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HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
The Hong Kong Monetary Authority (HKMA) is looking to roll out a comprehensive regulatory framework for fiat-referenced stablecoin (FRS) issuers. This comes alongside a proposal for legislation. The new regime would require foreign FRS issuers to establish a physical presence in Hong Kong, require that issuers custody reserves at Hong Kong banks, and prohibit issuers from paying interest to holders. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240717-3/
#Fintech#CryptoAssets#Stablecoins#Regulation#HongKong#DFC
·decrypt.co·
HKMA Proposes Rules for 'Fiat-Referenced' Stablecoins
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Elliptic published its 2024 typologies report on the nexus between crypto-assets and financial crime. This year’s report is designed to equip compliance teams and law enforcement with the practical insights needed to continue to detect new financial crime risks with success. The report includes case studies and insights on the convergence of AI and crypto-assets and how it is impacting criminal activity, the increasing use of stablecoins in financial crime typologies including pig butchering scams and sanctions evasion activity, and major law enforcement and regulatory actions with additional case studies.
#Fintech#CryptoAssets#Stablecoins#CyberCrime#Elliptic#DFC
·elliptic.co·
Preventing financial crime in crypto-assets: Identifying evolving criminal behavior
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
The Financial Stability Board (FSB) published a report that explores potential factors driving the higher level of activities related to foreign currency-pegged stablecoins in emerging market and developing economies (EMDEs), the associated financial stability risks and regulatory challenges, and provides considerations to address them. EMDEs may be exposed to macro-financial risks arising from the use of foreign currency pegged global stablecoins, which can increase financial stability risks by destabilizing financial flows and straining fiscal resources.
#Fintech#CryptoAssets#Stablecoins#Macrofinancial#EMDEs#FSB#DFC
·fsb.org·
Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in EMDEs - Financial Stability Board
UAE Central Bank introduces new Stablecoin regulations
UAE Central Bank introduces new Stablecoin regulations
The UAE Central Bank (CBUAE) approved a framework for stablecoin regulation on June 14, 2024, which allows only dirham-backed stablecoins to be used for payments. Other crypto-assets will be restricted to trading, investment, and corporate treasury purposes while foreign stablecoins will only be permitted for purchasing specific virtual assets like non-fungible tokens (NFTs). The new law mandates that no entity can issue a payment token without submitting a white paper to the central bank for approval. Banks are not directly permitted to issue payment tokens but can do so through subsidiaries or affiliates, provided they meet licensing and regulatory requirements. The new framework is set to commence in June 2025. https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation#:~:text=No%20Person%20shall%20perform%20any,perform%20such%20Payment%20Token%20Service
#Fintech#CryptoAssets#Stablecoins#Regulation#UAE#DFC
·coinjournal.net·
UAE Central Bank introduces new Stablecoin regulations
FINMA publishes guidance on stablecoins
FINMA publishes guidance on stablecoins
The Swiss Financial Market Supervisory Authority (FINMA) published guidance on the issuance of stablecoins. It provides information on aspects of financial market law that arise in relation to stablecoin projects and the impact of such projects on the supervised institutions. The guidance also draws attention to the increased risks in the areas of money laundering, terrorist financing and the circumvention of sanctions. In particular, the identity of all persons holding the stablecoins must be adequately verified by the issuing institution or by appropriately supervised financial intermediaries. In other words anonymous transfers are prohibited.
#Fintech#CryptoAssets#Stablecoins#Regulation#Switzerland#DFC
·finma.ch·
FINMA publishes guidance on stablecoins
Stablecoins and money market funds: Less similar than you think
Stablecoins and money market funds: Less similar than you think
The Centre for Economic Policy Research (CEPR) posted an article by several Bank for International Settlement (BIS) and European Central Bank (ECB) staffers that explores the reactions of stablecoin capitalization and money market fund assets under management (AUM) to crypto-asset market and US monetary policy shocks. Following a crypto shock, the money market fund AUMs barely budge whereas stablecoin capitalization drops significantly. After a monetary policy tightening, prime money market fund AUMs rise while stablecoin market capitalization substantially declines. As monetary policy tightens, crypto prices fall, the market turns bearish, and investors demand less stablecoins for speculative purposes. This brings into question the role of stablecoins as a crypto safe haven from either crypto or monetary policy and traditional financial market shocks.
