Mastercard Views Crypto More as Asset Class Than Form of Payment – Featured Bitcoin News

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Mastercard sees cryptocurrency as more of an asset class than a means of payment, according to the payments giant’s chief financial officer. Mastercard’s crypto strategy “has been fairly successful ever since crypto environments came up,” he added.

Mastercard’s CFO on Crypto as Asset Class vs. Means of Payment

Mastercard Chief Financial Officer (CFO) Sachin Mehra shared his view on cryptocurrency in an interview published Tuesday by Bloomberg.

He was asked how successful Mastercard’s crypto strategy has been. “In the crypto world, we play the role as an on-ramp, with people using our debit and credit products to buy crypto. And we act as the off-ramp: When people want to cash it, we help them gain access to be able to use their crypto balances everywhere Mastercard is accepted,” he detailed, elaborating:

That’s a revenue-generating capability which has been fairly successful ever since crypto environments came up.

The company previously explained that it has plans to develop products and services in three key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

Mehra was further asked how much traction crypto assets can get as a true form of payment. “For anything to be a payment vehicle in our mind, it needs to have a store of value,” he replied. “If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 and tomorrow it’s going to cost you $9 and the day after it’s going to cost you a dollar, that’s a problem from a consumer-mindset standpoint.”

The Mastercard chief financial officer added:

So we view crypto more as an asset class.

“But as a payment instrument, we think stablecoins and CBDCs potentially have a little bit more runway,” Mehra concluded.

In February, Mastercard expanded its payments-focused consulting service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.”

The payments giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company said it is bringing its payments network to web3 and NFTs.

What do you think about the comments by Mastercard’s chief financial officer? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Bitcoin, Most Cryptocurrencies Bounce to Recovery, Stablecoins See Small Dips

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Bitcoin on Wednesday, August 3, opened with small losses. As per Indian exchange CoinSwitch Kuber, Bitcoin values hovered around $24,290 (roughly Rs. 19 lakh) after incurring a loss of 1.36 percent. On international exchanges, BTC recorded price fluctuations of about 0.13 percent to trade around the mark of $22,885 (roughly Rs. 18 lakh). Despite minor dips, BTC has continued to trade in recovered prices. Industry experts, in the beginning of the week, had predicted that if BTC keeps up this trajectory, it could soon claim the price point of $25,000 (roughly Rs. 20 lakh).

Ether bagged a tiny gain of 1.81 percent to trade at $1,738 (roughly Rs. 1.36 lakh) as per Gadgets 360’s crypto price tracker. The second-most valued cryptocurrency in the world has been reeling-in gains constantly for the past few days now that Ethereum blockchain’s eco-friendly update called the ‘Merge’ is closer to its release.

“Since the markets bottomed in mid-June, ETH has significantly outperformed BTC with the former rallying 60 percent in the same timeframe that BTC rose 16 percent , however it remains to be seen if ETH can maintain this momentum and continue the decoupling from BTC after the merge goes live which is anticipated tentatively around the September of 19,” the CoinDCX research team had noted earlier this week.

Profits dropped into the kitties of several altcoins today. These include Binance Coin, Cardano, Polkadot, Polygon, Avalanche, Tron, and Uniswap.

Stablecoins like USD Coin and Binance USD however, found themselves struck by losses.

In fact, even meme-based Dogecoin saw price slip, as opposed to its rival memecoin Shiba Inu, which registered price appreciation.

Talking to Gadgets 360, the research team of CoinDCX said that the correlation to equities and other traditional asset classes remains the main source of investors’ distrust.

“However a contrarian observation could suggest that further bullish momentum could be on the cards due to the fact that the circulating supply of stablecoins such as USDT and USDC continues to decline dramatically even as the price of Bitcoin rises, which in the past has foreshadowed parabolic BTC rallies particularly in July 2021 right before Bitcoin went from the $29,000 (roughly Rs. 23 lakh)-level all the way up to $69,000 (roughly Rs. 54 lakh),” the CoinDCX team said.

Presently, the market cap of the crypto sector stands at $1.06 trillion (roughly Rs. 83,47,073 crore) with a 0.89 percent increase over the last day, as per CoinMarketCap.


Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.
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Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says – Bitcoin News

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The latest troubles in the crypto space have allegedly led to an increased supply of second-hand luxury watches, according to a leading trading platform. As a result, prices of sought-after models by major brands like Rolex and Patek have dropped, the company revealed.

Higher Supply After Crypto Crash Hurts Resale Prices of Top Watches From Swiss Brands Like Rolex

The recent decline in the valuations of crypto assets has directly impacted pricing of luxury watches from Rolex, Patek Philippe and the like, a German online platform that lists hundreds of thousands of watches has noticed.

The supply of trophy watches, such as the Rolex Daytona or Patek Nautilus 5711A, “is now much larger,” the Karlsruhe-based Chrono24 said in a statement, quoted by Bloomberg. The crypto collapse is easing supply of the most desired models on the second-hand market, it elaborated.

The report notes that the decreasing prices of the most wanted timepieces is an indication that the second-hand luxury watch market is starting to lose pace. That’s after surging crypto rates before that had led to the birth of a new class of luxury buyers and unprecedented increase in the prices of models from the top brands.

These consumers are now retreating and the prices for the most sought after watches fall closer in line with other, similar products. The trend represents a consolidation of the market, remarked Chrono24 Co-CEO Tim Stracke.

Meanwhile, the trading volumes on the site, where dealers and private sellers find buyers, have spiked more than 50% during the first half of 2022, the executive revealed. And while a Patek Philippe Nautilus 5711A is now selling for $190,000, down from $240,000 in the first quarter, the prices of many models from Cartier and Breitling have risen.

The German company also pointed to an increase in demand for almost all models from Omega’s Speedmaster collection, offered as a product of the collaboration with Swatch. Chrono24 also expects overall sales on its platform to increase in the second half of the year.

Cryptocurrencies and luxury watches already have a history together. In May, Swiss watchmaker TAG Heuer said it’s introducing online crypto payments for its customers in the U.S. through an integration with Bitpay. This month, another luxury watch manufacturer from Switzerland, Franck Muller, announced it’s launching an exclusive Binance NFT collection with limited-edition timepieces.

Tags in this story
Chrono24, Crypto, crypto valuations, Cryptocurrencies, Cryptocurrency, Patek, Prices, rolex, sales, second-hand market, swiss, Switzerland, timepieces, Valuations, watch, watches

Do you expect resale prices of top models from luxury watch brands to increase again with rising crypto valuations? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Andersphoto

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Binance Partners With SS Lazio to Debut NFT Ticketing After UEFA Champions League Final Debacle

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Crypto exchange Binance has announced it will trial non-fungible token (NFT) tickets for an Italian football club, Lazio, for the 2022/2023 season. The concept of NFT tickets is expected to provide a solution to the challenges of traditional ticketing by solving inefficiencies like counterfeiting, and scalping among others. It is worth noting that during the UEFA Champions League final in May 2022, the use of fake tickets threatened to mar the game. Since then, there have been deliberations as to whether NFTs could potentially stop the challenges of traditional ticketing.

Now NFT tickets, as a concept, aren’t entirely new. They have been used in concerts previously with startups like Afterparty managing to secure $4 million (roughly Rs. 32 crore) in unsolicited funds after using NFT tickets to invite the art and music festival.

Now, Binance intends to collaborate with SS Lazio to make NFT tickets available for all the club’s home games. Asides from quicker access to all home games, holders of the NFT tickets will also get a Europa league match discount. Also, ticket holders will have unique discounts and giveaways at the Lazio store.

Marketing Director of Lazio, Marco Canigiani noted in a statement shared with CoinTelegraph that his team was working closely with Binance to give value to the fans. He said, “Our fans who explore this new technology will enjoy discounts for Europa League matches and online merchandise purchases.”

Zoe Wei, Binance Fan Token Lead, added, “NFT ticketing, which we are introducing with SS NFT ticketing introduces a brand new layer of utility features to non-fungible tokens, Lazio, will revolutionise the ticketing market and presents another significant real-life use case for Web 3 technology. Blockchain-enabled NFT ticketing has the potential to branch out beyond sports and take its roots in the broader entertainment industries.”

“Fans now have the option to preserve their memories of any live event they have attended by digitally collecting the tickets, and enjoy further engagement with their favourite clubs or brands beyond those experiences⁠⁠ — leading to more meaningful and lasting fan experiences, stronger digital and worldwide communities and more involvement in the life of teams, players and brands,” Wei added.

