Day: July 19, 2023

Societe Generale’s crypto division secures license in France

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied SG-FORGE, the cryptocurrency unit of the French multinational financial giant, Société Générale Group, has become the first institution to receive a cryptocurrency regulatory license in France, enabling the company to operate as a regulated digital asset service provider (DASP) in the country.  According to an updated list from the website of France’s financial markets watchdog, Autorité des Marchés Financiers (AMF) Societe Generale-Forge was listed as the only licensed DASP. The subsidiary received regulatory approval from the…

South Korean central bank charts out future course of payment systems, CBDC

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The South Korean central bank (BOK) has published its 2022 Payment and Settlement Systems Report. Oversight of the systems was carried out successfully, the report said, and it is getting ready for a future with central bank digital currency (CBDC) and is discussing stablecoin regulation broadly. The BOK-Wire+ fast payment system will be upgraded to real-time gross settlement (RTGS) and has adopted the ISO 20022 standard, which is expected to be implemented in 2028, the report said. The bank will also increase oversight of “Big Tech” payment services and build…

3 reasons why Bitcoin traders anticipate BTC price to briefly sweep the $27.5K level

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After a spectacular first half of 2023, the price of Bitcoin (BTC) appears to have stalled out, being stuck between $29,000 and $31,500. There could be reason to believe that in the near term, the price of Bitcoin will tend to trade sideways or to the downside. This thesis can be based on three factors, with two of them involving technical analysis and the third involving fundamentals. Bitcoin price resistance at $32,000 has been holding strong Charles Edwards, founder of Capriole Investments, recently released a market update in which he…

No impact from Ripple ruling? SEC chair cites risks from crypto in budget request

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United States Securities and Exchange Commission (SEC) Chair Gary Gensler has called for “new tools, expertise, and resources” aimed at addressing misconduct in the crypto space in the regulator’s 2024 budget request. In prepared testimony for a July 19 hearing of the Subcommittee on Financial Services and General Government with the U.S. Senate Appropriations Committee, Gensler said he supported the Biden administration’s request allocating more than $2.4 billion to the SEC for the 2024 fiscal year. The SEC chair cited the “Wild West of the crypto markets” that was “rife…

Bitcoin’s bullish hype fades, but analyst says PlanB’s stock-to-flow model is still relevant

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Bitcoin (BTC) is struggling to reclaim its psychologically-important level at $30,000 as analysts predict that choppy accumulation may last for months. Bitcoin soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security. However, five days after the pump, BTC closed below $30,000 as buyers struggled to push the price…

XRP Blockchain Still Faces Centralization Caveats as Ripple Regulatory Threat Recedes

“You can’t just come in with a billion dollars and say, ‘I have enough for 1,000 Ethereum validators, I’m gonna run them all; I just bought my way into owning part of Ethereum consensus,’ or ‘I’m gonna buy a bunch of mining hardware, and I have more money than you, so I can get a larger share of Bitcoin protocol consensus than you can,’” explained Red Sheehan, a research analyst at Messari who writes regular reports on XRPL commissioned by Ripple Labs. “That’s just not possible with Proof of Association.”…

Elon Musk’s Tesla Didn’t Buy or Sell Any Bitcoin for Fourth Straight Quarter in Q2

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The net value of its digital assets at the end of the quarter was $184 million, the same as it’s been for the past three quarters. At the end of the second quarter, the price of bitcoin was roughly $30,400, up from about $28,500 at the end of the first quarter. However, current accounting rules don’t allow the valuation of digital assets to be increased when prices rise unless the assets are sold, but they can be reduced when prices decline, even before a sale. Original

Scientists warn the ‘quantum revolution’ may stagnate economic growth

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Quantum computing technologies are slowly beginning to trickle out of the laboratory setting and into commercial industries. While it remains to be seen when mainstream adoption will occur, a number of companies are currently engaged in experiments and trials with paying clients to develop quantum computing solutions.  According to a pair of researchers from the University of Cambridge and Bandung Institute of Technology, respectively, this represents a critical period wherein the world still has the opportunity to prepare itself for what they’re deeming “the quantum revolution.” In a recently published…

SEC Chair Gary Gensler Cites ‘Wild West’ of Crypto in Case to Increase Agency’s Budget

The SEC employed 4,685 people in 2023, with roughly half focusing on enforcement and examinations duties, according to data Gensler shared in his remarks. The additional funding would help the agency add 170 positions to its teams, in addition to providing full-year funding for staff members hired in 2023, potentially bringing the SEC’s total full-time equivalent to 5,139 employees. Source