The Basel Financial Stability Board (FSB) supported the opinion of representatives of the International Monetary Fund (IMF) that after the end of the war in Ukraine, unleashed by Russian dictator putin, there could be “acceleration of cryptoization in emerging markets.” It’s important to take into account that the main task of the FSB is to monitor the global financial system, as well as to develop recommendations on financial security for public and private companies. Therefore, representatives of the organization believe that the current challenges to financial stability should increase the importance and increase the relevance of its current policy tactics in a number of areas, including increasing the resilience of non-bank financial intermediation, the regulation of crypto-assets and the calculation of risks in the field of cybersecurity. “Cryptoasset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.” — FSB said in a statement. The Board also envisaged a number of steps that should create the necessary conditions for safe innovation. But no one has yet specified what these steps are, just as no measures to regulate the sphere and specific recommendations have been announced. Instead, the FSB said they would "keep the G20 updated" on their "work on cryptoassets."
Representative Michael McCall, a prominent member of the House Foreign Relations Committee and a U.S. congressman, urged the Joe Biden administration to develop a "robust strategy" to prevent the use of cryptocurrencies to circumvent sanctions. Back in March, McCall wrote to President Biden expressing concern about “Russia's potential exploitation of emerging technology like cryptocurrencies to avoid sanctions.” By the way, in the letter, he mentioned “an expected U.N. report on North Korea's nuclear programme being funded with stolen Bitcoins.” However, the president didn’t answer the congressman. After the failed correspondence with Biden, McCall sent the same letter to Director of National Intelligence Avril Haynes, responding to her speech before the House Standing Select Committee on Intelligence. She was just talking about how her department will deal with the evasion of crypto-sanctions. So far, nothing is known about the development of their dialogue. Recall that in April, McCall introduced the Russian Cryptocurrency Transparency Act along with Gregory Meeks (D-NY), chairman of the House Foreign Affairs Committee. They passed the bill with bipartisan support.
Crypto giant Binance.US, as part of the expansion of global financial markets, received a long-awaited license to transfer money to Puerto Rico, whose authorities recently passed a series of laws designed to increase loyalty to crypto in the state. In fact, the Puerto Rico money transfer license is the fourth such document that opens the possibility of transfers for Binance received by the company this year. But the representatives of the company have clearly placed a special emphasis on the exotic country and actively involve local entrepreneurs in cooperation. Prior to this, Binance raised nearly $200M in an external funding round from a diversified group of investors at an initial cost of $4.5B. The new funding stream will be used to optimize the Binance Spot platform in the US. Currently, Binance.US is licensed to operate in 45 states and seven territories, and the number of tokens traded on the site has exceeded 90.