The crypto stock Binance enter into an agreement with the Cambodia Stock Market Regulatory Authority (CRSE). The partnership aims to implement comprehensive rules for the national digital asset industry. Furthermore, he is also willing to support the efforts of crypto companies.
Binance and the Cambodian regulator will develop a regulatory framework local
In a recent announcement, the exchange informed me that it is a partner of CRSE will continue 3 main objectives.
- Both parties share their technical expertise in cryptocurrency operations.
- They will support digital asset businesses in South Asian countries. South East. They will also work to design an appropriate regulatory framework for local industry.
- Finally, Binance Promote the launch of trainings and the initial advantage of Cambodians on cryptocurrency and its benefits.
Mr. socheatheand general manager of CRSEI noticed that the regulator has yet to issue digital asset licenses but hope to change this trend with the help of Binance.
“We plan to develop compliant regulations and we expect this MoU (Protocol of agreement) be a springboard for our future regulatory work,” he added.
The regional director of Binance for Asia, soil Kostarev, I also commented on the collaboration. He pointed out that the adoption rate of blockchain and digital assets in the South Asian region South East is on the rise, which means Cambodia has the potential to become a global crypto hub.
” Binance expect the value of the Cambodian mobile securities industry by providing in-depth and professional knowledge of the digital asset market,” concludes the executive.
Bonus: Coinbase will provide users’ crypto geolocation data to ICE as part of an agreement.
A regulatory approach different
Binance inverse are previous approach consistent with enter the market, then seek compliance. He now proactively meets with regulators before opening the store.
Moreover, the CEO Changpeng Zhao I found Philippine regulators at the beginning of the month. This as it aims to obtain a license to operate as a virtual asset service provider and e-money issuer. CZ I met with officials to discuss integration with the country’s banking system. The country where gambling like axis infinite they are popular.
On the other hand, CZ also met French President Emmanuel Macron. Afterwards, he announces theobtaining an operating license from the French subsidiary. Dawn lalucqthe French Ministry of the Environment, criticized the decision of the FMA and urged the agency to reconsider this decision.
Related Conference: Binance cheats on TikTok star Khaby Lame as its brand ambassador.
the PNA of Uzbekistan has drawn up regulations on the registration of minors crypto. The decree exempts all mining assets from taxes and prohibits anonymous coin mining. Furthermore, only companies that use solar energy can mine cryptocurrencies.
Conditions for smaller companies
The National Agency for Prospective Projects (PNA) of Uzbekistan has established requirements for cryptocurrency miners in the country. would allow only to companies that use solar energy mine bitcoin (BTC) or other cryptocurrencies.
The normative act, published on the site website of the government on June 24, requires the confirmation of the guidelines for the registration of cryptoactive mining. He appointed the July 9 as the deadline.
In addition, minors must have photovoltaic solar power plants from which they draw their energy. The decree also requires that every cryptocurrency miner obtain a certificate. Therefore, you must be registered in the national registry of cryptocurrency mining companies, which requires a short list of documents. Among other things, no more than 20 days should elapse between submission and the final decision of the granting authority. The certificate is valid for one year after registration.
On the other hand, the government of Uzbekistan exempt any cryptocurrency generated from mining operations. However, mining companies will be subject to special rates for energy consumption. In addition, trading activities using mining assets will be limited to stock exchanges registered in Uzbekistan. The rules bans anonymous cryptocurrency mining.
See more: Russian lawmakers pass a law exempting digital asset issuers from taxes.
Implementation of a single cryptographic regulatory regime
In addition, the PNA recently refurbished has been designated as proprietary cryptocurrency regulator for Uzbekistan. This action was one of many that the President Shavkat Mirziyoyev from Uzbekistan took. In fact, its goal is to establish the regulatory environment for cryptocurrencies.
In addition, the country restricts the development of cryptocurrency exchanges by domestic companies. Only cryptocurrency exchanges founded by foreign legal companies have been granted legal status under the law.
In addition, the Uzbek government has recommended a series of laws in 2020. Its objective is to promote the cryptocurrency business in the country. Additionally, it plans to create a national mining pool, as well as a licensed cryptocurrency market where miners can sell their coins. Furthermore, the government advocates for the implementation of crypto tax exemptions and the creation of a blockchain valley.
To go further: Circle signs a custody agreement with New York Community Bancorp for its USDC stablecoin.
the map crypto issue a pair Binancefor users from Ukraine recorded thousands of purchases. The card allows people displaced by the ongoing conflict with Russia to make payments and receive financial assistance.