Lazio fans who have a Binance account can now claim their NFT tickets in multiple ways, including in official Lazio stores, via social media and on the Binance Fan Token Platform.


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Japanese Bank SMBC to Foray Into NFT and Web3 Markets – News Bitcoin News

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The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms. The company will partner with Hashport, a group that offers tokenization and listing services in Japan, to launch a token business lab to experiment with these new technologies.

Second Biggest Japanese Bank to Introduce Token and NFT Services

Many traditional banking companies around the world are now considering entering the crypto and digital assets business. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and a presence all over the world, has announced it is going to enter the cryptocurrency asset business, taking NFT services and Web3 as its main priority in the field.

To achieve this goal, SMBC has partnered with Hashport, a company that specializes in offering tokenization solutions and listing services. The press release indicates that SMBC’s business knowledge and Hashport’s Web3 technical solutions will allow the joint venture to build a service platform. It states:

We aim to build an ecosystem involving many players in the NFT domain. We believe that these efforts will contribute to the promotion of Web3 in Japan.

Business Token Lab

The result of the collaboration will be the establishment of a business token lab, that will “engage in surveys, research, and demonstration experiments related to the promotion of the token business.”

This also coincides with the long-term goal of the company, which is to encourage the spread of the token business in Japan and also establish a division to offer digital custody services. However, the services that SMBC aims to offer go beyond these. The joint venture indicated this move aims to provide “commercialization support and consulting services to customers considering the token business, including the issuance of NFTs.”

The SMBC Group is also considering issuing its own token business in the future, taking advantage of its international presence and its large established userbase. Other Japanese companies have also launched initiatives in this sector, including Rakuten, an online retail company that launched its own NFT marketplace in February. In May, a subsidiary of the group also announced it would partner with Bitbank, a Japanese crypto exchange, to offer cryptocurrency custody services for institutions.

What do you think about SMBC getting into the NFT and token business? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, yu_photo, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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FBI Warns Crypto Owners Not to Fall for ‘Liquidity Mining Scam’ – Featured Bitcoin News

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The Federal Bureau of Investigation (FBI) has warned crypto investors about a scam using an investment strategy called liquidity mining. “This scam has been responsible for over $70 million in combined victim losses,” said the law enforcement agency.

FBI Warns of Crypto Liquidity Mining Scam

The Federal Bureau of Investigation (FBI) issued an investor alert Thursday warning crypto owners of a scam targeting them. The law enforcement agency announced:

The FBI is issuing this public service announcement to warn American citizens about a cryptocurrency scam using an investment strategy called Liquidity Mining in which scammers exploit owners of cryptocurrency, typically tether (USDT) and/or ethereum (ETH).

“Liquidity mining is an investment strategy used to earn passive income with cryptocurrency,” the FBI explained. “In legitimate liquidity mining operations, investors stake their cryptocurrency in a liquidity pool to provide traders with the liquidity necessary to conduct transactions. In return, the investor receives a portion of the trading fees.”

Claiming to use this investment strategy, “Scammers convince victims to link their cryptocurrency wallets to fraudulent liquidity mining applications. Scammers then wipe out the victims’ funds without notification or permission from the victim,” the FBI cautioned.

“Scammers approach potential victims through an unsolicited direct message (DM) on social media, dating applications, or messaging services such as Facebook, Instagram, Twitter, Linkedin, Whatsapp, etc.,” the announcement adds.

Victims of a liquidity mining scam move cryptocurrency from their wallets to the liquidity mining platform, the FBI detailed. After investing, they often see the purported returns on a falsified dashboard. Believing their investments to be a success, they purchase additional cryptocurrency. Scammers ultimately move all stored cryptocurrency and investments made to a wallet they control.

The FBI noted:

Since January 2019, according to the FBI’s Internet Crime Complaint Center (IC3) and open source, this scam has been responsible for over $70 million in combined victim losses.

