Rushing ‘token mapping’ could hurt Aussie crypto space — Fintech founder

Australian crypto entrepreneur and investor Fred Schebesta has described the Australian government’s prioritization of token mapping as “wonderful,” but warns that rushing it could lead to detrimental effects on the economy. Schebesta’s comments come after Australian Treasurer Jim Chalmers released a statement on Aug. 22 stating that the “treasury will prioritize token mapping work” in 2022 to show how “crypto assets and related services should be regulated.” Speaking to Cointelegraph, Schebesta believes Australia already has a “fledgling” crypto industry but needs to “align with the other major markets and their…

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Congresspeople chastise the Treasury for rushing new crypto monitoring proposal

Nine congresspeople have signed on to a letter to Treasury Secretary Steven Mnuchin, telling him to hold his horses.  The Thursday letter is in response to the Treasury’s recent proposal to make registered crypto businesses hold on to more customer information, especially when transacting with self-hosted wallets. The proposal has been met with widespread outrage from the crypto community. Among grievances, many cite the fact that Mnuchin is pushing this rule out just weeks before the administration of Joe Biden comes into power, and with it his likely replacement, Janet Yellen.  Accompanying…

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Institutions rushing into $19K Bitcoin as GBTC premium hits 6-month high

The demand for the Grayscale Bitcoin Trust (GBTC) continues to rise with its premium surpassing 30% on Dec. 3. This indicates that Bitcoin (BTC) is seeing increasing institutional demand as its price consolidates above $19,000. The Grayscale Bitcoin Trust is an institutional vehicle that is tradable in the United States through OTC markets. Accredited and institutional investors typically use the trust to obtain exposure to BTC with their brokerage accounts. Why is the Grayscale Bitcoin Trust premium rising? The Grayscale Bitcoin Trust is the go-to institutional vehicle in the U.S.…

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Binance and Others Are Rushing to Provide Stablecoins to Nigerian Crypto Users

The Nigerian cryptocurrency market may be on the verge of a local bull run, thanks to newly popularized avenues to the global market.  Emmanuel Babalola, Binance’s business manager in Nigeria, said he’s seen a 50 percent increase in signups so far in 2020, leading to “thousands” of new Binance users in Nigeria. Roughly 300 people signed up for a corresponding “masterclass” in Benin in January, teaching users how to set up their own personal wallets and experiment with margin-trading strategies. There was so much demand for the six-hour class that…

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