Fun

News Feed - 2023-11-08 09:11:06

Prashant Jha11 hours agoEU banking watchdog proposes liquidity rules for stablecoin issuersThe proposed guidelines are currently in the public consultation phase for the next three months and, if approved, will come into effect starting in June 2024.1867 Total views9 Total sharesListen to article 0:00NewsJoin us on social networksThe European Banking Authority (EBA) — the European Union’s banking watchdog — has proposed a new set of guidelines for stablecoin issuers that will set minimum capital and liquidity requirements.


The new liquidity guidelines aim to ensure the stablecoin can be quickly redeemed even during turbulent market conditions to avoid the risk of bank runs and contagion in a crisis.


Under the proposed liquidity guidelines, stablecoin issuers must offer any stablecoin backed by a currency that is fully redeemable at par to investors. The official proposal by the EBA noted that the stablecoin liquidity guidelines will act as a liquidity stress test for stablecoin issuers.


The EBA believes the stress test will highlight any shortcomings and lack of liquidity for the stablecoin, which can help the authority to only approve fully-backed stablecoins with enough of a liquidity buffer. The guidelines state:“The liquidity stress testing will help issuers of tokens to better manage their reserve of assets and generally their liquidity risk. Based on the outcome of the liquidity stress testing, the EBA or, where applicable, the relevant competent authority/supervisor, may decide to strengthen the liquidity requirements of the issuer.” 


Once approved, the guidelines are set to come into effect from early 2024. After implementing the guidelines, the authorities will have the power to strengthen the liquidity requirements of the relevant issuer to cover those risks based on the outcome of the liquidity stress testing.


Related:Binance plans to delist stablecoins in Europe, citing MiCA compliance


The proposed liquidity rules are aimed at issuers of stablecoins, which can be non-bank institutions, requiring them to meet the same safeguards and avoid unfair capital or liquidity advantages over banks. Currently, the proposal is in the consultation phase, where the general public can give their input. The public consultation phase is open for three months until a public hearing is scheduled on Jan. 30, 2024.


Magazine:‘AI has killed the industry’: EasyTranslate boss on adapting to change# Bitcoin# Blockchain# Europe# European Union# Stablecoin# RegulationAdd reactionAdd reactionRead moreHow to manage crypto losses on tax returns in the US, UK and CanadaSurvey: 65% of Spaniards aren’t interested in using digital euroCanadian MP urges community to study Bitcoin, cites Gensler’s pre-SEC stance

News Feed

SEC breaks from past policy guidelines in Uniswap crackdown
Ana Paula Pereira6 hours agoSEC breaks from past policy guidelines in Uniswap crackdownThe U.S. SEC Wells notice against Uniswap raises questions about consistency in policy enforcement.11240 Total views9 Total sharesLis
Gold-Based Digital Assets Issued in Russia
Gold-Based Digital Assets Issued in Russia A blockchain platform built by Russia’s largest banking institution, Sber, has been used to issue digital assets based on gold. The val
Crypto hacking losses decline in Q1 2024 — Immunefi
Amaka Nwaokocha1 hour agoCrypto hacking losses decline in Q1 2024 — ImmunefiThe report identifies 46 hacking incidents and 15 cases of fraudulent activities.312 Total views14 Total sharesListen to article 0:00NewsOwn t
LBank: Focusing on Real Estate and Finance, SimbCoin Swap Is Making an Impact on the African Market
LBank: Focusing on Real Estate and Finance, SimbCoin Swap Is Making an Impact on the African Market press release PRESS RELEASE. Blockchain that provides an environment of security,
J.W. Verret7 hours agoBinance’s DOJ settlement offers a glimmer of hope for the crypto industryChangpeng Zhao is out at Binance, but his company lives on. That suggests tacit affirmation from the Biden administration o
Crypto’s glass ceiling: Obstacles remain for women in Web3
Daniel Ramirez-Escudero8 hours agoCrypto’s glass ceiling: Obstacles remain for women in Web3Web3 is meant to be an inclusive sector, but more needs to be done to break the glass ceiling, as revealed by several testimon
Riot seeks three Bitfarms board members, says it holds 14.9% stake
Turner Wright8 hours agoRiot seeks three Bitfarms board members, says it holds 14.9% stakeThe mining firm said it intended to replace Bitfarms board members — including its interim CEO — with three people “complete
Bitcoin whale transactions hit highest level in 4 months amid crypto dip
Martin Young5 hours agoBitcoin whale transactions hit highest level in 4 months amid crypto dipSantiment found that wallets holding between 10 and 1,000 BTC “rapidly accumulated” as Bitcoin fell under $50,000 during
Crypto Exchanges Overwhelmed on Bitcoin’s Most Volatile Day of the Year
Crypto Exchanges Overwhelmed on Bitcoin’s Most Volatile Day of the Year Binance chief Changpeng Zhao referred to it as “Bloodbath day,” and many in the cryptosphere
Eyeing African Market, Binance Adds Nigerian Fiat-to-Crypto Gateway
Binance has added a fiat-to-crypto gateway for Nigeria’s Niara (NGN), the company said. Facilitated by payments network Flutterwave, the addition starts a new phase of Binance add
Bitcoin halving could be a ‘sell-the-news’ event, at least for a few months
Nancy Lubale3 hours agoBitcoin halving could be a ‘sell-the-news’ event, at least for a few monthsAnalysts say Bitcoin’s halving could be a sell-the-news event as short-term speculators and BTC ETF purchasers book
Kraken counters SEC’s legal interpretation in dismissal motion
Amaka Nwaokocha14 hours agoKraken counters SEC’s legal interpretation in dismissal motionKraken argues that the SEC’s efforts to refute unaddressed arguments indicate a misunderstanding of the case’s central points