Here are some of the major crypto developments from the crypto universe
The Indian crypto industry may be relieved of its fears after the G20 leaders, including India, at their New Delhi Summit, declared to look for an all-inclusive regulatory framework to govern cryptocurrencies and other virtual assets to ensure investors’ protection. The declaration debunked earlier concerns in some quarters about their possible ban in India.
Commenting on G20 remarks on cryptos, Vikram Subburaj, CEO of Giottus Crypto Platform, says, “This is indeed a positive development; we have been advocating such an approach for several years now. Instead of pursuing a challenging and impractical ban, it is in India’s best interest to adopt a well-thought-out regulatory framework that can effectively navigate the complexities of this asset class and foster innovation.”
Subburaj adds, “We possess the necessary tools to ensure investor compliance and are ready to work with the government to establish robust consumer protection measures within the VDA space. This approach is essential to promote transparency, enhance security, and encourage responsible usage.”
G20 leaders endorsed the paper on a crypto roadmap submitted by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for discussions at the Summit, underscoring the importance of unified regulations, broader consultations, and oversight.
A senior government official said that a complete ban on cryptos is unlikely as G20 has laid the groundwork for crypto regulation by endorsing the suggestions of the IMF and FSB.
However, the government has stressed the need for caution to prevent any possible financial and macroeconomic instability. “Crypto may not have a very obvious use case as such, but we have to give that benefit of doubt to see what it can do to the digital economy,” the Indian Express quoted the official as saying.
Responding to the growing concerns surrounding possible biases of “finfluencers” while promoting investment products on their platforms, France has introduced an optional certification called the Responsible Influence Certificate in a move towards potentially regulating investment product endorsements.
On September 7, two French regulatory bodies, AMF and the ARPP, launched a training program tailored for influencers. ARPP initially introduced the “Responsible Influence Certificate” in 2021, which was adopted by more than 1,000 French influencers. The updated certificate will now include a specialised course for financial influencers who endorse a wide range of investment products, including stocks, bonds, ETFs, funds, derivatives, and even wine. Additionally, the certification acknowledges the involvement of influencers in promoting cryptocurrency assets.
User activity on Friend.tech saw a major resurgence after briefly fizzling last week. Over the past four days, the total value locked (TVL) on Friend.tech, a decentralized social networking platform, saw a remarkable doubling of TVL, which exceeded $20 million.
A few weeks ago, sceptics had labelled the platform as “inactive” due to a noticeable decline in app traffic. However, there has been a significant surge in activity on Friend.tech in recent days. According to data from Dune Analytics, on September 9, the platform recorded a daily trade volume of $12.3 million, marking the third-highest volume ever observed.
On September 9, Friend.tech’s trading volume surpassed that of OpenSea, outpacing the popular NFT platform by over $3 million, the pseudonymous account TylerDidIt said.