Crypto Assets
Paraguay legislative committee rejects crypto law
The central bank issued strong objections to the law, which passed the upper house in December
NBU restricts crypto purchases to stem capital outflows
Ukraine continues to accept bitcoin, ethereum and tether for war effort
Every CBDC decision is a tradeoff, says Bank of Canada’s Shah
Privacy, security, and offline access present difficult problems
Vietnam developing crypto legal framework
Country banned crypto as a means of payment in 2017
Thailand’s SEC bans crypto payments
BoT proposes limits on banks’ digital asset investments
UK regulators warn crypto firms not to breach sanctions
Crypto asset firms risk breaking law if they fail to enforce sanctions on Russia
Brazil moves forward with crypto legislation
Economic committee votes to give the central bank new regulatory powers
Stablecoin risks raise need for CBDC research – Brainard
ECB’s Panetta says “stablecoins are not money”, as Brainard weighs CBDC as possible alternative
Regulators race to curb crypto asset money laundering
Crypto assets are increasingly used as vehicles for money laundering, but regulating them is not necessarily straightforward
FSB warns of rising crypto asset risks
Sector could harm global financial stability if it carries on growing at current rate, FSB says
RBI deputy makes case for crypto asset ban
Left alone, crypto products could “wreck the currency system”, says T Rabi Sankar
Fed paper explores stablecoins’ impact on financial system
Researchers say stablecoins could be a ‘digital safe haven’ during volatility, but design choices matter
Diem confirms sale of stablecoin technology
Facebook-backed project sold its last remaining assets to Silvergate Capital
Facebook-backed stablecoin project to wind down, report says
Project formerly known as Libra had struggled to gain regulatory approval
Bitcoin’s carbon footprint rises with prices – DNB research
Total carbon emissions produced by crypto assets rose by 25% in 2020, study finds
Crypto markets may centralise power – BIS bulletin
Need for centralisation is “inescapable” despite crypto boosters’ claims to the contrary – researchers
US agencies conduct ‘policy sprints’ to tackle crypto risks
Approach modelled around “tech sprints” aims to get results quickly
US regulators call for new stablecoin regulations
Working group wants issuers to be insured and regulated like banks
Crypto asset transactions hit ‘macro critical levels’ – IMF GFSR
Crypto valuations “already systemic” in “many countries”, international rules "probably some time away", says IMF’s Adrian
China outlaws all crypto transactions and bans mining
PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto
MAS demands crypto exchange Binance cease operations
Move came after UK’s FCA said firm failed to provide sufficient supervisory information
MAS grants first crypto exchange licence
Central banks taking divergent approaches to scrutiny of crypto firms
Stablecoins neither stable nor coins – paper
Researchers argue stablecoins are not medium of exchange, and so are not money
South Africa’s new crypto framework: ‘neither hostile nor friendly’
Risk-based approach will bring crypto operations within South Africa’s regulatory perimeter