Main topic: An investment firm is attempting to turn equities into crypto tokens that comply with securities laws, with the backing of a well-known trading firm.
Key points:
1. Susquehanna International Group is supporting a project called Dinari, which aims to tokenize stocks in a compliant manner.
2. Dinari has acquired a broker-dealer and registered with the Securities and Exchange Commission, allowing it to distribute dividends and maintain records of securities ownership.
3. The company's flagship product, dShares, enables investors outside the US to use cryptocurrencies to purchase shares of major US companies and exchange-traded funds.
Cryptocurrency exchange Coinbase is acquiring a minority stake in Circle Internet Financial, dissolving their partnership and bringing the stablecoin USD Coin fully in-house, while also adding native support for USDC on six additional blockchains, bringing the total to 15.
Coinbase may be misrepresenting itself as an exchange and could be violating state money transmitter licenses, according to allegations made by ChainArgos' CEO and General Counsel. The company argues that Coinbase is legally an over-the-counter (OTC) broker rather than an exchange operator, and it may be in violation of its licenses with its Ethereum platform, Base.
Coinbase is in talks with major Canadian banks to gain support for the crypto industry in Canada as it faces regulatory uncertainty in its home country, aiming to have the banks participate in the crypto economy in the near future.
Summary: Coinbase and Circle have dissolved the Centre Consortium due to regulatory clarity issues surrounding stablecoins, with Coinbase taking an equity stake in Circle and Circle assuming enhanced responsibilities for the USD Coin (USDC) stablecoin; Binance.US partners with MoonPay to use Tether (USDT) as its new "base asset" for transactions, while Binance faces challenges with fiat withdrawals in Europe; Shopify now accepts USDC payments on its platform, and Solana Pay plans to add additional altcoins; China launches a blockchain-powered data exchange with over 300 participating enterprises.
Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit, advocating for a comprehensive global framework for regulating cryptocurrencies despite India's own lack of regulatory clarity and high taxation.
Binance's Belgian customers can continue using the crypto exchange through a Polish entity registered within the European Union, allowing them to bypass the country's local regulator's order to cease operations.
Crypto asset businesses in the UK may begin withholding certain crypto transfers to comply with the new Travel Rule, which aims to prevent money laundering and terrorist financing activities carried out using cryptocurrencies.
The Financial Stability Board and International Monetary Fund are releasing a joint paper at the G20 Summit that outlines a roadmap for global coordination and policy frameworks for cryptocurrencies.
Coinbase has launched a new crypto lending service for institutional clients, offering overcollateralization and secured loans in the wake of the bankruptcies of similar firms Genesis and BlockFi.
The lack of a fully regulated financial market in the US contradicts global economic interdependence, and as a result, the crypto industry is moving offshore rapidly; however, the US government is likely to eventually establish a clear regulatory framework and invest in blockchain R&D, thus strengthening the industry.
A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.
G20 leaders have agreed to implement global tax reforms encompassing digital economy taxation and a global minimum corporate tax rate, with significant progress already made on the first pillar and a Multilateral Convention (MLC) expected to be ready for signature in the second half of 2023. Additionally, the leaders called for the swift implementation of a Crypto-Asset Reporting Framework (CARF) and the regulation of crypto-assets activities and markets.
The leaders of the G20 countries have called for the swift implementation of a cross-border framework for crypto assets that would facilitate information exchange between jurisdictions starting in 2027, aiming to give tax authorities greater visibility into crypto transactions.
The lack of clear crypto regulations in the US has caused significant issues for the industry, leading to collapses and a weakening of America's position as a financial hub, according to Coinbase CEO Brian Armstrong. He emphasizes the need for clear rules that recognize the innovation potential of the technology while protecting consumers. Armstrong also highlights the potential benefits of Bitcoin exchange-traded funds (ETFs) and Coinbase's role as custodian in many ETF applications.
Coinbase CEO Brian Armstrong predicts that cryptocurrencies will be a prominent topic in the 2024 US elections as the gap between current crypto policies and the needs of Americans becomes more apparent.
The G20 summit in India is expected to deliver a group agreement on the need for stricter global regulation on crypto assets, but the underlying fractures and shifting allegiances may render the focus more noise than substance.
