BIS committee and IOSCO issue guidance for regulation of stablecoin arrangements
The international organizations affirm the "same risk, same regulation" principle by extending decade-old rules to the rapidly expanding new financial technology. The principle of "same risk, same regulation" for crypto received further confirmation with the release Wednesday of new guidance on stablecoin arrangements (SAs). The guidance, issued by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO), applies the Principles for Financial Market Infrastructures (PFMI) for....
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IOSCO Chair Ashley Alder recognizes that “DeFi is a novel and fast-growing area of financial services.” As decentralized finance (DeFi) space grows, regulators are giving more effort to conducting research and providing a means to better understand the emerging industry.Today, the International Organization of Securities (IOSCO) published a report that aims to give a perspective on DeFi and highlight some areas that may be potential areas of concern to regulators. According to the report, DeFi is growing and many of its mechanisms are very similar to traditional financial markets.Total....
The OCC published guidance allowing U.S. banks to work with stablecoin issuers. Meanwhile, the ECB thinks the term stablecoin can be "misleading."
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There's been some minor commotion when it comes to the Australian stance on bitcoin. In short, people aren't happy (just take a look at the recent news from Coinjar). And now, we're learning that the Australian Senate is planning to launch an inquiry into bitcoin and other digital currencies. Specifically, the Senate Economic References Committee will be conducting the examination. Sam Dastyari, the Committee's chair, is responsible for spearheading the inquiry. So, just what the inquiry cover? According to ITNews, the purpose of the inquiry is to take a look at what options the Australian....
As of June 30, about 75.6% of Circle’s reserves were held in U.S. Treasuries and 24.4% were held in cash at regulated financial institutions. Circle Internet Financial has released a full breakdown of its USD Coin (USDC) holdings for the first time — a move designed to offer transparency and instill greater trust ain the stablecoin issuer. As of June 30, Circle’s $55.7 billion reserves were comprised of $42.12 billion in short-term United States Treasuries and $13.58 billion in cash held at regulated financial institutions in the country, the company disclosed Thursday. The weighted....