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US CFTC Chairman J. Christopher Giancarlo says that blockchain technology would have allowed for a “far faster, better-informed, and more calibrated regulatory intervention” in response to the 2008 financial crisis
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“Central banks cannot operate retail digital currencies. Who do you call when you forgot your password? But narrow banks are the ideal institutions to provide the retail-facing end of digital currencies. The sooner the better. Unless we can persuade the Treasury to offer reserves first and take this all away from the Fed.”
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Malaysia’s securities commission has begun registering cryptocurrency exchanges after it started regulating the crypto space earlier this year. The first three crypto trading platform operators have been conditionally approved and given nine months to comply with registration requirements.
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The Ernst Young FinTech Index, which has been going since 2015, is back for its 2019 edition. The publication interviews more than 27,000 consumers in 27 markets to take the pulse on where fintech is at. Unsurprisingly, the sector is thriving, or in EY’s words, innovation has now ‘become the new normal.’
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Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether trading globally to Diar. Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The US accounts for only $450 million of USDT traded.
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The Marshall Islands today announced the establishment of the SOV Development Fund, a not-for-profit organization set up to support the government in the establishment, maintenance and implementation of the SOV digital legal tender.
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IOSCO suggests that any crypto assets considered securities should follow the same regulatory principles as conventional securities but does not provide guidance on how to define crypto assets as securities in the first place.
