Chasing the hottest trends in crypto, the EU works to rein in stablecoins and DeFi

Chasing the hottest trends in crypto, the EU works to rein in stablecoins and DeFi

In cryptoland, the fall tends to be regulators’ open season. As unprecedented as it’s been, 2020 is no exception to this trend. Tensions are high on both sides of the Atlantic: As markets were still processing the news of the United States Commodity Futures Trading Commission cracking down on derivatives exchange platform BitMEX, the Financial Conduct Authority, the British financial watchdog, moved to ban retail investors from using cryptocurrency derivatives altogether.

The densely packed news cycle has somewhat muffled the impact of another regulatory bomb that dropped a week earlier and is bound to have major lasting effects on the global financial system: The European Union’s proposed legislation for crypto-asset markets.

The far-reaching framework, designed to bestow regulatory clarity upon digital finance businesses serving residents of the European Economic Area, is bound to be especially consequential for two interconnected domains of the crypto industry that have dominated the narrative throughout much of 2020: stablecoins and decentralized finance applications. What gives?

Stablecoins as a threat to stability

At the moment, the draft, known as the “Regulation on Markets in Crypto-assets,” or MiCA, exists in the form of a proposal put forth by the European Commission, the EU’s executive branch. It is still bound to go through a rather lengthy legislative process before it becomes law, meaning that it might take months and even years before the new rules kick in.

The text makes it apparent that stablecoins, which are also called “asset-referenced tokens” and “e-money tokens” in the document, have been squarely at the top of European lawmakers’ minds: MiCA singles out this asset class and affords it a bespoke regulatory framework.

Under the proposed law, stablecoin issuers will have to be incorporated as a legal entity in one of the EU member states. Other requirements include provisions related to capital, investor rights, custody of assets, information disclosure and governance arrangements.

Albert Isola, the minister for digital and financial services of Gibraltar, explained to Cointelegraph that the reason for the European Commission’s heightened attention to stablecoins is the authority’s concern for the Eurozone’s financial stability:

Stablecoins are widely considered to potentially bring significant benefits as a digital method of payment, providing for greater financial inclusion and a more efficient method of transferring funds. They are also viewed as a potential risk to financial stability and integrity and could dilute the effectiveness of monetary policy. It would appear logical that the European Union may not welcome an entity other than the European Central Bank issuing Euro in an electronic format.

Isola mentioned that “disruptors,” such as the prospective stablecoin Libra, have the potential to significantly decentralize the control of currencies.

Seamus Donoghue, vice president for sales and business development at digital finance infrastructure provider Metaco, cited the impressive growth of the stablecoin market in recent months as a prerequisite for regulatory attention, which he called a “positive response”:

The USDC stablecoin’s market cap alone has grown 250% in 2020 from $520 million to $1.86 billion, with a significant acceleration in growth over the last two months. Bank regulators have no doubt also observed that although the asset class in the context of the traditional payments space remains relatively small, it has the potential to have a huge impact on regulated banks and payments incumbents.

The specter of Libra

Illustrating the depth of the top EU officials’ concern over preserving the union’s monetary sovereignty is the fact that, earlier in September, “finance ministers of Germany, France, Italy, Spain and the Netherlands issued a joint statement outlining that stablecoin operations in the European Union should be halted until legal, regulatory and oversight challenges had been addressed,” said Konstantin Richter, CEO and founder of the blockchain infrastructure company Blockdaemon.

Richter added that some of the more visible figures in European financial policy, such as the German minister of finance, Olaf Scholz, have advocated for the introduction of the regulatory framework.

Most experts who talked to Cointelegraph mentioned Facebook-backed stablecoin Libra as the point of departure in the EC’s thinking about the dangers and opportunities that asset-referenced tokens present.

MiCA opens with an explanatory memo that discusses how the crypto asset market is still too “modest in size” to pose a serious threat to financial stability; however, things can change, the framers admit, with the advent of “global stablecoins, which seek wider adoption by incorporating features aimed at stabilizing their value and by exploiting the network effects derived from the firms promoting these assets.” There has been a single stablecoin project to this date falling into the scope of this description: Libra.

Mattia Rattaggi, board chairman at FICAS AG — a Swiss-based crypto investment management firm — opined that stablecoins are the application of blockchain technology with the highest probability of big impact — something regulators are well aware of:

Stablecoins have grasped the attention of regulators over 12 months ago with the presentation of project Libra by Facebook and have since been closely monitored by the public and regulators around the world. Regulators are realizing that stablecoins are bound to increase efficiency in the payment system — particularly the international one — and promote financial inclusion.

