As the world of digital assets expands, so do the efforts of regulatory bodies to keep pace. Jurassic steps are being taken, evident in diverse global regions. From Argentina to Canada, regulatory bodies are making concerted efforts to safeguard against potential misuse and uphold privacy standards.
Recently, the Argentine Agency for Access to Public Information (AAIP) initiated a probe into the identity and cryptocurrency protocol of Worldcoin. The primary focus of this investigation is to ensure the legality of data collection practices adopted by the firm. Given the controversy over the scanning of faces and irises of various individuals as part of the exchange protocol in Buenos Aires and several Argentine provinces, the AAIP is closely scrutinizing data collection, storage, and usage processes related to these practices.
Parallelly, on the North American front, the Royal Canadian Mounted Police (RCMP) and Shared Services Canada (SSC) are exploring options for the efficient seizure and storage of digital assets, including non-fungible tokens (NFTs). With a notable uptick in the involvement of crypto assets in illicit activities, the Canadian authorities are aiming to establish a method for secure storage of seized assets.
On the other hand, upon examining the scenario of a potential central bank digital currency (CBDC), the Bank of Canada questions the necessity of such a development, asserting that most Canadians already have efficient access to diverse payment options. However, should merchants decide against accepting cash, some challenges could surface.
Comparably, corporates in the crypto realm like Bitget and Bakkt have made significant strides. Bitget’s Protection Fund Valuation, according to its July 2023 report, exceeded $300 million persistently since November, further soaring to over $368 million. Bakkt, on the other hand, reported impressive financial results in the same period.
Automated trading platform Coinrule recently rolled out its new Marketplace driven by Generative Models. This new feature empowers users to access a library of pre-built trading strategies with customization options, effectively automating their trades.
These activities illustrate the metamorphic evolution of the crypto world. While it promises a sea of opportunities, cautious steps are imperative to ensure a beneficial balance, emphasizing privacy and security. The supervision of crypto assets would unquestionably require more robust systems as it continues to surge both in size and complexity – a game of chess between innovation and regulation.
Source: Cryptonews
