22 Feb 2024

ECB labels bitcoin's rally a 'dead cat bounce'

ECB officials reiterate their negative bitcoin stance, the U.K. will bring new stablecoin rules, and reports of a crypto shutdown in Nigeria. Also, we touch on the rising stablecoin issuance and using Polymarket to judge the probability of events.
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U.K. seeks to lock in new stablecoin rules
This week, the U.K. Treasury stated that the government plans to legislate new regulations on stablecoins and crypto-staking services within the next six months.Stablecoin and staking regulations proposals will follow last October's rule change that brought crypto companies under the standard financial regulations. This includes companies needing explicit authorization from the Financial Conduct Authority to perform crypto-related activities.
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