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   1076

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 Add WeChat and Alipay Support

According to the anonymous sources of The Block, the feature is in the testing stage for Android users
10 October 2019   114

Binance Exchange will add support for the largest Chinese payment systems WeChat and Alipay.

Referring to informed sources, The Block reported that this option is currently being tested for Android users, and will soon become available for iOS and the desktop version of the trading platform.

Note that in China, the activities of cryptocurrency exchanges were officially banned at the end of 2017. However, residents of the country are actively using P2P and OTC platforms to buy bitcoin.