Apr 15, 2020
Central Banks Recommended to Ban Stablecoins, EU Parliament report suggest to cover regulatory ‘blind spots’ and Bitcoin fund listed on Canadian Stock Exchange
Central Banks Recommended to Ban Stablecoins
The Financial Stability Board (FSB) recommends Central Banks to ban stablecoins. They push for heavy-duty regulation of centralized, privately-issued global stablecoins and consider prohibiting decentralized ones.
These fiat-pegged cryptocurrencies, like Tether, Dai and USDC, are coming under scrutiny, based on the advice from the FSB.
The FSB is an international entity that provides suggestions on the global financial system. It comprises central banks and finance ministries from major G20 economies.
The stablecoins, and most specific the USDT, play an important role in the Bitcoin ecosystem. The trading volume of the BTC-USDT pair is immense and the industry relies on these fiat-onramps.
Source: Cryptobriefing
Europe should move to cover regulatory ‘blind spots’ for crypto assets: EU Parliament report
But this was not all the crypto-regulation related news which came from the European cryptospace. The European Parliament’s in-house think tank is recommending the E.U. broaden the definition of cryptocurrency and expand the list of crypto-related entities subject to regulations.
In short, a new study revealed that these blind spots in the current AMLD5, are entities like decentralized exchanges, miners and private token(s sales).
“To bring the European AML/CFT framework up to speed with the current reality in the crypto-space, the EU could consider a number of regulatory actions,”
One of their concern is that criminals can mine cryptocurrencies directly from their home without needing an fiat onramp which can be tracked.
Source: The Block
Bitcoin fund in Canada, listed on the TSX
Tyler Winklevoss announced last week that the Toronto Stock Exchange listed ‘The Bitcoin Fund’, led by the firm 3IQ. Gemini will serve as a custodian for the institutional investors who want to buy shares of this fund.
The Bitcoin Fund is the first bitcoin fund in the world that can be redeemed at NAV (Nett Asset Value). It has been approved by the Ontario Securities Commission, a major securities regulator, and is easy for investors to access.
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