The following report is by Coin Telegraph:
Last week saw more rules and regulations emerge regarding digital assets. Thailand’s Securities and Exchange Commission issued new rules requiring digital asset service providers to warn customers of risks associated with cryptocurrency trading. The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks. Apart from a trading risks disclaimer, the new guidelines prohibit service providers from using customers’ funds for lending or investment.
The Monetary Authority of Singapore announced new requirements for crypto service providers to hold customer assets in a statutory trust by the end of 2023.“This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT [digital payment token] service provider’s insolvency,” the authority says.
South Africa’s financial regulator, the Financial Sector Conduct Authority, has announced that all crypto exchanges in the country must obtain licenses by the end of 2023. If crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines or the closure of noncompliant firms.
In Belarus, the Ministry of Foreign Affairs is working on legal amendments prohibiting peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin. The ministry argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.”
Binance Australia Offices Were Reportedly Searched By The Local Regulator
The Australian Securities and Investments Commission conducted searches at Binance Australia locations. The investigation was part of an ongoing probe of Binance’s now-defunct Australian derivatives business. Binance’s representative did not confirm or deny to Cointelegraph whether the company’s offices were searched or whether the company was aware of a local probe. “We are cooperating with local authorities, and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a spokesperson for Binance Australia told Cointelegraph.
Denmark Orders Saxo Bank To Erase Cryptocurrency Holdings
Financial regulators in Denmark are coming after cryptocurrency service providers, declaring that local banks cannot hold cryptocurrency to hedge against trading risks. The Danish Financial Supervisory Authority (DFSA) officially ordered local investment bank Saxo Bank to dispose of its own holdings in crypto. According to the DFSA, Saxo Bank offers its customers the opportunity to trade a number of cryptocurrency products through its platform. The firm also offers several crypto-linked exchange-traded funds and exchange-traded notes, the regulator said, adding that “it is possible to speculate on crypto assets.”
Twitter Receives Money Transmitter Licenses In Three U.S. States
Twitter Payments, a subsidiary of Elon Musk’s Twitter social network, appears to have received its first money transmitter licenses after Michigan, New Hampshire and Missouri approved the company’s applications. A money transmitter license allows a company to provide transfer services or payment instruments. This differs from a license to conduct sales in that it’s meant to offer consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and services.
It remains unclear at this time exactly what offerings will be on tap if and when Twitter Payments eventually rolls out. The company applied for licenses in all 50 United States states, and there’s no clear timeline for the approval process.
AUTHOR COMMENTARY
At the same time all of this happening, central banks are rapidly working to rollout their CBDCs, including the Federal Reserve’s FedNow instant payment transfer system.
After doing more research into the cryptocurrencies and NFT sectors, currently, I do not think every last one of them are scams in of themselves; however, the space is ripe with them and leaves a lot of dead horseflies to stench up the ointment, in what was supposed to be a way to get out of the central bank-controlled and fiat dollars and currencies.
I’ve binged watched a lot of videos by a YouTuber named Coffeezilla, and he is legitimately one of the last real honest investigative journalists out there; and he primarily exposes a lot of these crypto, NFT, Ponzi, and get rich quick schemes on his channel. He has heavily advocated for government regulation into this industry to prevent these nefarious scams. And while I am usually very much against the government increasing it’s power and scale even more than it already is, after watching his content, I am more than persuaded that regulation needs to be there.
SEE: Be Careful Of Crypto Scams, Especially On Twitter And Social Media
However, I think this was the plan all along. Feel free to call me a tinhat conspiracy theorist, but I think a lot of these crypto and NFT scams were created on purpose by these psychos in the government and central banks, paying out celebrities and other entrepreneurs to shill these coins, pump & dump and rug pull them, wait for the fallout and cries for regulation, and then incomes the central banks and world governments with their regulations that basically shut down the space; while at the same time implementing the CBDCs as the replacement, now that people’s interest and familiarity was peaked.
European Central Bank Calls For Global Cryptocurrency Regulation After FTX Fallout
White House Calls For Stricter Control Of Cryptocurrencies
Germany’s Deutsche Bank Applies For Digital Asset License To Become “Crypto Custodian”
Let me know what you think of that theory.
But in the end, as I said earlier, these regulations are coming as the CBDCs are arriving at the same time or soon thereafter; which will mean a massive loss in freedom and personal liberty.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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