Starting in February, Estonia will make drastic changes to its definition of Virtual Asset Service Providers or VASPs, to include more services regarding cryptocurrencies – a move that could affect the holding of Bitcoin (BTC) in the country – according to the Sumsub, the European compliance specialist. On September 21, the Estonian Ministry of Finance published a draft law updating the law on the Prevention of Money Laundering and Terrorist Financing (AML) as part of the government’s effort to prevent money laundering and terrorist financing. As reported by Sumsub, the legislation is now in t ..read more

Stablecoins such as the USDT and USDC are under control in the United States, with some lawmakers calling for even more regulatory oversight of the industry. The FTX exchange for cryptocurrency derivatives is now asking banks to address and discuss the possibility of accepting stablecoins in exchange for a $1 million reward. In a Twitter post on Tuesday, FTX exchange said it was exploring relationships with banks in different regions to allow users to have “near-instant and near-free deposits and withdrawals” by using stablecoins. Thus, FTX proposed a $1 million prize for the first bank in eac ..read more

In response to the growing demand for energy in the Proof-of-Work protocols, abbreviated PoW, there has been a trend towards staking. In short, staking is the act by which an investor assigns and blocks a certain amount of crypto in a protocol in order to receive rewards in return. Users can secure their network by blocking the token, as a result of which they receive rewards. The higher the amount of staking, the more rewards will be received. In this article, we will explain in detail and understand the principles, benefits of staking, and what is the staking of cryptocurrencies. What is sta ..read more

In an annual report released on Friday, the U.S. Financial Stability Board, or FSOC, expressed concern about the adoption of stablecoins and other digital assets. A call coming from the council asks for much closer cooperation between the federal and state authorities in the United States of America with regard to the regulation of cryptos. When it comes to stable cryptocurrencies, or stablecoins as they are widely known, the FSOC said that consumer confidence could be undermined by factors such as lack of liquidity, lack of adequate guarantees, and transparency regarding various regulations ..read more

The United Arab Emirates (UAE) continues to emerge as one of the largest cryptocurrencies-friendly jurisdictions in the world, as the Dubai government has begun to take a new initiative in order to support the development and regulation of cryptocurrencies, and now by through it Dubai World Trade. Dubai World Trade Centre (DWTC), which is a venue for government-owned events and various exhibitions in Dubai, will now become a comprehensive area and regulator body for cryptocurrencies, products, operators, and exchanges. Dubai World Trade Centre officially announced this on Monday, according to ..read more

On Thursday we’ve seen a lot of controversial reports on the state of the crypto-regulatory matter appear in Russia. First, we saw a Reuters report which indicated that Russia’s Central Bank is seeking a cryptocurrencies ban, placing the reasoning for this on the risks in regard to financial stability and the explosive volume of transactions. If adopted, the move would be in line with remarks made by Russian President Vladimir Putin just last month, when he said that cryptocurrencies “bear high risks” – which he said at an investment forum in Moscow. The central bank of the nation is currently ..read more

Myanmar’s shadow government, the National Unity Government (NUG), led by supporters of the now incarcerated leader Aung San Suu Kyi, has recently declared that the US-based Tether (USDT) stablecoin is now an official currency for local use. Tether, or USDT, is a stablecoin – which means its value is linked to that of the dollar, thus the value of 1 USDT should always be equal to that of 1 USD. The price of USDT should not fluctuate at all, or, at the very least, much less than other cryptocurrencies out there such as BTC or ETH. There are numerous stablecoins already, such as USDT, USDC, BUSD ..read more

Tesla CEO Elon Musk believes that Bitcoin (BTC) is not as good for day-to-day payments as the famous meme-based cryptocurrency, Dogecoin (DOGE). Musk compared BTC, the world’s largest cryptocurrency, to DOGE, in a recent interview with Time Magazine shortly after being named Person of the Year 2021 by Time. Fundamentally, bitcoin is not a good substitute for transactional currency, Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin is transactions per day has a much higher potential than Bitcoin,” said ..read more

Unathi Kamlana, who is the commissioner of the South African Financial Conduct Authority, has talked about the government’s launch of a crypto framework that would be aimed at mitigating any potential highly risky cryptocurrencies. According to a report from Bloomberg on Friday, Unathi Kamlana said that the financial regulator intends to introduce a regulatory framework starting in early 2022, which is designed to protect investors from “potentially highly risky” cryptocurrencies. He also said that any framework for crypto would be created in coordination with the Prudential Authority and the ..read more

The Bank of Thailand has stated that it does not want the commercial banks in the country to be directly involved in the trading of cryptocurrencies. The edict came right from the central bank’s chief executive, Chayawadee Chai-Anant, on Dec. 7, citing risks associated with high price volatility, according to cointelegraph “We don’t want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is a risk.” The latest round of digital asset suppression by the central bank comes at a time when commercial banks have bee ..read more