In a groundbreaking move, the Philippines has integrated Tether’s USDT for social security payments, providing citizens with a new crypto payment option for their SSS contributions. This collaboration with Tether showcases how crypto, particularly stablecoins like USDT, can simplify and enhance daily lives, according to Uquid.
Meanwhile, the German and US governments have made significant transfers of crypto holdings, with the German authorities sending 600 BTC and 500 BTC to unknown addresses in separate transactions. The US government also transferred millions of dollars in Bitcoin to various crypto exchanges.
In another development, the Bahamas is seeking to mandate bank support for its ‘Sand Dollar’ CBDC to encourage greater acceptance. This move comes as other nations struggle with the penetration of CBDCs.
Singapore has increased the risk level for crypto exchanges in a new update, moving Digital Payment Token service providers from the Medium-Low to the Medium-High risk category. This decision comes as cross-border online payments are deemed highly risky due to their potential for terror financing.
The German government has also transferred another $52 million in Bitcoin amid selling concerns, with significant amounts sent to various exchanges. This follows the government’s recent sale of nearly 1,000 BTC, reducing its holdings by approximately $163.5 million.
Additionally, the Basel Committee has established final rules on bank crypto exposure, requiring disclosure of banks’ exposure to crypto assets. This decision comes after the committee began looking at banks’ exposure to crypto in 2019 and suggested including crypto in its high-risk asset class in 2021.
In Nigeria, the SEC has mandated local offices for virtual asset providers as part of its Accelerated Regulatory Incubation Programme. This framework aims to facilitate the onboarding of VASPs in the country until the Digital Assets Rules are fully operational.
Furthermore, the EU has announced that crypto exchanges must comply with the Travel Rule within six months, expanding the rules to include crypto service providers and their intermediaries. This move aims to strengthen AML procedures by requiring disclosure of policies on cross-border transfers and multi-intermediation.
As the week comes to a close, these developments in the global crypto landscape highlight the growing importance of digital assets and the need for regulatory clarity. Stay tuned for more updates and insights from WeekInFocus as we continue to navigate the ever-evolving world of cryptocurrency.
