CRYPTO INDUSTRY NEWS #11

The government of El Salvador will create a Bitcoin fund. The SEC became interested in the activities of Uniswap. Binance has received a warning from the financial regulator of South Africa. Another large investment fund drew attention to cryptocurrencies.

The government of El Salvador has approved a $150 million fund for the legalization of Bitcoin

With 64 votes in favor and 14 against, the Finance Commission of the Legislative Assembly of El Salvador agreed to create a $150 million fund to support the Bitcoin legalization plan, local newspaper El Diario de Hoy reports.

The funds will be allocated by the Ministry of Finance and transferred under the management of the State Development Bank of El Salvador, Reuters reported.

“The purpose of this law is to financially support the alternatives provided by the state, without prejudice to private initiatives that allow the user to automatically and instantly convert bitcoins into US dollars”, the Congressional document says.

The funds will be used to support the plan to adopt cryptocurrency as a legal means of payment in the country, including the payment of bonuses in the amount of $30 in Bitcoin for every adult resident of El Salvador. Citizens could receive these funds when activating the state cryptocurrency wallet “Chivo”.

The Minister of Economy of El Salvador, Maria Luisa Hayem Breve, noted that the size of the fund may be increased over time.

The new law on the adoption of Bitcoin as an official means of payment for the country will come into force on September 7. El Salvador will become the first country in the world to legalize cryptocurrencies as an official means of payment.

To implement the plan to introduce Bitcoin as an official means of payment, 200 Bitcoin ATMs will be installed throughout the country and 50 consulting centers will be created to help citizens use cryptocurrencies.

According to the new law, Bitcoin will become an official means of payment along with the US dollar used in this country. Prices for goods and services will be set both in US dollars and in Bitcoin. It will also be possible to pay taxes in cryptocurrency. Transactions with cryptocurrency will not be subject to capital gains tax.

Earlier in July, it became known that the administration of the President of El Salvador is working on creating its own national stablecoin, which will be called “Colon-dollar”. It is expected that the stablecoin will be released before the end of this year, according to the publication El Faro.

The SEC is investigating the activities of the developer of the cryptocurrency exchange Uniswap

The US Securities and Exchange Commission (SEC) will investigate the activities of Uniswap Labs, the developer of the Uniswap decentralized exchange. This was reported by The Wall Street Journal, citing knowledgeable sources.

The regulator has not made any accusations against Uniswap, but only intends to study the features of trading on this platform, the general principles of its operation, and find additional information about how traders use Uniswap.

The SEC initiated this investigation shortly after the conclusion of cooperation with the analytical company AnChain.AI for monitoring and regulating the decentralized finance sector (DeFi).

The agency will use the AnChain.AI artificial intelligence and machine learning tools to analyze the activities and investigate Uniswap Labs.

According to a representative of Uniswap:

The company undertakes to comply with all laws and regulations governing the crypto industry, and is also ready to provide law enforcement agencies with any information that will help them in the investigation.

South Africa’s financial regulator has warned investors against working with Binance

The Financial Sector Control Authority of South Africa (FSCA) called on local investors to refuse to work with Binance, saying that the cryptocurrency exchange does not have a license to provide financial services in the country.

“FSCA warns citizens to be vigilant and careful when working with Binance Group, as this company does not have permission from regulatory authorities to provide financial advice and intermediary services in accordance with the Legislation of the Republic of South Africa”, the regulator said in a statement.

The financial regulator reminded citizens that transactions with cryptocurrencies are not regulated in any way in the country:

In the event of disputes over the use of cryptocurrencies or theft, citizens will not be able to get help or return their funds, since cryptocurrency-related investments are not currently regulated by the FSCA or any other South African authority.

The FSCA also obliged South African investors to confirm the registration status of legal entities providing services in the investment and financial sphere when working with cryptocurrency companies.

Earlier, the Monetary Authority of Singapore included the Binance cryptocurrency exchange in the “Investor Alert List”. And in June, the UK Financial Control Authority (FCA) banned Binance from carrying out any regulated activity without the prior approval of the regulator.

The Franklin Templeton Investment Fund is looking for specialists for trading cryptocurrencies

A large mutual investment fund “Franklin Templeton”, which manages assets worth more than $1.5 trillion, is recruiting employees to trade Bitcoin and Ethereum.

The company is looking for “professionals who work with the largest, most liquid cryptocurrency assets — Bitcoin and Ethereum” to join its staff. The company has published the corresponding vacancies on the official website.

To work with cryptocurrencies, the company requires a vacancy for an Analyst on the cryptocurrency market research, who will be responsible for creating and maintaining models for evaluating cryptocurrency assets, as well as for informing investment portfolio managers, company clients, and senior managers about technologies and opportunities of cryptocurrencies, regional legislative acts regulating the activities of cryptocurrencies.

The company expects that the cryptocurrency analyst will help the fund develop and manage new products in the field of cryptocurrencies.

The vacancy of a cryptocurrency trader involves the search for an expert who will be engaged in making transactions with cryptocurrencies. At the same time, it is not yet clear whether the trader will directly trade cryptocurrencies or their derivatives.

The description of the trader’s vacancy states that “the company needs a specialist in trading financial instruments with experience in the derivatives and futures markets”.

The published vacancies indicate that “Franklin Templeton” is seriously interested in the field of cryptocurrencies, and is ready to create and develop new products in the field of cryptocurrencies for customers.