Crypto Regulation considered by Chilean President

Mario Marcel has noted in favor of developing a regulatory apparatus: evident openness to crypto regulating contrasts the recent banking embargo
23 May 2018   998

President Marcel at a forum recently kept by Chile’s Finance Commission of Deputies, made comments displaying that his administration is considering developing an apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Cryptocurrencies are entirely unregulated in Chile, and are not legally admitted as a means of exchange or securities. Mr. Marcel claimed in favor of developing an effective ways through which to monitor the cryptocurrency markets:

Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks. These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.
Mario Marcel
President, Chile

By contrast, President Marcel declared that developing an ad hoc regulatory apparatus may risk supplying a false “sense of security” whilst flawed to sefficient  manage associated risks. Nevertheless, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, affirming:  “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

The apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   156

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.