Top Cryptocurrency News This Week – Sept 14 to Sept 20
Key highlights that moved the crypto markets this week
- Institutional Investors believe Crypto investments will expand
- Kraken dream of US Banking license comes true
- 49 US states come together for Unified Regulation for Cryptos
- India and its tryst with cryptocurrency regulations
- Iran Power Plants open doors to crypto miners
If experts are to be believed, the next bull run of cryptocurrencies would be driven by institutional investors and it looks like the day is gonna come sooner than later. Well, according to a recent study compiled by a cryptocurrency insurance company it was revealed that over 26% of surveyed institutional investors, who collectively manage nearly $80 billion of assets, are planning to increase their digital asset holdings. Apart from this 26%, another 64% answered that they expect a “slight rise.” The majority linked the growing interest towards digital assets with improving regulatory infrastructures for the market.
Another major news coming from the USA is that leading cryptocurrency exchange Kraken has got a US banking license from the state of Wyoming. In its announcement, this week, the exchange gave a statement that “The state of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial,”.Sharing this joyous news the exchange also announced its plans of going global. The company explained that its banking operations “will start locally, but will soon operate globally,” noting that the SPDI charter will help expand its reach across the United States, “and will also help the broader Kraken organization to service companies around the world.”
Well, this week the regulations around cryptos also took a center stage. According to the news this week, 49 US States planned to release a unified regulation for cryptocurrency firms. The Conference of State Bank Supervisors, representing regulators from all U.S. states and territories, planned to launch a new regulatory framework for payments and cryptocurrency companies. This is a big development as The CSBS is the national organization of bank regulators from all 50 states, American Samoa, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. The organization also operates the Nationwide Multistate Licensing System on behalf of state regulators.
From the western world moving towards the east, there is some regulatory news coming in from India. According to the news this week coming from the government corridors, India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the inexperienced market. The news further states that the bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament
Moving from India to Iran where it looks like the power plants are opening doors to crypto miners in the country. In a welcome development, Bitcoin and cryptocurrency miners in Iran will now have access to the electricity power output from three power plants to mine crypto assets. With reports coming in from the country, the country’s Thermal Power Plant Holding Company (TPPH) will hold a tender to offer the electricity output of three power plants for cryptocurrency miners.
Which crypto news had the most impact on you or your coin portfolio this week? Do let us know in the comments below.