As the US debates legislation to normalize crypto, China isn’t sitting still. Today, Hong Kong granted its first stablecoin licenses, with HSBC and Standard Chartered JV grabbing the coveted permission. Hong Kong has granted stablecoin issuer licenses to HSBC Holdings and Anchorpoint Financial, which is a joint venture between Standard Chartered, HKT, and Animoca Brands. This is a meaningful signal that Hong Kong, despite China’s on-again off-again relationship to crypto, seeks to become a regulated hub for stablecoins. These formal licenses set guidelines for reserve requirements, audits and other regulations aimed at consumer protection, bringing the wild west of crypto into something looking more like traditional banking. As more and…
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G’Day, Coinbase!
Goliath exchange gets Aussie permission; closer to “everything exchange” by expanding offerings and geography
Coinbase must be cranking AC/DC, the Little River Band and Rick Springfield in the halls of its SF headquarters. Securing an Australian Financial Services License (AFSL) is a significant step toward expanding its global footprint, positioning itself ahead of new regulatory requirements that will soon apply to digital asset platforms in the land down under. The move effectively transitions Coinbase from a long-standing market participant into a fully regulated financial services provider within Australia. “The AFSL – granted ahead of incoming legislation that will require digital asset exchanges to hold one – provides us with the regulatory foundation to bring the Everything Exchange to Australia,” the company said in a…
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India May Ban Cryptocurrency Payments
The threat of decentralization scares the country’s central bank
India’s Parliament is soon to enter winter session, and many legislators are pushing for the banning of cryptocurrency as a form of payment, but Indian investors could still buy and sell it as an asset. The government is also currently working on a bill that would ban advertising by crypto firms within the country. This would include any platform or exchange on which you could buy or sell cryptocurrency. The Reserve Bank of India, the central bank of the country, is aiding in pushing much of this crypto reform.. They have held numerous closed door meetings in the past few weeks with the government about how to address this issue. …
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Mastercard Accepting Crypto Payments
A Look Into Cryptocurrency in The Asia-Pacific Region
On November 8, 2021, Mastercard made an important announcement regarding their payment systems in the Asia-Pacific region. Because of the company’s partnerships with Amber Group, Coinjar, and Bitkub, anyone in the region will now be able to apply for a crypto-linked Mastercard. This will allow users to instantly convert their cryptocurrency into fiat dollars which they can spend wherever you can use a normal card. This doesn’t mean that people will be paying for their purchases in Bitcoin (BTC) or other coins, but instead Mastercard does an instant transfer from crypto to fiat. This allows for buyers to use the card at any merchant that accepts normal cards, which gives…
