What Is Happening in Crypto? Three Market News In Focus
It is time for a fresh batch of crypto news! A lot has been going on in the market and we selected three crypto and blockchain news to focus on. Let’s jump right into the latest content!
Europe-wide security token sandbox?
France’s Financial Markets Authority (AMF) suggested adopting a Europe-Wide Security Token Sandbox. The AMF reasons that a sandbox of this kind would help support the emerging security token industry.
The president of the AMF Robert Ophèle says that the current frameworks are designed to frame centralized market infrastructures and not particularly suited to the decentralized nature of the blockchain environment. Ophèle added: “The space cannot develop under the current framework, but without documentation, new frameworks cannot evolve either.”
The proposed plan is to run a Digital Lab for three years. This would enable regulators to closely monitor the projects without the restrictions of Europe’s traditional market regulation, while collecting substantial feedback to shape new and more flexible regulations. This proposal is not coming completely out of the blue for people up to date with crypto regulation. The AMF has a reputation for being a DLT advocate and having a forward thinking approach to blockchain.
Europe travel ban takes a toll on BTC
Bitcoin dropped considerably on March 12 and reached its 2020 low of 5.7K (at the time of writing). Reasoning can be found from the panic that the spread of coronavirus has caused on traditional and crypto markets.
President Trump announced that a 30 day ban on travel to and from Europe to the United States will go into effect on March 13 as measures of controlling the spread of the COVID-19. The announcement caused stocks to plunge further and Bitcoin followed a similar pattern.
Although the travel ban is not applicable to goods, somewhat easing the Atlantic trade freeze fears that industries have been panicking about, the economic effects of it are still severe.
Alibaba takes on Blockchain in Brazil
Yes, you heard that right. The Chinese e-commerce giant has registered a patent for a blockchain-based system in Brazil. The patent was filed under the categories of insurance, financial business and monetary business.
Alibaba titled the mechanism as Ant Unicorn. Among other things, it is currently unclear whether the project will be implemented in Brazil. The patent filing states that Ant Unicorn is focusing on the real estate market. The filing specifies that the solution is related to foreign currency transfer services; foreign currency exchange; currency trading; currency broker and financial transactions through blockchain. Blockchain technology is mentioned as the matrix of the system, that will enable provision and granting of loans.