Cryptocurrency News Official TheBitTimes.com

Canadian securities regulator CSA has clarified terms and conditions for stablecoin trading on exchanges. Crypto platforms and issuers have to adhere to set conditions before they are allowed to offer stablecoin related services. Several crypto exchanges, including Binance, exited Canada earlier this year following CSA’s new stablecoin guidelines. The Canadian Securities Administrators (CSA) has provided further guidance to the trading of Stablecoin s on crypto exchanges in the country. The update comes months after major exchanges, including Binance, halted operations in the country over regulator y developments. Canada clarifies stablecoin trading rules Although the CSA previously noted in an interim framework that stablecoins, which it terms as “value-referenced crypto assets,” may constitute securities or derivatives, its latest update include the acknowledgement that the asset is an important component of trading on crypto exchanges. ...

PayPal recently unveiled its own stablecoin, PYUSD, 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. This launch made PayPal the first major U.S. financial company to launch its own U.S. dollar-backed stablecoin. Several other companies have been making developments on this front. Japan’s largest bank, Mitsubishi UFJ Financial Group [MUFG], is in talks with companies associated with prominent global Stablecoins . Alongside, it is also discussing with firms about issuing such tokens via its own blockchain platform, Progmat. Evidently, the crypto payment ecosystem has been expanding. According to a recent graphic shared by Jamie Coutts, Bloomberg Intelligence’s Crypto Market Analyst, the enterprise merchant section now has a handful of major names including Visa, Stripe, Mastercard, and Checkout.com. Coutts acknowledged that Paypal’s stablecoin exposed many new users to Web3. However, for the blockchain economy to gr...