Crypto Assets
Basel Committee proposes strict treatment of crypto asset exposures
Crypto assets such as bitcoin will face risk weight of 1,250%
El Salvador to make bitcoin legal tender
President claims the move, a first for any country, will aid remittances and financial inclusion
BoE says stablecoins must be as trustworthy as commercial bank money
Stablecoins may require tailored regulation and access to emergency liquidity facilities, paper says
Diem says it will ‘fade out’ stablecoin if Fed issues CBDC
Chief economist of Facebook-backed firm says public sector has “comparative advantage”
DNB acknowledges crypto KYC requirements were unlawful
Netherlands Bank reverses decision to mandate adherence to Sanctions Act
Bitcoin plunges as China cracks down on crypto assets
Chinese industry bodies toughen restrictions on crypto services offered by financial institutions
Diem shifts focus to US dollar stablecoins
Move away from Switzerland sees former Libra Association distance itself from original multi-currency plans
AML/CFT regulation of crypto assets needs rapid reform – BIS report
Few jurisdictions are implementing “travel rule” for crypto assets, report says
Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
ECB pushes for greater crypto asset powers
Central bank suggests changes to afford it greater oversight of e-money issuers
Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices
New York attorney general accuses Tether of lying about the backing of its crypto asset with US dollars
Dutch crypto firm takes legal action against DNB
Bitonic says new KYC requirements are disproportionate and threaten consumer privacy
FCA fails to register crypto asset firms by cut-off
Regulator establishes temporary registration regime for firms which submitted application on time
Regulators need common crypto asset standards – policy-makers
“Too many” crypto assets created to avoid regulation, official tells Central Banking summit
Marshall Islands readies to make waves in digital currency
Island nation ready to issue blockchain-based national currency if new government gives the go-ahead
Lower financial literacy linked to crypto asset ownership – Bank of Canada
New cash survey shows financial literacy is positively associated with crypto asset awareness
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing
MAS will regulate token derivatives
Central bank updates securities legislation to regulate tokens offered by approved exchanges
FSB outlines 10-point plan for tackling global stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
Indian supreme court overturns RBI crypto ban
RBI has powers over crypto asset services but total ban was disproportionate, court rules
FCA takes over crypto asset supervision
UK firms must register with regulator to comply with anti-money laundering rules
In search of a better definition of digital money
Dave Birch tries to cut through the noise on cryptocurrencies, blockchains and everything in between