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More than 90% of crypto assets are essentially driven by speculation. However, pure speculation is not a perpetual motion machine; when market participants lose interest or are unable to continue profiting, speculative demand will diminish.
- 22:14Brazilian Central Bank issues crypto regulatory rules, sets maximum capital threshold at $7 millionJinse Finance reported that the Central Bank of Brazil has officially announced a regulatory framework for the crypto industry, requiring all Virtual Asset Service Providers (VASPs) to obtain a license from the central bank and to hold capital of at least 10.8 million to 37.2 million reais (approximately 2 million to 7 million US dollars), depending on the type of business. The new regulations bring crypto activities under the supervision of foreign exchange and capital markets, require companies to regularly report cross-border transaction data, and set restrictions on activities involving stablecoins, self-custody wallets, and crypto-to-fiat transactions.
- 22:08US banking regulators have reportedly reached an agreement to ease bank capital requirementsJinse Finance reported, citing informed sources, that U.S. banking regulators have reached an agreement to ease a series of capital requirements that banks say have limited their ability to hold more U.S. Treasury bonds. Officials from the Federal Reserve and other key agencies recently submitted a final plan regarding the so-called Enhanced Supplementary Leverage Ratio to the White House for review. These relaxed requirements mean that the proportion of capital that large banks need to hold relative to their total assets will be reduced, basically in line with the proposal released in June. Officials plan to formally adopt this measure in the coming weeks, provided it receives White House approval. This rule is part of a broader set of requirements under the Basel III reforms.
- 22:07SoFi becomes the first nationally chartered bank in the United States to offer cryptocurrency tradingBlockBeats news, on November 11, according to Bitcoin Magazine, SoFi has just become the first nationally chartered bank in the United States to offer bitcoin and cryptocurrency trading.