06 Jul 2021 · 3 min read
UBS Warns Of Regulation While Crypto Adoption Signs Keep Coming + More News
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Swiss banking giant UBS has warned its clients that regulatory crackdowns "could pop bubble-like crypto markets," making bitcoin (BTC) unsuitable for professional investors, per Business Insider. The note to clients stated that China’s crackdown on crypto had already hurt the market, but also that the UK and US are possibly considering tougher rules for crypto as well.
- The US Financial Crimes Enforcement Network (FinCEN) said that Michele Korver, who led a "distinguished career" at the US Department of Justice, now serves as FinCEN’s first-ever Chief Digital Currency Advisor. "Korver will advance FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation," they added.
- The American CryptoFED DAO received notice from the Wyoming Secretary of State's office that this newly formed Decentralized Autonomous Organization is the first DAO legally recognized in the United States. (Learn more: This Is How DAOs Are Taking A Greater Role in the DeFi and NFT Sectors)
- The Indian Minister of Finance Nirmala Sitharaman has disclosed in a recent interview that the cabinet note for the country’s crypto bill is ready, according to The Hindu Business Line. "From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available," she was quoted as saying. There were no further details provided about the note or when final decisions can be made.
- Allied Payment Network, a provider of online and mobile digital payment services, said it has partnered with NYDIG, a Bitcoin-focused technology, and financial services firm, to enable financial institutions to offer their customers the ability to buy, sell and hold BTC. Allied added it will make an unspecified allocation to bitcoin for its corporate treasury, facilitated by NYDIG.
- The Hong Kong-based app maker Meitu said it has no plans to sell its BTC and ethereum (ETH) holdings as "the blockchain industry is still in its early stage and that cryptocurrencies have ample room for appreciation in value over the long-term."
- Major crypto lender Nexo (NEXO) said it has contributed to the USD 16m private token sale of decentralized digital asset infrastructure and technology provider Qredo. Nexo intends to leverage Qredo's self-custodial wallets for a number of upcoming applications to bridge decentralized finance (DeFi) and centralized finance (CeFi).
- BlockFi said that its Rewards Visa® Signature Credit Card has concluded its Beta testing period, and the company has started inviting people from the top of the credit card waitlist to apply for the card and start using it in the real world.
- The Banque de France said it has successfully carried out an experiment on the use of a central bank digital currency (CBDC), involving a simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. The experiment required the development and deployment of smart contracts so that the central bank could issue and control the circulation of the coins while ensuring that each transfer took place simultaneously with the delivery of the securities.
- Crypto platform Bitpanda said it has appointed Irina Scarlat as its first Chief Growth Officer, to be responsible for managing its European expansion plans, as well as business development and marketing teams. Scarlat previously worked as the Global Head of Growth at mobile banking app Revolut, before which she had built and led Uber's marketing function in Romania.