The UK Treasury is proposing legislation to regulate cryptocurrency

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The UK Treasury has proposed legislation to regulate cryptocurrency companies.

The consultation paper was released on May 31 after the collapse of Terra LUNA crypto and UST stablecoin, sending the entire industry in a downward spiral.

The paper highlighted the importance of stable coins in innovation, but also their impact on broader financial stability in the event of systemic failure.

He called for changes to existing legislation regarding the Financial Market Infrastructure Special Administration Scheme (FMI SAR), which was established to address the risks associated with systemic failures in payment systems.

The proposed new rules will give the Bank of England control over cryptocurrency companies with the power to appoint an administrator in the event of default.

In addition to the mandate to ensure continuity in services for companies moving beyond insolvency, the document says, the changes will include an additional goal to ensure the return or transfer of customer funds and assets in deposit.

“Continuity in service may not be sufficient to mitigate risks to financial stability due to the failure of a systemic business DSA (digital settlement asset), especially where a large number of individuals may lose access to the funds and assets they have chosen to hold. as DSAs, “the newspaper said.

A DSA may include stablecoin issuers, wallet providers, and third-party payment providers.

“The government considers it important to ensure that existing legal frameworks can be effectively used to manage the risks that companies’ DSA systems can exclude with a view to financial stability,” it also reads.

The consultation period ends on 2 August and will be submitted to the Folketing at a later date.

Cryptocurrency card

Forbes has suspended plans to be made public through a SPAC merger, reports The New York Times. Crypto-exchange Binance unveiled a $ 200 million investment in Hong Kong-based media and front-line firm Magnum Opus Acquisition in February. A merger would have valued Forbes at $ 630 million, but the decision to withdraw was reportedly made due to the recent poor performance of SPACs.

The South Korean government has approved an investment of £ 117.1 million for preserved metaverse projects. It has already integrated a metaverse platform to provide citizens with virtual public services and plans to create a “K-metaverse academy” to support metaverse startups around the world with the aim of producing 40,000 professionals during ‘2026 .

Singapore authorities have launched a pilot program for digital assets to explore the potential of decentralized financing – “Project Guardian” – in collaboration with JP Morgan, Marketnode and DBS Bank.

Users of major Ethereum-based blockchain games – including Axie Infinity, The Sandbox and Decentraland – have fallen 96% from the peaks in November 2021, according to a new report from Arcane Research.

Crypto prices

The total market value of over 19,600 coins is $ 1.3 billion at the time of writing (7 am UK)a decrease of 1% in the last 24 hours.

Bitcoin market leader – tan original cryptocurrency created by the mysterious Satoshi Nakamoto – fell a little to around $ 31,600. BTC is 6% increase in one week.

Ethereum, the second most valuable cryptocurrency – created as a messagedecentralized network for smart contracts on blockchain – a 3% drop to $ 1,930. ETH drops 3% in one week.

Binance Coin is one cryptocurrency created by the popular crypto exchange Binance to help it become the infrastructure service provider for the entire blockchain ecosystem. Its BNB token fell slightly to $ 318 and saw a 4% drop in seven days.

Cardano is an open source network that facilitates dApps that see themselves as an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, added 7% to 60 cents is still up 16% during the week.

Ripples XRP token, and payment settlement assets exchange and remittance system, acts as a bridge for transfers between other devices. XRP lost 2% to fall below 42 cents, but rose 3% over seven days.

Solana is a blockchain designed to make decentralized financing available on a large scale – and capable of processing 50,000 transactions per second. Its SOL token fell 6% $ 44.70 and is down 9% from a week ago.

The Meme DOGE coin was created as a satire on the hype involving cryptocurrencies, but is now a major player in space. DOGE fell 1% to 8.6c, leaving a 3% increase in one week.

Polkadot was founded by the Swiss-based Web3 Foundation as an open source project to develop a decentralized web. Its DOT token, which aims to connect blockchains securely, lost 2% to profit $ 10.27 and is 2% higher than the price a week ago.

Avalanche is a lightning-fast auditable platform for institutions, companies and governments. Son The AVAX token fell 8% to $ 25.53 and has fallen 11% in one week.

To see how major currency valuations have changed recently – and to get an overview of the latest developments in cryptocurrency news – click here.

For valuations of the 100 best coins by market value in US dollars plus 24-hour price changes, see below.

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