Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, Coinbase unveiled its full year financial results for 2023 which stressed “financial discipline” in the midst of market recovery and regulatory battles, but displayed growth in revenue year-over-year.
Coinbase: 2023 a year of “financial discipline” & “operational excellence”
Publishing its Q4 ‘2023 results yesterday, Coinbase stated that its “operational rigour” paid off as the exchange launched new products and significantly ramped up regulatory efforts in the US, despite lengthy disputes with the US Securities and Exchange Commission (SEC).
Year-over-year (YoY) performance took a drastic upturn for both total and net revenue. It should be noted that during Q4 ‘2022, the crypto market was still reeling from the FTX collapse with the market hitting all-time lows.
Much aligned in its goal for financial discipline, operating expenses decreased as the company aimed to become more profitable amid the backdrop of the volatility of the market in the early stages of 2023.
CryptoUK has some questions regarding stablecoin proposals
Upon the Bank of England and Financial Conduct Authority releasing proposals regarding stablecoin regulations last November, CryptoUK issued their response in regards to consumer safety, wholesale purposes and type of costs.
Despite the BoE and FCA outlining a focus on the payments aspect of stablecoins and its function within the overall UK financial system, CryptoUK highlights that the FCA should work on building its own framework that does not intrude on innovation and growth.
The statement continued: “We have identified a number of areas where there may be a risk of jurisdictional fragmentation. The FCA should consider, and build into its own framework, the approach taken in other jurisdictions. Further to this point, we would highlight that any requirements set by the FCA should not restrict the competitiveness of the proposed regime.”
No Super Bowl LVIII ads not as concerning as last year
For the second consecutive year there were no cryptocurrency ads at the Super Bowl, however, the market’s status is in a much better position than the previous year.
Whilst the 2022 ‘Crypto Bowl’ rode the wave of the market’s all-time highs, the crash that same year led to consumer fears and regulatory calls.
Despite this, crypto companies have made significant strides in working alongside regulators to ease investor worries and have shifted from laying down multi-million dollar ads and focused on growing the sector through various other means.
Ripple’s Standard Custody acquisition to strengthen US regulatory position
Ripple has agreed a deal to acquire digital asset regulator platform Standard Custody & Trust Company to bolster its US expansion.
The New-York based company will supply its limited purpose trust charter to Ripple, as well as its money transmitter licence, to contribute to the crypto companies portfolio of regulatory licences – such as those in Singapore and Ireland – and keep them compliant and up-to-date.
IDnow and three other firms unite to promote EU crypto laws
IDnow has joined several partners to help make Crypto Asset Service Providers (CASPs) and self-hosted wallets compliant with European regulations.
The new TFR regulation in the EU mandates that all cryptocurrency transactions will need to carry identifying data of the sender and the receiver. According to the new rule, compliance with TFR is mandatory for all CASPs.