#Fintech#CryptoAssets#Stablecoins#MMFs#UnitedStates#DFC
·cepr.org·
Stablecoins and money market funds: Less similar than you think
Digital money and finance: a critical review of terminology
Digital money and finance: a critical review of terminology
A couple of European Central Bank (ECB) staffers, including Director General of Market Infrastructures and Payments Ulrich Bindseil, posted a paper that proposes a new approach to clarifying the essence of new payment technologies. It puts forward an etymology of key concepts and reviews terminology and definitions, in the hope of facilitating ongoing discussions about the eventual merits of, and use cases for, such technology. On the basis of the analysis, the paper identifies a number of issues with the emerging key digital payments and decentralized financed (DeFi) vocabulary, including central bank digital currency (CBDC), crypto-assets, smart contracts, stablecoins, tokenization, and wholesale (as used in the CBDC context). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5007868
#Fintech#CBDC#CryptoAssets#Stablecoins#Tokenization#SmartContracts#Taxonomy#ECB#DFC
·linkedin.com·
Digital money and finance: a critical review of terminology
10 years of stablecoins: Their impact, what we know
10 years of stablecoins: Their impact, what we know
This paper highlights the growth and importance of stablecoins since they were launched 10 years ago. We outline their impact on the cryptocurrency ecosystem as well as the financial system as a whole, while also summarising the main findings in the literature. Finally, we outline future research directions.
This paper highlights the growth and importance of stablecoins since they were launched 10 years ago. We outline their impact on the cryptocurrency ecosystem as well as the financial system as a whole, while also summarising the main findings in the literature. Finally, we outline future research directions.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·sciencedirect.com·
10 years of stablecoins: Their impact, what we know
Wyoming is trying to beat the Fed to a digital dollar
Wyoming is trying to beat the Fed to a digital dollar
Wyoming will launch a stablecoin in the first quarter of 2025, backed by short-term U.S. Treasury securities, to give individuals and businesses a faster and cheaper way to transact while creating a new revenue stream for the U.S. state. The state plans to issue the token to an exchange so the exchange can issue it to the retail user. There will be a "buffer" in the reserves to account for any potential deviations and full transparency to establish and maintain public trust. Wyoming plans to use several different public blockchains, although it hasn't specified which ones. https://stabletoken.notion.site/Wyoming-Stable-Token-Commission-a24290df29cd4eaa897c6d628b007930
#Fintech#CBDC#Stablecoins#Wyoming#GovCoins#DFC
·cnbc.com·
Wyoming is trying to beat the Fed to a digital dollar
Birri Gubba Nation to launch a sovereign digital currency
Birri Gubba Nation to launch a sovereign digital currency
The Birri Gubba Nation, an Australian indigenous sovereign nation, has signed a memorandum of understanding (MOU) with Sovereign Wallet, to establish a comprehensive national digital identity system to serve as account addresses for sovereign digital currency. Sovereign Wallet is a blockchain technology company that developed the MetaMUI CBDC Cloud Service for creating digital currencies, which the Yidinji Nation, another Australian indigenous nation, used to launch its Yidindji Dollar (SYD) in 2022. The Birri Gubba Nation national identity and digital currency systems are set to go live in September 2024. If it is structured like the Yidindji Dollar, it will be pegged to the Australian dollar (AUD), although the mechanism hasn’t been revealed.
#Fintech#CBDC#Subsovereign#Stablecoins#Australia#MetaMUI#DFC
·coindesk.com·
Birri Gubba Nation to launch a sovereign digital currency
Stablecoins: Backed Enough for the Future. » Brave New Coin
Stablecoins: Backed Enough for the Future. » Brave New Coin
Since stable coins were first proposed as a less volatile arm of cryptocurrency their intended role has expanded far beyond an instrument for pure arbitrage to the lofty realm of a global currency ‘Holy Grail’. The race is truly now on to build the first institutionally adopted, universally accepted stable coin, with Tether rivals TrueUSD, Havven, USDCoin and Stronghold all joining the fray. But are stable coins being used in enterprise for any practical purposes or are they just a conduit for trading on the crypto markets?
#CBDC#Bitcoin#Stablecoins#DFC
·bravenewcoin.com·
Stablecoins: Backed Enough for the Future. » Brave New Coin
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Stablecoin, a cryptocurrency pegged to a stable asset, has been increasingly gaining traction in India, as more domestic cryptocurrency exchanges add TrueUSD (TUSD) and Tether (USDT) to their trading platforms, in an effort to minimize the impact of the previously imposed cryptocurrency ban by the Reserve Bank of India (RBI).
#Bitcoin#CBDC#Stablecoins#DFC
·coinwire.com·
Indian Crypto Exchanges Pivot to Stablecoin to Bypass Central Bank Ban - CoinWire
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
"Cryptocurrencies - digital tokens known as cryptos for short - have investors in the grip of a gold rush fever, with billions being traded every day. Prices fluctuate wildly, making them high-risk investments. But could a more stable, less volatile crypto persuade us to think of digital money less as a speculative investment and more as a mainstream "smart" currency?"
#Bitcoin#CBDC#Stablecoins#Tokenization#DFC
·bbc.co.uk·
Bitcoin buster? The search for a more stable cryptocurrency - BBC News
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Union Bank, which has concentrated increasingly on blockchain this year, said issuing its so-called “Union Bank Payment Coin (UBPC)” was a further step towards becoming a “full-service blockchain investment bank.” UBPC will act as a stable coin, the institution explained, and will have fiat currencies “such as the Swiss franc” as its backing.
