FameEX Afternoon Crypto News Recap | April 4, 2023

Draft Statutory Order for Regulating UK Crypto Marketing Released by HM Treasury
https://www.fameex.com/en-US/news/crypto-trending-news-2023040403
The UK government has published the draft Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023, which is designed to enhance oversight of cryptoasset activities and raise consumer protection standards. The order follows a consultation in July 2020 and responses in January 2022, and is part of a range of measures to provide greater certainty for businesses operating in the crypto industry.

Proposed Bill in Kenya Seeks to Expand Securities Definition to Include Crypto Assets
A Kenyan bill seeking to regulate blockchain and crypto assets under the supervision of the Capital Markets Authority is set to be discussed in parliament. The bill aims to expand the definition of "securities" to include digital currencies, and licensed parties must maintain records of digital currency transactions and pay taxes on any profits made.

Chinese Central Bank Official Urges Regulators to Consider Crypto Risks in Regulatory Innovation
A senior official at the People's Bank of China has urged regulators to consider the risks associated with cryptocurrency and fraud when innovating regulation. The official pointed out the recent failures of US banks that provided services to crypto customers as an example. He emphasized that the philosophy, technology, and capabilities of regulation must be upgraded to prevent financial innovation from coming at the expense of financial stability.

Bitcoin's Correlation with Gold Reaches Multi-Year High, Outpacing US Equities
According to blockchain analytics firm Kaiko, Bitcoin's correlation with gold has hit a multi-year high, currently standing at around 50%. This correlation has surpassed Bitcoin's correlation with US equities, a trend that has been observed for an extended period. In Q1 2023, Bitcoin has outperformed gold, US equities, and three stock indices by almost four times, indicating its strong performance as an asset class.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.