Crypto Regulation News: US bill to provide certainty for digital assets, EU draft legislation for applying FATF’s ‘travel rule’ to crypto transactions, Australian lawyers propose creation of a DAO legal entity, Stablecoin rules are coming, and more!

Paradigm

Published in

Paradigm

20 min readJul 26, 2021

Vol. 73, 12th July — 26th July

TL;DR

Countries representing over 90% of global GDP are exploring CBDCs
U.S. congressional representatives introduced a bipartisan bill to provide certainty for digital assets such as digital tokens and other emerging technologies
Stablecoin rules are coming: regulatory authorities are talking about stablecoins more and more. The US President’s Working Group on Financial Markets expects to deliver regulatory recommendations for stablecoins in the coming months. Fed Chair says stablecoins need stricter regulation, speaks on CBDC. Moreover, Fed and Yale researchers lay out two regulatory frameworks for stablecoins
The Biden administration reportedly intends to ramp up efforts to trace cryptocurrency payments. The government plans to address cybersecurity and crypto’s role as payment in such attacks
EU officials unveil draft legislation for applying FATF’s ‘travel rule’ to crypto transactions
ECB is looking to design a digital euro more energy-efficient than Bitcoin
France pitches crypto oversight powers for EU markets and securities agency
UK FCA will spend £11M to warn people about investing in crypto
Study suggests Canadian CBDC could promote digital innovation within the country
Italian finance regulator issues warning on Binance
Turkey’s crypto bill ready for parliament
China’s central bank says crypto gave impetus to the creation of its CBDC. At the same time, China wants US senators to ‘stop making trouble’ out of digital yuan. While China shuts down crypto mining in Anhui province
Japan to reportedly take action to scrutinize crypto globally
Bank of Russia asks stock exchanges to not list crypto-related firms
Australian lawyers propose creation of a DAO legal entity
Malaysia is crushing thousands of illegal Bitcoin miners
Indian regulator probes crypto exchange for alleged forex law violations. Furthermore, Indian high court seeks ad disclaimers from crypto exchanges
Coinbase and top execs face securities class action over Nasdaq listing
Brazilian securities regulator approves Ether ETF
Nigeria to pilot central bank digital currency in October
Tennessee city wants to accept property tax payments in Bitcoin
Mastercard’s latest partnership to help banks distribute crypto cards
Georgia to put its wine on the blockchain
Nonfungible tokens from a legal perspective
And more!

Reports

Countries representing over 90% of global GDP are exploring CBDCs: The quest to understand the opportunities and challenges of a central bank digital currency, or CBDC, is underway in 81 countries, with five nations fully implementing a digital version of their currency, according to a new tracker from the Atlantic Council.

The Caribbean region is home to all five CBDCs that are currently in use, with The Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada all implementing their digital cash systems. CBDCs are in their pilot stage in 14 other countries, including South Korea and Sweden, the tracker shows.

Established in 1961, the Atlantic Council describes itself as a nonpartisan organization that seeks to promote U.S. leadership on various world issues. The CBDC tracker, which was unveiled July 22, currently monitors 83 countries and currency unions.

Among the countries with the four largest central banks — United States Federal Reserve, European Central Bank, Bank of Japan and Bank of England — the U.S. is furthest behind in terms of CBDC development.

The Federal Reserve has been researching CBDCs for several years now, with Chairman Jerome Powell indicating in January that digital-dollar development is a “very high priority” to combat financial crime. Meanwhile, New York Fed Bank President John Williams believes that the emergence of cryptocurrencies raises challenging questions for central banks.

China recently indicated that foreign visitors will be allowed to use the digital yuan during the 2022 Winter Olympics — provided they share their passport information with the central bank. A group of U.S. senators that includes Bitcoin proponent (BTC) Cynthia Lummis has urged American Olympians to boycott the digital yuan. According to the South China Morning Post, Beijing responded by telling the U.S. senators to “stop making trouble.” The People’s Bank of China claims that nearly 21 million people have already opened a virtual wallet for the purpose of using the digital yuan.