The results on the crypto-card Binance refugee
Between April 26 and June 10, nearly 70,000 people on receipt Binance refugee Crypto cardsthe most traded coin exchange announced by the press conference crypto forklog. The payment product was offered in April to support Ukrainians driven from their homes during Russia’s military invasion of the country.
the map Allows Ukrainians to make or receive crypto transfers and payments from merchants in the countries of theEEA. With it, refugees can also receive financial aid through Binance the partners. The claims of 4,000 Ukrainians alive today a Overseas have been approved and more than 1,700 have received funding.
See also: OKX plans to increase its global workforce by 30% over the next year.
Binance continue to support Ukraine
outside, Binance Also contribute to help internally displaced persons (IP). That through the projects developed with the charitable foundation palianytsia and the Rotary club Kyiv International. The names of families, people with young children, people with disabilities and priority people.
After the article, the people who needed it most received it Help of $75 per month for three months. The project has a budget of $1.2 million and will initially have 5,000 displaced people.
” At the same time, our allies help those forced to enter the EU, who obtain refugee status and are ready to deal with it. More in parallel, we decided to launch a pilot project to help those who remained in Ukraine. »I explained to him representative of the exchange.
Binance also announced that it was working closely with the Ukrainian Ministry of Digital Development. An initiative that saw create an online professional course for Ukrainians who have lost their jobs because of the war, perhaps as early as this month. The exchange also said it will continue to monitor Russian sanctions regulations and ensure they are implemented on its platform.
Also Read: US Regulators Fine BlockFi $100 Million for Securities Sale Violation.
The crypto draft authored by Senators Cynthia Lummis and Kirsten Gillibrand has just been leaked. Thus, the bipartisan bill may soon make its way through the Senate, which will change the landscape for the entire crypto industry. Zooming in on the American’s crypto project Under the terms of the bill get […]
The long-awaited US Cryptocurrency Bill has finally been published. appeared first on The Latest News.
Feeds today on the chat platform United RussiaRussia’s Deputy Minister of Industry and Trade has revealed the steps the country is taking to regulate cryptocurrency mining. He talked about the development of blockchain technology and the regulation of digital financial assets.
Mining: an energy activity.
Although mining activity is in the gray zone, the extraction of crypto would consume more of them% of Russia’s total electricity. This is a consumption that gives way to the energy appropriation of total consumption for agriculture. Incidentally, negotiations to legalize cryptocurrency mining in Russia began after a proposal to ban all cryptocurrency activity in the country a This is published in a report by the country’s central bank.
Russian Prime Minister, Michael Mishustin, to reveal that the government and the Central Bank agree on banning cryptocurrency as legal tender. This despite mining activity being discussed.
According Chpak, cryptocurrencies are currently in a gray area. Also, their high power consumption makes them worthy of being considered as an industrial activity. according to him, “The mining industry is recognized, regulated and integrated into industrial activity”.
Bonus: Anchor protocol vulnerability allows a user to easily access $800,000.
Cancellation of the amnesty promise for minors from crypto
A draft law “On mining in the Russian Federation” was submitted to the State Duma in April. In general, the text of the bill has not changed. However, some paragraphs were found to be missing. The bill requires all users of crypto and the country’s miners register. In addition, it is registered entities that can obtain the ministries. An amnesty program has been put in place to allow registered minors to clear customs.
Less than a month later, the crypto-mining bill was redone. The new bill saw several missing key points in the first draft. According to the document, the paragraphs on the establishment of a mining register for registered users and the promise of amnesty for registered users. Furthermore, the“Lack of mining registration” means that there are standard procedures for business registration. The promise of amnesty to this abandoned, because it could “eventually cost the federal budget”.
Read also: This is the success point of a “graduated approach” for the issuance of a CBDC in 2022-23.
2022 has been the year of the rise of cryptocurrencies, decentralized finance and the development of Blockchain systems. So much so, that governments and central institutions (such as the European Central Bank) have sought to recover their digital currency projects so that they can begin to form part of our daily lives. To invite you to be a true expert on the subject, we bring this post in which we explain what the euro-digital, what differentiates it from a cryptocurrency and its advantages and disadvantages. Here we go!
It may interest you: Master in Blockchain
What is the digital euro?
The digital euro is a perfect fusion between the convenience of digital pages and cryptocurrencies with the security of backing in the European Central Bank’s issuance and custody system.. It will be part of a natural evolution of payment systems that will make it possible to pay in situations where using cash is less practical.
One important point we need to hear is that the digital euro not intended to replace cash, but to complement it. It will be one more option to make payments.
In summary, the digital euro will allow European citizens to have a secure and centralized alternative to be able to use digital means of payment as a complement to the cash that is already used.
The digital euro is part of the category of CBDCs or digital currencies issued by a central bank. Let’s see what its features are.
What is a CDBC or Digital Currency issued by a central bank
a CBDC (Central Bank Digital Currency) it is the digitization of FIAT money or government money that we use on a day-to-day basis. The issuer of this digital currency is still a central bank and monetary policy will continue to follow the same macroeconomic variables as FIAT money.
This means that the CBDC is a digital representation of the tangible and traditional restaurant. Transactions will continue to be centralized by governments and it will be this government that ultimately controls the stock/money flow ratio (this dynamic determines inflation/currency devaluation).
Difference between digital euro or CDBC with cryptocurrencies
We should not confuse it with cryptocurrencies; that although their digital activities are also freely exchangeable between individuals and widely accessible (having an internet connection is almost the only requirement), andThese are not regulated by any central institution. Cryptocurrencies work on a decentralized network between individuals (P2P or Peer to Peer) and the governance or control also resides with the users.
In the following diagram we can see some of the different variables that represent the characteristics of the different forms of money. See that my (non-permissioned) cryptocurrencies are mine Digital, Universal and Peer-to-Peer ; central bank digital currencies in addition to the above characteristics are additionally issued by a central bank.
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The state of the digital euro in 2022. Why did it accelerate?
The rise of blockchain technologies (in terms of scalability, decentralization and security) added to the increase in capitalizations of the cryptocurrency market has led to a parabolic user acquisition that is hard to look aside from.
This trend also continues on the institutional side. The governments of countries like El Salvador have adopted a Bitcoin as legal currency (they have even given each citizen an amount of it to start encouraging its use) more conservative countries like Ukraine have legalized the currency in the country.
In fact, the course of new users using cryptocurrencies reminds us (with surprise) of the course of Internet user acquisition that we saw at the beginning of the millennium.
These circumstances have created a perfect breeding ground for institutions such as the European Union see an opportunity to develop a digital version of the cash we use on a day-to-day basis to make it a more convenient option.
Advantages of the Digital Euro and other CDBCs
The digital nature of CDBCs brought a number of qualitative sales that a paper money-based system cannot replicate. Some of these advantages are:
- Traceability for authorities and security for citizens. Being a currency of a digital nature makes it a much safer exchange asset, since all operations of a fraudulent or illegal nature can be traced (something that was virtually impossible with physical money). In addition, since it is not money that you carry in a wallet, it makes robberies or bribes much more unlikely and prevents physical activities of counterfeiting bills.
- Reduction of entry barriers to banking. One of the challenges faced by banking systems in less developed economies is bankarization. One of the advantages of this digital system is that it considerably reduces the barriers of having an account or wallet to deposit your euros/cbdcdigits and be able to transact with them.
- Improvement of monetary policy to maintain greater monitoring. Central banks will have more context when making decisions about the currency’s monetary policy by having more information and data on its use. This is if the main difference with standard cryptocurrencies like Bitcoin is that monetary policy will depend on centralized institutions.
Types of tokens in the crypto ecosystem
Disadvantages of the Digital Euro and other CDBCs
- Learning curve: Digital technologies represent a great opportunity, but they have a steep learning curve (especially for less experienced users with this type of payment). This opens an opportunity for hackers and scammers, who will try to support users with their coins. Training will be a great challenge but a pillar of the possible success of this system.
- Currency weakness in the medium term: As the central banks regulate the rate of creation of new currency, and by summarizing the creation of these digital euros, this digital euro may continue to be a “weak” currency (compared to other reserves of value such as gold or Bitcoin) . Weakness or strength is determined by their relationship of existence/creation; the more currency creation, the more dilution of the value of each of them.
- Custody security will be critical. This is the counterpart of physical security, which is not the same in the digital world. If you are digital, you are potentially hackable.
When will the digital euro arrive?
The European Central Bank has studied the digital euro proposal in July 2019 and has defined an initial period in approximately 2023 for the research and development of the digital structure in which to run the same and a launch for 2025, at least.
This initial phase of research also includes a strong impact study, since it has to determine how the money is to be distributed among the central bank, commercial bank, merchants and individuals. In addition, it must be taken into account that the potential implementation of this system must bring with it legal and regulatory reforms that will take more time to manage.
Thus, the ECB stated that once the research part is completed, this payment system can be developed quickly through corporate venturing and collaboration with companies and banks. Even so, it is unrealistic to think of time horizons of less than 3 years. so that said digital euro is working in the hands of the masses, considering the need to recycle part of the monetary legislation so that it adapts to this new reality.
What did you think of this article about what is the digital euro and how it differs from a cryptocurrency? You already mentioned it!
Remember that in order to be up-to-date with sectoral trends in finance and blockchain, it is necessary to have extensive knowledge of the technology and the macroeconomic context of its impact on sector operations. For this, IEBS Business School has built the prestigious Master in Blockchain and Fintech We will wait for you!
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