#CryptoCorner: Australian Regulator Issues New #Crypto and ICO Guidelines, Binance Partners with Cred, Russia’s Sberbank Suspends Crypto Plans
#CryptoCorner: Australian Regulator Issues New #Crypto and
ICO Guidelines, Binance Partners with Cred, Russia’s Sberbank Suspends Crypto
Plans
Point Roberts, WA, Delta BC May 30, 2019
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The Australian
Securities and Investments Commission (ASIC) has released a new set of guidelines governing ICOs and
cryptocurrencies. The framework – which is called INFO 225 – covers a range of
businesses operating in the crypto space, ranging from token issuers, trading
platforms, mining, transaction processors and wallet providers. The following
excerpt from INFO 225 clarifies that it is not an exhaustive information sheet,
and that additional laws from other regulatory bodies may also apply.
INFO 225 also refers to the Australian Consumer Law.
However, it does not cover Australian legislation administered by other
regulators who oversee ICOs and crypto-assets – such as the Australian
Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation
Office (ATO).
Crypto exchange
giant Binance has partnered with crypto
lending and borrowing company Cred. Part of the relationship will see Cred
migrating some of its ERC20 LBA tokens to Binance Chain, becoming the official
lending and borrowing provider for the decentralized ecosystem. Ted Lin, Chief
Growth Officer of Binance, said:
“We are delighted to be working with Cred to help scale
their efforts to more markets and users around the world through the power of
the Binance Chain, which has a one-second block time and will ensure
transactions and interactions by Cred’s users will be fast, efficient and
effortless.”
Russian outlet TASS reports that that
country’s largest bank, Sberbank, has suspended plans to work with
cryptocurrency following the central bank’s negative stance. Sberbank Vice
President Andrei Shemetov told reporters:
"Regarding cryptocurrency, we waited for
legislation that allows you to trade cryptocurrency. Since the regulator is
currently looking negative, we decided to suspend this cryptocurrency plan.”
The Egypt
Independent
reports that the Central Bank of Egypt (CBE) is drafting a new law that may
allow licensed crypto business operations which were previously banned in the
country. According to the article:
“…the new law provides legal authority for the
electronic authentication of bank transactions, electronic payment orders, and
transfer orders as well as for the electronic settlement of checks and the
issuance and circulation of electronic checks and electronic discount orders,
provided that Board of Directors of CBE issue rules and procedures regulating
all the aforementioned actions.”
Sam
Mowers, Investorideas
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