Coinbase, a US-based cryptocurrency exchange is in discussions with Indian regulators as it considers a return to the market after halting operations there in 2023.
Here are the latest updates from the crypto world.
Coinbase, a US-based cryptocurrency exchange is in discussions with Indian regulators as it considers a return to the market after halting operations there in 2023.
On Feb 13, TechCrunch reported that Coinbase has engaged with India’s Financial Intelligence Unit (FIU) to explore its reentry to the market.
“Coinbase is excited by the opportunities in the Indian market and intends to comply with applicable regulatory requirements,” the exchange reportedly stated.
The announcement coincided with Coinbase's chief legal officer being appointed to the US-India Business Council (USIBC) board, which strives to foster long-term business collaborations and link government entities with companies.
The Financial Services Commission (SFC) of South Korea is preparing to permit institutions to begin selling their digital asset donations and will direct banks to provide additional services to cryptocurrency companies.
Starting in the second half of 2025, South Korea’s main financial regulator will allow charities and universities to sell their crypto donations.
There were however restrictions from SFC to institutions from opening accounts on cryptocurrency exchanges.
Under a pilot initiative, the new rules will permit 3,500 companies and professional investors to establish 'real-name' accounts in the first half of the year, prior to being authorized to sell their assets. According to a Feb. 13 announcement by the FSC, which stated:
“In the second half of the year, a pilot test will be conducted for accounts for investment and financial purposes for some institutional investors with risk-taking capabilities.”
Christopher Waller, the United States Federal Reserve Governor, said that stablecoins could expand the reach of the US dollar while calling for a regulatory framework that would allow banks to issue dollar-pegged digital currencies.
At a conference in San Francisco on Feb. 12, Waller said, Stablecoins are an “important innovation for the crypto ecosystem with the potential to improve retail and cross-border payments.”
He mentioned that the stablecoin market has evolved and 'would gain from a US regulatory and supervisory framework that specifically, comprehensively, and exclusively addresses stablecoin risks,' further stating that both non-banks and banks should have the ability to issue stablecoins.
“This framework should allow both non-banks and banks to issue regulated stablecoins and should consider the effects of regulation on the payments landscape, including competing payment instruments.”
He also conveyed his belief in the private sector's ability to develop stablecoin solutions for both businesses and consumers, while advocating for clear regulations.