On the fence: If this is a crypto bear market, how long can it last? It has now been three months since Bitcoin’s price peaked at an all-time high just shy of $65,000. For most of the last two months, Bitcoin (BTC) has been trading in the $30,000–$40,000 range, as much as 54% lower than its peak. So, what’s going on? Is the current market downturn just a blip on an otherwise upward trajectory, or is the crypto market back in the kind of long-term bearish territory last seen in 2018? Check out the analysis here.

Study suggests Canadian CBDC could promote digital innovation within the country: A study released by Canada’s central bank, Banque du Canada, has noted a number of favorable reasons that the country could benefit from its own Central Bank Digital Currency, or CBDC. The document laid out two scenarios that might result in the bank issuing a CBDC at some future date. One would be if citizens were no longer widely using cash within the country for reasons that were left unspecified. The other could be if a digital currency, public or private, were to become so widely adopted as to threaten the sovereignty of Canada’s existing central currency.

Nonfungible tokens from a legal perspective: Nonfungible tokens under the juridical and legal perspective are still in evolution, and there are more questions than answers.

Opinions

State of Crypto: Stablecoin Rules Are Coming: Regulatory authorities are talking about stablecoins more and more, but it remains to be seen what they’ll actually implement. The top financial regulators in the U.S. met to discuss stablecoins.

Gensler says stock tokens and security-pegged stablecoins need to report to the SEC: Gensler has some bad news for crypto exchanges offering stock-mimicking tokens and tokenized swaps on securities to retail investors.

Fed Chair says stablecoins need stricter regulation, speaks on CBDC: Powell stated that stablecoins need stricter regulations if they are to be part of the payment universe.

SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs: “We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad,” SEC Commissioner Hester Peirce said.

Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’: Greg King, CEO of Bitcoin trust issuer Osprey Funds, thinks the U.S. SEC has too many things on its plate this year to get to the issue of crypto ETF approvals.

Crypto offers more freedom, Coinbase CEO responds to DOGE creator: Crypto is a “much-needed breath of fresh air” for those who believe that state solutions are often “inefficient, overpromise or underdeliver,” Brian Armstrong said.

Former Bitmain CEO Jihan Wu: Regulatory crackdown may be good for crypto: Wu also pitched Singapore, where his current company Matrixport is based, as a strong contender to serve as “a hub for crypto innovations.”

Crypto crackdown targeting USD access points has begun: Caitlin Long: Avanti’s Caitlin Long expects the U.S. Federal Reserve to make it harder for crypto companies to access USD payment channels.

AML compliance mandatory for foreign crypto exchanges, says Korean regulator: South Korea’s strict crypto regulatory oversight is now extending to overseas exchanges that offer cryptocurrency trading services denominated in the country’s currency.

It is time for the US to create a ‘Ripple test’ for crypto: The SEC’s approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.

The Headache of ‘Crypto Colonialism’: Blockchains can’t rebuild roads or end sectarian violence, famine or natural disasters.

Bull or bear market, creators are diving headfirst into crypto: NFTs and social tokens are not Bitcoin or Ether, but interaction between celebrities and their fans raises people’s awareness about the space.

Get a passport, pay crypto, live tax-free? Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution.

China’s crackdown signals an oncoming crypto ban, Bobby Lee says: China has been increasing its regulatory pressure on crypto firms to help Chinese citizens stay clear of high-risk investments.

China’s crypto industry is gone? Beijing’s crackdown keeps sending shockwaves: The Chinese government’s ongoing crusade against cryptocurrencies might have dramatic consequences for both domestic and global crypto traders.

USA

Rep Tom Emmer introduces bill to provide certainty for digital assets: The Security Clarity Act seeks to lessen regulatory burdens for blockchain-based technology.

U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law.

Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract asset.”

According to the release, this bill would provide a solution for those who have complied with current securities registration requirements or qualified for an exemption. After meeting these requirements, entrepreneurs would be able to distribute their assets without the fear of any additional regulatory burdens.

