tl;dr
Research can correct wrongful thinking. I was wrong and got corrected. This is what is on my mind today.1. The Canadian Securities Administrators, the combined group of Canadian securities regulators, introduced a new requirement demanding all digital asset trading platforms file a "pre-registration...
Research can correct wrongful thinking. I was wrong and got corrected. This is what is on my mind today.
1. The Canadian Securities Administrators, the combined group of Canadian securities regulators, introduced a new requirement demanding all digital asset trading platforms file a "pre-registration undertaking" while their license applications are under review. In another move, Canada is restricting how much crypto a person can purchase in a given year to $30K. There are 4 exception under this rule. Bitcoin, Ethereum, Litecoin and Bitcoin Cash are all excluded from your annual limit calculation. The two combined regulations may spell a dim future for crypto in the country.
2. Back in March I told you about the indictment of the founder of BitConnect in the US for a $2.4B alleged Ponzi scheme. Well, following that indictment, India has not filed a complaint against Satish Kumbani for what they believe is a multi-million dollar scam. This speaks directly to what I keep telling my kids and you: do your own research. Know who is involved in a given project and what their track record is. You will never be 100% correct, but you will be 100% sure you did the research.
3. The EU is about to introduce far more strict crypto regulation. The regulations are supposedly meant to hamper nefarious crypto transactions. So they are stepping up anti-money laundering (AML) and countering of financing of terrorism (CFT) regulation and enforcement. Given where the EU has proven where they stand regarding crypto, I am of the mindset there is more afoot than they are admitting.
4. The CEO of Brian Armstrong released a statement that Coinbase will shut down staking rather than censor at the protocol level should the US government make such a request. Remember, the SEC is investigating Coinbase's staking program. This would be a good move for what would be seen as a seriously iron-fisted move by the already frowned upon SEC if it happened. That said, I guess Coinbase needed some good press for a change. Not to mention they are in dire need of some good will. Think about it, what was announced is a hypothetical.
5. The war between those supporting a hard fork of Ethereum due to the merge is heating up. Several protocols, like Aave, are pushing for exclusive support for Ethereum upcoming move to proof-of-stake (PoS). Although members of the Aave DAO are set to review the proposal, there seems to already be a general consensus to turn down any forked versions that continue using the proof-of-stake consensus mechanism. I fully expect these battles to continue all the way through to the merge, and, perhaps, even a little while after. With that said, Ethereum developers have completed all of the preparations for the merge.
6. South Korea is going after digital asset exchanges like MEXC, Bitglobal, Bitrue and others for operating in the country without receiving local licensing. The message was sent a while back that countries around the world are beginning to crack down on this type of behavior. This is one of the reasons why CryptoCom has been on what seems to be a global compliance tour. The more trouble an exchange gets into with local regulators, the less trustworthy I think they are. Think about it. They are literally flouting laws that equate to a simple request to let governments know their intentions. In some cases, I would not expect outcomes for the continued practice to bode well for them if they do not start cleaning up their respective acts.