Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6
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The U.K. outline of the future financial services regulatory regime for crypto covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens and initial coin offerings. And it’s certainly good news for the industry, as the upcoming regulation doesn’t propose a ban on algorithmic stablecoins or excessive requirements on data sharing for digital asset operators. The Australian consultation paper on “token mapping” is a foundational step in the government’s multistage reform agenda to regulate the market. Based on the “functional” and technology-neutral method, the paper proposes several basic definitions for all things crypto. Its taxonomy
Sonic Labs has called off the launch of an algorithmic USD stablecoin because of the new regulations in the U.S. The current proposed STABLE Act includes a ban on algorithmic stablecoins for two years. Andre Cronje agreed with the decision and mentioned previous disappointments such as TerraUSD. Sonic Labs has…
Stablecoins have remained the largest category of digital assets in their market capitalization, reaching a value of $184.55B. Stablecoins such as Tether (USDT), USD Coin (USDC), and DAI help facilitate trade and payments hedge against volatility. New data from the Phoenix Group provide more information about the stability and market…