Bitcoin

Bitcoin Daily: Financial Action Task Force Seeks Stablecoin Regulation; Binance Buys Debit Card Platform Swipe; Daimler Completes Blockchain Data Sharing Test

Financial Action Task Force Seeks Stablecoin Regulation

Regulators are taking in an interest in stablecoins, with the Financial Action Task Force (FATF) noting in a report the digital currencies need to adhere to norms to offer protection from the terrorism financing and money laundering, Bloomberg reported. As a result, exchanges, and those who help them, will probably need to authenticate user identities and follow other digital asset procedures that FATF put forward in 2019. Stablecoins like tether were created in the wake of pronounced swings in the value of digital currencies. The FATF report, for its part, was made for central bank governors and G-20 finance officials. Chainalysis Global Head of Policy and Regulatory Affairs Jesse Spiro said per the report, “My assumption would be that FATF will update guidance in relations to stablecoins in the near future.”

In other news, blockchain company Binance has acquired digital wallet and Visa debit card platform Swipe, according to an announcement. As of now, Swipe supports an array of digital assets that stay in their native format up to the point of a transaction. At that time, the digital asset is changed over to fiat and put through the payment rails of Visa. Binance CEO Changpeng Zhao (CZ) said in the announcement, “By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.” Swipe, for its part, is available in 31 nations in the European Economic Area.

And decentralized data exchange technology Ocean Protocol said it successfully completed an experimental project for Daimler, according to an announcement. The core of the effort was to look into “decentralized data orchestration” for the automaker and encompassed all of the Ocean Protocol’s various parts. Hartmut Mueller, vice president IT technology and cross functions, Daimler AG, said in the announcement that the “collaboration with Ocean protocol enables us to build a secure enterprise B2B data marketplace to monetize and put data to work.” Ocean Protocol, for its part, noted that onboarding, sharing and user verification are able to be turned on.

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