#Bitcoin#CBDC#Stablecoins#DFC
·cointelegraph.com·
Liechtenstein Bank Issues Own Crypto Stable Coin, Aims to Become ‘Blockchain Investment Bank’
Block by Block: Stablecoins - The Block
Block by Block: Stablecoins - The Block
Stablecoins are, as some would like to say, the “Holy Grail” of cryptocurrencies. They promise to offer the stability of fiat currencies while maintaining the censorship-resistant features of cryptocurrencies. With the recent string of announcements¹ from stablecoin companies, we’ve decided to take a look at the growing asset class.
#Bitcoin#CBDC#AltCoins#Stablecoins#DFC
·theblockcrypto.com·
Block by Block: Stablecoins - The Block
Swiss Crypto Startup Eidoo Announces Token Tied to the Price of Gold - CoinDesk
Swiss Crypto Startup Eidoo Announces Token Tied to the Price of Gold - CoinDesk
"Eidoo has become the latest cryptocurrency startup to seek to create a more stable token by tying it to the price of gold. The Switzerland-based startup says the ERC-20-compatible token, dubbed the ekon, will sit alongside its multicurrency wallet and decentralized exchange. But perhaps more notably, each token will be redeemable for one gram of 99.9 percent fine gold, which the startup says will be stored in its vaults and audited every 90 days."
#Bitcoin#CBDC#Stablecoins#Tokenization#DFC
·coindesk.com·
Swiss Crypto Startup Eidoo Announces Token Tied to the Price of Gold - CoinDesk
Stablecoins could be the link between crypto and securities finance – Finadium
Stablecoins could be the link between crypto and securities finance – Finadium
"The New York Department of Financial Services (NYDFS) approved two “stablecoins” this week for trading. Stablecoins are cryptocurrency that are pegged to a fixed value, for example the US dollar. This could connect the dots between cash securities finance trades, blockchains and smart contracts."
#Bitcoin#CBDC#AltCoins#Stablecoins#DFC
·finadium.com·
Stablecoins could be the link between crypto and securities finance – Finadium
Tether Collapse Could Bring Bitcoin Black Friday - Tether USD (Cryptocurrency:USDT-USD) | Seeking Alpha
Tether Collapse Could Bring Bitcoin Black Friday - Tether USD (Cryptocurrency:USDT-USD) | Seeking Alpha
"It is my opinion that Tether is a scam. Let's talk about why. A majority of cryptocurrency trading on exchanges is taking place in Tether. If Tether fails, it could usher in a rare buying opportunity for Bitcoin investors seeking an entry point."
#Bitcoin#AltCoins#CBDC#CryptoAssets#Stablecoins#DFC
·seekingalpha.com·
Tether Collapse Could Bring Bitcoin Black Friday - Tether USD (Cryptocurrency:USDT-USD) | Seeking Alpha
Our Use Case For The Gemini Dollar - Forra
Our Use Case For The Gemini Dollar - Forra
"The Gemini Dollar (GUSD) was developed by Gemini Trust Company, LLC.  and is backed 1:1 by the United States Dollar(USD). Therefore each GUSD will always be worth one USD. We at Forra, have decided to integrate GUSD into our marketplace because it’s “the world’s first US regulated stablecoin”. The number of USD and GUSD is audited monthly by an external public accounting firm."
#Bitcoin#AltCoins#CBDC#CryptoAssets#Stablecoins#DFC
·forra.io·
Our Use Case For The Gemini Dollar - Forra
This Texas Finance Professor Sifts Data for Signs of Rigged Markets - Bloomberg
This Texas Finance Professor Sifts Data for Signs of Rigged Markets - Bloomberg
"Griffin and Shams noticed that when Bitcoin fell to certain levels, purchases using Tether would flood in to stabilize prices. After crunching the data, they concluded this fit a pattern consistent with someone, or a group of people, trying to manipulate Bitcoin prices. The two researchers made the startling claim that half the gains in Bitcoin last year can be attributed to Tether. The results of their June paper were picked up around the world, helping to send the prices of digital assets lower. J.L. van der Velde, chief executive officer of Tether Ltd., said in a statement in June that the company’s digital currency can’t be used to artificially prop up Bitcoin."
#Bitcoin#AltCoins#CBDC#CryptoAssets#Stablecoins#DFC
·bloomberg.com·
This Texas Finance Professor Sifts Data for Signs of Rigged Markets - Bloomberg
Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost
Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost
"Although reasons for the USDT price plunge are not confirmed, there have been reports of an alleged loss of market trust leading to a possible sell-off: yesterday, a Bloomberg article suggested that investors are “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar."
#Bitcoin#AltCoins#CBDC#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost