Upswings in Crypto Market as FCA Set to Work With International Regulators While Russia Outlaws Crypto Payment
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- The UK Financial Conduct Authority (FCA) has called for cooperation with the US regulators in developing a cryptocurrency regulatory framework.
- Russian President Vladimir Putin signed a fresh bill outlawing cryptocurrency payment methods into law.
- UK Financial Conduct Authority (FCA) pointed out the importance of international collaboration in regulating cryptocurrency.
Putin, Russia’s president, signs a new law outlawing cryptocurrency. The UK Financial Conduct Authority (FCA) has called for cooperation with the US regulators in developing a cryptocurrency regulatory framework. In the meantime, the Paraguayan Senate approved legislation allowing miners to mint crypto coins using excess energy.
President Putin Signed a Fresh Anti Crypto Bill Payment
According to reports, Russian President Vladimir Putin signed a fresh bill outlawing cryptocurrency payment methods into law on Thursday. The recently marked law drives using digital assets to purchase goods and services illegal.
The initial bill from June 7th prohibits the “introduction of other monetary units or monetary surrogates on Russian Federation territory.” Before President Putin signed the bill into law, it was backed by all of the Russian parliament chambers.
The parliament is currently debating two other crypto-related bills.
As per the reports, one of these bills will regulate cryptocurrency miners’ activities in Russia. Miners must follow specific processes and sign up as sole proprietors. The second law requires firms focused on digital assets to obtain licensing and risk disclosures.
UK Watchdog FCA May Collaborate with US Regulators
The UK Financial Conduct Authority (FCA) pointed out the importance of international collaboration in regulating cryptocurrency.
FCA stated in a tweet: “Our relationship with US regulators is essential in delivering consistent outcomes, deepening ties on crypto-asset regulation and market development.”
As a result, the United Kingdom seems to have conformed with other governments, including Singapore and the United States, to form an international Organization of Security task force.
Nikhil Rathi, FCA’s chief executive, stated that the regulator does not currently have the authority to create a crypto-focused regulatory framework.
According to Nikhil Rathi: “We sounded the alarm over supervising Binance and placed restrictions on it so it could not undertake any regulated activity in the UK without written consent… Many of the issues we face also require an international response. We greatly value ongoing enforcement cooperation between the FCA and US agencies, including the SEC, CFTC, and DOJ, creating an important set of precedents demonstrating the ability to act effectively globally.”
The Senate of Paraguay has approved a bill allowing Bitcoin miners to use excess energy. According to recent reports, the South American country of Paraguay will soon become a hub for Bitcoin mining activities. This comes after the Senate passed a new bill allowing Bitcoin miners to use excess energy supply for mining purposes.
According to reports, the new bill is designed to optimize energy consumption.
Concerns about Thailand’s Oldest Bank acquiring Bitkub
Thailand’s most aged bank (SCB X Pcl) revealed the intention to acquire Bitkub, the country’s biggest crypto exchange, in late 2021. However, recent delays have cast doubt on the agreement. Some speculate that the delays indicate that the bank is pulling out of the deal.
Last week, the SCB stated that they are still trying to conduct due diligence while consulting with regulators. The possible explanation for the delays in this transaction is the increased regulatory scrutiny of Thailand’s crypto industry. Therdsak Thaveeteeratham, an analyst at Asia Plus Securities Pcl, recently stated:
“Bitkub is a critical step for SCB in its expansion into a digital asset and fintech businesses… The delay casts further doubt on the deal’s completion. This would be a major setback for SCB’s regional tech ambitions.”
Today’s Bitcoin, Ethereum, and Crypto Market Turns Bullish
Despite the ongoing market issues, the cryptocurrency market appears to have taken a slight bullish turn. Bitcoin, Ethereum, BNB, XRP, ADA, SOL, and Doge have all seen significant gains in the last 24 hours. For example, Bitcoin currently trades at $21,069, a 2.5 percent increase from its previous day’s value. Ethereum has gained approximately 6% in the last 24 hours and is now trading at $1266.
In the last 24 hours, the crypto market cap has increased by nearly 2.38 percent. However, it is currently unknown what triggered these bulls. However, ETH recently completed a successful shadow fork, indicating that the beacon chain merge is imminent. That piece of good news could be the catalyst for the current bull market.