What do you think about the liquidity mining scam targeting crypto owners? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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BTC, ETH Retain Pumped Prices Despite Minor Dips as Crypto Chart Reflects More Reds than Greens

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These last days of July are turning out to be quite the roller-coaster ride for cryptocurrencies, price-wise. After seeing profits almost consecutively in the recent days, the crypto chart showed losses for most crypto assets on Tuesday, July 26. Bitcoin dipped by over three percent to trade at $22,624 (roughly Rs. 18 lakh) as per Indian exchange CoinSwitch Kuber. Losses of up to 3.60 percent also hit Bitcoin on international exchanges. As per Binance and CoinMarketCap, BTC is currently priced around $21,110 (roughly Rs. 17 lakh).

Ether tailed behind Bitcoin to maintain its recovered prices despite seeing losses. Incurring a dip of over five percent, ETH is currently trading at $1,534 (roughly Rs. 1.22 lakh), the crypto price chart by Gadgets 360 showed.

BTC and ETH have been joined by several other popular cryptocurrencies in being impacted by losses.

These include Binance Coin, Cardano, Ripple, Solana, Polkadot, as well as Polygon.

Dogecoin and Shiba Inu also slipped down the price ladder with losses of 2.77 percent and 4.40 percent respectively.

Stablecoins such as USD Coin and Binance USD managed to get the greens on the price charts owing to miniscule gains.The overall crypto market dunked by 3.23 percent to sink below the trillion-dollar-mark.

As per CoinMarketCap, the current valuation of the crypto market stands at $972 billion (roughly Rs. 77,55,060 crore).

The dip in the crypto market comes in the backdrop of the US government mulling another interest rate hike this week.

Most economists and investors reportedly believe the central bank’s Federal Open Market Committee (FOMC) will raise interest rates by 75 basis points, or three quarters of a percentage point. Between today and tomorrow, the FOMC will conduct two meetings in Washington DC to decide on the expected interest rate changes.

“Crypto and global financial markets are poised for increased volatility and turbulence as we have significant macroeconomic events in the week ahead in the form of the FOMC. After hitting a 40 year record high Consumer Price Index (CPI) print of 9.1 percent last month, the FED is expected to implement another 75 bps rate hike to curb inflation which could negatively impact risk-on assets such as crypto. A high interest-rate environment  could potentially lead to increased selling pressure and profit booking opportunities for crypto investors who witnessed sizeable rallies in the markets recently,” the research team at CoinDCX told Gadgets 360.


Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated – see our ethics statement for details.
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Thailand’s Oldest Lender Delays Bitkub Exchange Acquisition Amid Tighter Crypto Rules – Exchanges Bitcoin News

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The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.

SCB Postpones Acquisition of Thai Crypto Exchange Bitkub

The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal indefinitely as Thai regulations continue to inhibit growth of crypto trading, Nikkei Asia reported, quoting the financial group.

“We have made it clear in our statement to the Stock Exchange of Thailand (SET) that the deal is still undergoing due diligence,” an unnamed senior official at the SCB X has been quoted as stating. “We don’t know when the deal will be sealed,” he added. Earlier in July, the company notified the SET that the matter is still being discussed with regulatory bodies and that its completion period had been extended.

SCB X first announced its intention to acquire a stake in Bitkub in November, last year. The transaction was supposed to go through its brokerage subsidiary SCB Securities. The plan was part of the group’s strategy to become a regional fintech player. The deal was expected to be completed by the first quarter of 2022. At the time, Bitkub was valued at 35 billion baht ($1.05 billion), giving it a unicorn status.

The delay followed an announcement by the Bank of Thailand and the Securities and Exchange Commission (SEC) of tougher regulations for cryptocurrencies in February. The new rules limited their use in payments and aimed to ensure they can be traded only on platforms licensed in the country. Meanwhile, the crypto market slump also dimmed hopes that Bitkub could expand its customer base.

Speaking to Nikkei, Secretary General of the Thai Digital Asset Association Nares Laopannarai commented:

Let me put it this way, I think the tight regulations are quite unfriendly to crypto trade and limit the growth of crypto trading to less than we expected.

What’s more, in the beginning of this month, the SEC imposed sanctions on Bitkub Capital Group Holdings’ Chairman Sakolkorn Sakavee. He was accused of fabricating information regarding the trading volume of digital assets on the exchange. Sakolkorn was fined 8 million baht ($218,000) and banned from executive positions in the company for a full year.

