The Group of Twenty (G20) countries are trying to reach an agreement on crypto regulation, Reuters reported, citing India's economic affairs secretary, Ajay Seth.
The following are some latest developments in the crypto space.
The Group of Twenty (G20) countries are trying to reach an agreement on crypto regulation, Reuters reported, citing India's economic affairs secretary, Ajay Seth.
"The regulation should flow from the policy view taken. One of the priorities which have been put on the table is to help countries build a consensus for a policy approach to the crypto assets," Seth was quoted as saying.
Germany Calls For Crypto Regulation
It has been a rocky year for the crypto industry as cryptocurrency exchanges, and hedge funds collapsed. Reuters reported that German regulators have also called for strict laws to stop money laundering and safeguard financial stability.
"We've seen the self-regulated world. It will not work," said Mark Branson, the president of Germany's financial market regulator BaFin. His comments came after the US prosecutors accused former CEO of FTX crypto exchange Sam Bankman-Fried of diverting funds to FTX’s sister firm Alameda Research.
New FTX CEO Makes Big Money
Market Insider reported that new FTX CEO John Ray earns $1,300 an hour, while he oversees the company’s restructuring and bankruptcy proceedings. FTX lost some $8 billion as the FTT token value plummeted leading up to the bankruptcy filing in November. Ray, who previously worked with Enron, joined FTX on November 11.
Maple Finance Unveils Update
Maple Finance, a blockchain-based lending platform, released a major protocol change on Wednesday to address the recent wave of loan defaults. It plans to discontinue the Solana Blockchain for granting DeFi (decentralised finance) loans.
Maple allows institutional borrowers to obtain under-collateralized loans from credit pools. Investors can offer liquidity in exchange for a yield on deposits.
Each credit pool has a delegate, a financial institution that oversees loan underwriting and performs due diligence on borrowers.
The new Maple 2.0 version reportedly contains enhancements to the withdrawal request procedure, introducing a choice to schedule and prorate withdrawals.
Metamask Users Can Buy Crypto Through Paypal
Metamask creator ConsenSys said it would integrate Paypal into Metamask to allow users to purchase Ethereum and other supported cryptocurrencies. Metamask is a popular Ethereum soft wallet that lets users store private keys on the web browser.
Lorenzo Santos, the product manager for MetaMask, said, “This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.” He added it is a first-of-a-kind Paypal integration in the crypto space.