Bolivia to integrate crypto; UK tests disclosures; Robinhood bets
Key developments in the digital assets sector on Tuesday and Wednesday included Bolivia’s plan to bring cryptocurrencies and stablecoins into its financial system, the UK Financial Conduct Authority’s testing of standardized crypto disclosure templates with major exchanges, and Robinhood reporting rapid growth in its prediction markets product.
Bolivia to bring crypto and stablecoins into the financial system
Bolivia will integrate cryptocurrencies and stablecoins into its financial system as part of a broader effort to modernize the economy, Economic Minister Jose Gabriel Espinoza said on Tuesday, according to Reuters.
Under the plan, banks will be permitted to hold digital assets on behalf of clients, allowing their use for savings accounts, credit products, and loans. Espinoza said that because crypto cannot be controlled globally, the government intends to recognize it and leverage its benefits.
High inflation in several Latin American countries, including Bolivia, has driven some consumers toward stablecoins as an alternative store of value and means of payment.
FCA tests crypto disclosure templates as UK develops new rules
The UK Financial Conduct Authority (FCA) on Wednesday approved RegTech firm Eunice to conduct experiments in its regulatory sandbox, providing early insight into the country’s approach to forthcoming crypto regulation
Eunice will pilot standardized crypto disclosure templates with major exchanges, including Coinbase, Crypto.com, and Kraken, to assess whether they improve transparency in live market settings. The FCA said its sandbox remains open to applications from firms seeking to test similar solutions that could inform the UK’s regulatory framework for cryptoassets. Colin Payne, the FCA’s head of innovation, encouraged eligible firms to apply.
Eunice co-founder and CEO Yi Luo said the sandbox enables regulators and industry participants to collaborate on strengthening the foundations of the UK’s crypto markets.
Prediction markets are among Robinhood’s fastest-growing revenue lines
Robinhood said on Tuesday that prediction markets have become one of its fastest-growing product categories by revenue, as the company advances plans to launch a futures and derivatives exchange and clearinghouse.
Since debuting its prediction markets in March through a partnership with Kalshi, the platform has seen nine billion contracts traded by more than one million users, the company said. JB Mackenzie, general manager of futures and international at Robinhood, said the firm is experiencing strong customer demand and plans to build on that momentum.
Robinhood added that expanding its infrastructure with a futures and derivatives exchange and a clearinghouse is intended to enhance the customer experience and support further product innovation.
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