Regulation

Crypto Cash Affecting Both Sides of the Democratic Divide

Published

4 months ago

31 July, 2024

Crypto Cash Affecting Both Sides of the Democratic Divide

The Democratic Party is in an open war over whether or not to re-embrace the fraud-ridden cryptocurrency industry.

With a $120 million war chest, the pro-crypto PAC Fairshake is the single largest spending operation in the 2024 elections, and has targeted Democratic crypto critics in key swing states and districts. The PAC successfully kneecapped Rep. Katie Porter’s (D-CA) primary bid for Senate in 2023 with $10 million in outside spending, contributed $2 million toward the ousting of Rep. Jamaal Bowman (D-NY), and has another $1 million on the line in next week’s primary effort against Rep. Cori Bush (MO-01). The two top Democrats on the Senate Banking Committee, Sens. Sherrod Brown (D-OH) and Jon Tester (D-MT), are expected to see an avalanche of crypto spending against them in their critical re-election races this fall.

Quiet angst among Democrats about this outside spending escalated into all-out panic when high-profile figures in Silicon Valley connected to the crypto industry came out in support of Donald Trump over the past month. Those tech tycoons are the very same individuals bankrolling Fairshake: Marc Andreessen and Ben Horowitz, co-founders of the venture capital juggernaut A16z, along with the billionaire Winklevoss twins.

The other top donor to Fairshake is Coinbase, which appears to be in violation of campaign finance laws. As Molly White first reported, Coinbase began a contract on July 1 with the U.S. Marshals Service for asset forfeiture. Federal contractors are not allowed to contribute to campaigns or political action committees. Because Coinbase first sought the contract in March and gave $25 million to Fairshake in May, that donation is actually the largest illegal campaign contribution by a federal contractor in history.

Rather than denounce the influence of MAGA donors and campaign finance scofflaws who continue to shape Democratic primary races, a group of pro-crypto Democrats penned an open letter this weekend to the DNC calling for a more “forward looking approach to digital assets and blockchain technology.”

More from Luke Goldstein

This group, spanning from moderates to progressives like Rep. Ro Khanna (D-CA), as well as candidates in upcoming primary races, either believe in crypto’s transformational power or are caving to the industry’s blackmailing. Advisers to Kamala Harris are in a similar position, telling the Financial Times that they want to “reset” the relationship with crypto and reaching out to key companies in the industry, including Coinbase.

Two key Democratic primaries epitomize the intense pressure from the industry and the Democratic response. Each race prominently features the PAC Protect Progress, which is affiliated with Fairshake, shares all the same donors, and has put its thumb on the scales for their preferred candidate, with millions of dollars in outside spending. In Washington’s Sixth Congressional District, an open seat vacated by Rep. Derek Kilmer, they dropped $1.4 million this month to lift state Sen. Emily Randall’s candidacy against Hilary Franz, the state’s public lands commissioner. The PAC has put the same amount into Arizona’s Third District, boosting Phoenix City Council member Yassamin Ansari, who faced former Arizona Democratic Party chair and state lawmaker Raquel Terán for the open seat in a Tuesday primary.

The spending certainly aided crypto’s preferred candidates in the final stretch of the races. But once the PAC’s main financial backers endorsed Trump, it also exposed those campaigns to attacks over their donors’ political ties. Nevertheless, both Franz and Terán tried to block this spending by posting language on their websites supporting blockchain development. This defensive strategy ultimately becomes a self-fulfilling prophecy; if you’re backing crypto just to avoid a flood of ads, you have to keep doing so. At that point, what you may actually believe matters less than how you end up voting.

THIS RECENT SPENDING BLITZ COMES less than a year after the crypto kingpin from the 2022 elections, Sam Bankman-Fried, was sent to prison on embezzlement and fraud charges.

During the 2022 midterms, SBF and his brother Gabe led the industry’s campaign spending, with a main focus on crypto regulation and future pandemic prevention. Bankman-Fried’s PAC frequently lined up with the Democratic Majority for Israel PAC to oppose progressive picks in open Democratic primary races. But Bankman-Fried was not strictly ideological, and numerous progressive congressional members were the beneficiaries of his donations.

This year, the crypto spending operation under Fairshake is even better financed than in 2022 and ostensibly geared toward one goal: bludgeoning candidates to support light-touch crypto regulations. To advance these aims, the PAC regards Republicans as generally more pro-business and blames the Biden administration’s Securities and Exchange Commission (SEC) for cracking down on the industry.

