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DF Public Ministry creates a working group to study cryptocurrencies

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Cryptocurrencies are the focus of a new working group created by the Public Ministry of the Federal District and Territories (MPDFT) that will study the evolution of digital asset technology and its impacts on the legal field.

According to a statement released on Friday (17), the group will have several objectives, one of which is to monitor the creation of the central bank’s digital currency (CBDC), the ‘digital real’, and anticipate its consequences for the institution. Another front of the group’s work will be the monitoring of the regulation of cryptoactives in the National Congress.

The WG will be composed of attorneys and prosecutors, in addition to specialists from different areas such as information technology, data protection, consumer law, among others.

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“MPDFT was an important agent in the discussion of the General Data Protection Law and the Marco Civil da Internet itself. We were one of the first public ministries to create a unit dedicated exclusively to protecting Brazilians’ personal data and privacy. Naturally, cryptoactives also come in as points of attention for the Institution”, said the deputy attorney general, André Vinícius de Almeida.

The initiative, described by MPDFT as a pioneer in the country, intends to improve the entity’s knowledge of the crypto market and train not only MPDFT members, but society in general.

Crypto Project

Before the creation of the working group, the MPDFT already discussed cryptocurrencies through the ‘Crypto Project’, created by the Special Data Protection and Artificial Intelligence Unit (Espec).

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One of the group’s fronts was to investigate the use of digital assets by criminal organizations in money laundering and other crimes. In 2018, an MPDFT investigation managed to convict 13 people involved in the Kriptacoin financial pyramid for crimes against the popular economy, concealment of assets, misrepresentation and criminal organization.

In another more recent case, the MPDFT, through Espec, filed a public civil action against Atlas Quantum, related to the leakage of personal data from more than 260,000 customers. The entity asks that the company be ordered to pay R$ 10 million in moral damages to citizens.

Although the authorities’ contact with the crypto sector is generally restricted to cases such as those mentioned above, the MPDFT recognized that cryptocurrencies are not limited to criminal activities. “It is important to differentiate such practices from initiatives that are legitimate and legal, but this is only possible with in-depth knowledge on the subject”, said the Attorney of Justice Frederico Meinberg in a statement.

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“It is not new that the issue is a reason for attention by MPDFT, but now the monitoring of the evolution of cryptoactives will be carried out in a systematic, integrated and multidisciplinary manner”, concluded the promoter.

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Cryptocurrency

Jerome Powell’s reappointment, a setback for cryptocurrency – Mike Novogratz

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  • Novogratz says Powell second term is setback for crypto.
  • Galaxy Investment Partners CEO says Powell does not understand US economy.
  • Novogratz predict bullish future for crypto with institutional investors.

Ex-hedge fund manager and CEO Galaxy Investment Partners, Mike Novogratz, has frowned at the reappointment of Jerome Powell as chairman Federal Reserve.

Novogratz is of the opinion that a second tenure for Jerome Powell would slow down cryptocurrency markets, the Nasdaq, and “all assets.” He said this as a Bitcoiner and not an investor noting that Powell could be detrimental to the markets’ growth.

He said during a CNBC interview that, in his opinion, Powell has failed to understand the political and economic reality of the United States, which reflects on the market.

Novogratz explains realities of US economy

The CEO said cryptoers are getting bearish on Jerome Powell’s appointment following the change in the Marco story.

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He noted that inflations are high in bad ways in the US, questioning what the fed would do.

“We have inflation showing up, you know, in pretty bad ways in the US So, we can see, is the Fed going to have to move a little faster … That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down if we have to start raising rates much faster than we thought.

He noted that the US is experiencing its highest inflation in 30 years. At 6.2 percent annually, the consequences are already starting to ripple through the rest of the world, with 39 of the 46 world’s largest economies showing higher inflation year-on-year.

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According to Novogratz, with Powell being tipped for a second term, he can be more aggressive with his policies without needing to measure his actions so as not to put his job at risk.

Jerome Powell aside, Novogratz focused on cryptocurrency

The CEO hinted that he is all about the crypto space predicting a bullish future for the currency in the near future.

As CEO of Galaxy Digital, he has to study market trends and expectations constantly. He assures that the more distant future looks promising for cryptocurrencies after the short-term ups and downs.

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He also states that more and more institutional investors continue to enter the crypto space a catalyst for growth in the crypto space.

