The New York State Department of Environmental Conservation (NYSDEC) has delayed its decision whether it will allow crypto mining firm Greenidge Generation to continue to use its power plant in the town of Dresden for bitcoin mining, according to a recent report from Bloomberg.

The decision by the state’s Department of Environmental Conservation will now come by the end of March.

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New York & The Environmental Debate

The decision is now expected to come by March 31, two months later than originally planned, the report said. The delay will reportedly help NYSDEC complete its review with public comments, citing a spokesperson’s position on the matter. On December 2, U.S. Sen. Elizabeth Warren (D-Mass.) questioned the environmental footprint of Greenidge Generation’s (GREE) bitcoin mining operation in New York in a detailed letter.

The senator later targeted six more crypto miners, questioning their energy usage. On January 16, Greenidge said that due to high electricity demand resulting from recent cold weather, the company temporarily curtailed cryptocurrency mining operations in Dresden the day prior. This was done to supply all its electrical generation capacity to the New York Independent System Operator. The miner applied last year to renew its permits for the plant, the first time it’s come up for renewal since it has been powering bitcoin mining operations.

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Could Extreme Weather Cause Further Delays?

Crypto mining has had major pushback from many people and environmentalist groups over the years. New York’s power grid could face challenges in the 2021-2030 period, including higher demand spurred by extreme weather and delays in planned projects, the state’s power grid operator said in a public statement earlier this month. Reporters, analysts, and others chimed in on how things are going, and the impact on progress for crypto and the environment it operates in.

“Governor Hochul is taking bold, nation-leading actions to confront climate change head-on, and DEC (the Department of Environmental Conservation) is actively reviewing proposals regarding the role of cryptocurrency mining in New York’s energy landscape, especially in light of the Climate Leadership and Community Protection Act,” stated spokesperson Madia Coleman said in a statement. The act Coleman references is the state’s climate law mandating steep emissions reduction over the next three decades.

Policy advocate Liz Moran put in her thoughts on the bill and how it will effect things moving forward. “A moratorium on fossil fuels is a common sense first step, but we would like to see the state go farther and evaluate the potential environmental harms of the industry as a whole.”

The New York Independent System Operator (NYISO), in its comprehensive reliability plan (CRP), also said during normal weather conditions that its power system is expected to meet all applicable reliability standards during that period. As time moves on, we will learn more about the bill and if it will cause delays or all out stop fossil fuel crypto mining.

Related Reading | Will Crypto Mining Survive Another Government Crackdown?

 

After being on the regulator’s waitlist of crypto exchanges that are yet to get approval in Singapore to legally provide crypto services, Binance may just quit its former hub, and move on to expanding its business in other territories. According to Business Times insider reports, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operation’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change in stance. Regardless, Binance is expected to declare its final decision by next year.

Binance CEO Shares Risk Reduction & Economic Growth Strategy

While Binance CEO, Changpeng Zhao declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, noting that it is “in the process”, he did highlight that Binance will only set up shop in countries with a pro-crypto approach. Despite the exchange’s recent decision to become regulator-friendly and more centralised, Binance does not believe in completely giving in to irrational regulatory restrictions. CZ argued that while risk reduction is essential for consumer protection, however, pro-crypto regulators have a way of both, reducing risk while enabling innovative and economic growth.

“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.

Singapore authorities are adopting a pro-crypto approach while also maintaining regulatory oversight. However, the nation is still to pass crypto exchange giants’ applications to allow them to legally provide services in the area. Last month, CoinGape reported that both, Binance and Coinbase were struggling to acquire their licenses from MAS, while authorities revealed that more than half of the companies that applied for crypto permits in 2020, had already received their approvals. Although MAS noted that some crypto companies were still operating with an exemption, and waiting to get approved by the authorities.

India is reportedly working on finalizing the crypto regulations after years of wait and brainstorming. A report from Economic Times suggests that the Indian government would reportedly regulate cryptocurrencies as an asset class such as Gold and Bonds. While this might seem like great progress for a country that was planning to impose a blanket ban just last year. However, it is also important to note that India would prohibit the use of digital assets as a mode of payment.

Regulating crypto as an asset class could be the only middle ground for the Indian government right now as they fear its use in illegal activities. Thus, instead of imposing a complete ban, the government has decided to take a precautionary path to see its viability. The reports of regulations also come in just days after Indian Prime Minister Mr. Narendra Modi chaired a meeting on the issue. The newspaper also reported that the draft of the bill is in the final stages and might get introduced in the parliament for discussion in the coming 3-4 weeks time.

India Could Finally Have Crypto Regulations Soon

The Securities and Exchange Board of India (Sebi) could potentially become the chief crypto regulator in the country mostly because the reports suggest crypto will be regulated as an asset class. On the other hand, The Reserve Bank of India (RBI), the Indian Central Bank remains skeptical of digital assets and has raised concerns regarding the same from time to time.

Despite the uncertainty around crypto regulations in the country for so long, India crypto community has thrived and rose to new highs. India currently boasts of a $6 billion crypto ecosystem comprising several unicorns and internationally recognized crypto brands. Many crypto VC firms have splurged millions of dollars in the Indian ecosystem despite the unclarity. This indicates the huge potential that crypto market leaders see in India.