The consultation set out that systemic stablecoins would be supervised by both the BoE and Financial Conduct Authority (FCA), which was welcomed by respondents. Respondents and the government also supported extending the accountability framework (which evaluates whether the regulators approach is future proof) to systemic stablecoins. Source
Cryptocurrency exchange Binance released its latest proof-of-reserves (PoRs) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USD Coin (USDC) reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X (formerly Twitter). The latest reserve audit suggests Binance holds more than enough crypto and cash to cover user funds. The ratio of Binance’s net balances to its customers’ net balances is more than 100% for all its assets as shown in the snapshot below. Binance asset reserve…
Crypto exchange Blockchain.com has been granted a payments license from Singapore’s central bank — the Monetary Authority of Singapore (MAS). Blockchain.com announced on Aug. 7 it received its major payment institution (MPI) from MAS on Aug. 1 allowing it to provide what the regulator calls digital payment token services to institutional and accredited investors. The exchange’s full license comes after it received in-principal approval from the bank in September last year. Related: Singapore High Court rules crypto personal property, compares it to fiat money With its license approved, Blockchain.com is the…
The number of people buying crypto assets in Latvia is declining, Latvijas Banka said in its 2023 “Financial Stability Report.” The central bank attributed the falling interest in crypto to negative sentiment linked to fraud and insolvency among major market participants, “unwise” investments that have already been made, crypto’s links to money laundering and “the increasing link of crypto-asset companies to the supervised financial sector participants.” Basing its findings on payment card usage, the bank said 4% of the population had bought crypto assets in February 2023, compared with 8%…
A recent study by the Bank of Canada (BoC) has shown a decline in the ownership of cryptocurrencies over the two years. The BoC has attributed this decline in crypto ownership to ecosystem collapses, regulatory hurdles, and price depreciation. Bitcoin’s Decline Most Notable According to the Bitcoin Omnibus Survey, Bitcoin’s ownership across the country dipped to 10% at the end of last year. This decline has been attributed to various factors, including the significant drop from its all-time high due to the current market conditions, especially since Bitcoin’s price crashed…
The platform said it took the “difficult decision” with its U.S. banking partner because of an “evolving regulatory environment” in the country. Regulators there, led by the Securities and Exchange Commission, have been cracking down on crypto, targeting exchange platforms like Coinbase (COIN) and Binance, as well as a host of individual tokens including Solana’ SOL and Polygon’ MATIC, alleging violations of federal laws. Source
“Had Figure not withdrawn its application, both law and common sense would have dictated that regulators reject it,” said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, in a statement that accused the company of making insufficient plans to meet a bank’s customary obligations under the Community Reinvestment Act. “This is good news for anyone who thinks we should have a stable, safe and appropriately supervised financial system.” Source
But federal prosecutors fear an indictment could trigger a run on deposits at Binance, causing the exchange to crumble like FTX did last fall. They are weighing alternatives such as “fines and deferred or non-prosecution agreements,” sources told the publication. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bank of England (BoE) has released a new paper that explores the use of Ripple’s Interledger Protocol for synchronized settlement of payments. The new step taken by the Bank of England shows the increasing interest of central banks in blockchain technology. The paper is titled “Ripple: Exploring the Synchronized Settlement of Payments using the Interledger Protocol.” The BOE believes that Ripple protocol could significantly impact the cross-border payments industry by allowing synchronized settlement across multiple…
Breeden, who was on the BoE’s Central Bank Digital Currency task force, will officially take over Cunliffes role on Nov. 1, 2023, where she will sit on the financial policy, monetary policy and the prudential regulation committees and “play a key role in providing a link between financial stability and monetary policy,” the press release said. Source