The Digest

• Breaking news: The U.S. won’t ban crypto.
• Visa (NYSE:) unveils unified payments, Robinhood’s popularity wanes, Binance pushes for regulatory compliance.
• Singapore regulators have granted DBS Bank licenses and IR South Korea are authorized to start crypto tax in 2022.
• TikTok joins the NFT trend, JPEG’d to launch CryptoPunks lending.

Breaking News: The U.S, Won’t Ban Crypto

China’s brutal stance on crypto, along with some misconceptions, have led many to believe that the U.S. may be next in line to exile crypto. However, the chairman of the Federal Reserve, Jerome Powell, has announced that the United States won’t follow the path of China in trying to ban crypto.

Reports about a possible ban of cryptocurrencies in the U.S. rose after Powell told the House Financial Services Committee that “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.”

In a recent address, Powell said he “had misspoken,” and the U.S. isn’t planning to ban crypto. Powell made these earlier comments amid a downturn in the economy and concern about the slowdown in the $120billion in bond purchases that took place in July.

Janet Yellen has said, however, that stablecoin regulation is important. Additionally, U.S. officials will make recommendations to close the many holes in stabilitycoin regulation.

Flipsider

• Although the U.S. anticipates crypto regulation, China is apparently preparing stronger anti-crypto policies

What You Need to Care About

With China’s crackdown on the crypto industry, the United State’s resolve not to ban cryptocurrencies should give the industry the necessarily stability to recuperate from its losses.

Visa Unveils Unified Payments, Robinhood’s Popularity Wanes, Binance Pushes for Regulatory Compliance

Visa has formed many partnerships so far in 2021 in the race for full cryptocurrency integration. Visa, the payment giant, is moving closer to achieving its goal by announcing a Blockchain Channel to unify cryptocurrency, stablecoin, as well as CBDC payments.

Visa has stated that its Universal Payment Channel (UPC) initiative, which will connect blockchain and CBDC networks across the globe, could launch in the “not-too-distant future,”.

In a bid to strengthen its regulatory compliance, Binance, the world’s largest crypto exchange, has employed the services of veteran IRS investigators. Tigran Gambaryan, a former IRS Special Agent will be the Vice President of Global Intelligence and Matthew Price will be the senior director for investigations.

Binance has added Nils Andersen-Röed, a Europol investigator formerly of California, and Chainanalysis detective Aron Akbiyikian to their team following its regulatory battles with the U.S., China, and Singapore.

Flipsider

• A new report suggests that Robinhood’s popularity is declining, as it struggles to keep pace with rapidly-evolving cryptocurrency industry. According to J.P. Morgan Chase & Co., Robinhood’s metrics for active users and app downloads have plunged

What You Need to Care About

With the increasing push for regulation of the crypto industry, experts have called compliance “the first line of defence” against the illicit use of cryptocurrencies.

Singapore Regulators Allow DBS Bank, IR, South Korea To Begin Crypto Tax In 2022

The financial regulators in Singapore have granted DBS Bank a Major Payment Institution Licence. DBS Bank now supports asset managers as well as companies trading crypto via the DBS Digital Exchange.

Independent Reserve also became the first Australian cryptocurrency exchange licensed in Singapore on the same date. Independent Reserve also holds a Major Payment Institution Licence (Singapore)

South Korean legislators have decided that a 20% tax will be imposed on any crypto-generated income over 2.5 million Korean won (about $2,100), starting in 2022. This follows a prolonged political fight. After a failed bill to extend rollout of the tax until 2023, this announcement was made.

Upbit users that trade over 1 million KRW (or $842) must also complete Know Your Customer assessments. Every user will need to complete a Know Your Customer (KYC) assessment by October 8 regardless of trading volume.

Flipsider

• Just after, the latest regulatory approvals are available Binance has stopped several products from SingaporeFollowing regulatory warnings.

How to Take Care

Numerous crypto service providers will have to adapt their services in response to the regulatory push.

TikTok Joins the NFT Trend, JPEG’d to Launch CryptoPunks Lending

In 2021 the NFT market exploded, taking many businesses with it, such as Twitter (NYSE:). TikTok is the latest platform to embrace the NFT trend.

TikTok announced a partnership to some of the biggest creators and celebrities including Immutable X and Lil Nas X. The goal is to launch a NFT collection. TikTok’s TikTok Top moments will be launched on October 6th through the Layer-2 scaling Immutable X offers.

The NFT mania is spreading even further with NFT lending service JPEG’d preparing to launch an NFT lending service for CryptoPunks. In addition, JPEG’d announced that it would be integrating Chainlink into its services. Chainlink price feeds will be used to power DeFi services on JPEG’d.

By integrating Chainlink as a bridge, JPEG’d will be combining the Collateral Debt Position (CDP) model with NFT collaterals to create a new DeFi primitive called ‘Non-Fungible Debt Positions’ (NFDPs). The model will solve the problem of variable pricing between different NFTs within a collection.

Flipsider

• Investors still think the sector is safe despite the fast growth of NFTs and their adoption. Boiler about to burst

What You Need to Care About

We are witnessing giants from different industries embrace DeFi and NFTs more than ever before, which is good news for the wider crypto industry.

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