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The International Organization of Securities Commissions Publishes Crypto Framework!

Crypto News Daily: IOSCO announces publishing its framework guidelines for regulating Crypto with its 2023 roadmap!

  • IOSCO framework will focus on two workstreams, which shall publish their reports with policy recommendations by the end of 2023.

» IOSCO Global Crypto Regulations Roadmap Guidelines 2023!

The IOSCO is an association of organizations that regulates the global securities and futures market. Their framework by the Board-level Fintech Taskforce (FTF) will form two workstreams. They will help address the global lack or inconsistency of crypto regulations by focusing on Crypto and Digital Assets (CDA) and decentralized finance (DeFi).

  • The FTF indicates protecting investors is essential, simultaneously with responding to market integrity.
  • IOSCO aims on establishing robust policy recommendations for supporting consistent and coordinated regulatory actions.
  • FTF will collaborate with the Financial Stability Board (FSB) – “… A global crypto regulation body might be unveiled by next year.”

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→ FSB to Propose Crypto Regulations in Oct 2022!

The global Financial Stability Board is set to propose crypto regulations and recommended rules to the G-20. The Basel, Switzerland-based organization recommendations will cover Stablecoins and other Crypto Assets.

  • FSB is concerned with the crypto market’s intrinsic volatility and structural vulnerabilities affecting traditional financial systems.
  • The February published Crypto report by FSB warned G-20 of the unregulated crypto sector derailing global financial systems.
  • The October FSB public consultation report will feature recommendations for regulating, supervising, and overseeing Stablecoins and crypto-assets.

→ Celsius Crypto Exchange Considers Filing Bankruptcy!

The New Jersey-based Crypto exchange Celsius has hired the law firm ‘Kirkland & Ellis’ for restructuring advice services for its survival. After over a week of suspending customer withdrawal transactions, the network platform is working on stabilizing liquidity and operations.

  • The official statement mentions the firm is taking steps to preserve and protect the assets.
  • The Celsius Network has 1.7 million customers holding over $12 billion in assets.
  • New York-based cryptocurrency broker Voyager Digital has already filed for Bankruptcy, with Compass Mining firing 15% of its workforce and slashing all executive pay.

→ Binance Alleged to Operate in Iran Despite US Sanctions!

Reuters reports that Binance served crypto traders in Iran despite the US imposed sanctions, according to seven Iranians. The reason they were drawn to Binance is stated as “Weak background checks and deep liquidity.”

  • Eleven other traders, according to their LinkedIn profiles, are said to have used Binance after the 2018 sanctions.
  • The Binance exposure depends on whether the Iranian traders used Binance’s main exchange or the platform.
    • Binance is protected from direct US sanctions because the main exchange is not a US company.
    • Binance may face exclusion from the US financial system if the sanctions are proven to have been skirted.

→ Saudi NFTs Collection Hits #1 on OpenSea 

The Saudi Collection appearing like the Crypto Punks, hit #1 selling status today on OpenSea Marketplace. The Collection comprises 5,555 avatars designed in the 2D style, amassing 6,600 ETH at a 0.83 ETH floor price.

  • The Wallet 0x8026 is alleged to be an NFT Sniper, minting NFTs collection or indulging in scalping activities.
  • Rise of The Saudi Collection on OpenSea simultaneously has the Saudis Discord group members report being hacked, as scammers are draining their crypto wallets.

Crypto News: Sale Today – July 11th, 2022

On the global crypto market, the top cryptocurrencies prices or crypto today reflect the following figures:

  • (BTC) Bitcoin
    • Average Price: $20,459.32
    • 24h: – 0.44% ↓
  • (ETH) Ethereum
    • Average Price: $1,142.25
    • 24h: – 0.34% ↓
  • (BNB) Binance Coin
    • Average Price: $231.61
    • 24h: – 0.52% ↓
  • (XRP) Ripple
    • Average Price: $0.326
    • 24h: + 0.17% ↑
  • (ADA) Cardano
    • Average Price: $0.4526
    • 24h: – 0.67% ↓
  • (SOL) Solana
    • Average Price: $35.11
    • 24h: – 1.08% ↓

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