Now in Crypto, Japan’s financial services agency is weighing reforms that could let banks hold cryptocurrencies like Bitcoin, Tornado Cash Developer Roman Storm is warning open source developers of retroactive prosecution. Meanwhile the NFT Marketplace OpenSea Pivoting to a multi-asset exchange.
Japan’s FSA weighs allowing banks to hold Bitcoin, other cryptos
Japan’s financial services agency (FSA) has already been reported preparing to review the regulations That could allow banks to acquire and hold cryptocurrencies like Bitcoin for investment purposes.
The move will mark a major policy shift, as current regulatory guidelines, revised in 2020, effectively ban banks from handling crypto due to volatility risks, according to a Sunday report from Livedoor News.
Per the report, the FSA plans to discuss the reform at an upcoming meeting of the Financial Services Council, an advisory body to the prime minister. The initiative aims to align crypto asset management with traditional financial products such as stocks and government bonds.
Regulators are expected to explore a framework for managing crypto-related risks, such as sharp price swings that can affect a bank’s financial health. If approved, the FSA will likely impose capital and risk management requirements before banks are allowed to hold digital assets.
Roman Storm warned open source developers of retroactive prosecution
Tornado Cash Developer Roman Storm Open Source Software developers have been warnedespecially those working in the decentralized finance protocol (Defi), that they may be retroactively accused by the United States Department of Justice (DOJ).
Storm asked defi developers on a Saturday x Post“
“If the Southern District of New York (SDNY) can charge a dev for developing a non-custodial protocol, who is safe? My case is still ongoing,” he continued.
The verdict in the Roman Storm case has major legal implications for open source software development in the United States and sets a Dangerous legal precedent For developers, who are not protected from prosecution.
OpenSea rejects pivot from NFTS, says it’s emerging to ‘trade everything’
OpenSea CEO Devin Finzer has denied the claim that the company was pivoting Far from invisible tokens (NFT), it is said that the market is “evolving” into a universal platform to trade every type of onchain asset.
In a Friday post on X, Finzer announced that OpenSea’s trading volume in October exceeded $2.6 billion, with more than 90% of that amount coming from token trading, calling it the beginning of the platform’s transformation to “trade everything.”
“We are building a universal interface for the entire onchain economy – tokens, collectives, cultures, digital and physical,” Finzer told Cointelegraph. “The goal is simple: if it has an onchain, you should exchange it with OpenSea, without breaking any chain, while maintaining complete control of your assets,” he added.
OpenSea is the First Major NFT Marketplace. The platform remained the dominant player in the gap until early 2023, when momentum is lost due to a combination of a general NFT market crash and the rise of a major competitorBlurry.
