Coinbase to promote the German soccer team, Europe close to the implementation of cryptocurrency legislation

Major cryptocurrency exchange Coinbase has partnered with German soccer club Borussia Dortmund or BVB for the teams’ promotional activities in stadiums and through online marketing channels, cryptocurrency news portal Coinnews said.

In a blog post, Dortmund said that Coinbase has now become its premium partner. Coinbase had started its partnership with BVB in July last year to provide crypto workshops to BVB employees.

As part of the new deal, Coinbase’s announcements will be featured at Signal Iduna Park in Dortmund, the largest football stadium in Germany.

“The world of cryptocurrencies offers exciting opportunities. The licensing by ‘BaFin’ is the clear signal for us as the BVB that we now have such a partner at our side in a still very new and often confusing segment for the uninitiated,” BVB chief executive Carsten Cramer is quoted as saying.

Europe is close to implementing cryptocurrency regulations

The European Union (EU) is ready to implement the legislation on the cryptocurrency market (MiCA). The new rules will be stricter than those existing in some European countries, CoinDesk reported.

MiCA requires “an unprecedented level of transparency from cryptocurrency exchanges,” he said.

Under the new legislation, cryptocurrency companies must keep the public informed in real time about their pricing process and trading volumes. They must also settle trades on the same day.

Exchanges must also hold their own funds, including cryptocurrencies, in addition to customer funds. The regulation also explicitly prohibits insider trading.

MiCA will also introduce a “universal licensing approach for all EU member states”, making it the most comprehensive legislation in the world, the report said.

The MiCA license and other rules are “more complex, more sophisticated” than those currently set by French regulator, Frédéric Montagnon, founder of French blockchain firm Arianee, told CoinDesk.

Around 60 companies are already registered with the French Authority for Financial Markets (AMF), however, “if the MiCA makes it mandatory for cryptocurrency service providers to insure their businesses, it will be a headache for startups in France,” he said. added Montagnon.

Crypto Billionaire Arthur Hayes Says Bitcoin Could Crash Again

Crypto billionaire and former BitMex CEO Arthur Hayes has warned that Bitcoin could lose again after its recent rally if the Federal Reserve continues to hike its repo rate.

In a blog post, Hayes pointed out that inflation could have an impact on the cryptocurrency market, noting that the consumer price index (CPI) has continued to fall after peaking at around 9% in the mid of 2022.

Investors expect the Fed to slow rate hikes, he said, adding, “Those prognosticators would argue that our esteemed Lord Powell is looking for every opportunity to step away from his current quantitative tightening (QT) policies.”

Add a Comment

Your email address will not be published. Required fields are marked *