Bitcoin trades over Rs 16 lakh

Major cryptocurrencies were trading in the green early on October 12 as the global crypto market cap increased 0.20 percent to $918.72 billion over the last day. On the other hand, the total crypto market volume dropped 8.21 percent to $49.50 billion over the last 24 hours. The total volume in DeFi stood at $3.14 billion, which is 6.35 percent of the total crypto market 24-hour volume. The volume of all stable coins was $46.85 billion, which is 94.65 percent of the total crypto market 24-hour volume. The price of bitcoin hovered around Rs 16 lakh, with a dominance of 39.77 percent, which is an increase of 0.01 percent over the day, according to Coinmarketcap. Read here

Crypto giant Coinbase gets Singapore licence

Coinbase, the largest crypto exchange in the US, said it has received approval from Singapore's central bank to offer payment services in the city-state.The in-principle approval, which the central bank started giving out to crypto firms last year, means individuals and institutions can use digital payment token services and the firms are regulated by the central bank under its Payment Services Act. Calling it a "significant milestone", Coinbase said in a statement that it has been building up its presence in Singapore and currently had nearly 100 employees in the Southeast Asian state, with product engineers forming the largest bulk of hires. Read details here

G20 to review crypto framework prepared by OECD

G20 will review the cryptocurrency-related framework (that was recently submitted) in its upcoming meeting. The move is a part of the larger trend across the globe where countries are moving towards strong regulations in regard to cryptocurrency. Finance Ministers and Central Bank Governors from G20 member states will be reviewing the Crypto-Asset Reporting Framework (CARF) presented by the Organization for Economic Co-operation and Development (OECD). G20 consists of twenty countries such as China, India, South Korea, Brazil, the US, the United Kingdom, and the European Union. Read more here