GB Market Commentary 23/02/2023
by Marcus Sotiriou
As Bitcoin consolidates around $24,000, there have been progressive advancements with crypto regulation globally.
Firstly, global payments giant Ingenico, who has 40 million terminals in 37 countries, now accepts crypto payments in France as it integrates a digital asset platform.
Furthermore, private Bitcoin wallets will not be banned by the EU's new anti-money laundering bill, so people will be allowed to legally participate in self-custody in the EU - a big win for crypto enthusiasts and digital asset platforms that implement self-custody.
In the US, a congressman has introduced a bill that would prevent the Federal Reserve from issuing a CBDC – whether this bill achieves this or not remains to be seen, but I think it is a step in the right direction for the US population, with the lack of sovereignty that CBDCs bring.
In addition, the Mayor of Lugano in Switzerland has revealed that in March they will launch a spring school program for Bitcoin education.
These advancements are contrary to recent US regulatory actions, as the New York and Federal finance regulators has opposed a $1.02 billion deal by Binance.US to purchase assets of Voyager. The bankrupt digital asset platform, Voyager, had previously argued that NYDFS objections are “hypocritical” because the regulators themselves are limiting the ability to distribute crypto.
Positive developments in other regions however, as mentioned above, are a reminder that crypto is a global asset class, and if the US runs the risk of being left behind.
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