According to the findings of a study by Afriwise, Kenya, Nigeria, and South Africa have the most developed fintech ecosystems on the continent. The study points to early regulation as one of the reasons for the industry’s success in these countries. Regulated Fintech Ecosystems Attract Investors Explaining the key role that regulation has played in…
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The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the Verkhovna Rada, the country’s legislature. The head of state has come up with his own suggestions and opposed the establishment of a new regulatory body that would require additional financing. Setting Up New Crypto Market Regulator Will Be Expensive, Zelensky…
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The U.S. has launched the National Cryptocurrency Enforcement Team, an initiative of the Department of Justice (DOJ), to tackle and prosecute “criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering.” U.S. Deputy Attorney General Lisa Monaco said, “The point is to protect consumers.” DOJ’s New Crypto…
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SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done. He noted that it would be up to Congress to make such a decision. Recently, Federal Reserve Chairman Jerome Powell similarly said that the Fed had no intention to ban or limit the use of cryptocurrencies. SEC…
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Representative Tom McHenry believes Gary Gensler’s SEC has disregarded standard practice when going after crypto. Gary Gensler, the head of the U.S. The Securities and Exchange Commission has confirmed that his agency does not have the authority or intention to ban cryptocurrency. While responding to questions during an Oct. 5 House Committee on Financial Services…
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Bitcoin’s futures markets premium and options risk gauge show no signs of excessive leverage or FOMO from traders — yet. Cryptocurrency markets rallied 12.5% over the past seven days to reach a $2.44 trillion market capitalization. However, that move doesn’t seem to be inspiring confidence because the same level was tested 16 days ago when…
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Aureo Ribeiro, a federal deputy in Brazil, stated that bitcoin might become a recognized currency in Brazil soon, during an interview with local media. The politician stated that Brazilians may be able to purchase houses, cars, and even fast food at McDonald’s with cryptocurrency in the near future. Bill 2.303/15, which regulates cryptocurrencies, might approve…
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Circle has published filings revealing it is cooperating with a subpoena from the SEC that it received in July. Circle, the company behind the world’s second-largest stablecoin USD Coin, has been subpoenaed by the U.S. Securities and Exchange Commission (SEC). According to an Oct. 4 regulatory filing from Circle, the SEC issued an “investigative subpoena”…
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Correlation does not imply causation, but these 3 indicators did signal prior to Bitcoin’s recent push to $49,000. In stock markets and the crypto sector, traders are always looking for a definite reason to explain an asset’s price action, which means it’s important to stress that correlation doesn’t imply causation. While it may be easy…
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The CEO of global investment bank JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic value and “regulators are going to regulate the hell out of it.” He emphasized: “If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.” JPMorgan’s Boss…
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