Welcome to Barmy’s Daily Crypto News – July 18th, 2022
1. CZ: Binance Won’t Get Into Stock Trading
No matter how many additional users it would bring in, Binance isn’t interested in offering equity trading.
On the most recent episode of the gm podcast, CEO Changpeng Zhao said that while cryptocurrency exchanges that offer the service are neither right nor bad, swapping equities is contrary to the company’s guiding principles.
Some cryptocurrency companies are focusing on attracting new customers with new features as they struggle with the general market fall. Customers can now trade equities in accounts paid with stablecoins thanks to FTX, which started doing so in May. However, CZ stated that he would prefer to see Binance concentrate on creating more Web3 products, disregarding the fact that stock trading has shown to be a lucrative sector for numerous retail investment platforms, such as Robinhood and Webull.
2. US & UK To Deepen Ties In Terms Of Crypto Regulations
Nikhil Rathi, CEO of the U.K. Financial Conduct Authority, spoke about the FCA’s regulatory objectives on Wednesday at the Peterson Institute for International Economics.
“One area of global focus is crypto, both opportunities and risks,” the FCA chief said. “Currently, our remit is limited to anti-money laundering rules for platforms. We have applied those strict rules as we would to any other firm that wants to operate in the U.K. market.”
The regulator further announced: “The U.S. and U.K. will deepen ties on crypto-asset regulation and market developments — including in relation to stablecoins and the exploration of central bank digital currencies.”
3. SEC Chair Gary Gensler Outlines What To Expect On US Crypto Laws
In a chat with Yahoo Finance Live on Thursday, SEC Chairman Gary Gensler explained what may be anticipated from his organization regarding American cryptocurrency legislation. He was questioned:”What can we expect from the SEC in the coming months on the crypto regulatory front?”
Gensler answered: “More broadly, the public right now would benefit from investor protection around these various service providers … the exchanges, the lending platforms, and the broker-dealers.”
Gensler emphasized that he has regularly invited trading, lending, and cryptocurrency exchange platforms to speak with him. He stated that the SEC is authorized by Congress to change some rules in order to better safeguard investors, claiming: “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection.”
4. Central African Republic Announces 210M Sango Coin Sale In Late July
The Sango token will start being sold on July 25 for the equivalent of $0.10 in the Central African Republic (CAR), the only nation in Africa to declare bitcoin official tender. According to a different story, the sale might even start earlier, on July 21.
The minimum purchase price for the crypto token, which has been dubbed the nation’s digital currency, is $500, and payment must be made in cryptocurrencies like bitcoin and ethereum.
A total of 210,000,000 tokens will be made accessible to cryptocurrency fans who are interested in taking part in the initiative, according to information on the Sango coin website. Investors who take part in the CAR’s “powered by the bitcoin blockchain” first digital currency system have the chance to become citizens of the African nation.
5. Paraguayan Senate Approved Of Domestic Cryptocerrency Use
To provide greater certainty to investors committed to the industry in the region, Latam countries are working to standardize and regulate cryptocurrencies. On July 14, the Paraguayan senate approved a cryptocurrency bill that lays out a number of guidelines that businesses and individuals must abide by in order to use cryptocurrencies.
Now the Senate of Paraguay has approved. With minor recommended adjustments, the bill—which had already been submitted to the deputy chamber—was adopted, establishing precise definitions and tax exemptions for businesses engaged in cryptocurrencies and crypto mining.