China Unveils Five-year Financial Regulation Plan
For the time being, it remains unclear what this announcement means for bitcoin. China is planning to introduce some major changes in terms of market regulation. By the year 2020, China wants to address fake goods, food, and drug safety issues. Moreover, the government wants to impose more consumer protection measures, as there is a severe lack right now. An intriguing development, as this news goes to show some big changes are happening in the financial department. It remains unclear if this will have an impact on bitcoin in China, though. It is evident China wants to strengthen its....
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The Origin Protocol team has unveiled a compensation plan for its depositors who were adversely affected by the flash loan attack in November. According to the team, there is now a plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit. Two Compensation Plans Still, the team clarifies that one’s OUSD holdings before and after the hack will be a key determinant of the compensation package they will receive. In an update issued via Medium, Micah Alcorn who is the Production Engineer at Origin Protocol says: Approximately two-thirds of....
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
Amid trouble with the U.S. Securities and Exchange Commission (SEC), global cryptocurrency exchange Coinbase unveils its plan to raise $1.5 billion by selling bonds.
Coinbase Plans to Issue $1.5 Billion in Bonds
Coinbase Global Inc. (Nasdaq: COIN) announced Monday “its intention to offer, subject to market conditions and other factors, $1.5 billion aggregate principal amount of its Senior Notes due 2028 and 2031 in a private offering.”
The company explained that the notes “will be fully and unconditionally guaranteed by Coinbase Inc.” and....
The U.K. government has unveiled a detailed plan 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.
U.K. Wants to Be ‘the Very Best Place’ to Start and Scale Crypto Companies
The British government unveiled several initiatives Monday as part of its plan to make the U.K. “a global cryptoasset technology hub.”
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This news comes at a time where the UK finds itself in an awkward position after the Brexit. Many experts assumed the region would lose its appeal in the financial sector, but that does not appear to be the case. Regulation plays an integral role in the world of finance. Now that Fintech and Bitcoin efforts are gaining more traction, a lot of these guidelines need to be revised and updated. Regulators in the UK and China will be working together to create a new framework for financial projects in the 21st century. In the world of regulation, collaboration is a must these days. When....