loader image
Home Markets Cryptocurrency IMF and SEC do not want a Bitcoin ban

IMF and SEC do not want a Bitcoin ban

0
IMF and SEC do not want a Bitcoin ban

As Bitcoin continues its October rally, news from the regulatory world is also creating bull sentiment. Neither the SEC nor the IMF are calling for a crypto ban; instead, both organizations advocate regulation. There is also good news from Germany and the President of Ukraine remains a crypto friend. Last week in the regulatory ECHO.

SEC chief against crypto ban

After China’s crypto ban, the custodians of the US financial system have to take a stand. Because after Jerome Powell , the head of the US central bank Fed, spoke out against a ban on cryptocurrencies, Gary Gensler followed suit last week. At a hearing before the US Congress on October 5, the head of the US Securities and Exchange Commission (SEC) distanced himself from the government’s actions in Beijing. For Gensler, regulatory efforts therefore rather have an integrative task. It is important to ensure that the crypto space is integrated into the financial system, for example in terms of consumer protection and tax law. Incidentally, a ban on Bitcoin is not within the competence of the SEC.

In contrast to the crypto ban, the SEC has sole power of disposal over the never-ending story of a US Bitcoin ETF. So far, no application has received the blessing of the tax authorities. At least Eric Balchunas believes that this could change soon . The financial analyst at the industry giant Bloomberg published an extremely bullish forecast on Twitter on October 2. He sees the chances of ETF approval in October at 75 percent. Balchunas attributes the expected change in attitude of the SEC to statements by Gary Gensler. The head of the SEC predicted higher opportunities there for ETFs based on already regulated Bitcoin futures.

IMF calls for international regulatory standards

Not only the SEC, but also the International Monetary Fund (IMF) recently took a position on cryptocurrencies. On October 3, the organization released a report, who discusses crypto-related opportunities and risks for developing countries. On the one hand, the IMF recognizes there that Bitcoin and blockchain technology open up potential for more inclusive financial services. According to the report, however, the increase in adoption could jeopardize future financial stability in developing countries as well. For example, when citizens prefer Bitcoin over inflation-weakened national currencies. In the long term, this would undermine the respective central bank and open loopholes for tax evasion. In order to counteract such capital outflows, the IMF calls for international standards for crypto regulation. While opaque trading platforms should be blocked, the UN organization requires stablecoin operators to have a banking license.

Start-up from Munich secures crypto custody license

For the third time , the Austrian Federal Financial Supervisory Authority (BaFin) issued a license to store digital assets last week. This time the contract went to the Munich-based FinTech company Tangany. Previously, the Bitcoin exchange secured Coinbaseand the crypto-custodian Kapilendo the blessing of the federal agency. Tangany is now officially authorized to offer custody services in the Federal Republic of Germany. According to the managing director Martin Kreimair, the company looks after 20 business customers, “including many regulated banks and financial service providers.” A total of 60,000 wallets with crypto assets worth 400 million euros are in the company’s custody. 25 further license applications are still pending at BaFin.

President of Ukraine insists on leaner Bitcoin supervisory solution

The Ukrainian parliament actually passed a crypto law weeks ago. The only thing missing was President Volodymyr Zelenskyi’s signature. Bitcoin friend Selnskyj, meanwhile, refused to bless the law on October 5. In the proposal presented, he recognized an ineffective and expensive regulatory solution. The supervision of the crypto market should have been divided between three authorities there. Selenskyj, on the other hand, pleads for a bundling of regulatory powers at the National Commission for Securities and the Stock Market. The law also provides for cryptocurrencies to be recognized as intangible assets and also provides a framework for defining what is happening on the market. All in all, Zelenskyi is in favor of a clear regulatory solution, which could indeed restrict some freedoms. At its core, however, it is much more Krypo-friendly than its eastern neighbor Russia, for example.

US judiciary forms crypto crime team

With the National Cryptocurrency Enforcement Team (NCET), the US Deputy Attorney General Lisa O. Monaco presented a new initiative in the fight against crypto crimes on October 6th . The team is to bundle competencies and specialist knowledge and, in addition to accompanying investigations and criminal proceedings, is also used in the tracking and restoration of digital assets. As you might expect, fraud and money laundering are on the agenda of the unit. In addition to processing its own cases, NCET will also support other US investigative authorities in criminal offenses related to Bitcoin and Co.

LEAVE A REPLY

Please enter your comment!
Please enter your name here