Blockchainreporter Weekly News Review, Crypto Industry Faces More Regulations
The crypto industry’s recent progress around the globe has paved the way for several developments. Several jurisdictions are now making endeavours to provide security to crypto consumers especially Singapore and South Africa, as reported this week. Moreover, the crypto exchanges like OKX are offering new trading services to facilitate traders.
Furthermore, prominent giants like Alchemy Pay and Helio Protocol’s new collaborations also present a progressive prospect for the crypto market. Nonetheless, this week also witnessed an investigation launched by Australian ASIC against the regional subsidiary of Binance. Additionally, the Chinese authorities reportedly eliminated the chances to embrace crypto.
Singapore Fortifies Crypto Regulations by Holding User Assets in Trust
The Monetary Authority of Singapore (MAS) has recently taken measures to improve the regulatory agenda and investor protection in the crypto market. In this respect, the agency mentioned the latest actions that will direct crypto exchanges to keep the assets of the users in trust. Moreover, the agency has a strategy to prohibit staking and lending operations for retail crypto investors.
According to the MAS, the respective measures are focused on ensuring the safety of the user funds and minimizing the likely hazards posed to the investors. Especially after disastrous events such as the FTX implosion, there is a need for additional security measures, the agency added. With these measures, Singaporean authorities are following their commitment to fortify the regulatory zone for industry.
Central Bank of China Dismisses the Speculations Regarding Crypto Adoption
The Chinese central bank has wiped out the recent speculations regarding a potential lift of the prohibition on crypto. The appointment of Pan Gongsheng as the central bank’s top official from the Communist Party has reiterated policy continuity. Gongsheng’s appointment places him as the likely aspirant for the governor of the country’s central bank.
Back in the year 2021, the central bank implemented a straight ban on the entirety of the transfers dealing with cryptocurrency. The respective prohibition also highlighted attractive remarks made by him during a former crypto crackdown. At that time, he referred to a Kedge Business School professor Eric Pichet who predicted Bitcoin’s demise. The country is still focusing on the advancement of its digital currency and the apprehensions dealing with money laundering as well as money laundering.
South Africa Takes Radical Measures by Implementing Licensing Requirements to Protect Crypto Investors
South Africa intends to turn into the initial African jurisdiction mandating licensing for the exchanges of crypto assets. The country’s Financial Sector Conduct Authority (FSCA) has started embracing license applications. In this respect, the compliance deadline is the 30th of November. The goal of this development is to protect crypto clients from likely vulnerabilities and risks.
The FSCA has obtained several applications up till now, indicating the market’s preparedness to abide by the regulatory measures. As per the FSCA Commissioner Unathi Kamlana, this decision stresses the significance of the users’ protection from likely fraudulent operations. The agency has clarified that enforcement actions would be taken against those entities who remain working without a license following the due date.
Alchemy Pay and BitMart Join Forces for Ramp Solution
The digital payment giant Alchemy Pay’s recent collaboration with the digital trading entity BitMart intends to offer on and off-ramp solutions. This endeavor permits crypto purchases with conventional payment methods like Visa as well as Mastercard. Additionally, users can conveniently convert digital assets into fiat currency.
Moreover, Alchemy Pay intends to enhance its accessibility in the mainstream by enabling payments for crypto and Web3-related services. Along with that, the respective integration can be carried out on the platforms such as DeFi protocols, NFT marketplaces, and exchanges. The partnership also allows consumers to leverage minimized fees and more assistive conversion rates.
Helio Protocol to Widen up the DeFi Sector by Partnering with Synclub
Helio Protocol, a famous Web3 payment entity, has merged with a PoS infrastructure forum Synclub to create a united platform to advance the future of the LSTs in the DeFi. As a part of this merger, the platform also plans to develop an exclusive foundation within a year. This will potentially result in crucial modifications to the operational structure of the firm.
Additionally, the firm intends to issue a governance token also. The respective token would be utilized for governance as well as voting across diverse sub-entities. Ultimately, the contract benefits from the proficiency and structure of Synclub regarding the infrastructure dealing with facilities related to staking-as-a-service.
OKX to Start Signal Trading to Transform the Execution of Strategies by the Traders
The prominent crypto exchange OKX recently announced the launch of Signal Trading. It is an exclusive forum structured to fortify traders with remarkable execution of strategies and high-quality signals. The company will offer automated trading plans called “signals.” They are the result of the technical analysis to indicate whether to sell or purchase crypto assets.
As per the platform, the project will launch in August or September this year. With this, the traders can reach several signal providers, taking into account professional traders and investors. A well-known feature of this project is that it is integrated with TradingView. This integration enables the creation of signals straightly on TradingView to save effort and time.
ASIC Initiates an Investigation into Binance Australia to Search for Its Office
Recent reports say that the Australian Securities and Investments Commission (ASIC) has started an investigation into Binance Australia to search for its office. This move is included in a probe into the firm’s recently terminated derivatives business. The respective investigation deals with the allegations related to the misclassification of retail investors among wholesale consumers. A Binance spokesperson has disclosed that the firm is collaborating with regional officials.
As per the spokesperson, the platform is committed to complying with the regulatory standards established by the local authorities. The crypto exchange has been going through regulatory investigations and difficulties around the globe. Back in March this year, the United States Futures Trading Commission (CFTC) submitted a lawsuit confronting the crypto exchange as well as Changpeng Zhao (its CEO) on the charges of illegitimate exchange operations. Additionally, the US SEC accused both parties of infringing securities laws.