Further hedging against the potential disruption of the Eurozone’s monetary stability, the MiCA proposal specifies even stricter compliance requirements for issuers of asset-referenced tokens deemed “significant.” The significance criteria include the size of the customer base, market cap, volume of transactions, and even “significance of the issuers’ cross-border activities and the interconnectedness with the financial system.”

Bad news for DeFi?

Stablecoins largely power another sprawling domain of crypto financial activity: a diverse array of applications and protocols that exist under the umbrella of decentralized finance. Given the stringency of the proposed requirements around asset-referenced tokens, it is plain to see how complicated things can get if, say, the bulk of liquidity locked in a certain decentralized protocol is denominated in a stablecoin that is not compliant by the MiCA standards.

Another major source of uncertainty is the requirement for all crypto-asset service providers, or CASPs, seeking authorization to operate in the EU to be legal entities with an office in one of the member states. Whether the European authorities will treat individual DeFi apps as CASPs remains an open (and central) question, but if this is the case, developer teams maintaining DeFi protocols might be forced to come up with workarounds that will stretch the notion of “decentralized” incredibly thin.

In their response to the proposed regulation, members of the International Association for Trusted Blockchain Applications expressed their concern that MiCA could effectively bar European residents from participating in DeFi markets.

Martin Worner, the chief operating officer and vice president of blockchain tooling provider Confio, believes that compliance issues could be resolved by implementing on-chain governance mechanisms tailored to specific jurisdictions’ regulatory frameworks:

[This could be] achieved within a self-sovereign framework where the institutions can develop compliant DeFi instruments, which work within their jurisdictions. Just as there are rules about businesses in different jurisdictions and how they do cross-border transfers, the same would apply on the blockchain.

Elsa Madrolle, international general manager at blockchain security company CoolBitX, told Cointelegraph that by the time MiCA becomes law, the DeFi landscape will have likely changed, much as the ICO landscape changed rapidly after the initial boom. By that time, “it will be quite clear what is required of DeFi projects to operate in the EU or seek out EU customers.”

Madrolle thinks that at that point, DeFi projects will fall into one of two categories — regulated and unregulated — and the big question will be whether the rest of the world will align itself with the European framework.

Nathan Catania, a partner at XReg Consulting — a regulatory and policy firm that has recently published a breakdown of the proposed regulatory framework — is hopeful that it is possible for regulators to reconcile MiCA requirements with not regulating DeFi out of existence. Catania said:

I believe that a project which is sufficiently decentralized and does not provide the service on a professional basis to a third party cannot be considered a CASP and there is still room for DeFi projects to exist.

Today, many DeFi protocols are far from being fully decentralized. The battles over how much decentralization is good enough are still ideological and are primarily fought inside the crypto bubble. It looks like the day when regulators join this debate will come, but with some very tangible implications for crypto businesses.

Source: elexonic.com

Author: by elexonic


Crypto Arbitrage – Anti-flu remedies, medication and services via single search engine

Crypto Arbitrage – Anti-flu remedies, medication and services via single search engine

October 19, 2020

Arbitrage is the manipulation of a difference at the rates of a particular belongings in a couple of niches for benefit.
Basic arbitrage performance involves buying purchase in a market where its price is much more economical and selling it at yet another market at a greater price. Even more intricate arbitrage surgeries might consist of selling and buying of many assets at a sizable number of markets, which cancel one another and make a gain inside their fingers on. The accepted educational Phrase of arbitrage demands the surgery be more rewarding, in each of the probable scenarios.
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The situation is more inclined to be always a likely arbitrage, in which in fact the operation anticipates the benefit succeeds to be more positive, although in a few cases there could be a loss.
The existence of an arbitrage gap involving niches indicates their inefficiency. However, the fact gaps don’t exist at the modern cash markets is because not only to inefficiencies but in addition to low trade expenses, such as for instance trading and conversion prices, that reduce the merit of arbitrage transactions. On the other hand, the mere act of arbitrage manipulation, closing the gap and earning industry efficient. For example, if in two money markets, then a specific money is traded at different rates, then the arbitrage dealers can offer marketplace demand with all the affordable value and give the money in the market at which the purchase price will be rather expensive. This can improve the purchase price from the market where in fact the affordable value and decrease the cost purchase from the market where the pricey value, until the prices are compared.
Practically, in contemporary markets arbitrage detection surgeries are carried out by personal computers and software, and the openings close quickly. Your rivalry between the traders suggests the workers inside the subject attempt to sit at maximum geographical proximity to the biggest market of commerce, so as to decrease the conversation time.
As you understand, electronic currencies not trading same price at most market’s and also there are often price interruptions and some times very large gaps that render arbitrage dealers using good profit and hazard free! How can this work?

