The number of Canadians owning crypto assets is growing rapidly, necessitating regulation, especially since people might not understand the risks of investing in things like bitcoin, a Bank of Canada official told Reuters.
According to Senior Deputy Governor Carolyn Rogers, as crypto assets become more integrated into the financial system, there could be more risk of instability as more people buy.
Meanwhile, the EU is close to agreeing on key legislation to regulate crypto, Bloomberg wrote.
This would see common rules enacted in all 27 member states. Members want to fix a few remaining issues with the Markets in Crypto-Assets (MiCA) package.
MiCA was introduced in 2020 and will put European regulators at the top of the list for crypto oversight, on issues such as investor protection and the impact of crypto on financial stability.
Elsewhere, cryptocurrencies were trading in the red on Sunday, June 12, with the global crypto market capitalization standing at $1.1 trillion, according to a report by Benzinga.
This comes as the panic in the crypto market has seen traders liquidate their positions, with over $521 million liquidated in the past two days. The market plunged on Friday after news that inflation was at its highest level since 1981.
In other news, Nigerian Exchange intends to open a blockchain-enabled trading platform, according to Bloomberg.
The intention will be to deepen the trade and add more young investors to the market.
Additionally, the CEO of Terraform Labs, who oversaw the collapsed UST coin last month, will now have to comply with subpoenas regarding the sale of unregistered titles.
The Securities and Exchange Commission (SEC) is investigating information about Mirror Protocol, a trading network on the Terra ecosystem offering customers tokens close to the price of various major companies, including Amazon and Apple.
Coinbase will launch in Brazil, with the crypto company calling the country’s potential “enormous.”
The company has hired Fabio Plein as the new country manager for Brazil.
The company also said it was happy to see Brazilian Central Bank Governor Roberto Campos Neto roll out a new set of digital asset policy initiatives.
In other news, Binance Founder and CEO Changpeng Zhao says the SEC is reviewing the exchange token BNB, although there has been no subpoena, according to a Coindesk report. .
This comes after the SEC reportedly asked if the BNB token was an unregistered security.
Coin Center recently filed a lawsuit against the Treasury Department, citing a tax rule as “unconstitutional,” a corporate blog said.
The company points to amendment 60501 of a recent infrastructure bill that requires those who receive $10,000 or more in crypto to report to the government various details about who sent them the funds, including date of birth and social security number.