Emmer elaborated: “There has been an unreasonable approach by regulators as to how federal securities laws should be applied to transactions involving the sale of blockchain-based tokens, and this lack of clarity is hurting American innovation. Between regulation by enforcement and the varying legal decisions regarding the classification of these assets, regulatory uncertainty has hindered the growth of blockchain technology, leaving many to take the technology overseas,”

The Securities Clarity Act is meant to be a technology-neutral bill, according to the representative. It would apply equally to all assets, tangible or digital, and states an investment contract asset, like a digital token, is separate and distinct from the offering it may have been a part of.

Congressman Soto explained: “As Congress works to protect those who invest in this technology, the Securities Clarity Act will add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States. This is an important first-step in promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors,”

Emmer has stated his concern about regulation interfering with Americans benefiting from cryptocurrency before. At a hearing held in June by the US House committee on financial services, Emmer said:

“Over the last few years I’ve been fortunate to meet with many great crypto and blockchain innovators. A common refrain during our discussion is that they so badly want to develop their crypto and blockchain ideas right here in the United States. But they don’t because of continuing uncertainty with crypto regulation.”

The introduction of this bill comes one day after the Chairman of the Federal Reserve Jerome Powell spoke to the House of Representatives about the need for stricter regulation for stable coins.

US government delves deeper into crypto accountability with $10M bounty: The U.S. Department of State has announced it will be taking a seemingly more active role in the pursuit of keeping some crypto users accountable. According to a Thursday Bloomberg report, the Biden administration intends to ramp up efforts to trace cryptocurrency payments, particularly when it comes to ransomware attacks. The government plans to address cybersecurity and crypto’s role as payment in such attacks.

The report comes as the State Department recently announced its Rewards for Justice program would be offering bounties of up to $10 million for assistance in identifying actors responsible for cyberattacks on critical infrastructure in the United States. The government agency said it had set up a tip line through the Tor browser network — developed by U.S. officials for anonymous internet communications — and may offer crypto payments for relevant information on ransomware attacks.

Ransomware hearing in Congress hones in on cybersecurity spending and state actors: A House of Representatives subcommittee held a hearing focused on ransomware, honing in on a growing policy issue in recent months.

Biden Accuses Chinese State Actors of Ransomware, Cryptojacking Attacks: “Hackers with a history of working for the PRC Ministry of State Security (MSS) have engaged in ransomware attacks, cyber enabled extortion, crypto-jacking, and rank theft from victims around the world, all for financial gain,” a White House press release said.

Treasury secretary Yellen urges lawmakers to quickly introduce stablecoin guidelines: The President’s Working Group on Financial Markets expects to deliver regulatory recommendations for stablecoins in the coming months.

US Patent Granted to Stablecoin Concept Backed by Government Debt: Unlike fiat currency-pegged stablecoins, Yuga Coin intends to be solely pegged to government debt such as bonds and Treasury notes.

Coinbase and top execs face securities class action over Nasdaq listing: Alongside Coinbase itself, the class action names CEO Brian Armstrong, CLO Paul Grewal, other top executives and several of its venture capital backers as defendants.

SEC fines ICO rating website for taking money from issuers in exchange for better reviews: Another firm faces penalties over violations of the SEC’s anti-touting provisions.

SEC delays decision on Wisdom Tree Bitcoin ETF: The Securities and Exchange Commission has asked for comments regarding Wisdom Tree’s proposed Bitcoin ETF.

Tennessee city wants to accept property tax payments in Bitcoin: Jackson Mayor Scott Conger believes that Bitcoin is the only solution to fix inflation and the U.S. dollar devaluation.

BlockFI ordered to stop onboarding New Jersey-based customers: BlockFi CEO Zack Prince rejects the New Jersey securities regulator’s claim that his firm has been offering unlicensed securities to the public.

US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games: Three senators urged the Olympic committee to work with federal agencies “to protect the privacy of American athletes from the Chinese Communist Government.”

Judge allows Ripple to depose SEC official who decided ETH is not a security: Bill Hinman could be called to testify on his 2018 comments regarding Ethereum’s security status.

