Guidelines have been suggested by the European securities regulator to assess the knowledge and competence requirements for staff at crypto asset service providers as part of the EU’s wide-sweeping crypto regulations.
Here are the latest updates from the crypto world.
Guidelines have been suggested by the European securities regulator to assess the knowledge and competence requirements for staff at crypto asset service providers as part of the EU’s wide-sweeping crypto regulations.
On Feb 17, a consultation paper from the European Securities and Markets Authority (ESMA) was released which aimed to consult interested parties “for the purpose of producing guidelines for the assessment of knowledge and competence of natural persons giving advice on crypto assets or information about crypto-assets or crypto-asset services, on behalf of crypto-asset service providers.”
These guidelines would be in alignment with the European Union’s Markets in Crypto-Assets Regulation (MiCA), published in June 2023.
The aim of the guidelines is to establish consistent standards for staff providing crypto advice and information to clients, enhance investor protection, and promote trust in crypto markets.
Under these proposed guidelines, staff must understand the key features and risks of crypto assets, market functioning, and pricing and be familiar with blockchain technology. They also need to know about regulatory frameworks and tax implications.
It stated, “Particular care should be taken when giving information with respect to risks related to the crypto-assets characterized by higher levels of complexity and volatility.”
Changpeng Zhao, Binance co-founder and former CEO denied rumors that the cryptocurrency exchange is up for sale.
Zhao said on Feb. 17 on X, “Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale,”
“As a shareholder, Binance is not for sale.”
Yi He, Binance Co-founder made a similar comment earlier in the day. She said that the rumors of the exchange’s sale originated from the PR strategy of a competitor and implied that Binance would prefer to buy by asking that exchanges reach out if they’re considering selling.
These rumors followed some major movements of Binance assets. X user AB Kuai.Dong on Feb. 11 flagged a sharp reduction in Binance’s asset holdings, including Bitcoin BTC $95,667, prompting speculation about the company’s financial position.
Binance has denied that the movements were related to the sale of assets and said they were “simply an adjustment in the Binance treasury’s accounting process.”
According to a regulatory filing, MEMX, a US securities exchange, has asked the Securities and Exchange Commission for permission to list an XRP XRP $2.58 exchange-traded fund (ETF) as a “Commodity-Based Trust. “
The filing marks the latest effort by a US exchange to list ETFs containing spot XRP, the native token of Ripple’s XRP Ledger blockchain network.
As US President Donald Trump starts his second term, it also highlights how the SEC is changing its stance on cryptocurrency. In 2020, the SEC sued Ripple, alleging the blockchain developer issued unregistered securities when launching the XRP token.
In August the case was partially resolved when a US judge ruled that the XRP token is not inherently a security but may qualify as one under certain circumstances.
Listing as a commodity trust would put XRP in the same category as spot Bitcoin BTC $95,680 and Ether ETH $2,693 ETFs, which launched in the US last year.
21Shares submitted an application to list its Core XRP Trust ETF in November, just days before crypto-friendly Trump prevailed in the US elections on Nov. 5. Trump has promised to make America “the world’s crypto capital” and has tapped pro-industry leaders for key regulatory posts.
On Feb. 6, another US securities exchange, Cboe BZX, sought permission to list four spot XRP ETFs, including 21Shares Core XRP Trust. The SEC acknowledged the application on Feb. 14.