Paraguay's Leaked Crypto Law: Depressing Dud or Too Early to Tell?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 17 July 2021

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this edition of the “Weekly Recap,” NLW covers: The latest in Binance’s global regulatory troubles Leaked crypto legislation from Paraguay Capital Group’s big bet on MicroStrategy The U.K.’s Financial Conduct Authority slated to spend £11M on an anti-crypto campaign for young people -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG https://nydig.com/nlw/ The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: naruedom/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.1	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.5	What's going on, guys? It is Saturday, July 17th, and that means it's time for the weekly
0:27.8	recap. I want to use this recap to catch back up on a few stories I've been following over the
0:33.5	past few weeks, and the first is the rising regulatory scrutiny around finance.
0:39.4	The last few weeks have seen a serious pan-global turn against the company. At least that's what
0:46.1	it feels like to the outside observer. Thailand's SEC issued a criminal complaint against
0:51.4	finance for operating without a license. The Cayman Islands Financial
0:55.1	Board said that Binance wasn't authorized to operate in their territory. The Monetary Authority of
1:00.4	Singapore said that it was following up with Binance because of regulatory scrutiny elsewhere.
1:05.4	Japan's Financial Services Agency warned consumers that Binance was operating without registration.
1:12.0	And of course, the UK's Financial Conduct Authority said that Binance was operating without registration. And of course,
1:17.2	the UK's Financial Conduct Authority said that Binance wasn't allowed to offer services in the UK.
1:23.2	The UK thing is a bit muddled because the FCA specifically pointed to a different division of Binance that wasn't their main Binance.com property. But that hasn't stopped an absolute exodus of
1:29.3	partners. Binance has been unplugged from numerous payments networks. Two more were announced this
1:35.1	week, and clearly this is having ramifications not only in the UK but in Europe as a whole.
1:41.4	This week, there were two more big bits of news beyond just ripple effects from
1:44.8	the FCA. Italy's financial regulator Consub published a statement to its website, and the
1:49.9	TLDR is this. Quote, companies of the finance group are not authorized to provide investment
1:55.2	services and activities in Italy. Period. Full stop. This isn't the first we've heard from Consob lately. Last month, Chairman
2:03.2	Palo Savona went in on cryptos, saying that, one, they could be a shield for criminal activity,
	...

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