Canada Moves to Regulate Stablecoins, Aligning With U.S. Crypto Policy Shift

Canada is showing the world the way forward on marijuana legalization. In Ontario, superior and appellate courts have ruled that Canada’s cannabis laws are null and void. Challenges to change federal law towards decriminalization, on the other hand, have failed. There’s a lesson to be learnt for blockchain regulators here. Nevertheless, Health Canada does regulate cannabis for medicinal purposes in a system industrial nations are looking towards as an example. As well, hemp plant cultivation is legal in Canada for seed, grain and fiber production. Public opinion finds more-and-more....

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the UK HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday. ....

Abkhazia, the self-governing but disputed territory of just 245,000 people sandwiched between Russia and Georgia, has lifted its two-year ban on cryptocurrency mining. The ban came into effect in December 2018 after a surge in mining activity left the region facing an energy crisis. Now, the government is moving to regulate the industry in an effort to flush out illegal miners as well as to control the amount of electricity utilized in the extraction of bitcoin. According to Abkhazia’s official cabinet website, the new plan will include regulation by the Ministry of Economy and a....

While there is no shortage of legislative initiatives to regulate stablecoins, the idea of the American CBDC remains problematic. Among a rich range of anxieties both for the crypto industry and the global economy at large, the summer of 2022 will be remembered as the time when the stablecoins proved themselves to be not so stable and thus came into the focus of regulators’ attention. The shock of the TerraUSD (UST) depegging in May opened a season of heated-up discussions on stablecoins around the world. The top financial officials from the Group of Seven (G7) largest advanced industrial....

Canada is not known for being hostile towards bitcoin but many didn’t expect recent authoritarian moves from their libertarian government. Canada’s Prime Minister’s recent moves point to a violation of civil rights and they are gazing at crypto in fear of seizable resistance tools (bitcoin). Previously The Canadian ‘Freedom Convoy’, a movement of protestors against […]