Monat: April 2023

Key takeaways

• Andrew Griffith has estimated that the UK could roll out its crypto regulation within a year.

• He pointed out that the UK is working hard to become a crypto hub, promoting innovation while ensuring progressive regulation.

• Coinbase’s CEO recently revealed that the crypto exchange could relocate from the US due to regulatory uncertainties.

UK’s crypto regulation could be out soon

Andrew Griffith, the economic secretary to the U.K. Treasury, told CNBC in an interview earlier this week that the United Kingdom could roll out digital asset regulation within 12 months. 

According to Griffith, the UK wants to take advantage of the benefits that blockchain technology can bring to the private sector and the economy. The senior minister added that the long-term vision is to enable firms to make the most of the opportunities from crypto assets while ensuring sound regulation. 

He pointed out that the UK government is well-positioned to regulate the crypto ecosystem in a proportionate manner. The UK’s exit from the European Union allows it to look at crypto regulation independently of the broader Europe. He said;

“I think over the next 12 or so months is the window. We’ve got this great asset in the U.K., we’ve got control back of a rule book — not something the U.K. has had for decades — so we’ve got the ability to move in an agile and proportionate way.”

The senior minister added that the United Kingdom is currently in a growth mindset as seeks to maximise the economic efforts led by tech innovation in the private sector.

Crypto regulatory framework to consist of new and existing rules

According to Griffith, the cryptocurrency regulatory framework would be a combination of existing financial asset laws and new crypto-specific rules. He stated that;

“Wherever possible, we want to see the same asset regulated in the same way, but there are some additional opportunities in the crypto asset or distributed ledger space, and we want to take advantage of that.”

He revealed that the regulation of stablecoins is included in the financial services bill, and it is coming even sooner than the broader crypto regulatory framework. 

When asked about the UK’s efforts regarding a central bank digital currency (CBDC), Griffith said it would take time before it is launched. He said

“If you’re going to have a sovereign digital currency, you’ve got to have the highest level of resilience and infrastructure, so that’s not going to happen overnight.”

This latest cryptocurrency news doesn’t come as a surprise, as the UK is one of the leading global financial hubs. 

Earlier this week, Coinbase’s CEO Brian Armstrong spoke at the Fintech Week in London, revealing that the crypto exchange could relocate from the United States due to regulatory uncertainties. 

The post UK could roll out crypto regulation within a year, says senior minister appeared first on CoinJournal.

• Zipmex says it filed for the court extension as it seeks to find a solution that suits its customers and an investor.
• The moratorium was put in place following Zipmex’s bankruptcy filing in July last year.
• The cryptocurrency exchange says it is negotiating with new investors even as it engages the current one.

Zipmex, a cryptocurrency exchange that filed for bankruptcy amid last year’s crypto market contagion, has provided an update to its investment deal.

Per an announcement published today, Zipmex says it is seeking an extension to the moratorium currently in place amid its bankruptcy proceedings. 

The exchange revealed that it had filed for a two-month extension from the Singapore bankruptcy court after an investor delayed payments agreed upon as part of the exchange’s restructuring.

Zipmex Asia seeks 2-month moratorium extension

After missing the March tranche of payments and impacting Zipmex’s Z Wallet operations, the said investor asked for the investment agreement – the Scheme of Arrangement – to be modified. The investor reportedly also sought the crypto exchange to modify the investment amount.

“As of today, the investor claims that the SSA has lapsed and that it is no longer bound to abide by the terms of the SSA. The investor has also demanded a return on its working capital loan,” Zipmex wrote.

According to the update, Zipmex is now in talks with the investor as it looks to find a solution that would suit all parties. Knowing that the delay impacts customer withdrawals and the planned reopening of Z Wallet, the company has also begun negotiating with new investors.

This is why the Zipmex team is looking to have the moratorium extended for two months to allow it to find the best possible solution for its customers.

As CoinJournal reported, the Southeast Asia exchange halted withdrawals in July before filing for bankruptcy protection. At the time, Zipmex revealed $5 million and $48 million exposure to collapsed Celsius Network and Babel Finance respectively.

The post Zipmex files for two-month extension to moratorium appeared first on CoinJournal.