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Binance CEO says crypto industry needs clarity of regulations

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NUSA DUA, INDONESIA:

Dominant cryptocurrency exchange Binance’s chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants “cutting corners”.

“We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.”

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His comments come as crypto industry peers and partners outline steps to deal with the collapse of rival exchange Sam Bankman-Fried’s FTX.

FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoned a rescue offer.

“I think the industry collectively has a role to protect consumers, to protect everybody. So it’s not just regulators. Regulators have a role but it’s not 100% their responsibility,” Zhao said.

On the weekend, he had tweeted that Binance had stopped accepting deposits of FTX’s FTT token on its platform, and urged other exchanges to do the same.





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Microsoft admits Sony has has ‘better’ exclusive games

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Microsoft has recently admitted that its rival, Sony, has “better quality” games than Xbox in a filing with UK’s Competition and Markets Authority (CMA). The assertion was made on October 31, but the document was recently made public, Eurogamer noted.

Microsoft elaborated its stance, saying that Sony was “the dominant console provider” and ” a powerful game publisher”. It explained that “Sony is roughly equivalent in size to Activision and nearly double the size of Microsoft’s game publishing business.”

Read: Global regulators to target crypto platforms after FTX crash

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Comparing data, Microsoft wrote in the filing that Sony had five times as many of their 280 exclusive first- and third-party titles, on PlayStation. Besides just owning franchises like God of War and Spider-Man, Sony has signed deals with third-party publishers for exclusive rights to games.

Microsoft also claimed that console exclusives accounted for a higher percentage of global game sales for Sony than their own company. The company detailed review scores for PlayStation and Xbox, saying “the average Metacritic score for Sony’s top 20 exclusive games in 2021 was 87/100, against 80/100 for Xbox”.

CMA is conducting an in-depth investigation into Microsoft’s acquisition of Activision Blizzard, which has raised concerns by Sony, particularly over the franchise Call of Duty, which could be made exclusive to Xbox only, if the deal goes through.

 





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Netflix is working on a ‘brand-new AAA PC game’

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Netflix is currently hiring game directors and engineers to work on a “brand-new AAA PC game” at its new Los Angeles games studio.

The project has yet to be announced by the streaming platform itself. However, as per a job listing spotted by Mobilegamer.biz, Netflix needs a game director who “will be the creative leader of one of Netflix’s first generation of internally developed original games”.

 Apart from multiple job listings, there are not many details available regarding the new project.

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Read Global regulators to target crypto platforms after FTX crash

The digital platform has previously launched some games, but they were specifically suited for mobile phones. While many users are unaware of the games on Netflix, the platform plans to venture into PC gaming and expand its audience.

 

 





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Global regulators to target crypto platforms after FTX crash

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LONDON:

The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such ‘conglomerate’ platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview.

Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch.

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Cryptoassets like bitcoin have been around for years but regulators have resisted jumping in to write new rules.

But the implosion at FTX, which left an estimated one million creditors facing losses totalling billions of dollars, will help change that, Servais told Reuters.

“The sense of urgency was not the same even two or three years ago. There are some dissenting opinions about whether crypto is a real issue at the international level because some people think that it’s still not a material issue and risk,” Servais said.

“Things are changing and due to the interconnectivity between different types of businesses, I think it’s now important that we are able to start a discussion and that’s where we are going.”

IOSCO, which coordinates rules for G20 countries and others, has already set out principles for regulating stablecoins, but now the focus is turning to platforms which trade in them.

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In mainstream finance there is functional separation between activities like broking, trading, banking services and issuance, with each having its own set of conduct rules and safeguards.

“Is it the case for the crypto market? I would say most of the time not,” Servais said.

Crypto ‘conglomerates’ like FTX have emerged, performing perform multiple roles such as brokerage services, custody, proprietary trading, issuance of tokens all under a single roof that give rise to conflicts of interest, Servais said.

“For investor protection reasons, there is a need to provide additional clarity to these crypto markets markets through targeted guidance in applying IOSCO’s principles to crypto assets,” Servais said.

“We intend to publish consultations report on these matters in the first half of 2023,” he added.

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Madrid-based IOSCO, or International Organization of Securities Commissions, is an umbrella body for market watchdogs like the Securities and Exchange Commission in the United States, Bafin in Germany, Japan’s Financial Services Agency, and the UK Financial Conduct Authority, who all commit to applying the body’s recommendations.

The European Union’s new markets in cryptoassets or MiCA framework is an “interesting starting point” for developing global guidance as it focuses on supervision of crypto operators, said Servais, who also chairs Belgium’s financial regulator FSMA.

“I think that the world is changing. We know there is some space for developing new standards about supervision of this kind of crypto conglomerates. There is an obvious necessity,” Servais said.





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