Started work The world stablecoin association
New WSA will unite major stablecoin projects
Association members will promote stablecoins
FATF prepares guidance on circulation of stablecoins
International consortium news organizations, developing transparency standards.
The World Stable Coin Association (WSA) announced the start of his work. Main association office will be based in Switzerland. The members of the created organization will strive to unite the largest cryptocurrency projects such as USD (Tether) and USDC.
Own company and stock exchange
Due to the rapid growth popularity of stablecoins It was received the decision to form one global stablecoin association, which will unite the largest projects in this market. On the data moment it is known that the composition organization includes representatives of Tether, UDS Coin, DAI and HUSD projects. Adam Kai, CEO of VirgoX, stressed that the ultimate aim this initiative is the creation of a true, impartial global association of all major stable currency projects.
“it should not be only trading pairs, but also global payments and cross-border transfers. Moreover, to encourage users keep stablecoins like means storage cost, projects will also be required for search for various applications to create values, such as interest-bearing products such as rates and others, ”said Kai.
The World Stable Coin Association includes projects such as QCAD with a Canadian peg to dollar USA and a decentralized finance protocol with support Polychain, Ren. According to Kai, the stablecoin projects involved will participate in monthly online seminars and annual conferences held in Switzerland to discuss the development of the stablecoin and explore cooperation opportunities with others. projects stablecoin.
What’s in store for stablecoins
Establishment of the World Stablecoin Association can be linked to the latest FATF statement in which representatives of the anti-money laundering organization of money stated, that stablecoins pose a threat to the world’s fiat currencies. Also, representatives of the organization demand that stablecoins are regulated in the same way as cryptocurrencies..
“FATF has stated that stablecoins need regulate like traditional financial products. Stablecoin issuers will be forced to follow AML / CFT procedures.
But since people go to stablecoins first of all for privacy and anonymity, stablecoins with AML and identification will not be interesting to anyone. Therefore, stablecoin issuers will find a balance between FATF requirements and business interests, just like now this was done by cryptocurrency exchanges, ”he explained in an interview for BeInCrypto IEX CEO Igor Snizhko.
According to the last FATF report, stablecoins may pose the same threat to fiat currencies, like cryptocurrencies. Besides Togo, by opinion FATF representatives, stablecoins can also be used to finance terrorism, drug trafficking and human trafficking. To prevent of this, FATF is developing new rules for the circulation of stablecoins, which will be binding on all banks, cryptocurrency exchanges and investment funds using quality investment instrument stablecoins.
All information, contained on our website, published on principles good faith and objectivity, and exclusively with informational purpose. The reader independently carries complete responsibility for any actions, committed by him on the basis information, received on our website.