Good Morning Dinar Recaps,

WHY INDIA IS DELAYING CRYPTO REGULATION—THE SURPRISING REASON BEHIND IT!

India has yet to publish its long-awaited discussion paper on cryptocurrency policy. The country’s focus is elsewhere. For months, there was an expectation that the government would outline its stance by September. However, other pressing issues are now taking priority. So, what’s going on with India’s crypto policy, and why is it taking so long? Let’s explore what’s happening with crypto in India and why it’s not on the top of the list.

Delays, Priorities, and More Delays
According to insiders, India was supposed to release a discussion paper on crypto. This paper was expected to provide a direction for future regulation, especially after consultations with the central bank and markets regulators. However, there is no clear timeline anymore. Why? The country’s officials are dealing with more urgent issues. For now, crypto policy is on the back burner.

Competing Priorities in India
One big reason for the delay is the sheer number of competing priorities the government is handling. India is preparing for the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank. It’s also dealing with the ongoing Russia-Ukraine war and the conflict in the Middle East. On top of that, election season is heating up, and the Finance Ministry is busy with budget planning. With so much going on, cryptocurrency regulation is not seen as an urgent matter.

Crypto Not an Immediate Threat
Despite a recent $234 million hack of Indian exchange WazirX, the government doesn’t consider crypto legislation as critical as it was two years ago. While the sector is still unregulated, India has imposed heavy taxes and requires crypto entities to register with the country’s Financial Intelligence Unit to meet global anti-money laundering standards.

What to Expect?
India might eventually release its discussion paper, but no one knows when. For now, the government seems more focused on bigger international and domestic issues. So, if you’re waiting for clear crypto rules in India, it looks like you’ll have to wait a little longer.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

THAI SEC PROPOSES REGULATIONS FOR CRYPTO INVESTMENT IN MUTUAL, PRIVATE FUNDS

Thailand’s Securities and Exchange Commission (SEC) has proposed draft regulations allowing mutual and private funds to invest in cryptos.

The proposed principle, announced Wednesday, is currently seeking public feedback on revisions to mutual funds’ investment criteria in digital assets.

The move comes at a time when interest in cryptocurrency investment is increasing. Thailand, one of the world’s most crypto-friendly nations, ranks 10th globally in terms of adoption.

The regulator noted that the funds will be allowed to invest in crypto exchange-traded funds (ETFs) listed on the US exchanges. Further, it also allows funds to choose investment tokens, which has attracted the interest of Thai investors.

“The funds will be allowed to invest in investment tokens subject to current investment limits of traditional securities, such as single entity limit, group limit, and concentration limit.”

The announcement read that for institutional investors and ultra-high-net-worth individuals with high-risk tolerance, the funds will be allowed to invest in crypto ETFs with no investment limit.

Thai SEC deputy secretary-general Anek Yooyuen said that investment tokens will have the same investment ratios as transferable securities. This is because they have key risks and features similar to traditional securities, such as debt securities, Bangkok Post reported.

“Relevant criteria will be revised to support the establishment and management of funds investing in digital assets, such as asset custody, digital asset value calculation, information disclosure and appropriate advertising.”

Thailand approved its first crypto ETF in June, issued by One Asset Management (ONEAM). The Thai SEC endorsed ONEAM’s Bitcoin ETF, marking a milestone in the country’s evolving regulatory framework for digital assets.

Thai SEC Mulls Initial Coin Offering, Increase Penalties for Violating Crypto Firms
Additionally, the regulator is also considering allowing authorised initial coin offering portals to use outsourced companies.

“This measure was endorsed by the SEC and a public hearing is needed before it can be implemented,” Yooyuen added.

Besides, the Thai SEC will also allow 10 private companies to explore trials for exchanging cryptos for Thai bhat as a part of digital asset regulatory sandbox project.

Furthermore, crypto firms that violate the SEC rules are considered a severe offence. As a result, the regulator aims to increase penalties for such companies in addition to their licenses being revoked.

Securities firms that send inappropriate trading orders will be fined a maximum of 1 million to 3 million baht. Investors who breach laws by manipulating stocks are subject to civil and criminal penalties, the report noted.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

RIPPLE ROLLS OUT CRYPTO STORAGE SERVICES FOR FINANCIAL INSTITUTIONS

Ripple Custody enhances security and compliance for fintech and banking sectors.

▪️Ripple Custody offers banks crypto storage with advanced security and policy settings.

▪️The service integrates with XRP Ledger to enhance trading and compliance capabilities.

Ripple is rolling out a new suite of crypto storage services designed to help banks and fintech firms securely store and manage crypto assets, according to a new report from CNBC. The initiative is part of Ripple’s strategy to diversify its offerings beyond traditional payment settlement operations.

Discussing the latest development, Aaron Slettehaugh, Senior Vice President of Product at Ripple, said the goal is to support the growing needs of businesses operating in the crypto and fintech sectors.

“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” Slettehaugh said.

According to Ripple, the new features come with a more user-friendly interface for storing and managing digital assets. The services also include advanced operational and policy settings, integration with the XRP Ledger, and enhanced anti-money laundering monitoring to ensure compliance.

Under the Ripple Custody brand, the firm plans to allow clients to tokenize real-world assets using its XRP Ledger.

Ripple Custody operates in several countries and is trusted by several top companies like HSBC, BBVA, Societe Generale, and DBS. Ripple said that its custody division experienced over 250% year-on-year customer growth.

Ripple’s expansion into the custody sector follows its acquisitions of Metaco and Standard Custody & Trust Company, targeting bolstering Ripple’s custody capabilities.

The expansion positions Ripple against established firms in the crypto custody market, which is projected to exceed $16 trillion by 2030. Ripple Custody directly competes with well-established custody solutions by Coinbase, BitGo, and Gemini.

Ripple is gearing up to enter the stablecoin market with its upcoming stablecoin, Ripple USD (RLUSD).  RLUSD is in beta testing, with trials being conducted on the XRP Ledger and Ethereum blockchains.

As with its custody move, Ripple faces challenges as it enters a crowded stablecoin market dominated by established players. While there is potential for RLUSD, it will need to differentiate itself from existing offerings to gain traction.

@ Newshounds News™

Source:  Crypto Briefing  

~~~~~~~~~

🌍WHY NUMISMATIC COINS ARE A COLLECTOR'S DREAM |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps