Crypto On LYO: The Blend — LYOWALLET Transitions Users to LYOTRADE, Ferrari Embraces Crypto Payments in the US, Australia Plans New Crypto Exchange Licensing Rules

What happened in the crypto world in the last week? Let’s see some interesting news together!

LYOWALLET Transitions Users to LYOTRADE Exchange

Exciting news! LYOWALLET, known for its user-friendly interface and reliable features, is transitioning its users to LYOTRADE – a centralized cryptocurrency exchange offering a range of exciting features, including DEX Swap.

If you are a LYOWALLET user, this transition provides you with the perfect opportunity to explore a more versatile and comprehensive platform for your crypto needs.

As part of this transition, it’s crucial to highlight one essential point: if your funds aren’t moved before the transition is completed, access to your wallet will be possible only through Decentralized Exchange (DEX) services like Metamask, provided you have your 12-word seed phrase.

Delaying this transition could risk inconvenience and potential fund loss, so it’s paramount to act promptly.

The merging of LYOWALLET with LYOTRADE opens a world of novel opportunities for users, both new and old. It represents a chance for users to enjoy an enhanced, more comprehensive platform that opens the doors to countless possibilities in the cryptocurrency world.

For more information on how this transition will benefit users, and how to save your wallet seed phrase, visit: https://blog.lyopay.com/lyotrade/lyowallet-lyotrade-transition-crypto/

Ferrari Embraces Crypto Payments in the US

Ferrari has initiated cryptocurrency as a payment option for its luxury sports cars in the US, with plans to expand the offering to Europe. The decision is in response to requests from its affluent clientele, according to Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, who revealed this development to Reuters.

While most prominent companies have been cautious about embracing cryptocurrencies, Ferrari has taken a different approach. They acknowledge that many of their clients – both younger investors who have amassed wealth through digital assets and traditional investors seeking portfolio diversification – are interested in using digital currencies for their purchases.

Ferrari has partnered with BitPay, a crypto payment provider, to facilitate these transactions. However, it’s important to note that the cryptocurrency received will be converted into traditional fiat currencies, eliminating the need for Ferrari or its dealers to manage cryptocurrencies directly.

This approach ensures the legitimacy of the cryptocurrency sources and mitigates the risks associated with exchange rate fluctuations.

While specific sales targets for cryptocurrency transactions were not disclosed, Galliera mentioned that Ferrari’s order portfolio remains robust and fully booked through 2025. This move into the crypto space, according to Galliera, will also enable Ferrari to connect with potential customers who may not have considered purchasing a Ferrari previously.

Australia Plans New Crypto Exchange Licensing Rules

Australia’s Treasury plans to introduce draft legislation for crypto asset provider licensing and custody rules in 2024. Exchanges will have a year to adapt to the new regulations, which potentially means we might see the first licensed Australian crypto platform by 2025.

Originally expected in mid-2023, the proposal was delayed and released as an October consultation paper, distinct from an earlier token mapping consultation. Token mapping aligns crypto activities with existing regulations.

The proposal is expected to help accelerate the development of digital asset regulation and adoption in Australia, starting with strong consumer protection frameworks and broad coverage of business models that currently sit outside the regulatory umbrella. It is also expected to impact NFT marketplaces that hold customer’s digital assets, requiring such entities to acquire a license.

Additional details from the proposal suggest that exchanges holding over AUD 1,500 from a single client or more than AUD 5 million in total assets would need an Australian Financial Services license.

Concurrently, a joint report by the Treasury and the Reserve Bank of Australia, slated for mid-2024, will evaluate central bank digital currency (CBDC) research in Australia and outline future plans. Australia had previously postponed CBDC decisions due to unresolved issues from a pilot project.

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This article incorporates insights and content generated by language model and other AI technologies. While the author has made every effort to ensure the content’s accuracy and reliability, neither the author nor LYOTRADE can guarantee the absolute correctness, comprehensiveness, or dependability of all information provided.

Cryptocurrency trading inherently carries significant risks. It’s not suited for everyone. Before engaging in cryptocurrency trading, it’s essential to evaluate your investment goals, experience, and risk tolerance. It’s possible that you could experience a total or partial loss of your investment, hence only invest what you can afford to lose entirely. Understand all risks associated with cryptocurrency trading and consider seeking counsel from an independent financial advisor.

Always stay informed and exercise caution when dealing with cryptocurrencies and related technologies.