Here are some latest developments in the crypto space over the past few days.
The UN Financial Action Task Force (FATF) has urged nations to enact agreed “travel rules” to stop possible money laundering and terror funding activities through cryptocurrencies. The UN agency urged all its member nations to implement the “Travel Rule” without delay.
FATF, which fights money laundering and terrorist financing globally, on June 23 stated that “many” member states have not followed the regulation. The request comes after a series of FATF meetings held at its Paris headquarters this week.
Optimism Network Transactions Surge After Bedrock Upgrade
Transactions on the Optimism Network surged 67 per cent after its June 7 “Bedrock” upgrade, blockchain analytics firm Nansen said on Twitter on June 26. The network saw less than 300,000 daily transactions around the time of the upgrade, but it later surged to over 500,000.
On June 6, Optimism, a layer 2 of Ethereum, carried out its Bedrock hard fork. It was designed to speed up deposits, charge less, and boost network security. The daily fees have decreased from $80,000 worth of Ether immediately prior to the upgrade to merely $50,000 as of late June, according to a June 26 article by Nansen.
European Union Seals Deal On Crypto Bank-Capital Rules
Most European Union (EU) lawmakers have favoured ‘prohibitive’ capital requirements to keep unbacked crypto assets out of the banking system. The EU on Tuesday reached a political agreement on new bank-capital legislation, including for crypto assets, as they backed “prohibitive” regulations to keep unbacked cryptos out of the conventional financial system,
The Economic and Monetary Affairs Committee of the European Parliament announced the agreement in a tweeter message following a meeting of the representatives of the European Parliament, national governments, and the European Commission, which had initially suggested the regulations in 2021.