DeFi needs regulatory clarity to interface with ‘real-world’ finance, experts say

Rune Christensen, founder and CEO of DeFi bluechip MakerDAO, says the decentralized finance space is set to move from its current isolated bubble phase toward more integration with the broader financial landscape. Christensen made this known during Tuesday’s plenary session “Behind the Decentralized Finance Hype” at the ongoing Global Technology Governance Summit organized by the World Economic Forum. According to the MakerDAO CEO, DeFi protocols interacting with real-world assets, such as commercial real estate and trade financing, will require significant regulatory input, stating: “The huge difference between the primordial soup…

Crypto lobby groups are gaining traction in Washington as the threat of regulatory bottleneck looms

Crypto-focused lobby groups in Washington, D.C. are playing an increasingly vital role in reorienting policymakers away from the view that virtual currencies are used primarily for illegal transactions. Now, they are preparing for potentially their biggest battle yet.  Blockchain Association, an industry trade group representing crypto firms, has added ten members to its brass since December 2020, bringing its total to 34. Kristin Smith, the group’s executive director, told Bloomberg that her members are extremely concerned about federal regulators clamping down on the industry over misplaced fears. “We in the…

Ripple Partner Mercury FX Accepted Into ‘First Cohort’ of a South African Regulatory Sandbox – Emerging Markets Bitcoin News

South Africa’s Inter-governmental Fintech Working Group (IFWG) recently accepted Mercury FX, a UK-based e-money firm, into the first cohort of its regulatory sandbox. The firm, which harnesses the Ripplenet blockchain, says it wants to demonstrate its technology’s ability “to shorten the money transfer window to only minutes.” Fast and Low Remittances Further, Mercury FX, which claims to have piloted the use of this technology in the Philippines and Mexico, says its solution, aided by the XRP token, will enable low-cost cross-border remittances. In addition to Ripple, the firm also reveals…

Former SEC Chairman Jay Clayton Joins One River Digital Academic and Regulatory Advisory Council

During the three years that Clayton served as the chairman of the SEC, he was working with initiatives that advanced the economy’s growth. The former Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton has joined crypto investment manager One River Digital Asset Management to take up an adversary role. Clayton’s new role came about three months after he resigned from the SEC. Clayton served as Chair of the SEC from May 2017 to December 2020. Before his new appointment with One River Digital Asset Management, the SEC’s…

New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs – Regulation Bitcoin News

On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while now, cryptocurrency proponents have said that one day, global regulators would likely target decentralized finance (defi) and the latest non-fungible token (NFT) hype. For a while now, the Financial Action Task Force (FATF) has been…

New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs – Regulation Bitcoin News

On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while now, cryptocurrency proponents have said that one day, global regulators would likely target decentralized finance (defi) and the latest non-fungible token (NFT) hype. For a while now, the Financial Action Task Force (FATF) has been…

New FATF Guidance Applies Regulatory Standards to Decentralized Exchanges, Defi and NFTs – Regulation Bitcoin News

On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while now, cryptocurrency proponents have said that one day, global regulators would likely target decentralized finance (defi) and the latest non-fungible token (NFT) hype. For a while now, the Financial Action Task Force (FATF) has been…

Belarus tech innovation zone may take on regulatory role for crypto business

The Belarusian government has proposed to appoint the High Technologies Park Administration as a supervisory authority for local crypto exchanges and digital tokens, First Deputy Prime Minister Nikolai Snopkov announced on Tuesday.  “The government has proposed to make the Administration of the Hi-Tech Park a supervisory body for crypto-exchanges and digital tokens. The President supported the government’s idea. I believe that such a decision will be made shortly,” Snopkov said. According to Snopkov, the government is currently trying to choose an appropriate government agency to supervise local crypto platforms in…

Reserve Rights (RSR) gains 300% as stablecoins gain regulatory approval

Non-fungible tokens and high-yielding decentralized finance platforms have been the focus of attention in the cryptocurrency sector for the past few months. This intense focus on NFTs, DeFi and Bitcoin’s price action means that some investors have glossed over the fact that it was a series of positive developments in stablecoins that helped kick off the 2021 bull market. One project that has  quietly amassed significant gains this year is Reserve Rights (RSR), a dual-token stablecoin platform where all the tokens are backed by a basket of smart contract-managed cryptocurrencies. Data…

GameStop tale exposes regulatory paternalism and DeFi’s true value

Though seemingly coming from nowhere for many, the themes behind the Reddit-fueled r/Wallstreetbets pump of GameStop feel familiar. Watching it unfold, I tried to figure out just why it had captured my interest to such a degree, and, to me, it was a spillover into the traditional markets of some pervasive themes driving crypto. Despite some competition in the narrative, I view the motivating force — and by it, I mean the social media-fueled spread of the message that drew enough widespread interest to have an impact in the market — behind…