Following the collapse of FTX and stablecoin issuer Terra, which sent tremors through the industry, the U.K. Treasury is putting out new regulations for the cryptocurrency sector. The local cryptocurrency market has been waiting for guidance on conducting itself in the interim. In the meantime, the European Union is getting closer to enacting its historic regulation of markets for crypto assets. The Treasury announced on Tuesday that it is providing a “time-limited exemption” that will allow cryptocurrency asset businesses that are registered with the U.K.’s financial regulator under its anti-money laundering framework to run their own promotions while the sector waits for new regulations.
As of December 31, BlackRock (BLK) owned 7.2% of Silvergate Capital. The fund manager now owns much more Silvergate shares than it did a year ago—more than 228,000 shares, to be precise. Due to its substantial deposit link with the failed crypto exchange FTX and the subsequent impact of the bear market in cryptocurrencies in 2022 and November, Silvergate shares fell by almost 90% year over year.