British Economic Minister: New cryptocurrency and stablecoin legislation will be released by July
Golden Finance reported that British Economy Minister Bim Afolami said at the Global Summit on Innovative Finance on Monday that the government will introduce legislation for stablecoins and cryptocurrency staking, trading and custody by June or July. “We are now working hard to develop legislation to implement our regime’s final recommendations,” Afolami said. “Once online, a range of crypto-asset activities, including operating exchanges, custody of customer assets, etc., will be included in the regulatory scope for the first time.”
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Deutsche Bank: After the three major central banks hiked rates simultaneously, the market may once again underestimate the terminal interest rate
Deutsche Bank points out that as central banks in the US, Europe, and Japan are tightening policy simultaneously, the market may still be underpricing the eventual terminal rates. With oil prices remaining high, inflation may spill over into core inflation and wages. Moreover, financial conditions have not tightened in tandem, which could weaken the effect of rate hikes. Citing the experience of 2022, Deutsche Bank notes that the market then expected a total of around 200 basis points of Fed rate hikes in the first year, but the final figure exceeded 400 basis points, illustrating that the market often underestimates the terminal rate.
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