The leaders of the G20 nations have agreed to provide global tax authorities with more transparency on cryptocurrency transactions, indicating a growing global cooperation on cryptocurrency, even though implementation may take several years.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
Ripple CEO Brad Garlinghouse believes that the United States is currently the worst place to launch a cryptocurrency startup, pointing to countries like Singapore, the UK, the UAE, and Switzerland as examples of jurisdictions with more favorable crypto policies. He also criticizes the SEC for its lawsuits against the industry and suggests that recent court wins for Ripple and Grayscale may indicate a shift in the court's perspective. Despite the US being a big market for Ripple, Garlinghouse says the company is expanding services to countries that better understand the potential benefits of blockchain technology.
Crypto exchange Coinbase has confirmed its decision to integrate the Lightning Network, a layer 2 payment protocol, in order to enable faster and cheaper Bitcoin transactions and compete against newer cryptocurrency projects.
Hong Kong remains the top jurisdiction for crypto adoption in 2023, while the US falls to third place, and Switzerland takes second place, according to a study.
Crypto is poised to create a new investable asset class globally and will revolutionize the internet, requiring new business models, metrics, and research structures, as well as a framework to analyze value flows within the tech stack, particularly in relation to Ethereum's layer 2 solutions.
Cryptocurrency brokerage firm eToro is expanding its crypto services globally, after receiving regulatory approval in Europe through a Crypto Asset Service Provider (CASP) registration from the Cyprus Securities and Exchange Commission (CySEC), allowing it to offer regulated crypto services to all EU countries from a single entity called eToro Europe Digital Assets, effective December 2024.
Coinbase, the largest U.S. cryptocurrency exchange, is actively engaging with Ohio voters through events, ads, and lobbying efforts, highlighting the potential economic benefits of the crypto industry to the state. They are pushing for the passage of the FIT21 Act, which would provide regulatory clarity for cryptocurrency exchanges. However, the legislation's fate is uncertain, as there are differing opinions among lawmakers regarding crypto regulation.
Crypto asset manager CoinShares plans to establish a hedge fund unit for qualified US investors in order to provide institutional investors with actively managed exposure to digital assets outside of Europe due to the changing macro environment marked by interest rates and inflation.
A new report by the European Parliamentary Research Service argues that harmonization in regulation across major jurisdictions is necessary to address regulatory arbitrage and the decentralized nature of crypto assets, with recommendations including enhanced oversight from non-EU regulators to ensure stability and development in the global cryptocurrency market.
Cryptocurrency exchange Coinbase has obtained an Anti-Money Laundering registration from the Bank of Spain, allowing it to offer its services to retail and institutional investors in Spain.
Coinbase, the U.S. cryptocurrency exchange operator, may invest more elsewhere if the U.S. cannot get crypto regulation right, raising questions about whether the U.S. is still the primary hub for crypto innovation and development.
Coinbase CEO Brian Armstrong believes that the crypto industry needs to enhance its lobbying efforts before the 2024 elections in order to address the unfair regulatory environment faced by US-based crypto firms.
Cryptocurrency faces regulatory challenges that could shape its future, but despite these challenges, the industry holds promise with developments such as increased institutional adoption, central bank digital currencies (CBDCs), DeFi innovation, interoperability, and expected regulatory clarity.
Coinbase is leading a major lobbying effort in Washington D.C. to garner support for new regulations in the cryptocurrency industry.
Crypto exchange Kraken has obtained a virtual asset service provider registration in Spain and an e-money institution license in Ireland, allowing it to offer various services across Europe. Kraken is expanding its operations in response to the EU's regulatory approach to crypto.
Coinbase International Exchange, the Bermuda-based subsidiary of Coinbase, has received regulatory approval to offer perpetual futures trading to non-US retail customers, providing them access to the derivatives market dominated by institutions.
Europe is seen as a favorable environment for the cryptocurrency ecosystem due to its regulatory clarity and adoption by institutional players, in contrast to the uncertain regulatory landscape in the United States.
The World Federation of Exchanges suggests that crypto-asset trading platforms should embrace regulation to enhance their market appeal, while also proposing six principles for regulating such platforms.
Crypto investment firm CoinShares is optimistic about cryptocurrency regulation in the United States as it enters the market and believes that the US is a global leader in digital asset development.
United States-based cryptocurrency exchange Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing the company to expand its digital payment token services in the country.
Visa's partnerships with cryptocurrency exchanges have enabled billions of dollars in payment volume, as the integration of conventional payment cards with crypto exchanges drives the adoption of digital assets.
