STABLECOIN DIGEST 5.06.2020
Regulation and monetary policy
3 Common Compliance and Regulatory Pitfalls to Watch for in 2020
Using regulation to one’s advantage is the main factor of an innovative fintech business. The best way to achieve it is closely monitoring the shifting regulatory landscape.
Swiss Regulators Green Light Crypto Transactions for Local Bank
InCore bank becomes the first Swiss business-to-business bank approved by the financial watchdog to operate with digital assets.
Japanese Finance Minister May Be Opposed to Lowering Tax on Crypto
Taro Aso might not be willing to support legislation in Japan treating cryptocurrency-related income the same as that for stocks.
Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada
From today onwards, Canadian firms operating with virtual currencies will be legally recognized as Money Service Businesses.
Bitcoin ATMs Face Tighter Regulations Over Money Laundering
The global regulatory landscape is tightening for crypto ATM operators.
Crypto.com Receives Privacy-Related ISO Certification
The crypto platform becomes one of the first companies in the industry to achieve the ISO/IEC 27701:2019 certification.
New Head of US Regulator and Former Coinbase Lawyer Invites Banks and Crypto to Collaborate
Following a request for input on how crypto and banking can work together, new acting Comptroller of the Currency Brian Brooks talks about first priorities in work with the industry.
Bitfinex and Tether Reject 'Baseless' Lawsuit Filed Against Them
https://cointelegraph.com/news/bitfinex-and-tether-reject-baseless-lawsuit-filed-against-them
Bitfinex and Tether have addressed the updated lawsuit which accuses them of market manipulation.
U.S regulator invites Banking and Crypto industry leaders for partnership
The OCC in America announced that it was working with banks and crypto firms on improving the technological cooperation in the financial system.
China Passes Regulation Defending Cryptocurrency Inheritance
China has handed the nation’s long-awaited civil code which expands the scope of inheritance rights to incorporate cryptocurrency, comparable to bitcoin. Inherited cryptocurrencies shall be protected beneath the brand new regulation. In the meantime, a number of Chinese language courts have just lately dominated that bitcoin and ethereum are properties protected by regulation.
Brazil Is for Blockchain but Against Crypto
https://www.cryptoglobe.com/latest/2020/05/brazil-is-for-blockchain-but-against-crypto/
Brazil, or the Federative Republic of Brazil, is a Portuguese-speaking state in South America with more than 200 million inhabitants. It is in fifth place among all countries of the world in terms of area and sixth in terms of population.
Competitors
Tether Integrates With Plasma Sidechain to Reduce Load on Ethereum
Tether has integrated the just-launched OMG Network Plasma sidechain, formerly known as OmiseGo, promising cheaper transactions as Ethereum’s fees skyrocket.
Analytics and opinions
CBDCs With a Twist: The Public-Private Solutions Needed for Adoption
Crypto pundits believe that central bank digital currencies based on public-private partnerships could see the light of day much sooner, as many solutions under development use the approach.
‘Stack Sats’ Bitcoin Figure Tells Europe as ECB Prepares $1.5T Bailout
As the European Central Bank doubles its emergency asset purchase program, Bitcoin seems an ever stronger fiat opt-out.
Ousting the Greenback: USD Still King as BTC and CBDCs Mount Challenge
The advent of digital money will threaten the U.S. dollar’s global dominance, but it won’t be easy to dethrone the current global reserve currency.
Stablecoins Are the Bridge From Central Banks to Consumer Payments
https://www.coindesk.com/stablecoins-are-the-bridge-from-central-banks-to-consumer-payments
Although the potential for sweeping change is sparking fervent innovation, many obstacles remain. How these digital networks get built and used are critical factors in ensuring they promote equity and accountability. New financial networks, and CBDCs in particular, could enable extreme levels of centralized control if not handled with care.
New projects, partnerships, and investments
Swiss Bank Maerki Baumann Launches Crypto Custody and Trading
Swiss private bank Maerki Baumann deepens crypto push by adding crypto custody and trading services.
Norwegian Salmon Exporter Fights Food Fraud With Blockchain
Norwegian salmon producer Kvarøy Arctic has joined the IBM Food Trust to increase transparency and help prevent fraud in the seafood industry.
VirgoX Lists Canadian Dollar Stablecoin QCAD, Aiming to Establish a World Stablecoin Trading Center
VirgoX announced that it will be partnering with Toronto based firm Canada Stablecorp to list QCAD, the first major Canadian dollar stablecoin on their exchange.
Binance lists BIDR, stablecoin pegged to Indonesian Rupiah
One of the world’s largest cryptocurrency exchanges Binance launches a new sablecoin backed by Indonesian Rupiah (IDR). The new coin will be listed under the ticker BIDR, and it will be pegged to IDR 1:1. BIDR will be jointly supported by Binance and Tokocrypto.
mStable Launches mUSD Stablecoin Protocol on Ethereum Mainnet
https://defirate.com/mstable-launch/
mStable – a new DeFi protocol unifying stablecoins, lending, and liquidity into one robust standard – officially launched its beta on Ethereum mainnet.