Quick Take
Wirex will not include XRP in a US version of the app when it launches in January.
Ziglu has decided to suspend XRP trading as of January 12
A handful of crypto wallet firms in the UK are contemplating whether to prevent millions of customers from trading XRP.
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December 30, 2020, 6:15AM EST
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1 min read
The New York Department of Financial Services (NYDFS) has given Japanese tech giant GMO Internet the green light to issue two stablecoins a dollar-pegged coin (ZUSD) and a yen-pegged coin (GYEN).
GYEN is the first non-USD stablecoin approved by the NYDFS. Both GYEN and ZUSD will be issued by GMO-Z.com Trust Company, a limited liability trust company that has been granted a charter by the NYDFS.
GMO said to win approval for the trust, it had to meet stringent requirements for cybersecurity programs, as well as federal standards for anti-money laundering and economic sanctions. The stablecoins are expected to launch next month and will be powered by Ethereum.
December 23, 2020, 10:14PM EST
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3 min read
The price of XRP has been in a tailspin since news broke that the Securities and Exchange Commission would sue Ripple for conducting an initial coin offering of the digital asset.
In the wake of the suit, which Ripple has described as an affront to the entire cryptocurrency market, a number of firms have begun cutting services tied to XRP, which Ripple has tried for years to get banks to adopt. The suit was released just a day before SEC chairman Jay Clayton announced he would resign.
Now, a former commissioner of the regulator is crying foul, describing the suit as unprecedented, given the upcoming change in power among the SEC s top ranks and presidential administration next month. In a letter to Clayton obtained by The Block, former SEC commissioner Joseph Grundfest said: no pressing reason compels immediate enforcement action.
December 23, 2020, 5:30PM EST
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1 min read
The White House has released a statement on regulatory considerations for stablecoins and it includes the potential for limitations on multi-currency stablecoins.
The statement comes from the President s Working Group on Financial Markets, which is a Treasury-centric working group that makes recommendations to the president and federal regulators.
The group highlighted the importance of anti-money laundering and counter financial terrorism measures, including on-chain know-your-customer (KYC) verification among all parties, even unhosted wallets. This comes after the Financial Crimes Enforcement Network unveiled a proposed rule that would also create heightened KYC requirements for transactions between money service businesses and unhosted wallets.
UK regulator announces temporary registration regime, extends operating deadline to July 9 for existing crypto businesses
Quick Take
The U.K.’s Financial Conduct Authority (FCA) has just announced a “temporary registration regime” for existing crypto businesses.
The new regime allows crypto firms that have applied for registration to continue operating until July 9, 2021.
The previous deadline was January 10, 2021.
The U.K. s Financial Conduct Authority (FCA) has just announced a temporary registration regime for existing crypto businesses.
The new regime allows crypto firms that have applied for registration to continue operating until July 9, 2021. The previous deadline was January 10 of that year.