Kiffmeister’s #Fintech Daily Digest (20220321)

Australia Government Defines Crypto Assets, Proposes Regulations

The Australian government Treasury released a consultation paper, defining cryptocurrencies and outlining its plans to license crypto-asset secondary service providers (CASSPrs)
and set out crypto custody requirements. This regime would be separate from the existing Australia Financial Services (AFS) licensing, but CASSPrs, but entities operating as brokers – by forwarding clients’ orders to a third-party exchange for execution – would be licensed under the AFS licensing regime and comply with the associated obligations. [Read more]

How a solar storm could knock out the power grid and the internet

Here’s my regular reminder that it is only a matter of time before the Earth is hit by another major geomagnetic storm, which would arrive with only a few hours notice. If the storm is the size of the AD 774 Miyake Event, electrical and communication systems outages could last months. Even one the size of the 1859 Carrington would lead to outages lasting into the weeks. The good news is, you can at least protect your electronic equipment with Faraday cages. [Read more]