• A bill recognizing crypto as a regulated activity in the UK has passed the House of Lords.
• French regulator calls for global coordination on “same risk, same regulation” policy for DeFi.
• Altcoin ETPs see inflows amid ETH, BTC outflows as alts recover.

Bill Recognizing Crypto as ‚Regulated Activity‘ Passes UK House of Lords

The House of Lords of the United Kingdom recently passed a bill that recognizes cryptocurrencies as a “regulated activity” in the country. This means that all activities related to cryptocurrencies such as trading, mining, and issuance are now subject to financial regulations in the country. The passing of this bill is a step forward for cryptocurrency adoption in the UK and Europe at large.

French Regulator Calls For Global Coordination on Regulation Policy

The Autorité des marchés financiers (AMF), France’s financial regulator has called for global coordination on establishing a “same risk, same regulation” policy for decentralized finance (DeFi) products across different jurisdictions. According to AMF chairman Robert Ophèle, coordinated efforts from governments will help ensure consumer protection while encouraging innovation within the DeFi space.

Altcoin ETPs See Inflows Amid ETH and BTC Outflows

Data from CoinShares shows that there were minor outflows totaling $5 million from digital asset investment products during the week ending June 19th, 2023; however altcoins experienced inflows totaling $2 million following the prior week’s price crash suggesting a shift in investor sentiment away from Ethereum and Bitcoin-based investment products towards altcoin-based Exchange Traded Products (ETPs). Popular altcoins like XRP, Cardano and Polygon experienced inflows totaling $1 million, $600K and $200K respectively indicating investors are adding to their positions even amidst market downturns.

Do Kwon Sentenced To Four Months Imprisonment

Terra co-founder Do Kwon was sentenced to four months imprisonment by Montenegro authorities after being found guilty of fraud committed against local banks through his companies. Do Kwon was also ordered to pay €300 thousand euros in compensation payments. This case highlights how authorities can pursue criminal charges against cryptocurrency entrepreneurs operating outside their jurisdiction when they violate local banking laws or commit other forms of fraud.

Coinbase Criticizes SEC Over Rule-Making Petition Dodging

Cryptocurrency exchange Coinbase recently criticized US Securities and Exchange Commission (SEC) over its apparent decision not to take action on its rule-making petition filed with it back in January 2020 which sought clarity regarding whether certain digital assets should be considered securities under US law or not . The exchange noted that this inaction had resulted in regulatory uncertainty which stifled innovation within the industry and hindered consumer protection measures such as adequate disclosure requirements etc