US Urges Global Regulators To Review Bank Crypto Standards Amid Stablecoin Su...
The US is reportedly pushing global regulators to amend bank crypto standards to address the regulatory shift of the past few years and the industry’s developments, including the recent push for stablecoin adoption. Related Reading: Coinbase CPO Challenges Banks’ Stablecoins Concerns, Says Narrative ‘Ignores Reality’ Global Regulators To Review Crypto Standards On Friday, Bloomberg affirmed […]
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On Thursday, a senior Bank of Italy official urged uniform standards to protect users as stablecoins position to go mainstream toward global traditional finance markets. Australia has also granted regulatory relief to stablecoin intermediaries, exempting them from holding separate financial services licenses when distributing these assets. Uniform Standards In Stablecoin Regulation During a speech at […]
US federal regulators are set to review state regulations of stablecoins to “even out” rules across jurisdictions under the new federal regulatory framework for the sector, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Related Reading: South Korea Set To Unveil New Stablecoins Framework In October State-Level Stablecoin Rules To Face Federal […]
The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy Michael Hsu, the new administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency (OCC) has requested a review of the regulator standards for cryptocurrencies.....
The fresh policies recommended by the IMF aim to curb down the financial risks associated with global crypto adoption. The International Monetary Fund (IMF) released a set of actionable policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption. The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced....
“Most of the industry utilizes non-bank and often unregulated USD stablecoins. Now with this Big 4 bank-issued AUD stablecoin, the use case is a lot more compelling,” said ZeroCap CEO Ryan McCall. Big 4 bank ANZ has become the first Australian bank to mint an Australia dollar (AUD) pegged stablecoin named “A$DC.”But rival bank NAB also has its own stablecoin project which is expected to launch by the end of the year.ANZ is working with local regulators such as AUSTRAC and APRA to get the project signed off in a compliant manner, and has already run a test transaction on the Ethereum....