Judge scolds BitMEX lawsuit plaintiffs for offering him crypto ‘basics’ lessons: The judge urged the plaintiffs to “focus on the task at hand — convincing me that they have stated a plausible claim.”

Ethereum Developer Virgil Griffith Back in Jail in the US: He is charged with helping North Korea circumvent sanctions through the use of crypto.

SEC Files Fraud Charges Against Florida Man in Crypto App Scam: Aron Govil of Jacksonville is also being charged with scalping and insider trading in a related case.

US State Department Offers to Pay for Cybercrime Tips With Crypto: It’s part of the White House’s new anti-ransomware push.

Europe

EU officials unveil draft legislation for applying FATF’s ‘travel rule’ to crypto transactions: Officials at the European Commission, the European Union’s executive branch, made public draft legislation that, if approved, would apply the FATF’s so-called travel rule for crypto assets.

The EU has for months been solidifying its stance on regulating various aspects of the crypto industry, including rules around stablecoin oversight. With today’s release, the EU is setting the stage for closer supervision of crypto asset transactions as part of a broader overhaul of anti-money laundering/know-your-customer rules. Still, any changes are subject to deliberation in the European Parliament and will likely take years to go into effect.

As the draft text explains:

“The proposal extends the scope of Regulation 2015/847 to include transfers of crypto-assets made by Crypto-Asset Service Providers (CASPs) in addition to the current provisions on transfer of funds. It aims at reflecting in EU law amendments made in June 2019 to Financial Action Task Force (FATF) Recommendation on new technologies to cover ‘virtual assets’ and ‘virtual asset service providers’, and in particular new information obligations for the originator and beneficiary CASPs at the two ends of a crypto-assets transfer (the so-called ‘travel rule’).”

Under the rule, so-called virtual asset service providers, or VASPs, must share information about the senders and recipients involved in VASP-to-VASP transactions larger than $1,000. The EU refers to these entities as crypto asset service providers, or CASPS.

As noted in the EU’s press release on the matter, what’s effectively happening is that the bloc is pushing service providers in the EU space to ensure that they know who their customers are and that information about them moves between companies.

Officials noted: “At present, only certain categories of crypto-asset service providers are included in the scope of EU AML/CFT rules. The proposed reform will extend these rules to the entire crypto sector, obliging all service providers to conduct due diligence on their customers. Today’s amendments will ensure full traceability of crypto-asset transfers, such as Bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing. In addition, anonymous crypto asset wallets will be prohibited, fully applying EU AML/CFT rules to the crypto sector.”

The intent of the initiative was further established in a section on a proposed €10,000 limit on “large cash payments.”

“Limiting large cash payments makes it harder for criminals to launder dirty money. In addition, providing anonymous crypto-asset wallets will be prohibited, just as anonymous bank accounts are already prohibited by EU AML/CFT rules,” the release stated.

However, possible technical solutions to ease the burden of this process have yet to be fully realized. The draft legislation makes note of this, stating that “some European Union VASP representatives27 claimed that the absence of a standardised global, open source and free, technical solution for the travel rule could lead to the exclusion of small actors from the crypto-assets market, with only important players being able to afford compliance with the rules.”

EU Policymakers Propose Tighter Regulation of Crypto Transfers: The European Commission made the proposal to help crack down on flows of illicit money.

ECB is looking to design a digital euro more energy-efficient than Bitcoin: The underlying architecture of the digital euro will be designed to have a negligible environmental footprint compared to Bitcoin and other crypto-assets. The European Central Bank, or ECB, joins the growing club of crypto-friendly financial institutions as it announces the decision “to launch a project to prepare for possibly issuing a digital euro.”

France pitches crypto oversight powers for EU markets and securities agency: The French government suggested that the European Securities and Markets Authority (ESMA) be empowered with oversight powers of the economic bloc’s crypto industry.

UK will hold back action against crypto ‘pockets of exuberance’ for now: The Bank of England’s latest Financial Stability Report took stock of the massive increase in crypto prices and trading activity this year.

