The Weekly Wrap-Up - 10th December 2021

Visa Announces Crypto Consulting Services  

Financial Services Giant Pushes Further Into Crypto 

Financial services giant Visa has announced that it will be launching a crypto consultancy branch of its operations. The branch will advise institutions, retailers and firms on how best to implement crypto into their business models, as well as advising them on NFTs. Head of Visa European crypto branch, Nikola Plecas stated that:

Crypto for us is a huge new vertical and growth opportunity and we will be continuing to focus on growing this business as we move forward.

The move comes after the company launched its crypto-linked cards in October, which allowed users to purchase and spend digital assets. 

Coinbase Trading-Halt Causes Customers to Demand Refunds 

Halting of GYEN Trading Results in Customer Losses

Customers of Coinbase have started an online campaign for refunds after trading of the stablecoin GYEN was halted by the platform in mid-November. The currency, which was supposed to remain tethered to the Japanese Yen, became untethered and traded at around 7 times the value of the Yen. 

Customers claim that the resulting halt in trading has financially impacted Coinbase users, who now seek compensation for their losses - with an online petition receiving more than 1100 signatures. .

WhatsApp Testing Crypto Payment System

Instant Messenger System Piloting Crypto Features 

(Image: Gazette)

This week, WhatsApp announced that the company was in the testing phase of a new service which would allow users to send cryptocurrency without paying fees. The service will be facilitated by the crypto wallet service Novi - owned by WhatsApp’s parent company Meta (Facebook).  

Payments using the service will utilise the regulated stablecoin Pax Dollar (USDP) issued by Paxos Trust of New York, and no limits will be set on the number of times money can be sent. There is currently no date for the full launch of the service.

Binance In Talks With Wealthiest Family In Indonesia

Binance Poised to Launch New Crypto Venture   

The largest crypto exchange by volume, Binance is apparently in talks with Indonesian Billionaire siblings Budi and Michael Hartonos regarding establishing a new crypto exchange. Binance is yet to divulge the details of the venture, but Indonesian crypto regulation is known to consider crypto to be the same as any investment class, which would make it an advantageous jurisdiction for establishing an exchange. 

The move would not be Binance’s first Indonesian crypto venture - the platform is already in partnership with trading platform Tokocrypto.

Australian Crypto Space Set For Regulatory Shake-Up

Crypto Regulation Changes Included in Finance Regulation Amendments 

(Image: Coingape)

Australian financial regulators are poised to announce some of the most significant changes to financial regulation in the country for more than two decades. Amongst the changes will be a broadening of the number of industries that require financial regulation, and will include significant changes to crypto regulation.

Australian providers of digital assets will be required to ensure further consumer protection for their users. Additionally, under regulation that is still being deliberated upon, crypto exchanges will have to apply for a new form of license for their operations, or face closure. No date has been given for the official introduction of the new regulations.