Binance CEO Changpeng Zhao speaking at an "Ask Us Anything" conference. Binance
- The FCA said Binance Markets Limited is not permitted to undertake any "regulated activities" in the U.K.
- However, Binance will most likely be able to continue operating in the country as it's registered outside of the U.K.
- First introduced in January, the bill has received an overwhelming support from Nebraska lawmakers, and has passed its final vote with 46 to 2.
- It enables financial institutions to operate digital asset depository businesses, for which the state will provide "charter, operation, supervision, and regulation".
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.
- 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.
- 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).
People's Bank of China. Shutterstock
- 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.
Building of the central bank of the republic of Turkey in Galata district, Istanbul, Turkey, 16 December 2015. Shutterstock
- 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
- 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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- 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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- 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.