Today in Crypto: Bank of Canada Official Urges Regulators

The number of Canadians who own crypto assets is growing rapidly, which requires regulation, especially as people may not understand the risks of investing in things like bitcoin, a Bank of Canada official told Reuters.

According to Senior Lieutenant Governor Carolyn Rogers, since crypto assets are more integrated with the financial system, there could be more risks of instability as more people buy.

Meanwhile, the EU is close to an agreement on key legislation to regulate cryptocurrencies, Bloomberg wrote.

This would see common rules enacted in all 27 member states. Members want to resolve some remaining issues with the Markets in Crypto-Assets (MiCA) package.

MiCA was introduced in 2020 and will put European regulators at the forefront of the law to oversee cryptocurrencies, on issues such as investor protection and the impact of cryptocurrencies on financial stability.

Elsewhere, cryptocurrencies were trading in the red on Sunday (June 12), with the global crypto market capitalization at $1.1 trillion, according to a report by Benzinga.

This comes as the crypto market panic has seen traders liquidate their positions, with over $521 million liquidated in the last two days. The market tumbled on Friday on news that inflation was at the highest level since 1981.

In other news, the Nigerian Exchange has plans to open a blockchain-enabled stock exchange platform, according to Bloomberg.

The intention will be to deepen trading and add more young investors to the market.

Additionally, the CEO of Terraform Labs, which oversaw the collapsed UST coin last month, will now have to comply with subpoenas regarding the sale of unregistered securities.

The Securities and Exchange Commission (SEC) is investigating information about Mirror Protocol, a trading network in the Terra ecosystem that offers customers near-priced tokens from several big-name companies, including Amazon and Apple.

Coinbase is set to launch in Brazil, with the cryptocurrency company calling the country’s potential “huge.”

The company hired Fabio Plein as the new country director for Brazil.

The company also said that it was happy to see the governor of the Central Bank of Brazil, Roberto Campos Neto, implementing a new set of policy initiatives on digital assets.

In other news, Binance founder and CEO Changpeng Zhao said that the SEC has been investigating the BNB exchange token, although there has been no subpoena, according to a Coindesk report.

That comes after it was reported that the SEC was asking if the BNB token was an unregistered security.

Coin Center recently filed a lawsuit against the Treasury Department, citing a tax rule as “unconstitutional,” a company blog said.

The company says that amendment 60501 of a recent infrastructure bill requires those who receive $10,000 or more in crypto to report to the government various details about who sent them the funds, including date of birth and Social Security number.

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