The main objective for Fairshake is to pass a piece of legislation favoring the burgeoning digital currency market, known as the FIT21 Act. This bill would place digital currency under the regulatory purview of the far weaker Commodity Futures Trading Commission instead of the SEC, which has greater funding and authority to actually go after bad actors, of which there are many in the crypto market.

This year, the crypto spending operation under Fairshake is even better financed than in 2022.

Earlier this year, the bill passed the House with the support of 71 Democrats, including prominent members of the leadership like Rep. Nancy Pelosi (D-CA). Senate Majority Leader Chuck Schumer (D-NY) gave the bill his blessing, though it hasn’t been brought to a vote yet, largely because of the opposition of the Biden administration. Some observers saw these votes by congressional Democrats as an olive branch by the party to get the crypto industry to ease off their spending against swing-state Democrats like Brown and Tester.

Protect Progress has put sizable resources into not especially competitive Democratic primaries to support generic Democrats who support crypto. They pumped $3.4 million to back Julie Johnson in Texas’s 32nd Congressional District and Shomari Figures in Alabama’s Second Congressional District.

In several key races this year, though, Protect Progress is replicating many of the same patterns from the 2022 midterms by repeatedly opposing progressive candidates in open primaries. Fairshake has spent heavily against Bowman and Bush, both of whom voted against FIT21.

IN ARIZONA’S THIRD DISTRICT, neither candidate has an extensive record on crypto. Both candidates’ issue pages appear nearly identical on the issue, both name-checking their support for blockchain technology and digital assets.

Polling showed the race as extremely close, practically a toss-up going into the last month before Election Day.

But in the final stretch, Protect Progress chose to spend $1.3 million on the airwaves to boost Ansari over Terán, with Spanish-language ads that didn’t mention anything about crypto. Instead, they highlighted Ansari’s stance on issues like abortion and combating inflation.

The more distinguishing factor between the candidates is that Terán was endorsed by the Congressional Progressive Caucus, which has spent $335,000 on mail and digital ads for her campaign. The BOLD PAC, representing the Congressional Hispanic Caucus, also backed Terán’s candidacy. Ansari, on the other hand, was endorsed by the Democratic Majority for Israel PAC, which spent $350,000 on her campaign.

Ansari also had corporate support from the Mainstream Democrats PAC, bankrolled by LinkedIn co-founder and Democratic Party fundraising mega-bundler Reid Hoffman. Hoffman is a leading figure in the current push by Silicon Valley billionaires to swing the Harris campaign in a more “pro-business” direction, which means less regulation across various tech sectors including crypto. He recently went on CNN to call for Kamala Harris to oust FTC chair Lina Khan for her enforcement of antitrust laws.

Terán’s website says she “supports collaborative approaches to studying blockchain and crypto innovation, which have the potential to provide more equitable access to capital.” There’s a vague reference to a “modern regulatory framework,” leaving the door open to FIT21 without opposing it. Her campaign likely took this position preemptively, just to try and prevent massive outside spending from tanking her campaign.

But then, when Protect Progress placed their ads, Terán tried to turn this around and use it to her advantage. She blasted the crypto funders, indirectly referring to Andreessen Horowitz, which has contributed over a million dollars to the PAC directly.

“This is a blatant attempt by MAGA extremists to meddle in a Democratic primary and boost Yassamin Ansari. Democratic primary voters deserve to know who is doing this and why,” Terán said in a press statement.

In Tuesday’s primary election, Ansari was ahead of Terán by about 1,400 votes in early returns. The race has not been called.

IN ANOTHER CRUCIAL PRIMARY RACE in Washington, Protect Progress’s intervention to support Emily Randall doesn’t appear to be as strictly along ideological lines. Both Franz and Randall are trying in their own ways to position themselves as progressives, though with different bases of support.

Randall, the deputy majority leader in the state Senate, carries endorsements from Planned Parenthood and the House LGBTQ caucus’s PAC and home-state Sen. Patty Murray. She holds the types of positions on social issues that attract public support. Her campaign talks about protecting Medicare and abortion access from MAGA extremism.

