Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, the European Union (EU) is setting the wheels in motion for a new law on bank crypto capital, while Binance exits another EU country.
EU agrees deal placing harsher limits on banks’ holdings of crypto
A new legislation has been agreed upon by the European Union and various other governing bodies to keep crypto assets separate from other financial instruments, imposing limits on how much crypto can be held by banks in the continent.
The new rule will enforce that banks must hold a euro against every cryptocurrency held, which will also bring about new measures for how banks assess home and corporate loans which will go through a final vote between European Council members.
The EU is also reviewing its Data Act to impose new rules placed upon Web3 and blockchain elements, such as Smart Contracts, which has operators in the space fearing it may stifle the ownership qualities they possess.
Binance told to leave Belgium over alleged regulation breaches
Another week, another regulatory battle for Binance to contend with. The crypto exchange has been ordered by Belgium’s Financial Services and Markets Authority (FSMA) to exit the country after the agency believes it has been trading cryptoassets to countries not members of the European Economic Area.
The FSMA further explained that all firms or individuals governed by laws outside of the EEA are prohibited from providing virtual and fiat currency exchange services to customers in Belgium, even if supplementary or ancillary.
This follows what has been a difficult several weeks for the world’s largest crypto exchange, who have left the Netherlands and Cypriot markets and are currently being investigated by French authorities over alleged ‘aggravated money laundering’.
Is TerraForm on the verge of a relaunch?
A group of six engineers known as ‘Six Samurai’ have announced they intend to relaunch the TerraForm blockchain network following its disastrous collapse last year under the lead of Founder Do Kwon.
A $116,000 proposal from two of the Six Samurai members, under the alias’ ‘Bilbo Baggins’ and ‘Solid Snake’, has been pledged over a three month quarter if it were to be approved by a governing body, with LUNC tokens still in circulation.
Report outlines best approaches to integrate a Digital Dollar
The Digital Dollar Project has released a report on the benefits, risks and other operational methods of how to best introduce a US Central Bank Digital Currency (CBDC) into the country’s financial system.
Whilst there are government officials who deeply oppose a US CBDC, the report states that the private sector must show a proactive approach to the digital currency and come up with regulatory guidelines to make a digital dollar viable and secure.
Crypto.com deepens global presence with Spain launch
The Bank of Spain has cleared Crypto.com to begin operating in the country after the crypto exchange passed registration to become a virtual asset service provider.
Despite announcing it will be shutting down its institutional operations in the US, amid intensified regulatory action, Spain becomes another jurisdiction Crypto.com is live in, adding it to its growing global presence in countries such as the UK, South Korea and Dubai.
BidgetTR now available in Turkey for investors to trade
BitgetTR has officially launched for customers living in Turkey, providing users in the region with a localised portal which gives them access to Bitget’s complete suite of products and services.
Customers are now able to trade crypto currencies on Bitget using the Turkish Lira (TRY) through a fiat gateway that creates a link between traditional and digital finance, such as the trading of TRY and USD for Bitcoin or Etherium.
