Outlook Money
Here are some major developments in the world of crypto over the last few days
Two major crypto exchanges still allow customers of sanctioned Russian banks to transact on their platforms, said digital asset data analytics firm Inca Digital.
Huobi and KuCoin enable people to trade crypto using debit cards issued by sanctioned Russian banks like Sberbank, Hindustan Times reported quoting the Inca Digital report.
According to Inca Digital Chief Executive Officer Adam Zarazinski, this violates US and European sanctions, and many of these transactions involve Tether, a stablecoin, which has been under regulatory scrutiny.
“Tether is frequently used by Russians to move money out of the country,” he said. “It is used by these two exchanges, in particular, to provide crypto banking services to sanctioned Russian banks,” he added.
Huobi, KuCoin, and Tether did not respond to the allegations.
The report also accuses Binance, the world’s largest cryptocurrency exchange, of offering Russians “multiple ways to convert local currency into cryptocurrency.” The report said these ways are provided at their over-the-counter trading desk and peer-to-peer marketplace.
IMF Board Offers Guidance On Developing Effective Crypto Policies
The International Monetary Fund (IMF) executive board provided guidance for member countries to develop effective crypto policies. According to Bitcoin.com, the board stressed developing comprehensive crypto regulations to “better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation.”
On Thursday, IMF informed that a regulatory framework was developed that “can help members develop a comprehensive, consistent, and coordinated policy response” to crypto assets.
“By adopting the framework, policymakers can better mitigate the risks posed by crypto assets while also harnessing the potential benefits of the technological innovation associated with it,” IMF said.
The first element of the framework described by the IMF is to “safeguard monetary sovereignty and stability by strengthening monetary policy frameworks and do not grant crypto assets official currency or legal tender status.”
It also entails guarding against “excessive capital flow volatility,” adopting “unambiguous tax treatment of crypto assets,” and enforcing “prudential, conduct, and oversight requirements to all crypto market actors.”
To safeguard monetary sovereignty and stability, IMF Executive Board Directors generally agreed that crypto assets should not be recognised as official currency or legal tender.
Spotify Looking Into Web3 Wallet Integration
The world’s largest music and audio streaming platform, Spotify, is working with different digital asset companies to test NFT -enabled playlists for token holders.
The feature could allow NFT holders to access music collections curated by blockchain-based companies, such as Overlord and Kingship, by connecting their wallets to the Spotify app. Android users in the United States, United Kingdom, Germany, Australia, and New Zealand can test the feature.
“At Spotify, we routinely conduct several tests to improve our user experience. Some end up paving the path for our broader user experience, and others serve only as important learnings. We have no further news to share on plans at this time,” a spokesperson for the application said.
As a result of the announcement, Web3 music tokens have seen an increase in demand. The token values of blockchain companies like Viberate (VIB), Audius (AUDIO), and Rhythm (RHYTHM) have all surged since the pilot was announced.