Franz, on the other hand, touts support mostly from sovereign nation tribes and a long list of labor unions, along with an endorsement from the Seattle Times editorial board. Franz’s close relationship with unions largely comes from the pro-worker positions she staked out as commissioner of public lands. For example, she mandated project labor agreements with the state’s building trades for all clean-energy development projects on public lands (and helped phase out any fossil fuel permits).

This isn’t to say that there aren’t any clear points of contrast between the candidates. Randall, for example, was just one of three Democrats in the state legislature to vote against banning ghost guns. Though she frequently mentions growing up in a union household, she wrote in a candidate questionnaire regarding the role of government in union contract negotiations that “it is best for elected officials to not get involved unless asked to by both sides to help management and the union come to a favorable conclusion to a negotiation.” As stated, this principle would apply to walking a union picket line while the UAW was embroiled in a contract dispute with the Big Three automakers, as President Biden and other lawmakers did.

Franz, on the other hand, used the state’s leverage to assist hotel workers amid contract negotiations with a luxury hotel leased on public lands. When the hotel asked for a break on its lease during COVID, Franz insisted that in exchange they give workers the raise the union was asking for. That’s one reason why UNITE HERE is endorsing her candidacy.

When it comes to crypto though, both candidates appear to hold nominally similar positions. Both Franz and Randall have virtually identical though nondescript language on their websites indicating support for “blockchain” and “digital assets.”

With an early fundraising advantage and polling lead over Randall, Franz’s campaign did not push hard for the crypto endorsement. Instead, the position appears to have been an attempt to try and dissuade a massive ad dump, to no avail. This month, ahead of the August 6th primary, Protect Progress pumped $1.4 million worth of ad buys to boost Randall’s candidacy, again never mentioning crypto specifically in the ads. The ads mirror a “red box” on Randall’s website, which is a way for campaigns to indirectly coordinate with outside independent expenditures without violating campaign finance laws.

Franz hit back with a statement decrying the PAC: “We’re appalled by record Super PAC spending by ‘Protect Progress’, which is largely funded by out-of-state millionaires and donors, set to flood the TV airwaves in our region.” The Winklevoss twins also made individual contributions of $3,000 to the Randall campaign back in June.

It may be too little, too late to effectively deploy this counterattack against crypto spending, and the money alone certainly talks. But it might be the best path for a Democratic Party under siege by a hostile industry intent on leveraging its fortunes to subvert the regulatory crackdown on its lawlessness.

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Regulation

Cryptocurrency Regulation in Slovenia 2024

Published

4 months ago

1 August, 2024

Chain Feed Staff

Cryptocurrency Regulation in Slovenia 2024

Slovenia, a small but highly developed European country with a population of 2.1 million, boasts a rich industrial history that has contributed significantly to its robust economy. As the most economically developed Slavic nation, Slovenia has grown steadily since adopting the euro in 2007. Its openness to innovation has been a key factor in its success in the industrial sector, making it a favorite destination for cryptocurrency enthusiasts. Many believe that Slovenia is poised to become a powerful fintech hub in Europe. But does its current cryptocurrency regulatory framework support such aspirations?

Let’s explore Slovenia’s cryptocurrency regulations and see if they can push the country to the forefront of the cryptocurrency scene. My expectations are positive. What are yours? Before we answer, let’s dig deeper.

1. Cryptocurrency Regulation in Slovenia: An Overview

Slovenia is known for its pro-innovation stance, providing a supportive environment for emerging technologies such as blockchain and cryptocurrencies. Under the Payment Services and Systems Act, cryptocurrencies are classified as virtual assets rather than financial or monetary instruments.

Regulation of the cryptocurrency sector in Slovenia is decentralized. Different authorities manage different aspects of the ecosystem. For example, the Bank of Slovenia and the Securities Market Agency supervise cryptocurrency transactions to ensure compliance with financial laws, including anti-money laundering (AML) and counter-terrorist financing regulations. The Slovenian Act on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2) incorporates the EU’s Fifth Anti-Money Laundering Directive (5MLD) and aligns with the latest FATF recommendations. All virtual currency service providers must register with the Office of the Republic of Slovenia.

2. Cryptocurrency regulation in Slovenia: what’s new?

This year, there have been several noteworthy developments in the cryptocurrency sector in Slovenia:

July 25, 2024: Slovenia has issued a €30 million on-chain sovereign digital bond, the first of its kind in the EU, with a yield of 3.65%, maturing on 25 November 2024.

