The world must take a ‘collective action’ approach to regulations – suggests India’s Finance Minister

India’s Finance Minister, Nirmala Sitharaman, suggested that regulation “cannot be done” by a single country, it requires an international effort, in a recent television interview. Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that while the central bank is the “authority for issuing cryptocurrency,” the rest of the digital assets created outside are “using very useful financial technologies.” Sitharaman said that India is looking at a “global” standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets, ahead of India hosting the G20…

The world must take a ‘collective action’ approach to regulations – India’s Finance Minister

India’s Finance Minister, Nirmala Sitharaman, suggested that regulation “cannot be done” by a single country, it requires an international effort, in a recent television interview. Speaking to Rahul Joshi on CNBC-TV18 in India on Feb. 3, Sitharaman noted that while the central bank is the “authority for issuing cryptocurrency,” the rest of the digital assets created outside are “using very useful financial technologies.” Sitharaman said that India is looking at a “global” standard operating procedure (SOP) to be “agreed upon” for regulating crypto assets, ahead of India hosting the G20…

Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance – Regulation Bitcoin News

Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions. 87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits A recently published report from finder.com, which polled 56…

Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum – Defi Bitcoin News

A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March. Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director. “We have set…

DeFi enjoys a prolific start to 2023: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. 2023 started on a bullish note for the entire crypto market, including the DeFi ecosystem, with most of the tokens posting double-digit gains in January and recording multi-month highs. Aside from the bull rally, January also saw a 93% year-on-year decline in losses from DeFi exploits and hacks. The slew of regulatory action against the Mango Markets exploiter is being hailed as a big…

Finnish Firm Membrane Finance Launches EU-regulated EUROe Stablecoin

EUROe allows easy-to-monitor and instant payments across the globe at non-zero cost. Finnish fintech organization Membrane Finance has inaugurated EUROe, Europe’s first and exclusive EU-regulated full-reserve stablecoin and payment network. EUROe converts a fiat Euro into a one-to-one pegged digital currency transactable on Ethereum, with prepared backing for an increasing number of blockchains. One EUROe stablecoin will always be one Euro. For every EUROe rolled out, at least one fiat Euro is present in a European Financial Establishment or bank, ring-fenced from Membrane Finance. The international Payments industry helps approximately…

Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say – Finance Bitcoin News

Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts…

UK Finance Ministry to Propose Broad Rules for Crypto, Invites Industry Feedback

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Structured Finance Platform Intain Opens Tokenized Marketplace for Asset-Backed Securities

Intain’s digital marketplace is intended to automate and integrate functions such as verification agent, underwriting, rating agency, servicer, trustee and the investor, according to the company. “Rather than replacing trust intermediaries, [IntainMARKETS] integrates them onto a singular platform and process to enable digital issuance and investment on-chain,” the company added. Source

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors…