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CryptoCorner: Australian Regulator Issues New Crypto and ICO Guidelines, Binance Partners with Cred, Russia's Sberbank Suspends Crypto Plans

 

Point Roberts, WA and Delta, BC - May 30, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Australian Regulator Issues New Crypto and ICO Guidelines, Binance Partners with Cred, Russia's Sberbank Suspends Crypto Plans

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The Australian Securities and Investments Commission (ASIC) has released a new set of guidelines governing ICOs and cryptocurrencies. The framework - which is called INFO 225 - covers a range of businesses operating in the crypto space, ranging from token issuers, trading platforms, mining, transaction processors and wallet providers. The following excerpt from INFO 225 clarifies that it is not an exhaustive information sheet, and that additional laws from other regulatory bodies may also apply.

INFO 225 also refers to the Australian Consumer Law. However, it does not cover Australian legislation administered by other regulators who oversee ICOs and crypto-assets - such as the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation Office (ATO).

Crypto exchange giant Binance has partnered with crypto lending and borrowing company Cred. Part of the relationship will see Cred migrating some of its ERC20 LBA tokens to Binance Chain, becoming the official lending and borrowing provider for the decentralized ecosystem. Ted Lin, Chief Growth Officer of Binance, said:

"We are delighted to be working with Cred to help scale their efforts to more markets and users around the world through the power of the Binance Chain, which has a one-second block time and will ensure transactions and interactions by Cred's users will be fast, efficient and effortless."

Russian outlet TASS reports that that country's largest bank, Sberbank, has suspended plans to work with cryptocurrency following the central bank's negative stance. Sberbank Vice President Andrei Shemetov told reporters:

"Regarding cryptocurrency, we waited for legislation that allows you to trade cryptocurrency. Since the regulator is currently looking negative, we decided to suspend this cryptocurrency plan."

The Egypt Independent reports that the Central Bank of Egypt (CBE) is drafting a new law that may allow licensed crypto business operations which were previously banned in the country. According to the article:

"...the new law provides legal authority for the electronic authentication of bank transactions, electronic payment orders, and transfer orders as well as for the electronic settlement of checks and the issuance and circulation of electronic checks and electronic discount orders, provided that Board of Directors of CBE issue rules and procedures regulating all the aforementioned actions."

Sam Mowers, Investorideas

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