U.S. Securities and Exchange Commissioner (SEC) Hester Peirce, well known for her pro-cryptocurrencies views, said increased interest in the space will necessarily force the regulatory body to shift toward a more accommodating stance, according to a recent interview with Cointelegraph.
- Ã¢ÂÂWhile weÃ¢ÂÂve been very slow in giving guidance, there is more and more interest from a wide spectrum of people, both inside the crypto space as well as inside the traditional financial institutions who are asking us for guidance,Ã¢ÂÂ Peirce said.
- Ã¢ÂÂSo I think weÃ¢ÂÂre going to be forced to confront that more and more in the coming years.Ã¢ÂÂ
- Peirce also said that pro-crypto moves in the U.S. by the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency as well as actions by regulators in other countries are also slowly prodding the SEC into action.
- While there are a lot of people at the SEC
As the cryptocurrency world matures with more and more jurisdictions legalizing it and ensuring crypto becomes an industry standard, cryptocurrency receives a quality mark that proves that it can earn users’ trust. Over the next four years, the European Union will introduce new rules that will allow the introduction of blockchain technologies and crypto assets into the traditional financial sector.
For now, however, the need to obtain regulatory approval for financial activities remains the main obstacle to entering the market, which is also associated with a large waste of time and money for startups — although this is not always the case. Additionally, each business model requires a specific type of license.
Crypto regulators and types of authorization
The Swiss Financial Market Supervisory Authority, or FINMA, regulates banks, crypto and fintech projects. There are five types of authorization for financial activities in the country — licensing, recognition, authorization, approval and
Huobi Global, a leading digital assets company, recently published a survey that looks into the different investment profiles and backgrounds of retail cryptocurrency traders in emerging markets.
According to a release, the survey results indicate that crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) have become a key entry point to financial or asset management for many individuals. Although most retail crypto traders have some type of exposure to other financial products, few have “actively invested” in traditional investments such as stocks, bonds, and mutual funds, the survey revealed.
Ciara Sun, VP of Global Business at Huobi Group, stated that for a digital currency exchange that provides services to millions of users globally, it’s important for the company to be informed about the changing requirements and preferences of retail traders. Sun added that the survey aims to “take an active pulse of users in emerging markets.” This should
- $100 million startup BRD announced new partnerships with high-profile cryptocurrency companies to work with its developer platform Blockset, a suite of tools to allow large enterprise companies to build blockchain applications.
- The company zeroed in on established firms in the finance world like Deloitte, Fidelity Investments, and KPMG, which is using Blockset to build crypto infrastructure for big banks.
- This comes a few months after the US announced that any national bank could offer cryptocurrency services, legitimizing a once rogue area of finance.
- Hundreds of companies now use Blockset for their enterprise infrastructure.
- Visit Business Insider’s homepage for more stories.
$100 million blockchain startup BRD rolled out cryptocurrency tools and partnerships now used by Deloitte, KPMG, and Fidelity as part of its mission to make cryptocurrency more accessible
$100 million blockchain startup BRD rolled out cryptocurrency tools and partnerships now used by Deloitte, KPMG, and Fidelity as part of its
Following last yearâs QuadrigaCX collapse and loss of client funds, Canadaâs crypto exchanges are going the extra mile to rebuild the trust of consumers.
Announced Wednesday, Toronto-based Coinberry has acquired a financial institution bond, a requirement for registration with its provincial securities regulator, the Ontario Securities Commission.
The move is a concrete example of a general tightening of regulation in Canada, particularly in the wake of the Quadriga debacle.
Related: A New Attempt to Tokenize Real Estate Projects in Mexico and Canada
âEvery Canadian crypto user remembers Quadriga and the impact of that is still fresh in the back of their minds,â said Coinberry CEO Andrei Poliakov. âPeople still have to trust exchanges and platforms to use crypto and the investment on Coinberryâs part protects against the corrupt human element that has struck the personal finances of many Canadians.â
Read more: Gerald Cotten: Mystery Man
In the U.S., surety bonds
Last year, before a pandemic changed the world, surveys showed millennials and adult-age Generation Z respondents steadily developing a curiosity in cryptocurrencies if not buying into the bigger idea that the technology will transform money.
20% of affluent millennials – the cohort born between 1980 and 1996 – invested in cryptocurrencies, compared with just 3% for the general population. Meanwhile, an online Harris/Blockchain Capital poll found 60% of people aged 18-34, a demographic covering six years of Gen Zers and 10 of millennials, were “somewhat familiar” with bitcoin, compared with 43% overall. ” data-reactid=”20″A Michelmores survey in the U.K., for example, found that 20% of affluent millennials – the cohort born between 1980 and 1996 – invested in cryptocurrencies, compared with just 3% for the general population. Meanwhile, an online Harris/Blockchain Capital poll found 60% of people aged 18-34, a demographic covering six years of Gen Zers and 10
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