Example
If the Bitcoin price is $10,000 at binance stage And also the Bitcoin price 10,005 at the HitBTC platform buy it for £ 10,000 and sell it for $10,005 (per 1 btc) Since there is an $5 difference (less buying + Advertising commission)
With all the Arbitrage Crypto Trading Systemyou can execute the order few Seconds, and it is a significant characteristic for dealers! In this instance You can earn £ 5 threat!!!
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Arbitrage trading is achieved each day by traders all around the globe but commonly from the Forex industry, this transaction has at all times been deemed industry professionals, Because they secure traders. Sounds fascinating, guarantees you, even if you’dtc maybe not knowledge, you amazed easy to understand and specialize on the newest crypto arbitrage dealing platform.
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Crypto arbitrage’s are different from Forex arbitrage’s, because in Forex needs of stock is transaction in one stuck market just, thus the compromises are somewhat bigger. But, there isn’t only one digital currency witch trade just one trading platform, even contrary, many monies have been exchanged 5-100 of distinct investing system.
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Source: newcityjingles.com

Author: About The Author
Beth Miller


The easiest ways to generate passive income - SmartRewards, SuperRewards and SmartNodes

The easiest ways to generate passive income – SmartRewards, SuperRewards and SmartNodes

SmartCash offers all its holders several ways to get attractive returns. These are the system of rewarding long-term holders and the SmartNodes (MasterNodes) network.

The system of rewarding long-term holders, or SmartRewards aka “staking” allows any user who has from 1000 SMART at one address to earn an attractive rewards. This percentage is much better than the bank can offer if you make a deposit and much safer than other staking systems, where you risk your money and do not have access to your coins for a long time. Sending funds to a third party is quite controversial and you cannot be sure that 10 % per year is worth the risk you take for your money.

The reward system in SmartCash allows you to earn coins on any wallet – desktop or mobile, the only thing the user needs is just to activate the address – in fact, send the full amount at the address to the same address twice. The system will detect this transaction as 1 input = 1 output and if the maximum amount has been sent, this address automatically claims for rewards.

In order to receive rewards, you need to have from 1000 SMART at your address and this is currently less than 5 USD! This is one of the lowest thresholds and any user can easily get started with it. You can also easily buy SmartCash through Changelly right inside Coinomi, Edge or Ellipal mobile wallets.

In addition, if the balance at the address is more than 1 million SMART users can get even higher interest (SuperRewards) – currently about 33% per year. The activation process remains the same.

Example: With 1 million SMART at the address + holding within a year = you will receive 33 % of yearly yield. It’ s 330k SMART or almost 1200 USD at the current exchange rate.

Weekly rewards and compound interest

Addresses that qualify for rewards receive them every week. In 200 blocks after the end of the round (round is a period of about 7 days), addresses will start receiving rewards.

The more time users hold coins, the higher the yearly yield. From the 4th week of holding onwards – you will receive the maximum yearly interest. But if you have spent money from the address, you need to activate the address again and the 4-week period will start again. This means that a 4-week period after spending, you will receive smaller rewards than if you had not made the outgoing transaction.

The final percentage of reward depends on the number of activated addresses and can be higher or lower every week.

Advantages

No risks, full control over your coins and weekly rewards make the SmartCash rewards system one of the most attractive passive income systems in the crypto segment at the moment. Easy activation in such wallets as Coinomi, Edge, Ellipal or Atomic – one of the most popular multi coins wallets. In addition, the simple activation process allows any user to join and try one of the easiest ways to earn new coins, even easier than creating a masternode or mining.

Source: coinlance.com


Do You Want Reliable Crypto Trading TRY PGI GLOBAL & See Today ! - Business To Business

Do You Want Reliable Crypto Trading TRY PGI GLOBAL & See Today ! – Business To Business

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1993 Milwaukee Cryptosporidiosis outbreak - Wikipedia

1993 Milwaukee Cryptosporidiosis outbreak – Wikipedia

  • 1987 Carroll County Cryptosporidiosis outbreak
  • Pryor Avenue Iron Well
  • Water supply
  • Cryptosporidium and public health (Drinking Water and Health Newsletter)
  • Cost of Illness in the 1993 Waterborne Cryptosporidium Outbreak, Milwaukee, Wisconsin (CDC)
  • Cryptosporidium: A Risk to Our Drinking Water (Wisconsin DNR)
  • Graphic Presentation of the Milwaukee Cryptosporidium Outbreak (CDC)
  • A Massive Outbreak in Milwaukee of Cryptosporidium Infection Transmitted through the Public Water Supply (New England Journal of Medicine)
  • Source: en.wikipedia.org


    Chasing the hottest trends in crypto, the EU works to rein in stablecoins and DeFi


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