On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Spanish Ministry of Economy Proposes to Create a Financial Customer Ombudsman for Crypto-Related Matters
Crypto regulation in Spain remains on the political talks amid the current bull-run seen in the bitcoin prices. Now, the country’s Ministry of the Economy is about to create a new Financial Customer Ombudsman for crypto-related matters.
Independent Financial Customer Body Will Abide by the MiCA Ruling
Per La Información, Minister Nadia Calviño seeks to extend its guardianship to the financial body to cover topics such as protecting consumers in cryptocurrency services. To make it a reality, the minister will submit the initial proposal to a public consultancy “as soon as possible.”
Overall, Calviño also wants to canalize all conflicts between banks and their customers through the Financial Customer Ombudsman, including all businesses in the fintech sector.
However, the Ministry clarified they’re expecting to abide by the rulings of the future “Regulation Of The European Parliament And Of The Council On Markets In Cryptoassets and the Markets in Crypto-assets Regulation” (MiCA). Such ruling, however, is still in development in Brussels.
According to the media outlet, Calviño’s proposal wants that the Independent Financial Customer Ombudsman’s future decisions will be binding, but up to a certain amount on a dispute. Sources quoted by La Información claim that such an amount could be around 30,000 euro ($35,800).
European Regulation Could Be Incompatible With Defi Industry, Experts Say
There are no major details on who could be leading the independent body overseeing crypto-related matters with consumers. If the proposal is granted a green light during the public consultancy, it will be the only independent resource to solve conflicts for all financial matters in Spain.
But the fact of abiding by the in-development EU MiCA rulings is still sparking controversy among the crypto sphere.
In fact, a survey performed by the International Association for Trusted Blockchain Applications (INATBA) unveiled that European crypto experts believe incoming legal frameworks could be excessively challenging for the industry.
Moreover, these rulings could have an “incompatibility” with decentralized finance (defi) applications and protocols.
What do you think about the proposal presented by the Spanish Ministry of Economy? Let us know in the comments section below.
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