Canada Pushes Crypto Regs, JP Morgan Closes Crypto Accounts, Tether Revelations

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Canada pushes for crypto tailored laws. JP Morgan closes cryptocurrency accounts. Tether not only backed by traditional money. Basel Committee warns about cryptocurrencies. Brave’s new version brings rewards to Android, and Malta partners with CipherTrace to monitor virtual asset movements.

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Canada Lawmakers Pushing for New Crypto Regulations

Canada Pushes for Crypto Regulations, JP Morgan Closes Crypto Accounts, Tether Changes TOS: ICYMI

Canada lawmakers are determined to build new cryptocurrency regulations, specifying clearly their operation when it comes to related businesses, according to Reuters. Two organizations, the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada, have expressed their interest in tailoring a set of rules for this purpose, more so after the QuadrigaCX incident (the exchange that left $135 million in debt with its users).

JP Morgan Chase Closes Crypto Startup Account

Canada Pushes for Crypto Regulations, JP Morgan Closes Crypto Accounts, Tether Changes TOS: ICYMI

JP Morgan reportedly terminated the account of a cryptocurrency startup called Cryptoraves without explanation. The startup CEO details he had a 15 year relationship with the bank, so he opened an account there. But the bank delivered a letter stating the account was being closed without any reasons given. Some are guessing crypto is among the bank’s policy of denying “prohibited” industries in a blanket fashion.

Tether Not Backed Only by Traditional Money

Canada Pushes for Crypto Regulations, JP Morgan Closes Crypto Accounts, Tether Changes TOS: ICYMI

The terms of service associated with the stablecoin, USDT, and dictated by the Tether company, have been changed recently. Now, terms state USDT can also be backed by “other assets and receivables from loans made by Tether to third parties,” in addition to traditional money. This, according to some experts like Emin Gun Sirer, suggests Tether could be running a type of fractional reserve operation.

Basel Committee Warns About Cryptocurrencies

The Basel Committee, the organization that oversees world banking regulation, warned about the dangers cryptocurrencies pose to banks at a worldwide level. According to the agency, growth of these new currencies poses a threat to global financial stability despite still having a low level of exposure and adoption by important actors. They also declared “crypto-assets are not a reliable substitute for money.”

Brave for Android: Rewards Beta Version

Brave, a cryptocurrency-based browser platform, released a new version featuring Rewards on Android. The functionality, still in beta version, lets users give donations to their favorite content creators directly from their phones. Brave has also activated an opt-in beta for users to get rewarded with the platform’s proprietary token by viewing ads earlier this month in its desktop version.

Malta Partners with CipherTrace for Virtual Asset Monitoring

Malta cryptocurrency watchdog, Malta Financial Services Authority, partnered with CypherTrace, a digital monitoring tech company, to aid them in surveilling different transactions, assessing money laundering risks and dangers cryptocurrency-related business may bring to the country. Malta has become known as a cryptocurrency haven.

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