UK FCA will spend £11M to warn people about investing in crypto: U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.

Standard Chartered-backed crypto custodian Zodia added to UK FCA’s crypto register: In December, SC Ventures, Standard Chartered’s venture arm, announced that it was partnering with Northern Trust to launch a new crypto custodian.

Italian finance regulator issues warning on Binance crypto exchange: Italian Companies and Exchange Commission has warned that Binance is not authorized to facilitate crypto investment services in the country.

Turkey’s crypto bill ready for parliament, says Deputy Minister of Finance: The legal draft places a minimum capital requirement for crypto businesses operating in Turkey.

Europe and UK Binance Users React to Recent Restrictions Placed on Exchange: Binance users from Europe and the U.K. feel let down by both the exchange and their local financial institutions.

Asia

China’s central bank says crypto gave impetus to the creation of its CBDC: A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability.

China wants US senators to ‘stop making trouble’ out of digital yuan: China’s Foreign Ministry responded to U.S. senators’ claim regarding the digital yuan’s function as a tracking and tracing tool during the 2022 Beijing Winter Games.

China is pumping money out of the US with Bitcoin: Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.

China shuts down crypto mining in Anhui province: The Anhui government is addressing growing electricity demand by shutting down local crypto mining operations.

Hong Kong Arrests 4 in Alleged $155M Crypto Money-Laundering Scheme: Report: Customs authorities say the alleged money laundering syndicate charged criminal clients a commission of 3% to 5%.

Japan to reportedly take action to scrutinize crypto globally: The Japanese Ministry of Finance is hiring more staff to develop stricter global rules for digital currencies, particularly fiat-pegged stablecoins.

Japanese police arrest alleged masterminds behind $55M ‘AI-led‘ crypto scam: Four men have been arrested in Aichi Prefecture for allegedly running a fraudulent crypto scheme that drew in 20,000 Japanese investors and raised 6 billion yen.

Malaysia is literally crushing thousands of illegal Bitcoin miners: It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap.

Rest of the World

Bank of Russia asks stock exchanges to not list crypto-related firms: The Bank of Russia issued an information letter on July 19, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services.

The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and crypto funds. The Bank of Russia also recommended asset managers to exclude these instruments in mutual funds. The bank emphasized that stock exchanges should particularly avoid providing exposure to these investment services to non-accredited investors.

“The Bank of Russia’s recommendations aim at a preventive measure — they are designed to prevent a mass investor adoption of such instruments,” the bank stated in an official notice on Thursday. The recommendations do not apply to central bank digital currencies and authorized digital assets issued in Russia, the statement reads.

The Bank of Russia’s latest move further showcases the institution’s reluctance to embrace the cryptocurrency industry, echoing similar restrictions in countries like China. As previously reported, the Russian central bank has been withholding major local banks like Tinkoff from offering cryptocurrency trading.

New project aims to bring global crypto miners to Russia: Russian crypto advocates are already collaborating with a consortium including some of China’s largest crypto mining-related companies.

Canadian border town suspends Bitcoin mining over aesthetic concerns: City officials have imposed a three-month suspension on new Bitcoin mining operations to make roads and buildings more presentable.

El Salvadorians take to the streets to protest Bitcoin law: Those who marched against Bitcoin this week claimed the cryptocurrency was too volatile and would allow businesses to “launder ill-gotten money.”

ASX sounds crypto exchange custody warning, calls for better regulations: The Australia Securities Exchange says crypto investors in the country need to be mindful of the dangers of holding their cryptocurrencies on exchange platforms.

Australian Lawyers Propose Creation of a DAO Legal Entity: Such a move give legal standing to blockchain-based organizations, enabling DAOs to contract with other legal persons.

Binance Australia partners with Koinly for tax reports as ATO ramps up compliance: The taxman commeth for Australian crypto investors and Binance wants to help them out.

Indian regulator probes crypto exchange for alleged forex law violations: The Directorate of Enforcement issued a show-cause notice to the crypto exchange for allowing clients to transfer cryptocurrencies without following the law of the land.