May 14, 2024: NiceHash has announced the first Slovenian Bitcoin-focused conference, NiceHashX, scheduled for November 8-9 in Maribor.

3. Explanation of the legal framework for cryptocurrency taxation in Slovenia

Slovenia’s cryptocurrency tax framework provides clear guidelines for both individuals and businesses. According to the Slovenian Tax Administration, tax treatment depends on the status of the trader and the nature of the transaction.

Individuals: Income earned from cryptocurrencies through employment or ongoing business activities is subject to personal income tax. However, capital gains from trading or market fluctuations are exempt from taxation.
Society: Capital gains from cryptocurrency activities are subject to a corporate income tax of 19%. Value added tax (VAT) generally applies at a rate of 22%, although cryptocurrency transactions considered as means of payment are exempt from VAT. Companies are not allowed to limit payment methods to cryptocurrencies only. Tokens issued during ICOs must comply with standard accounting rules and the Corporate Tax Act.

4. Cryptocurrency Mining in Slovenia: What You Should Know

Cryptocurrency mining is not restricted in Slovenia, but the income from mining is considered business income and is therefore taxable. This includes rewards from validating transactions and any additional income from mining operations. Both natural persons and legal entities must comply with Slovenian tax regulations.

5. Timeline of the evolution of cryptocurrency regulations in Slovenia

Here is a timeline highlighting the evolution of cryptocurrency regulations in Slovenia:

2013:The Slovenian Tax Administration has issued guidelines according to which income from cryptocurrency transactions should be taxed.
2017:The Slovenian Tax Administration has provided more detailed guidelines on cryptocurrency taxation, based on factors such as the trader’s status and the type of transaction.
2023The EU has adopted the Markets in Cryptocurrencies Regulation (MiCA), which establishes a uniform regulatory framework for cryptocurrencies, their issuers and service providers across the EU.

Final note

Slovenia’s approach to the cryptocurrency industry is commendable, reflecting its optimistic view of the future of cryptocurrency. The country’s balanced regulatory framework supports cryptocurrency innovation while protecting user rights and preventing illegal activities. Recent developments demonstrate Slovenia’s commitment to continuously improving its regulatory environment. Slovenia’s cryptocurrency regulatory framework sets a positive example for other nations navigating the evolving cryptocurrency landscape.

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Regulation

A Blank Slate for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity

Published

4 months ago

1 August, 2024

Chain Feed Staff

A Blank Slate for Cryptocurrencies: Kamala Harris' Regulatory Opportunity

Photo by The Dhage of Shubham ON Disinfect

As the cryptocurrency landscape continues to evolve, the need for clear regulation has never been greater.

Vice President Kamala Harris is now leading the charge on digital asset regulation in the United States, presenting a unique opportunity for a clean slate. This fresh start can foster innovation and protect consumers. It can also pave the way for widespread adoption across industries, including real estate agencies, healthcare providers, and online gambling platforms like these online casinos in the uk. According to experts at SafestCasinoSites, these platforms have advantages such as bonus offers, a wide selection of games, and various payment methods. Ultimately, all this increased adoption could push the cryptocurrency market forward.

With that in mind, let’s take a look at the current state of cryptocurrency regulation in the United States, which is a complex and confusing landscape. Multiple agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN), have overlapping jurisdictions, creating a fragmented regulatory environment. This lack of clarity has hindered innovation, as companies are reluctant to invest in the United States, fearing regulatory repercussions. A cohesive and clear regulatory framework is urgently needed to unlock the full potential of cryptocurrencies in the United States.

While the US struggles to find its footing, other countries, such as Singapore and the UK, are actively embracing the cryptocurrency industry with clear and supportive regulatory frameworks. This has led to a brain drain, with companies opting to set up in more hospitable environments.

Vice President Kamala Harris has a unique opportunity to change this narrative and clean up the future. cryptocurrency regulation. By taking a comprehensive and inclusive approach, it can help create a framework that balances consumer protection with innovation and growth. The time has come for clear and effective regulation of cryptocurrencies in the United States.

