European Watchdog Sets Aside 1,000,000 Euros for Crypto Monitoring

European Watchdog Sets Aside 1,000,000 Euros for Crypto Monitoring
фото показано с : blokt.com

2018-10-9 14:49

The beginning of 2018’s final quarter is showing increased activity in the cryptocurrency space. Retail investors are hoping for bullish crypto days to return again, while adoption is improving consistently across the globe. Turbulence in the crypto flight is common. A raging example of this was witnessed when Google claimed that searches for top coins had reached new lows. The news is in stark contrast with a Fundstrat survey, which says that most institutions believe that Bitcoin has already bottomed.

At a time like this when extremely contradictory cryptocurrency news is common, regulations in Europe and the US are also adopting unique approaches. While a European compliance agency is including cryptocurrencies in its annual budget, Wyoming wants to create a separate bank for cryptocurrencies.

ESMA’s One-Million-Euro Budget

The European Securities and Markets Authority (ESMA) has dedicated one million euros to monitoring activities related to fintech and digital currencies, reports Bitcoin.com. The organization is tasked with ensuring that the requirements of the Markets and Financial Instruments Directive of the European Union are adhered to.

Its Annual Work Program for 2019 suggests that it is planning to follow trends in the fintech and crypto industries to identify risks. The authority is also planning to provide recommendations to consumers and other market participants on this matter. ESMA checks on binary options and contracts-for-difference (CFD) providers for compliance. CFDs and other financial derivatives are currently banned in the EU.

New Wyoming Bill for Crypto Bank

Meanwhile, a new bill in the Wyoming State Legislature could help in creating a specialized financial institution for cryptocurrency and blockchain companies. The state of Wyoming has always adopted a crypto-friendly attitude. And some members of the legislature are now working with financial experts to create a draft law that would focus on providing banking services to crypto businesses. Reliable and secure banking services are uncommon in the crypto industry, and authorities have not been that proactive when it comes to the development of a crypto marketplace.

The bill will create provisions for the establishment of special purpose depository institutions (SPDI), and an SPDI can operate as a licensed state money transmitter. Then it can provide exchange services for both fiat and crypto transactions. The organization will work within the ambit of the federal banking system.

The draft also suggests that the new bank would be mandated to maintain a 100-percent cash reserve to match the digital money in its account. Minimum balance requirements for institutions will be $100,000, which could either be fiat or digital currency.

European Watchdog Sets Aside 1,000,000 Euros for Crypto Monitoring was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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