• UK passes House of Lords Bill recognizing crypto as ‘regulated activity’
• French regulator calls for global coordination on DeFi
• Altcoin ETPs see inflows amid BTC, ETH outflows
UK Recognizes Crypto as Regulated Activity
The UK House of Lords has passed a bill recognizing cryptocurrency as a regulated activity. This is seen as a major step in crypto adoption and acknowledges the legitimacy of digital assets. The new law will help create legal clarity and protect investors from fraudulent activities and unlicensed operators in the industry.
French Regulator Calls for Global Coordination on DeFi
The Autorité des marchés financiers (AMF), France’s financial markets regulator, has called for global coordination on „same risk, same regulation“ policy for decentralized finance (DeFi). AMF emphasized the importance of proper regulations to ensure consumer protection and market integrity. The regulator also noted that without clear rules, the crypto industry may become an unregulated Wild West environment.
Altcoin ETPs See Inflows Amid ETH, BTC Outflows
As alternative cryptocurrencies recover from recent declines, altcoin exchange-traded products (ETPs) have seen inflows amid outflows from Bitcoin (BTC) and Ethereum (ETH) ETPs. According to data from Bloomberg, alternative investments such as Fintech Zoom Shares‘ GBTC have seen significant outflows while altcoin ETPs are seeing strong inflows. This suggests that investors are increasingly interested in diversifying their portfolios with alternative investments outside of the two largest cryptocurrencies by market capitalization.
Terra’s Do Kwon Sentenced in Montenegro
Do Kwon, CEO of blockchain project Terra, was sentenced to four months’ imprisonment in Montenegro after being found guilty of money laundering charges related to his company’s activities in the country. Kwon had been accused by Montenegrin authorities of illegally operating an unlicensed money transmitting business within its borders. The court also imposed a fine equivalent to $500 USD on Kwon and ordered him to pay back all illegal proceeds he had acquired through his activities in the country within six months or face additional jail time.
Coinbase Criticizes SEC for Dodging Rule-Making Petition
Crypto exchange Coinbase has criticized the US Securities Exchange Commission (SEC) for dodging its rule-making petition which aimed at providing clarity around securities laws applicable to digital assets such as Bitcoin (BTC). Coinbase had previously filed a petition asking the SEC to provide clarity on how existing securities laws apply to cryptocurrencies but was denied by the agency which cited an inability to review every request before taking action due to resource constraints. Coinbase CEO Brian Armstrong expressed disappointment with this decision noting that it could lead other organizations wanting regulatory clarity regarding digital assets having nowhere else to turn but self-regulatory organizations which may not always be reliable sources of information.
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