Tag: Regulation

Tether’s (USDT) Stablecoin Dominance May Wane Following Proposed U.S. Regulation: S&P

“An approval of the stablecoin bill would accelerate institutional blockchain innovation, in particular for tokenization or digital bond issuances involving on-chain payments,” O’Neill said, adding that the “growth of institutional use cases for stablecoins would create opportunities for banks as stablecoin issuers and may also reduce tether’s dominance in the global stablecoin market.” S&P said that USDT is issued by a non-U.S. entity and therefore is not a permitted payment stablecoin under the proposed bill. This means that U.S. entities can’t hold or transact in it, which could reduce USDT’s…

Australian Regulator Says Crypto Is a Debenture That Requires Regulation

The chairman of the Australian Securities and Investments Commission (ASIC) has said his organization views cryptocurrency as a debenture hence it falls under regulatory purview. The ASIC chairman also argued that many cryptocurrency investors are unaware of what they are getting into. Crypto Falls Under the ASIC Regulatory Oversight Joe Longo, chairman of the Australian […] Source CryptoX Portal

Cryptocurrencies Not Banned, Vietnam Requires Legal Framework for Regulation — Govt Official

A government official from Vietnam has stated that cryptocurrencies are not prohibited. However, the country urgently needs to establish a legal framework to regulate their use, the official said. The Finance Ministry has been tasked with drafting a framework to govern crypto assets, which is due for completion by May 2025. Finance Ministry Directed to […] Source CryptoX Portal

The crypto industry will only benefit from regulation

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Since the emergence of Bitcoin in 2009, cryptocurrencies have become widespread. By 2022, the market included at least 10,000 tokens with various properties: well-known mainstream coins like Bitcoin and Ethereum, stablecoins with a value pegged to fiat currencies, meme coins, and various altcoins that power different projects. Cryptocurrencies provide options for fast and inexpensive money transfers (including cross-border ones), have limited use for payments, and can be…

South Africa’s FSCA Grants License to Crypto Exchange Luno, Sets Precedent for Regulation

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Cryptocurrency exchange Luno has become one of the inaugural firms to secure a license from South Africa’s Financial Services Conduct Authority (FSCA), solidifying its status as a recognized financial services provider within the country. The granting of the financial services provider license to Luno comes in the wake of the FSCA’s classification of crypto assets as financial products under the Financial Advisory and Intermediary Services Act of 2002 (FAIS). Expressing enthusiasm about this milestone, Christo de Wit, Luno’s South Africa country manager, underscored the significance of being the premier licensed…

Nigerian Central Bank Not in Charge of Crypto Regulation, Says Governor

According to the governor of the Central Bank of Nigeria, the Securities and Exchange Commission is responsible for regulating cryptocurrencies. However, the governor said the central bank will collaborate with law enforcement agencies and regulators overseeing the Nigerian crypto sector. The Central Bank’s Change of Heart In a surprise announcement, Yemi Cardoso, governor of the […] Source BitcoincryptoexchangeExchanges CryptoX Portal