In this article, we have covered the highlights of global market news about the Cryptocurrency regulations, Canara Robeco MF, economy forecast, and the European Commission.
Cryptocurrency regulations will position Europe as a global leader when prices fall.
When values have plummeted, wiping away riches, generating suspicion, and igniting demands for stricter inspection, Europe prepares to lead the globe in regulating the rogue cryptocurrency business.
By adopting new rules that subject cryptocurrency payments to the same money-laundering regulations as conventional banking transfers, the European Union made the first step late on Wednesday.
As EU negotiators worked late on Thursday to iron out the last-minute elements of Markets in Crypto Assets, or MiCA, a comprehensive package of crypto laws for the 27 member states of the union, a far more significant step was anticipated.
The crypto legislation is anticipated to have a significant global impact, much as the EU’s pioneering data privacy policy, which de facto established a global norm, and its recent landmark law addressing harmful material on digital platforms.
After the UAE investigation, Canara Robeco MF halts investor inflows.
As soon as the United Arab Emirates (UAE) was added to the FATF’s “Grey List,” the organization, Canara Robeco Mutual Fund (MF), ceased to accept investments from UAE residents.
As soon as the United Arab Emirates (UAE) was added to the FATF’s “Grey List,” the organization, Canara Robeco Mutual Fund (MF), ceased to accept investments from UAE residents.
Top MF officials said their fund firms have been cautious when it comes to flows from the Gulf country but haven’t stopped taking investments from the UAE. The majority said that they would take their time before selecting a choice.
Canara Robeco MF declared on its website that it has “chosen to temporally refrain from making investments, including current systematic investment plans/systematic transfer plans from our clients from the UAE” as a result of the FATF putting the UAE on the Grey List. We are internally assessing the procedures to develop increased due diligence for investment flows from the UAE. We will respond soon with the amended approach.
Forget rate rises; these economists forecast interest rate reduction next year.
Most market players anticipate that the increases will last until the end of 2023 though not everyone concurs.
There is an excellent possibility that the Fed will decrease interest rates. Erik Nielsen, a representative of Unicredit, tells CNBC that.
The remarks coincide with mounting worries that a recession may be brewing in the economies of the eurozone and the United States.
Following a 1.6 percent decline in GDP in the first three months of the year, the GDPNow tracker from the Atlanta Fed now predicts a 1 percent reduction for the second quarter.
EU adopts primary crypto rule to tame the crypto “Wild West.”
The European Commission, EU Parliament, and member states reached a reform deal on Thursday.
The new legislation, Markets in Crypto-Assets (MiCA), is the region’s first effort to establish a comprehensive legal framework for virtual assets.
The new regulations are implemented while the market for digital assets is experiencing its worst quarter in more than ten years.
The guidelines would “bring order in the Wild West of crypto assets,” according to EU politician Stefan Berger.
The landmark legislation, which is known as Markets in Crypto-Assets, or MiCA, is intended to make life more difficult for numerous players in the cryptocurrency market. These players include exchanges and issuers of so-called stablecoins, tokens meant to be pegged to existing assets like the United States dollar.
Following the new regulations, stablecoins such as rope and Circle’s USDC will be obliged to have sufficient reserves to fulfill redemption requests if a large number of users withdraw their funds. Transactions in stablecoins that reach too high of a volume might be capped at 200 million euros per day if they become too massive.
The European Securities and Markets Authority, also known as ESMA, will be given the authority to restrict or outright ban cryptocurrency exchanges if it is determined that these exchanges do not adequately protect investors or pose a threat to the market’s integrity or the country’s financial stability.
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