News updates December 29, 2021
1. Crypto Exchange Binance Receives Approval in Bahrain — Plans to Become Regulated, Centralized Worldwide
Binance has received in-principle approval from the Central Bank of Bahrain to operate a cryptocurrency service provider in the country. The license is part of Binance’s “plans to become a fully-regulated centralized cryptocurrency exchange,” the crypto exchange detailed.
2. Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals
The Central Bank of Russia (CBR) plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations.
3. Genesis Trading’s head of market insights says that the institutional investment growth in the crypto space over the last 12 months “has been astonishing.” The executive added: “We’re seeing strong signs of that accelerating over the next year.”
Strong Signs of Institutional Investment Growth Accelerating Next Year
Noelle Acheson, head of market insights at Genesis Trading, shared her outlook for the cryptocurrency market and what investors should expect heading into 2022 with CNBC Tuesday. She said:
The institutional growth over the last 12 months has been astonishing. We’re seeing strong signs of that accelerating over the next year.
4. Legal Experts Say It's Too Late to Ban Crypto, India Needs Comprehensive Regulation
Indian legal experts reportedly say that it is too late to ban cryptocurrency despite calls for a complete crypto ban by the central bank, the Reserve Bank of India (RBI). The Swadeshi Jagran Manch (SJM), an affiliate of the nationalist Rashtriya Swayamsevak Sangh, also passed a resolution calling for an outright ban on crypto. Meanwhile, the Indian government is reworking the crypto bill before resubmitting it to parliament.
5. S&P Global Ratings Study Predicts Crypto and Decentralized Finance Will Continue to Grow in 2022
S&P Global, an intelligence and data company, suggests that crypto and decentralized finance trends will continue to gather steam in 2022. In its latest report, the company examines the current state of the market and notes that, while there are still serious problems that could hinder adoption, the sector will keep growing by complementing traditional finance in the coming year.
6. Defi Portfolio Tracking Startup Debank Raises $25M From Sequoia China
The decentralized finance (defi) portfolio tracking startup Debank raised $25 million from investors according to an announcement on Tuesday. Following the equity financing round, Debank says it has an overall valuation of around $200 million.