In response to the increasingly stringent regulations in Thailand, Bitkub has tried to relocate to Vietnam. Sakolkorn noted that the destination has a much friendlier crypto business climate. This past spring, Bitkub joined forces with a Vietnamese startup to launch a private blockchain operator called Kubtech. The latter is expected to soon become a trading platform for digital assets.

Tags in this story
Acquisition, Bank, bitkub, Crypto, crypto exchange, crypto trading, Cryptocurrencies, Cryptocurrency, Deal, Delay, Exchange, financial group, lender, Regulations, rules, scb, SCB X, siam commercial bank, stake, thai, thailand, trading platform, unicorn

Do you think Siam Commercial Bank will eventually finalize the deal to acquire a majority stake in Bitkub? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, PKittiwongsakul

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Coinbase Insider Trading: Two Indians Brothers, Houston Man Charged in First Crypto Insider Trading Case

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Two Indian brothers and their Indian-American friend have been charged in the US in the first-ever cryptocurrency insider trading scheme in which they made illicit profits totalling over a million dollars. Ishan Wahi, 32, and his brother Nikhil Wahi, 26, are citizens of India and were residing in Seattle while Sameer Ramani, 33, resides in Houston.

United States Attorney for the Southern District of New York Damian Williams and Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation Michael J Driscoll announced on Thursday the unsealing of an indictment.

The Wahi brothers and Ramani were charged with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges.

The Securities and Exchange Commission also announced insider trading charges against the three men.

The Wahi brothers were arrested on Thursday morning in Seattle and will be presented in the United States District Court for the Western District of Washington.

The SEC complaint said Ramani is believed to currently be in India.

Ramani and Ishan Wahi attended the University of Texas at Austin at the same time and remain close friends.

Prosecutors said the three have been charged in the first-ever cryptocurrency insider trading tipping scheme, in which the defendants made illegal trades in at least 25 different crypto assets and realised ill-gotten gains totalling approximately $1.5 million (roughly Rs. 11 crore).

The charges “are a further reminder that Web3 is not a law-free zone. Just last month, I announced the first-ever insider trading case involving NFTs, and today I announce the first-ever insider trading case involving cryptocurrency markets,” Williams said.

“Our message with these charges is clear: fraud is a fraud, whether it occurs on the blockchain or on Wall Street. And the Southern District of New York will continue to be relentless in bringing fraudsters to justice, wherever we may find them,” Williams added.

Ishan Wahi is charged with two counts of wire fraud conspiracy and two counts of wire fraud, each of which carries a maximum sentence of 20 years.

Similarly, Nikhil Wahi and Ramani are charged with one count of wire fraud conspiracy and one count of wire fraud, each of which carries a maximum sentence of 20 years.


Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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US and UK to Deepen Ties on Crypto Regulation, Says British Regulator – Regulation Bitcoin News

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Britain’s top financial regulator, the Financial Conduct Authority (FCA), says the U.S. and U.K. will deepen ties on crypto regulation. “In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” said the British regulator.

US and US to Strengthen Collaboration on Crypto Regulation

The U.K. Financial Conduct Authority’s chief executive, Nikhil Rathi, outlined the FCA’s regulatory goals Wednesday at Peterson Institute for International Economics.

“One area of global focus is crypto, both opportunities and risks,” the FCA chief said. “Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.”

The regulator added:

The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration of central bank digital currencies.

Rathi proceeded to mention that the FCA held “Cryptosprints” earlier this year, which drew nearly 200 participants. “The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime,” the FCA explained on its website.

The chief financial regulator described:

Participants told us they wanted a regulatory regime for cryptoassets as a high priority … They also want regulation phased in over time, to allow firms and investors to prepare and for the rules to fit the evolving crypto assets.

“In the past, innovative firms would have been pleading for less regulation. Now they understand and appreciate that rules are there to help provide certainty,” he opined.

The FCA chief noted:

We are demonstrably supporting responsible use cases for the underlying technology while ensuring it is not at the expense of appropriate consumer protection or market integrity.

The U.K. government outlined in May its legislative agenda for the next parliamentary year in the Queen’s Speech. One of the bills aims to support “the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.” Another aims to create “powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”

Furthermore, the British government unveiled a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.

What do you think about the U.S. and the U.K. working together on crypto regulation? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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