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FINMA provides guidelines on "stablecoin"
The number of ‘stablecoin’ projects has increased markedly since the last year. The idea behind the ‘stablecoin’ projects is to minimize the volatility in cryptocurrency’s valuation by fixing the ‘stablecoin’ to currencies, commodities, securities or, real estate. In this connection, the Swiss Financial Market Supervisory Authority (FINMA) has provided the guidelines bringing to lig...
Path: BlogWhy cryptocurrency is the future of electronic cash systems
...t losses. Merchants and consumers alike might continue to use fiat for payments in the future simply due to consistent short-term price stability of major national currencies. An equilibrium price for cryptocurrencies could advance user adoption. stablecoins could also accomplish price stability, enabling the future of electronic cash systems to be crypto. There’s also the possibility that al...
Path: BlogBermuda became the first government to accept digital currency payments
... became the first government providing such an opportunity. This means that around 60,000 residents of the island will be able to pay their taxes using the cryptocurrency. **For government services payments, Bermuda will accept USD-dollar backed stablecoins (USD Coins) that are licensed by the Bermuda Monetary Authority.**This cryptocurrency is the second most popular and the fastest-growing s...
Path: BlogLocal cryptocurrency could soon be used in Japanese regions
...ents will accept the coin. To use the electronic currency, one must download an app called “Kintetsu Shimakaze Coin” and buy coins through it. Moreover, the app will allow the coin transfers between individuals. This local cryptocurrency is a stablecoin pegged to Japanese yen. Users can top up, paying a 10% premium, up to 100,000 yen at express ticket counters in the Ise-Shima area and sett...
Path: BlogFirst central bank issued digital coin in the euro zone
...owth from all over the world. Considering that, Lithuania is very suitable place to experiment with state-backed digital currencies and blockchain technology in everyday use. The launch follows on from Facebook releasing the whitepaper for its Libra stablecoin, which has forced central banks to start seriously considering launching their own digital coins. The LBCOIN is very similar to what is ...
Path: BlogLegalization of Cryptocurrencies in Russia
...to industry in the country as the bill only gives a legal definition to the digital currencies. One of the bills advocates and one of the members of the State Duma, Anatoly Aksakov, stated that the new regulations will allow local companies to issue stablecoins. New law also highlighted that the Russian central bank will oversee any issuance of new digital currencies in the country, and will f...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...o industry in EU known as the Markets in Crypto-Assets (MiCA) was introduced online. The draft was introduced by European Commission and the draft legislation purpose is to provide legal clarity around cryptocurrencies (including security tokens and stablecoins) that is in line with Europe’s Markets in Financial Instruments Directive (MiFID), which is a legal framework for securities markets, tr...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...gold into second place and at the moment cryptocurrency has an advantage over gold. With the growing adoption of decentralized finance, users can stake their cryptocurrency and receive a yield in return, ranging anywhere from 6.8% to over 12% for stablecoins. This is remarkable increase comparing to 0.5% or less for long-term US Treasury bonds and 0% return from gold. At the moment decentra...
Path: BlogJapan and South Africa are to set new crypto regulations
...lobal developments over digital currencies moving so rapidly,” one of the officials told the publication. Also, Japan is planning to deepen its diplomatic dialogs with other global economic giants in regulating the booming crypto-industry. **stablecoins Are the Real Threat** So-called stablecoins, which are pegged to the fiats or other assets and issued privately, became the real headac...
Path: BlogDubai is set to regulate investment tokens
...f progress is very welcome indeed. We believe security tokens have the potential to grow the crypto space 100 times, and as such we will be monitoring the landscape with interest.” However, utility, exchange and fiat-backed tokens (or so-called stablecoins) are not yet regulated in Dubai. In a statement, released by the DFSA, it said that they are investigating the possibilities to formulate ...
Path: BlogUK Crypto License
...ory regime for crypto assets, balancing risks and opportunities. On February 1, 2023, a consultation paper was published outlining proposals for this future regime. These build on previous plans from Her Majesty’s Treasury, focusing on stablecoins and cryptoasset financial development. The aim is to position the UK as a leader in cryptoasset technology and innovation, fostering a sup...
Path: Licensing