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24.11.[News of the day] • Crypto.com becomes the first crypto exchange to meet SOC 2 standards and other articles

4 min read

Welcome to today’s crypto news overview:

MARKETS

The price of the primary cryptocurrency has been moving like a roller coaster in recent days. Last week, BTC dropped to a monthly low below $ 56,000 before going on the offensive and hit $ 60,000 over the weekend.

However, with the arrival of Monday, the bears returned and pushed again – this time to a level of around $ 57,000. The bulls intercepted the move and drove up assets above $ 59,000, but the increase was only short-lived.

In the following hours, BTC plummeted, losing over $ 3,000 to a daily low of $ 55,750. Other recovery attempts followed, but with little to no success. Since then, BTC has stopped below $ 57,000.

The Altcoins plotted modest increases.

24.11.21 ETH analysis – the price creates a reverse pattern. Which resistance does it have to overcome?

BTC analysis – where could the price create another local minimum?

Cryptocurrencies

Ripple is developing a cryptocurrency strategy for the Palau Republic

San Francisco-based Ripple, a corporate blockchain provider, has announced a partnership with the Palauan Republic, a tropical country in the western Pacific Ocean that consists of about 340 tightly grouped islands.

Initially, the company will work to develop cross-border payments in this country. According to President Surangelo Whipps Jr., he is also on his way to help Palau launch the first state-sponsored stablecoin that could function as the country’s national currency.

Palau opted for a partnership with Ripple because of the speed and efficiency of XRP Ledger and also because of the company’s extensive experience in developing blockchain-based payment solutions.

Elon Musk urges Dogecoin holders to leave centralized exchanges

After a brief rift with Binance CEO Changpeng Zhao, Tesla CEO Elon Musk took aim at the crypto exchange.

In a recent tweet, the billionaire advocates withdrawing money from centralized trading platforms so that Dogecoin holders have control over their own private keys.

This is not the first time Musk has supported “not your keys, not your crypto.” He wrote on Twitter in February that any cryptocurrency wallet that does not allow users to control their funds should be “avoided at all costs”.

Banks, crypto exchanges, companies

Crypto.com becomes the first crypto exchange to meet SOC 2 standards

Singapore-based Crypto.com has announced that it has been certified SOC 2 through an audit by global consulting firm Deloitte, making it the first crypto exchange to meet this internationally recognized standard in traditional finance.

According to a recent press release, Crypto.com has successfully completed an audit of SOC 2 (Service Organization Control) – a common standard in traditional finance that confirms the credibility of the company’s information procedures, policies and operations.

This means that Crypto.com has been certified as the safest cryptocurrency trading platform and the first crypto-exchange to pass SOC 2 standards. Deloitte, an international company that provides audits, consulting, tax and advisory services to global brands, is behind the audit.

The Australian Pension Fund is investing $ 66 billion in cryptocurrencies

At the annual general meeting of the Australian pension fund Rest Super, its director told members that the fund is looking forward to reallocating part of its resources to the digital asset market and gaining exposure in this fast-growing industry, says Business Insider.

Public exposure to the cryptocurrency market will make Rest Super the first pension fund in Australia to invest in digital assets. The company’s investment director said at the meeting that even though the industry is still volatile, the fund will still transfer a small part of it to it.

CBDC, Regulation

Interventions in India continue and a cryptocurrency plan is planned for the winter

India is set to ban most crypto assets when it introduces a new law regulating the industry in the winter.

The agenda includes the “Cryptocurrency Act and Regulation of Official Digital Currencies, 2021”. The bill also addresses the framework for the central bank’s official digital currency to be issued by the Reserve Bank of India.

India is now following in China’s footsteps and trying to eradicate the use of decentralized crypto assets in favor of its own state-controlled CBDC. This is the second time that a bill on cryptocurrencies has been tabled in parliament, but has not been tabled earlier this year.

A new law for the crypto industry is being prepared in South Korea

The South Korean Financial Services Commission (FSC) has drafted a set of proposals for a new crypto law, including criminal sanctions for unfair market players. The compiled report was submitted to the National Assembly for consideration.

Yesterday, the FSC submitted to the National Assembly for consideration a basic outline for the construction of a new law on the virtual assets industry. It focuses on 10 legislators’ proposals on virtual assets.

While the current law on the reporting and use of certain financial information focuses primarily on the fight against money laundering in the area of ​​cryptocurrencies, the new law aims at more comprehensive market and industry supervision. The FSC report includes sanctions against unfair commercial practices, such as the use of undisclosed information, manipulation of market prices or fraudulent transactions.

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