Effective regulation of digital assets is essential to fostering a safe and innovative environment. Key principles guiding this regulation include clarity, innovation, global cooperation, consumer protection, and flexibility. Clear definitions and guidelines eliminate ambiguity, while encouraging experimentation and development to ensure progress. Collaboration with international partners establishes consistent standards, preventing regulatory arbitrage. Strong safeguards protect consumers from fraud and market abuse, and adaptability allows for evolution in response to emerging trends and technologies, striking a balance between innovation and protection.

The benefits of effective cryptocurrency regulation are many and far-reaching. By establishing clear guidelines, governments can attract investors and traditional users, spurring growth and adoption. This, in turn, can position countries like the United States as global leaders in financial technology and innovation. Strong protections will also increase consumer confidence in digital assets and related products, boosting economic activity.

A thriving cryptocurrency industry can significantly contribute to GDP and job creation, which has a positive impact on the overall economy. Furthermore, effective regulation has paved the way for the growth of many companies such as tech startups, online casinos, and pharmaceutical companies, proving that clear guidelines can unlock new opportunities without stifling innovation. This is a great example of how regulation can alleviate fears of regressive policies, even if Kamala Harris does not repeal the current progressive approach. By adopting effective regulation, governments can create fertile ground for the cryptocurrency industry to thrive, driving progress and prosperity.

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Regulation

Think You Own Your Crypto? New UK Law Would Ensure It – DL News

Published

4 months ago

1 August, 2024

Chain Feed Staff

Think You Own Your Crypto? New UK Law Would Ensure It – DL News

The UK Law Commission has developed a bill that will address a situation of legal uncertainty.
The commission’s goal is to ensure that cryptocurrencies are legally treated as personal property.

UK law is not entirely clear whether cryptocurrencies can be considered personal property.

This is according to the UK Law Commission, which argues that while most investors assume that when they buy cryptocurrencies, they are “acquiring property rights in the same way as buying, say, a watch or a laptop.”

“As the law currently stands, this is not necessarily the case,” the respected legal body said in a new report on Tuesday.

The report was accompanied by a solution: a new bill to consolidate the legal status of digital assets as personal property.

This could be huge for the estimated 4.7 million Britons valued hold cryptocurrencies.

“This will allow the courts to determine a range of issues,” the report says.

If passed, the law would help clarify how cryptocurrencies are treated in cases of bankruptcy, estate planning or theft.

Flexible law

The commission is an independent body responsible for reviewing UK law. It began investigating whether English and Welsh property laws apply to digital assets in 2020.

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At the time, then-Chancellor of the Exchequer Rishi Sunak expressed ambitions to transform the UK into a cryptocurrency hub as Britons invested more.

In 2023, the commission decided that, in most cases, the legislation of England and Wales is sufficiently flexible to regulate cryptocurrencies.

This means that any asset, from Bitcoin to non-fungible tokens and some types of digital contracts, can be considered personal property, without Parliament having to write extensive new laws.

There was one small area of uncertainty, however: it was unclear whether cryptocurrencies fell within the two categories of personal property recognised under UK law.

These two categories are made up of tangible assets (cars, laptops, bags) and intangible assets (contracts, stocks, and debt).

The bill that will now go to Parliament to be converted into law aims to remedy this situation.

Without that clarification, courts may try to lump cryptocurrencies together with intangible assets, said Adam Sanitt, head of litigation, knowledge, innovation and corporate support EMEA at law firm Norton Rose Fulbright. DL News in March.

This is problematic because intangible assets are creations of the legal system, while cryptocurrencies are not.

“How the law treats digital assets, what rights you have over them, how you own them, how you transfer them to other people—that treatment is different, because digital assets don’t exist by virtue of the legal system, but independently of it,” Sanitt said.

The money in your bank account, for example, is a legal creation. The government could pass a law to cancel it.

However, if the UK passed a law banning Bitcoin, Bitcoin would not cease to exist.

Sanitt said: “That’s why digital assets are so important: neither the government nor the legal system can take them away from you.”

Contact the author at joanna@dlnews.com.

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Regulation

The Solution the Cryptocurrency Industry Needs

Published

4 months ago

1 August, 2024

Chain Feed Staff

The Solution the Cryptocurrency Industry Needs

The cryptocurrency industry has performed remarkably well since its inception, but now faces a critical hurdle that requires careful consideration and regulatory expertise to overcome. Despite the industry’s rapid growth and rate of global adoption, the gap between the industry and global regulation is only widening as new innovations break through into the public domain.

