Crypto Roundup: Central bank in Brazil takes on crypto regulation power; Ripple explores blockchain with Colombia’s Central bank

Here are some of the top stories from the crypto industry this week.

Brazil’s President Certifies the Central Bank as Crypto Regulator

Brazil’s President Luiz Inácio Lula da Silva has allotted the country’s central bank to oversee the local crypto sector. This move aims to bring clarity to the country’s crypto industry and enhance the government’s control over digital assets.

By empowering the central bank as the crypto regulator, Brazil aims to foster a secure and transparent environment for crypto transactions, while also addressing concerns related to money laundering and illicit activities.

The institution will also introduce a licensing system for crypto providers, where all participants must register. The changes will go into effect on June 20.

Ripple Partners with Colombia’s Central Bank to Explore Blockchain Technology

Ripple, a leading blockchain firm, has joined forces with Colombia’s central bank to explore the potential applications of blockchain technology in the country’s financial system.

The partnership aims to leverage Ripple’s expertise in distributed ledger technology to enhance the efficiency, transparency, and security of Colombia’s payment systems.

By collaborating with the central bank, Ripple seeks to contribute to the modernization of the financial infrastructure in Colombia, ultimately benefiting businesses and consumers alike.

Hong Kong Aim for Stablecoin Regulation by 2024

Recognizing the growing popularity and potential risks associated with stablecoins, Hong Kong Monetary Authority (HKMA) plans to provide clear stablecoin guidelines by the end of 2024.

The HKMA proposed five potential pathways, ranging from taking no action to a blanket ban on stablecoins.

In addition to allowing retail traders to trade crypto assets, the HKMA has also begun a licencing process for crypto exchanges that mandates compliance with stringent anti-money laundering laws.

Hong Kong has assumed leadership in terms of crypto regulation, while the majority of its Western counterparts are still cautious about the industry.

BlackRock and Coinbase Collaborate for Bitcoin ETF

BlackRock, the world’s largest asset manager, has applied with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF).

The ETF, if approved, would provide investors with exposure to Bitcoin without directly holding the cryptocurrency. BlackRock has partnered with Coinbase, a leading cryptocurrency exchange, to serve as the custodian for the proposed ETF.

The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the US, but a decision is expected later this year.

Footwear Conglomerate Puma Launches 3D Web3 Experience

Renowned footwear conglomerate Puma has embraced the world of Web3 by launching an immersive 3D experience, Black Station. Black Station is an “experiential home” for product drops built to provide “unbridled access” for Puma Pass nonfungible token (NFT) holders.

This innovative move allows users to explore Puma’s virtual metaverse, interact with digital products, and engage in unique experiences.

By embracing Web3 technology, Puma aims to stay at the forefront of digital innovation and enhance customer engagement in the increasingly digital world.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!