands more transparency and clarity in the regulatory landscape, according to a panel discussion at the International Workshop on P2P Financial Systems 2022 on Dec. 1.  Moderated by Cointelegraph’s editor-in-chief Kristina Cornèr with Gaspard Pedruzzi, CEO of APWine; Daniel Perez, co-founder of Mero; Hugo…

Clearing company tests out securities transaction settlements on blockchain networks

The Digital Dollar Project and the Depository Trust & Clearing Corporation trialed a potential settlement system using tokenized securities and CBDC in real world conditions. The Digital Dollar Project (DDP) and the Depository Trust & Clearing Corporation (DTCC) released the results of their Security Settlement Pilot project Nov. 30. The project tested a simulated digital U.S. dollar in transactions with tokenized securities on a blockchain network under real-world conditions.  The project was designed “to better understand the implications of a U.S. Central Bank Digital Currency (CBDC) on post-trade settlement,” especially…

Stripe Debuts Fiat-to-Crypto Payment Offering for Web3 Businesses

The offering, a customizable widget that can be embedded directly into a DEX, NFT platform, wallet or decentralized app (dApp), is designed to allow customers to instantly purchase cryptocurrencies in Web3 apps. Eleven of the company’s initial 16 projects are built on Solana. Stripe offers customizable on-ramping services and handles know-your-consumer (KYC), payments, fraud and compliance issues. Source

NYDFS proposes regulation to assess costs of 'supervision and examination' for licensed crypto firms

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Though some crypto firms operate in New York with a BitLicense, many including NYC Mayor Eric Adams have criticized the licensing regime as a difficult barrier to cross. The New York State Department of Financial Services, or NYDFS, has proposed a regulation which would allow the government department to assess supervisory costs from licensed crypto firms operating in the state. In a Dec. 1 announcement, NYDFS Superintendent Adrienne Harris opened the proposed budget measure for public comment. The regulation, if approved, would grant the department the authority to assess costs…

Continued Crypto Winter Forces Kraken Exchange To Reduce Workforce by 30%

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Digital asset exchange Kraken is downsizing its workforce as a means of staying afloat during the ongoing crypto winter that continues to pummel the industry. In a new statement, Kraken co-founder and former CEO Jesse Powell says that the current macroeconomic and geopolitical conditions have resulted in significantly lower trading activities and sign-ups on the platform. The executive says that Kraken has exhausted all other means to align costs with demand, compelling the company to let go of 1,100 workers or 30% of its employees. “As one of the longest…