Welcome to Barmy’s Daily Crypto News – December 27th, 2022
1. In 2023, Japan will eliminate its restriction on international stablecoins like USDT and USDC
In 2023, the Financial Services Agency of Japan will relax the restriction on the domestic sale of stablecoins issued abroad.
According to the new stablecoin regulations in Japan, local exchanges will be authorized to conduct stablecoin trade as long as assets are preserved through deposits and there is a maximum remittance amount. International remittances may become quicker and more affordable if stablecoin payment expands, the research warns.
Based on the FSA, further laws regarding anti-money laundering measures will be necessary in order to permit stablecoin distribution in Japan. On Monday, the authorities began gathering comments on ideas for easing the stablecoin restriction in Japan. As was previously reported, a law to prohibit stablecoin issuance by non-banking institutions was approved by the Japanese parliament in June 2022.
Given that there are currently no local exchanges offering trading in stablecoins like USDT or USDC, the most recent move will have a substantial influence on cryptocurrency trading services offered in Japan.
2. Degods and Y00ts NFT Project Will Move to Alternative Blockchains
Two well-known Solana projects have declared that they are switching to new blockchains.
The non-fungible token (NFT) project that Degods described will transfer to the Ethereum network. Degods is an NFT venture that was launched in October 2021 and produced 10,000 deflationary PFP (profile picture) NFTs. The Y00ts NFT team announced its relocation to Polygon.
The shifts, according to both clubs, will happen in 2023. The two NFT projects will be moved from one chain to another at a time when the Solana project has already suffered from its previous ties to FTX.
3. Brazilian Securities Commission CVM Regulates Cryptocurrency Investment for Funds
Following the approval of a new set of regulations by the Brazilian Securities Commission, established funds are now permitted to invest in cryptocurrencies, creating a new market for these organizations.
The regulations, which were adopted after President Jair Bolsonaro approved a cryptocurrency bill last week, govern cryptocurrency investments in a way that will allow these businesses to benefit from the same protections offered for conventional financial assets like stocks and bonds.
The agreed framework expressly states that cryptocurrency operations must be carried out on Brazilian Central Bank or CVM-licensed exchanges. If these are made overseas, a local manager will need to handle the investments.
Not every asset will be permitted to join the portfolio of these funds though, as they must fit under the classifications laid forth in the recently enacted crypto law.
4. Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services
In its most recent foray into the world of digital assets, Fidelity Investments has submitted three U.S. trademark applications to offer services in the metaverse and other virtual worlds.
According to the documents, the company seeks to offer its conventional services in other realities. The applications make reference to NFTs, NFT marketplaces, investing in virtual properties, trading cryptocurrencies, and metaverse investment services.
Fidelity has adopted digital assets more quickly than the majority of other major financial firms, and in October it announced plans to add 100 more cryptocurrency experts to bring the total size of its digital asset team to 500. After initially promising a waiting list, the company opened up commission-free retail cryptocurrency trading accounts in November. The company has faced some opposition.
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