Tag: crypto exchanges

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Crypto Exchange Crypto Wallets Kraken Trading

‘Super Wallet’ is Coming as Crypto Exchanges Will Soon Enable Trading of Stocks

Kraken CEO Jesse Powell featured on Decrypt’s GM podcast last week, in which he stated that the US exchange is currently exploring broadening its offerings to include stocks. Powell also noted that the so-called ‘super wallet’ appears to be a common goal among many exchanges:

One Wallet, Multiple Assets

During the Decrypt podcast, Powell discussed the future of crypto wallets and the exchanges they belong to. He said that ‘super wallets’ – wallets that allow users to buy and trade varying assets, from crypto and NFTs to stocks – were in the sights of many crypto exchanges right now, with Kraken itself exploring the potential of catering to stocks:

I think we’ve said before that [stocks] are something that we’re exploring, and I think [it] makes sense to do [so].

Jesse Powell, Kraken CEO

With crypto already being offered alongside other assets by companies such as Robinhood and eToro, crypto brokerages won’t be far behind. Kraken users are already speculating on how this potential addition could unfold:

https://www.reddit.com/r/CryptoCurrency/comments/umjq92/bitcoin_exchange_kraken_exploring_stocks_as_part/
Reddit thread on Jesse Powell’s podcast appearance

Kraken Comes to the Aid of Ukraine

Kraken has been making itself visible over the past two years via multiple company moves. The most notable of these has been its dedication to aiding fundraising for Ukraine. In March, the company announced it would be distributing over US$10 million to relief efforts in the wartorn country, along with the waiving of exchange fees for Ukrainian addresses.  

In June 2021, the company decided to re-evaluate its launch plans following the poor performance of Coinbase’s IPO, stating that a direct listing might have a long-run “dampening effect” if Kraken continued with its plans to go public.

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Australia Crypto Exchange Cryptocurrency Law Regulation

Australia Announces ‘Badge of Approval’ Certificates For Crypto Exchanges

The Australian Securities and Investments Commission (ASIC) has announced that crypto exchanges can now receive a tick of approval. Any exchange that is government-approved will earn a “badge” signifying a uniquely Australian stamp of quality.

Senator Jane Hume, federal Minister for the Digital Economy, announced a market licensing regime for crypto exchanges at Australian Blockchain Week 2022.

https://www.senatorhume.com/about/about-senator-hume

Australian investors will be sure that if they use a licensed Australian exchange, they can trust that exchange will deliver on its commitments to customers and have appropriate protections.

Jane Hume, Minister for the Digital Economy

Senator Hume stated that she believes the way forward for the Australian crypto industry is through the regulation of exchanges. While ASIC badges of approval represent only a small change, it is seen as a positive step toward local cryptocurrency integration.

ASIC Busy on the Crypto Front

ASIC has had to deal with a plethora of cryptocurrency-related concerns recently, issuing a variety of warnings to Australian exchanges and investors. Most recently, it warned crypto companies to expect greater regulation in future, in line with those governing traditional finance companies.

In July 2021, ASIC chairman Joe Longo declared crypto trading a “significant area of concern“, particularly in the wake of the Covid-19 pandemic. And, in November 2021, ASIC shut down A One Multi, an unlicensed financial services business based on Australia’s Gold Coast, for suspected unlawful activity.

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Crypto Exchange Cryptocurrency Law

Ukraine Vice Prime Minister Calls on Crypto Exchanges to Block Russian Users

Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, has requested that major crypto exchanges block the addresses of Russian and Belarusian users. Ukraine is now preparing to make legal demands to ensure its pleas are acted on:

Fedorov has written to eight prominent cryptocurrency exchanges voicing the request in the hope of blocking some of Russia’s potential military funding: “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users’ [access],” Federov later tweeted:

Demands Require Legal Backing

Ukraine has promised “generous rewards” for anyone with information about the crypto wallets of Russian and Belarusian politicians. The vice prime minister’s ministry then turned its attention to Coinbase, Binance, Huobi, Gate.io, Whitebit, KuCoin, Bybit, and Kuna to address them directly. However, Jesse Powell, co-founder and CEO of Kraken, explained why blocking these users without the backup of legal demands was not possible:

Powell argued that, while Kraken maintains its anti-war stance, blocking users would infringe on what crypto stands for:

https://finance.yahoo.com/news/insulting-kraken-ceo-refuses-comply-154447927.html

The People’s Money is an exit strategy for humans, a weapon for peace, not for war.

Jesse Powell, Kraken CEO and co-founder

In addition, Coinbase has refused to implement Fedorov’s request, saying:

Our mission is to increase economic freedom in the world. A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor. We remain vigilant as this invasion evolves and are deeply committed to playing our part.

Coinbase statement

Ukraine Embraces Cryptocurrency

Ukraine as a nation has opened its arms to cryptocurrency. In September 2021, draft legislation was passed with the intention to legalise and regulate bitcoin. The purpose of the bill is to protect those who own and trade in bitcoin.

Since the beginning of Russia’s military invasion, Ukraine has had the support of crypto users from around the globe. As of early March, US$37 million had been donated to both the Ukraine government and non-governmental organisations.