The Crypto Round-Up: March 24th, 2021
Thailand Plans to Introduce Regulations for Stablecoins
The Bank of Thailand cautioned the citizens that the baht-pegged stablecoin, Thai Baht Digital (THT), has no legal assurances or protection and violates the country’s currency act. This coin was issued by the South Korean firm Terra. However, the Bank of Thailand is now leveling up as they are now considering the regulation of asset-backed and foreign currency-backed stable coins and algorithmic stablecoins, but not decentralized cryptocurrencies such as Bitcoin or Ether. Read more
A Call out to FCA Registration Delays
200 companies were trying to sign up under the Financial Conduct Authority’s (FCA) Money Laundering Registration (MLR) regime. However, out of these 200 companies, only four of them have received a decision. CryptoUk Chairman, Ian Taylor, called out the FCA for this delay since it has already been more than eight months without hearing from the regulator. Read more
The First Big U.S. Bank to Offer Access to Bitcoin Funds
Morgan Stanley is now allowing its wealthier clients to access Bitcoin. In an internal memo, it is said that they will be launching access to three funds that enable ownership of bitcoin. Read more
Bank of America: $93 million to move Bitcoin’s price by 1%
The research note of the Bank of America suggests that the BTC price appreciation of 1% just takes a net inflow of $93 million. With Bitcoin’s nearly $1.1 trillion market cap, the research suggests Bitcoin is twice as volatile as gold per-dollar in-flows. Read more
