revolut Archives

Federal Reserve releases new guidelines for crypto banks

The U.S. Federal Reserve is publishing its final guidance for new financial institutions (like crypto banks) to access its “master accounts,” which are required to participate in the global payment system. The guidelines are set to ensure that any new requests for access to Federal Reserve accounts and payment services would be reviewed in a “transparent, risk-based, and consistent set of factors.”

Crypto banks Custodia and Kraken applied for master account access in 2021, shortly before the Fed published its initial proposal.

Crypto prices today: Bitcoin, ETH falls 2%

Bitcoin is currently trading at $23,991.4, a decline of 1.8% over the previous day. Ethereum fell 2.3% over the last 24 hours to $1,877.6. Solana fell 3.24% to $43.21, while Cardano is trading lower by 0.9% at $0.552. Avalanche (AVAX) fell 1.26% to $27.61. The global crypto market cap stands at $1.14 trillion, a 0.93% decline over the previous day.

Eqonex shuts down crypto exchange due to low volume

Blockchain services company Eqonex Ltd (EQOS) announced it will shut down its crypto exchange operations due to declining trading volumes, intense market competition, and low margins. Customers will get one week to close their derivatives trading positions, after which all trading on the platform will cease. Users will also be given time until September 14 to withdraw their crypto assets to an external wallet.

Revolut gets approval to offer crypto services across Europe

The Cyprus Securities & Exchange Commission (CYSEC) has granted authorisation to digital bank Revolut to offer crypto services across the European Economic Area (EEA). The EEA includes 27 countries in the European Union, plus Iceland, Liechtenstein and Norway. Revolut will now be able to offer crypto services to 17 million customers in the EEA out of a new crypto-asset hub in Cyprus.

Crypto lender Hodlnaut applies for creditor protection in Singapore

Crypto lending platform Hodlnaut has filed an application with the Singapore High Court for creditor protection. The firm filed the application on Aug. 13, five days after it froze withdrawals. It will temporarily safeguard the lender from any legal claims. Hodlnaut is the latest in a long line of crypto companies that have been severely impacted by the recent market downturn.

Brazil passes bill to regulate crypto

The Brazillian Senate has passed a bill to regulate cryptocurrencies in the country. As per the system proposed by the Senate, crypto legislation would be the responsibility of the executive branch of the government. The branch will have the option of creating a new regulator for crypto or delegating jurisdiction to the Securities and Exchange Commission (CVM) or the Brazilian Central Bank (BC).

Crypto prices today: Bitcoin falls 4.3%, ETH down 4%

Bitcoin is currently trading at $38,744.2 a 4.3% decline over the previous day. Ethereum is down 4.1% over the last 24 hours to $2,874.5. Solana fell 2% to $98.7, while Cardano is trading lower by 4.8% at $0.846. Terra (LUNA) fell 6.5% to $90.03. The global crypto market cap stands at $1.79 trillion, a 3.8% decline over the previous day.

Revolut eyes expansion into mortgages, crypto wallets

Digital banking platform Revolut is working on expanding into decentralised crypto wallets and is also looking at the mortgage sector. The UK-based company is pushing ahead with its strategy to become a so-called “superapp”. Revolut, which currently offers payments services, crypto trading, savings accounts, and stock trading, plans to launch a buy now, pay later product.

Buenos Aires to allow residents to make tax payments with crypto

Argentina’s capital Buenos Aires will allow the payment of taxes using cryptocurrencies. Payments made in crypto will be converted to the local fiat currency (the Argentinian Peso) before being deposited to the tax agency. This initiative is part of the city’s digitization push to broaden the access of citizens to documents and government services.

Bitcoin struggling to take off in El Salvador: Report

Last year, El Salvador became the first country to make Bitcoin a legal tender. However, a new report by the National Bureau of Economic Research says that not many citizens are using the digital asset. Many Salvadorans have stopped using the government’s Bitcoin wallet known as Chivo. Only a tiny fraction reported using it for remittances, taxes, and daily purchases.