Although efforts are being made on both sides, regulators’ lack of familiarity with cryptocurrencies and the industry’s lack of regulatory expertise are hindering innovation in the sector. To address this issue, traditional financial institutions (TradFi) such as MultiBank Group have started venturing into the cryptocurrency sector.

The regulatory gap

Over the past decade, the cryptocurrency industry has grown dramatically as tech entrepreneurs and forward-thinking thinkers have founded a plethora of crypto platforms and protocols to push the boundaries of the space. The problem faced by these newcomers, who are often unfamiliar with the hurdles posed by financial regulators, can quickly overwhelm and stall operations.

On the other hand, regulators more attuned to TradFi systems may be equally stifled by the complexities of decentralization and blockchain technology. The unfamiliarity experienced by both innovators and regulators creates a stark regulatory divide between both sides, leading to misunderstandings and potential conflicts.

To overcome this lack of communication, a bridge must be built to bridge the gap, ensuring future stability for the cryptocurrency industry and clearer legislation from regulators.

Efforts to bridge the gap between industry

The gap between the cryptocurrency industry and regulators is slowly narrowing as efforts to regulate cryptocurrencies and Web3 space activities are gaining momentum. Specific regulatory actions are taking place in many countries, aimed at providing greater oversight of cryptocurrency transactions, cryptocurrency exchanges, and initial coin offerings (ICOs).

Despite being a positive step in the right direction, these new regulations can differ significantly between jurisdictions around the world. This fragmentation results in a regulatory environment filled with obstacles, bottlenecks, and varying requirements and prohibitions. As cryptocurrency companies and TradFi institutions attempt to navigate the minefield, the regulatory maze becomes increasingly convoluted.

TradFi institutions like MultiBank Group are working to solve this problem, as one of the largest financial derivatives institutions in the world with over 12 licenses across all continents. Founded in 2005, the Group has an impeccable and trustworthy reputation globally, extensive expertise in financial regulation and has now ventured into the cryptocurrency space via MultiBank.io.

MultiBank.io: TradFi Excellence in the Crypto Space

Expanding into the cryptocurrency space via MultiBank.io has enabled MultiBank Group to provide regulatory clarity and trust to the digital asset industry. With a substantial daily trading volume of $12.1 billion, the timely decision to enter the cryptocurrency space has the potential to set regulatory precedents and standards for years to come.

By helping to develop sensible and well-considered regulations, MultiBank.io’s established reputation allows the company to communicate effectively and clearly with regulators. Unlike others in the industry without regulatory expertise, MultiBank.io facilitates the Group’s commitment to rigorous regulatory standards, the scope of oversight and establishes the necessary transparency.

The company’s approach ensures that regulatory licenses are pre-acquired, compliance is met globally without jurisdictional barriers, and transactions remain secure at all times. By helping to create robust regulations that are both clear and innovation-friendly, MultiBank Group looks forward to standardizing the entire cryptocurrency industry for other potential innovators.

One of the biggest challenges in establishing a clearly constructed bridge between regulators and the cryptocurrency industry is effective communication. By leveraging its institutional background TradFi and acting as an intermediary with regulators, MultiBank Group is able to translate the needs of the industry to those who shape it.

This quality of mediation is essential to ensure that regulation helps develop essential technological advances rather than hinders their establishment and growth. Through the lens of TradFi when looking at the complexity of the cryptocurrency industry, MultiBank Group is able to deconstruct unfamiliar crypto arguments for regulation and create a safer and more secure space.

Where TradFi and Crypto Meet

Regulations are crucial for traders, investors, and everyday users of crypto platforms and their safety when participating in crypto markets. While strict regulations are necessary for stable market integrity, innovation should still be considered, something MultiBank Group considers a priority.

Where TradFi and cryptocurrencies converge, the Group is there to provide a balanced approach to ensure promotion for both the cryptocurrency industry and regulators seeking to protect both retail and institutional investors. This balance is critical to maintaining a thriving space where cryptocurrency innovation can thrive without compromising the security of user funds or data.

As more TradFi institutions like MultiBank Group enter the cryptocurrency space with ever-expanding expertise in regulatory understanding, the future of the industry is increasingly encouraged. The financial freedoms of the cryptocurrency space coupled with regulatory oversight for financial security will be the guiding lights for the future success of the entire cryptocurrency industry.

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