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Politics

Nebraska Advances Bill to Allow Banks to Offer Crypto Services

  • The bill aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions.
  • The initiative could make Nebraska the second U.S. state to set up a formal charter for crypto-powered bans, the first being Wyoming.
Nebraska flag. Shutterstock

  • The bill aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions.
  • The initiative could make Nebraska the second U.S. state to set up a formal charter for crypto-powered bans, the first being Wyoming.
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Binance Facing Fines Over Stock Token Offering

  • BaFin, Germany's financial regulator, warned investors Binance may have violated E.U. securities rules by not providing a prospectus for its stock tokens offering.
  • Considered an administrative offence, such a violation could be punished with a fine of $6 million, or 3% of Binance's annual revenue.
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EU Regulators Examining Binance’s Stock Tokens

  • The U.K. FCA is reportedly working with Binance to better understand the stock tokens, and what regulation may apply to them.
  • Binance said a prospectus was not required as the tokens were not settled in fiat currency, but in Binance USD (BUSD).
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China’s Central Bank Sees Crypto Assets as ‘Investment Alternatives’

  • China seems to finally recognise the investment potential of crypto, with a deputy governor of the PBoC stating that Bitcoin and stablecoins were investment alternatives.
  • The bank will "continue to maintain the current measures and practices", until it has figured how to prevent digital assets from creating a serious financial risk.

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Building of the central bank of the republic of Turkey in Galata district, Istanbul, Turkey, 16 December 2015. Shutterstock

Turkey’s Central Bank Bans Use of Crypto For Payments

  • The Central Bank of the Republic of Turkey will also prevent payment providers from providing fiat onramps for crypto exchanges.
  • Citizens who exclusively use payment providers as fiat-to-crypto gateways now have two weeks to clear their balances.
President-elect Joe Biden discusses defending the Affordable Care Act and his health care plans in an information convention,in Wilmington on 16 November 2020. Shutterstock

Biden Administration Worried About China’s CBDC

  • The Treasury, State Department, Pentagon and National Security Council are researching China's digital currency electronic payment (DCEP) system.
  • Officials are not worried about short-term impacts the digital yuan could have, but are weary of the potential long-term effects on the U.S. dollar.
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U.K. FCA Adds Crypto Firms to Crime Reporting List

  • The FCA now requires "all crypto asset exchange providers and custodian wallet providers" to submit annual financial crime reports.
  • The move follows the regulator's plan to increase its regulatory oversight in the crypto space, which began in January 2020.
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Canadian Securities Regulator Outlines New Rules For Crypto Trading Platforms

  • The new regulation is set to foster innovation while protecting investors.
  • Crypto trading platforms that fail to initiate the new registration process by 19 April could face enforcement action.
Indian Prime Minister Narendra Modi at Rastrapati Bhawan in New Delhi, India, 18 October 2016. Shutterstock

India to Propose World’s Strictest Policies Against Crypto

  • If passed into law, the legislation will criminalise the possession, issuance, mining, trading and transferring of crypto assets in India.
  • Crypto investors will be given six months to liquidate their crypto holdings, before the government starts issuing fines.
The United States Capitol is the home of the United States Congress and the seat of the legislative branch of the U.S. federal government, Washington, D. C., 18 September 2019. Shutterstock

U.S. Lawmakers Reintroduce Bill to Separate Digital Tokens From Securities

  • If passed, the bill will define digital tokens as "assets whose creation and supply aren't controlled by a central group".
  • A second bill was introduced the same day, which calls for the creation of a working group to evaluate the current digital assets regulatory framework.
Ripple CEO Brad Garlinghouse onstage during the LeWeb Paris 2013 conference, 11 December 2013. LeWeb Paris

SEC Lawsuit Has Not Affected Ripple’s Business in Asia

  • While exchanges in the U.S. have decided to delist XRP, Ripple's business in the Asia Pacific region continues to grow, thanks to "regulatory clarity".
  • The firm has already moved to file a motion to dismiss the SEC lawsuit, arguing that FinCEN had previously classified XRP as a virtual currency.
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FATF to Update “Travel Rule” Guidance

  • The Financial Action Task Force will be looking to consult "key industry players" regarding its updated guidance.
  • Feedback from the public consultation will form part of its final guidance on cryptos and VASPs, which is expected to be approved in June 2021.
European Union flag in front of the Berlaymont building (European commission) in Brussels, Belgium. Shutterstock

European Central Bank Wants Stablecoin Veto Power

  • The European Central Bank also wants stablecoin issuers to meet the same "rigorous liquidity requirements" as banks.
  • The central bank has urged the EU to ensure its ruling be made binding on all national authorities in the Euro Zone.
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Exchanges Concerned About Hong Kong’s Retail Crypto Trading Ban

  • Part of an effort to comply with FATF recommendations, Hong Kong's new proposal could ban retail investors from trading crypto.
  • A group representing major exchanges has argued the bill would push traders to unlicensed and unregulated offshore platforms.