Banks and Institutions
Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies
Brazil’s Senate has passed the country’s first bill governing cryptocurrencies in a plenary session, which will set the stage for the creation of a regulatory framework for the country’s crypto industry. The bill must be approved by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law in the country. This is expected to occur by the end of 2022
Fidelity to reportedly allow 401(k) retirement savings accounts to invest in Bitcoin
If approved by employers, retirement savers will be able to allocate 20% of their savings portfolio to Bitcoin without the need to open a crypto exchange account. The decision to offer Bitcoin exposure to 401(k) plan holders was based on high client demand. With over $4 trillion worth of assets under management, Fidelity was among the early mainstream financial institutions to dwell into crypto.
Cuban central bank makes it official: VASP licensing coming in May
The country’s central bank, will begin issuing licenses for Bitcoin (BTC) and other virtual asset services providers, or VASPs. Organizations that do not operate under this license and are required to do so will face penalties in line with existing banking and financial rules in the island nation. This move will probably foster the growth of Cuba’s nascent tech industry.
Germany’s Commerzbank Applies for Local Crypto License
If the license application is accepted, the second-largest German bank would be authorized to offer exchange and crypto-asset services. This makes it the first major bank in Germany to move towards crypto adoption. Commerzbank wants to help shape emerging digital ecosystems, especially with regard to custody and trading in non-physical assets.
Emmanuel Macron on crypto: ‘I don’t believe in a self-regulated financial sector’
While acknowledging that crypto and web3 “represent […] an opportunity not to be missed”, Macron once again reiterated his position stating that it is up to the public authorities to define the right conditions to allow the sector to develop in confidence while encouraging innovation in a pan-European approach.
Chinese court rules marketplace guilty of minting NFTs from stolen artwork
A court in the Chinese city of Hangzhou issued a one-of-a-kind judgment against a nonfungible token (NFT) marketplace for allowing a user to create (or mint) NFTs of stolen artwork. The court found the NFTCN platform guilty of not checking for forgery or intellectual property (IP) theft prior to allowing users to mint NFTs.
Technology
In Paris, a landlord proposes to pay the rent of his apartment with cryptos
In France, there is no prohibition against agreeing to set the lease price and rent payment in cryptocurrency. Neither Article 1728 of the Civil Code, nor Article 7 of the Law of July 6, 1989 provide for payment of rent in euros. Moreover, there is case law on the payment of rent in kind such as work done by the tenant. If companies do not pay yet their employees with cryptos, this kind of proposition can be expected to be seen more often in the coming years.
Figures
- NFT : Aku Collection loses $34 million due to a coding error.
- Sustainable energy usage for BTC mining grows nearly 60% in a year.
- Justin Sun to launch algorithmic stablecoin USDD on Tron, will use $10 billion of crypto as collateral.