Indian high court seeks ad disclaimers from crypto exchanges: India’s Delhi High Court is looking to put a clear voiceover and a disclaimer covering 80% of the screen on crypto ads on national TV.

India’s ICICI Bank warns remittance users to steer away from Bitcoin: The bank has also asked users not to invest any fiat currency that may have links to previous cryptocurrency investments.

Brazilian securities regulator approves Ether ETF: The fund, which will trade on Brazil’s B3 stock exchange, uses custodial services provided by the Winklevoss twins’ United States-based Gemini.

Multi-asset exchange wins crypto trading license in Bermuda: Bermuda Premier David Burt said that 24 Exchange’s regulatory approval is the “first license of its kind to be issued in Bermuda.”

Nigeria to pilot central bank digital currency in October: The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on Oct. 1.

Georgia to Put Its Wine on the Blockchain: NFTs for the wine and its provenance will be minted and made available on WiV’s blockchain-based trading platform.

MISC

Fed and Yale researchers lay out 2 regulatory frameworks for stablecoins: Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.”

In their paper, which was published in SSRN’s eLibrary on July 17, Gorton and Zhang argue that “privately produced monies” such as stablecoins are “not an effective medium of exchange because they are not always accepted at par and are subject to runs.” The authors then go on to propose solutions to address what they consider to be “systemic risks created by stablecoins.”

After taking a deep dive into the history of private money, beginning with the Free Banking Era in the United States, a period from 1837 to 1864, the researchers concluded that policymakers have two choices with respect to regulating stablecoins: make stablecoins equivalent to public money or introduce a CBDC, which entails taxing private stablecoins out of existence.

With respect to the first choice, the government could require that stablecoins be issued through FDIC-insured banks or stipulate that all stablecoins be fully collateralized by Treasuries at the Federal Reserve.

The paper made its way through Twitter on Sunday, with Avanti founder Caitlin Long making an interesting connection between the publication date and an upcoming stablecoin working group led by Treasury Secretary Janet Yellen.

Beginning July 19, Yellen will convene the President’s Working Group on Financial Markets to Discuss Stablecoins. The group brings together various regulators to assess the potential benefits and risks of stablecoins.

The discussion around stablecoins has ramped up recently, with Fed Chair Jerome Powell calling for stricter regulations of assets like Tether (USDT). In testimony before the House of Representatives on July 14, Powell said cryptocurrencies are unlikely to join the payment universe anytime soon due to their extreme price volatility.

To date, Fed researchers have been more open to the idea of a CBDC, though unlike their counterparts in Asia and Europe, the United States has no immediate plans for a so-called digital dollar. Despite its hostile attitude towards Bitcoin (BTC), China has emerged as one of the front-runners to issue a centrally-controlled digital currency.

Paxos takes aim at Circle and Tether, says 96% of its stablecoin reserves are cash or cash equivalents: In a July 21 blog post, Paxos announced that its duo of stablecoins, Paxos Standard and Binance USD, are backed by 96% cash or cash equivalents.

Mastercard’s latest partnership to help banks distribute crypto cards: The partnership is aimed toward simplifying cryptocurrency-to-fiat conversions within Mastercard’s existing payment network.

Binance to End Support for Stock Tokens: The crypto exchange said that stock tokens are unavailable for purchase on its website effective immediately.

Circle IPO further legitimizes crypto before regulators, outsiders: Circle’s share of the stablecoin market has grown to 23.5% in 2021, trailing only Tether. By going public, its “share will increase further?”

Shanghai Man: Crypto media closes, bad news just repeats, mining laws are beneficial? With government officials trying to clean up the image of China prior to the start of the Winter Games, miners are leaving in droves and media group Bishijie has been forced to close down.

Currency.com becomes executive member of self-regulating trade group CryptoUK: The firm said it planned “to drive greater dialogue and collaboration with regulators and policy makers” as a member of the group.

Gemini plans to beat Binance through compliance, aims to become the ‘fastest tortoise’ in the race: The recent regulatory backlash against Binance could give a competitive advantage to regulated exchanges.