Chinese Media Outlet Hints At Stricter Regulations For Cryptocurrency Assets ...
Through its national media, the Chinese government announced to the public the possibility of tighter regulations against the cryptocurrency sector. This, the media explained, was caused by the recent LUNA crash, which was very traumatic to its millions of token holders. Following the crash of the LUNA algorithmic stablecoin, the Terra blockchain, and the ongoing […]
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China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin. The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem.In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna (LUNA), explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to....
The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies.
Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers
The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers....
Crypto scams appear to be dominating investment fraud cases in Austria. Austrian regulators are calling for stricter crypto laws amid a spate of elaborate investment scams involving cryptocurrency and digital assets.According to a Bloomberg report of Friday, Austria’s Financial Market Authority has revealed that more than 60% of all reported financial fraud in the country involve crypto trading products.The FMA says these crypto scammers are using social media platforms like Telegram and TikTok to advertise their fraudulent offerings to would-be victims.Commenting on the need for stricter....
He stated that stablecoins need stricter regulations if they are to be part of the payment universe. Fed Chairman Jerome Powell told the House of Representatives today that stablecoins should face stricter regulations similar to money market funds or bank deposits. Powell was asked specifically about Tether, currently the most valuable stablecoin, by Rep. Anthony Gonzalez (R-OH). Tether claimed each coin was backed by a dollar, but that has been proven false; rather it is backed mostly by commercial paper or debts. Powell said most of the time those assets are very liquid, but during the....
China is reportedly paying more attention to the crypto mining sector, amid concerns of its growing carbon footprint. China’s crypto mining operations may be set for stricter supervision in the future, with the Government reportedly concerned about the energy consumption of Bitcoin mining in particular. Beijing sent an “emergency notice” to conduct checks on data centres involved in Bitcoin and other cryptocurrency mining operations on April 27, which was reportedly met with some panic in China.However Chinese columnist Colin Wu or Wu Blockchain on Twitter, was quick to downplay fears of....