British Finance Minister, Rishi Sunak, is reportedly preparing to reveal the U.K government’s plans to regulate the cryptocurrency market in the coming weeks. According to CNBC sources, the new rules will likely be favorable to the industry and are likely to focus on stablecoins.

Cryptocurrency exchange Coinbase, which received an AA ranking in CryptoCompare’s latest exchange benchmark, is reportedly in talks to acquire 2TM, owner of Brazil’s largest digital asset exchange Mercado Bitcoin.

A survey from investment banking giant Goldman Sachs shows investors are still bullish on cryptocurrencies. The bank reportedly surveyed 172 clients on their attitudes toward digital assets, and 60% revealed they expect to increase crypto holdings in the next one to two years.

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Top stories in the Crypto Roundup today:

• U.K. Government To Announce Crypto Regulation Plans In Coming Weeks
• Coinbase In Talks To Acquire Brazil’s Largest Crypto Exchange
• Rio de Janeiro Looks To Implement Pro-Crypto Tax Law
• CCDAS Summit - Get 10% Off for Being a Loyal Reader

U.K. Government To Announce Crypto Regulation Plans In Coming Weeks

British Finance Minister, Rishi Sunak, is reportedly preparing to reveal the U.K government’s plans to regulate the cryptocurrency market in the coming weeks. According to CNBC sources, the new rules are likely to be favorable to the industry and will focus on stablecoins.

The digital asset industry has been lacking regulatory clarity for some time, however, as interest in the cryptocurrency industry continues to grow, so does the need for regulation. On Thursday,  The Bank of England urged policymakers to expand regulatory frameworks to limit the risks posed by digital assets to “financial stability.”

In the last few years, stablecoins have experienced rapid growth, something which has been an area of concern for financial regulators who are concerned about the backing and reserves of these projects, as well as the use case of the tokens themselves.

Several industry insiders have criticized the lack of action the UK has taken regarding cryptocurrency regulation.  Many believe that the Treasurys’ move is a response to the executive order that was announced in the U.S. by President Biden.

 

Coinbase In Talks To Acquire Brazil’s Largest Crypto Exchange

Cryptocurrency exchange Coinbase, which received an AA ranking in CryptoCompare’s latest exchange benchmark, is reportedly in talks to acquire 2TM, owner of Brazil’s largest digital asset exchange Mercado Bitcoin.

The news was released in a recent report by Estadão newspaper, which did not cite sources. However, according to Estadão, Coinbase and 2TM have been negotiating since last year and an agreement could be reached as early as April.

Mercado Bitcoin now services over 3.2 million customers and, according to CoinDesk, their trading volume surpassed the $7.1bn mark in 2021 following a cryptocurrency boom in Brazil which has seen exchanges such as Coinbase, Crypto.com, and Binance, pay increased attention to the country.

Coinbase also reportedly identified the Mexican crypto exchange, Bitso, as a potential target for acquisition, however, according to Estadão, no deal was reached.

Rio de Janeiro Looks To Implement Pro-Crypto Tax Law

Rio de Janeiro is looking to implement new pro-crypto tax laws in 2023 that would see the city accept Bitcoin for tax payments related to urban real estate, according to the Secretary of Economic Development, Innovation, and Simplification, Chicão Bulhões.

The cause, led by Brazilian Mayor Eduardo Paes, is also supported by Binance CEO Changpeng “CZ” Zhao, who recently announced that Binance was looking to open an office in the Latin American country.

The new law would make Rio the first Brazilian city to make BTC payments mainstream. Brazilian secretary, Pedro Paulo, acknowledged that:

 “To enable the operation, the municipality will hire companies specialized in converting crypto assets into reais. In this way, the City Hall will receive 100% of the amount in the currency.” He added that “we will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes, as in the case of IPTU and, in the future, this can be expanded to services such as taxi races, for example.”

CCDAS Summit - Get 10% Off for Being a Loyal Reader

CryptoCompare's Digital Asset Summit is returning on 30th March at Old Billingsgate, London. As Europe's flagship institutional summit for digital assets, this is the perfect opportunity to connect with key industry decision-makers and leading names in finance who are adopting and embracing the digital asset revolution.

Time is running out to secure your place at The CryptoCompare Digital Asset Summit! CryptoCompare readers can save 10%  today with code NEWSLETTER10. You can find more information here

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