STASIS Stablecoin Digest 27.12.2019
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Dec. 29, 2019
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Regulation and monetary policy

Crypto Custodians Grapple With Germany’s New Rules

Under a law going into effect Jan. 1 requiring digital asset custodians to be licensed, each company that currently custodies crypto and targets German clients must announce to Germany’s Financial Supervisory Authority (BaFin) its intention to get a license before April 1 and submit an application before Nov. 1.

Crypto Firms Can Now Apply for a License in France

France’s top financial regulator has published new rules regarding the licensing of digital asset service providers (DASPs) as well as guidelines for firms applying for the non-mandatory license and informing the regulator about internal cybersecurity practices.

8 Congress Reps Send Letter to IRS Urging Further Crypto Tax Clarity

Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws.

Cyprus SEC Flags 3 Trading Platforms That Look Suspiciously Similar

Cyprus’ Securities and Exchange Commission (CySEC) recently issued a warning against almost 200 unregistered investment platforms, three of which look strikingly similar and falsely advertise ties to licensed and regulated firm BDSwiss.

Crypto Legislation 2020: Analysis Of 21 Cryptocurrency And Blockchain Bills In Congress

As of the end of 2019, Congress has introduced 21 bills addressing cryptocurrency and blockchain policy that could be considered in 2020 by the second year of the 116th Congress. Indeed, U.S. legislators have been busy examining the landscape of how this new technology has been and could be impacting businesses, consumers, and society at large. Although Congress introduced a total of 22 bills that involve cryptocurrencies or blockchain technology, there are three main public policy areas that will likely be the continued focus of the 116th Congress into 2020.

Draft “Cryptocurrency Act of 2020” Circulated in US House of Representatives

“The Crypto-Currency Act of 2020” proposes definitions of “crypto-commodity” (fungible, blockchain-based); “crypto-currency” (“representations of United States currency or synthetic derivatives resting on a blockchain,” including stablecoins); “crypto-security” (“all debt, equity, and derivative instruments that rest on a blockchain or decentralized cryptographic ledger”).

Competitors

Gemini Partners with State Street on Reporting Pilot

This month saw some exciting developments in the crypto sphere as the State Street Corporation announced it chose the Gemini custody as a strategic partner in its new crypto pilot program. The joint-venture is part of a broader goal to launch a reporting pilot for cryptocurrency holdings. If successful, the project will enable investors to view reporting on both traditional and crypto investments simultaneously.

Paxos Remarks on a Great 2019, Reveals Future Goals

The Paxos Trust Company is planning to expand its offerings in the coming year, and create "white-label" stablecoins for firms looking to digitize their assets.

Analytics and opinions

China Denies Similarities Between Bitcoin and CBDC

Central Bank of China, the People’s Bank of China (PBoC), has announced its digital currency (CBDC) is ready for launch and it won't be a speculative asset like bitcoin (EXANTE: Bitcoin).

Bank of Russia Starts Testing of Stablecoin in Regulatory Sandbox

The Central Bank of the Russian Federation, the Bank of Russia, has begun testing stablecoins in the regulatory sandbox.

BOC Governor Mentions Stablecoins And Digitalization In His 2020 Vision

Bank of Canada’s Governor Stephen Poloz talked about his future vision and issues for 2020. At his year-end speech, held on December 12, Governor Poloz discussed economic issues and structural forces acting on Canada’s global economy. His talk focused on Canada’s inflation, population growth, monetary policy and other fiscal concerns. He also touched on the impact of digitalization and the future of money. In this context, Governor Poloz points out that emerging payment technology, which includes Bitcoin and stablecoin applications, is a continuing area of study.

Fed Governor Comments On Stablecoins Future

While this talk had other panelists, who spoke on a range of policy subjects, Ms. Brainard's thoughts were about digital developments in monetary policy and central banking. In particular, consumer fraud and cybersecurity risks for using cryptocurrency were a primary concern. However, the reality of distributed ledger technology and stablecoin innovations highlight the need for regulatory cooperation in different national jurisdictions.

A crypto year in review from KR1

Managing director and co-founder of crypto investment company KR1, Keld van Schreven, provides his review of crypto developments in 2019

The Main Property of Cash is Anonymity, How about Stablecoins?

What will happen to the centralized stablecoins in terms of payment anonymity? At the moment only one thing is clear: the banks will likely force masses to use their stablecoins with anonymity or without it.

New projects, partnerships, and investments

Poloniex Simplifies KYC Policy

Cryptocurrency exchange Poloniex has announced that from now on, all new customers can sign up and begin trading using only an email address and password.

World's Largest Gaming Company to Study Cryptocurrencies

Chinese conglomerate that listed among the world's largest gaming, tech, social media, venture capital firms and investment corporations Tencent Holdings Limited is planning to open a cryptocurrency-focused research arm.

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