Thursday, June 1, 2023
A lacklustre month, macro uncertainty, enterprise NFTs, FATF guidelines and more
“If I seem unduly clear to you, you must have misunderstood what I said.” – Alan Greenspan ||
Hello, everyone, and happy June! It’s my favourite month – gentle weather, idle moments in street cafés, people feeling beautiful…
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WHAT I’M WATCHING
A weak May. Crypto asset prices were lacklustre, volumes were way down, and derivative market signals are showing little conviction. More on this below.
Macro confusion. As usually happens at a turning point in any cycle, the data is getting contradictory. More on this below.
FATF and crypto regulation. The central bank of the UAE has issued new guidance concerning anti-money laundering and terrorism financing measures for crypto businesses, in line with FATF recommendations. Contrast this with Pakistan’s approach: a couple of weeks ago, its government was reported to have said that cryptocurrencies “will never be legalized” in Pakistan, in order to avoid FATF penalties. This is especially notable given that the UAE is on the FATF’s “grey list” (which labels certain countries as having “deficiencies” in their AML controls, which in turn can lead to limited participation in global finance as counterparties either reject trades or ask for additional documentation), while Pakistan is not.
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