19.01.2021

Libra Must Comply with Anti-Money Laundering Standards: US Treasury

Interestingly, Mark Carney, the Governor of the Bank of England, put forward a more original opinion when he has suggested a transformation of the global financial system by replacing the United States dollar with a digital currency similar to Facebook’s Libra in August.

Facebook’s Libra stablecoin must meet the highest Anti-Money Laundering (AML) and terrorism financing standards, according to United States Treasury Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker.

Cryptocurrencies must comply

Per the report, U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker also told reporters in Geneva that any cryptocurrency – including Libra – operating in the U.S. has to satisfy local regulatory standards.

Regulators are concerned by Libra

Global financial regulators are concerned about Libra, with the European Central Bank’s key legal official Yves Mersch having said recently that Facebook’s Libra stablecoin is “beguiling but treacherous” during a speech at an ECB’s legal conference.

A delegation of United States regulators visited Switzerland, where Libra is based out of, to investigate on the project and meet local regulators. That being said, as Cointelegraph reported in late August, the visit did not ease U.S. regulators’ concerns.

Facebook is also attempting to influence U.S. regulators by ramping up its lobbying efforts, hiring a lobbying firm at the end of August and then two more lobbyists.

Nasdaq Launches Decentralized Finance Index for Digital Assets

Major United States stock exchange Nasdaq has unveiled a blockchain decentralized finance (DeFi) index Defix (DEFX). According to a Defix press release published on Sept. 9, brokerage firm Exante streamlined the launch of the Defix index.

A disparate group of crypto assets

The index includes crypto assets of projects such as the one of Proof-of-Work blockchain Amoveo (VEO), decentralized exchange protocol 0x (ZRX), prediction market Augur (REP). Also the governance token of the decentralized autonomous organization behind the DAI stablecoin and MakerDAO (MKR).

Amoveo main developer Zack Hess commented on the development:

“[I am] glad to see increased awareness being brought to decentralized finance projects.”

A broker specialized in crypto funds

Exante launched its Bitcoin (BTC) fund in 2012. Notably, the fund reportedly totaled an overall return of investment of 70,000% since its inception.

Furthermore, the firm also released the XAI fund, composed of six major altcoins Ether (ETH), Ethereum Classic (ETC), Monero (XMR), XRP and Zcash (ZEC).

As Cointelegraph reported at the end of August, Elwood Asset Management – owned by British billionaire and Brevan Howard founder Alan Howard – is planning a $1 billion venture into the crypto hedge fund space.

cointelegraph.com

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