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Jerome Powell Could Slow Down The Cryptocurrency Industry, Mike Novogratz Says

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Mike Novogratz believes that Jerome Powell’s policies could slow down the cryptocurrency markets, the Nasdaq and “all assets”

Mike Novogratz is not happy with U.S. President Joe Biden’s decision to pick Jerome Powell to chair the Fed for a second term. And he’s speaking not as a Bitcoiner but as an overall investor: He believes Powell could be detrimental to the markets’ growth.

In an interview for CNBC this week, Novogratz hinted that from his point of view, Jerome Powell had failed to understand the political and economic reality of the United States and that the markets have a similar view, being pessimistic about his tenure.

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Careful With Jerome Powell

Speaking about the cryptocurrency market, Mike Novogratz said that “people are getting pretty bearish” on crypto after Jerom Powell’s appointment, especially following the changes in the “macro story.”

“We have inflation showing up, you know, in pretty bad ways in the U.S. So, we can see, is the Fed going to have to move a little faster … That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down if we have to start raising rates much faster than we thought.

The United States is experiencing its highest inflation in 30 years. At 6.2% annually, the consequences are already starting to ripple through the rest of the world, with 39 of the 46 world’s largest economies showing higher inflation year-on-year.

Mike Novogratz argues that now that Powell has the confidence of a new mandate, he can be more aggressive with his policies without needing to measure his actions so as not to put his job at risk. And Jerome Powell’s thinking so far seems to favor an expansionary monetary policy.

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Mike Novogratz Remains Focused on the Cryptocurrency Industry

However, Mike Novogratz is a cryptocurrency lover and doesn’t plan to stop being one. As CEO of Galaxy Digital, he has to constantly study market trends and expectations. He assures that the more distant future looks promising for cryptocurrencies after the short-term ups and downs.

The crypto ecosystem is growing, and more and more institutional investors are entering the game, spurring the industry’s growth.

“The amount of institutions Galaxy sees moving into this space is staggering. I was on the phone with one of the biggest sovereign wealth funds in the world today, and they’ve made the decision on a go-forward basis to start putting money into crypto. I’ve had the same conversations with big pension funds in the United States.”

Novogratz always argued —especially in 2017 and 2018— that institutional investors would play a major role in the rise of the cryptocurrency industry and that Bitcoin could easily reach $100K soon.

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Last month, Novogratz warned that the end of the NFT rush could be approaching and advised investors to take profit and bet on Bitcoin or Ethereum.

As Cryptopotato reported on October 8, Novogratz explained that many NFTs trade for large sums of money primarily because of the emotionality of those involved and expectations – not because of proper fundamentals:

“That’s not normal, in any way, shape, or form … It seems to me like a pretty good time to at least book some profits, and fold it back into Bitcoin or Ethereum or another token.”

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Finnish regulators tighten the screw on digital currency marketing

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Hot on the heels of the rising cryptocurrency hype, Finnish regulators have dropped a formal notice. On Wednesday, the Finnish Financial Supervisory Authority (FSA) stated:

“Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.”

Finland is a highly economically free country, ranking 17th in the Index for Economic Freedom. However, as LocalBitcoins CEO Sebastian Sonntag told Cointelegraph upon receiving the company’s FSA license in 2019:

“The controls in the financial sector are of particularly high quality, and the position of the clients is well protected.”

It appears that the FSA is keen to protect investors — particularly retail — who are more likely to be influenced by marketing activities. If the 2020–2021 bull run’s meme mania is anything to go by, there will be more retail FOMO across the globe.

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The FSA press release is a direct response to the rise in marketing of digital currencies and related services across Finland. Finnish media observed increasing traffic for cryptocurrency articles, while in a recent editorial by mainstream outlet the Helsinki Times, writers concluded that crypto is trendy in Finland and will hold its popularity for years to come.

Elsewhere in Finland, local crypto adoption is brewing. Finnish esports company Elisa Esports announced a partnership with cryptocurrency firm Coinmotion to bolster the Nordic esports scene. 

However, the list of Supervised Entities operating in the cryptocurrency and digital currency space is still small. Fewer than 10 companies are registered, so the recent notice may be a nod toward future regulation and the evolving regulatory landscape.

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Crucially, the FSA cannot advise on Finnish customers visiting foreign websites. Nor does the recent initiative affect advertising on international websites not explicitly targeted at Finnish citizens.

As a result, while regulators get to grips with the local market, Finnish crypto advocates can continue to visit international crypto websites.

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