Parity, the wallet and blockchain provider, is shutting down its PICOPS platform effective May 24, 2018, due to complications stemming from the new EU GDPR guidelines. The company announced the decision in a blog post on its website on May 18. PICOPS: The Latest Casualty of the New EU GDPR The General Data Protection Law (GDPR) of the EU is causing problems for blockchain and cryptocurrency. Part of the fundamental principle of the blockchain is
Following new cryptocurrencies regulations that came into force Monday, Thailand is grappling with how to regulate and tax the burgeoning market as the public weighs in. Regulations on the Horizon The Thai government will waive the previously planned 7 percent value-added tax (VAT) for individual cryptocurrency investors and temporarily prohibit any new initial coin offerings (ICOs), national media reported Wednesday. “After the digital asset decree became effective on Monday, new ICOs cannot be launched until related regulations
The Swiss government appears to be taking concrete steps in going forward with its plans to create a state-issued cryptocurrency. The government of the Alpine nation has requested a preliminary report on the risks and opportunities of the e-franc. Switzerland is one of the crypto-friendliest countries in the world. Risk and Opportunities of the e-franc Cedric Wermuth is the principal proponent of the study. Wermuth is the vice president of the country’s Social Democratic Party.
Despite the RBI ban, there are reports of more cryptocurrency exchange platforms springing up in India. The country’s apex bank issued a directive in April prohibiting banks from facilitating crypto transactions. New Local Exchange Platforms Beginning in July, India’s banks must comply with the RBI crypto ban. However, just two days after the proclamation, CoinDCX announced that it was beginning operations in the country. The platform will even provide trade tracking services for Indians in rupees.
As the G20 works to create a set of “unified regulations” in regards to cryptocurrencies, the government of South Korea — the third largest cryptocurrency market in the world — reportedly plans on playing ball with whichever policies the international forum of governments and central bank governors put into place. ‘We Will Step up Efforts to Improve Things’ According to China Money Network, local media has also reported that Korean regulators have agreed to apply the Financial
Yoon Suk-heun, the newly appointed governor of the Financial Supervisory Service (FSS) of South Korea, has declared that there will be a review of the current crypto regulations in the country. The FSS chief announced this while speaking to reporters after his confirmation. Striking a Balance Between Regulations and Growth According to Yoon, the crypto market requires an adequate regulatory framework to grow. During his post-confirmation address, he reiterated the need for clear laws that
The Central Bank of the Argentine Republic (BCRA) has this month eased regulations regarding automatic teller machines in the country. The (perhaps unexpected) upshot of this has been a plan to install 4000 new crypto-enabled ATMs. Rules, Rules, Rules The new regulations do not contain any direct reference to bitcoin or cryptocurrency. Rather, they allow the installation of ATMs in non-banking establishments, such as supermarkets, shopping centers, and cinemas. In addition, the regulations allow independent players
The Financial Services and Treasury (FSTB) of Hong Kong has released its Money Laundering and Terrorist Financing Risk Assessment report which indicates that cryptocurrencies are left out of organized crime or ML/TF concerns. Amid the growing crypto-related regulatory chaos and tense debate on the matter of combating financial crime, the FSTB released a report which sheds light on a few key matters. Crypto is Not a Threat. Period. The cryptocurrency market has long been the
Even though some political candidates have already accepted crypto contributions in the past, the Wisconsin Ethics Commission is still not sure whether their state should follow suit. As digital currencies continue to gain traction in the real world, seemingly everyone wants to be a part of this virtual movement. Politicians are no different, realizing that crypto could provide them with that cash injection their campaign needs. One of crypto’s major advantages, which is anonymity, also seems
As financial institutions’ interest in trading cryptocurrencies explodes, Andreessen Horowitz is leading a group of influential venture capitalists to protect cryptocurrencies from being classified as securities. Moreover, Horowitz is accelerating the launch of a dedicated crypto asset fund. The Venture Capital Working Group Is Fighting For Cryptocurrencies An increasing number of finance firms are considering joining the crypto bandwagon to start trading Bitcoin and other cryptocurrencies within the next few months. Specifically, a Thompson Reuters
Six months ago, South Korea — one of the largest cryptocurrency markets in the world — banned the issuance of new cryptocurrencies. However, that hasn’t stopped South Korean blockchain entrepreneurs from circumventing the country’s restrictions by launching Initial Coin Offerings (ICOs) overseas. Chased Out In September, the cryptocurrency hotspot of South Korea officially banned Initial Coin Offerings (ICOs) within its borders. Some blockchain companies, however, are skirting such restrictions by issuing their coins and tokens abroad.
The SAFT may be a cousin of the SAFE – but the relationship comes with strings attached and anyone considering doing down the rabbit hole should consider potential implications very carefully. The rise of ICOs has been difficult to ignore. What was once seen as a gimmick is now threatening to reshape the fundraising industry. This is particularly the case for VCs and investors who are concerned with very early stage investments. The fear of
Due to complaints received, the Ontario Securities Commission in Canada is in the process of investigating crypto exchanges in a bid to ensure that they are adhering to the country’s securities laws. The amount of different digital currencies available to trade has increased exponentially since Bitcoin was developed in 2009. In fact, the latter went from being the dominant crypto to being responsible for less than 50% of the total market cap. This variety of
Chelan County in Washington is taking a stand against unauthorized crypto mining. Its Public Utility District (PUD) has started by cutting miners’ power, and are moving towards possibly imposing heavy fines. Earlier this year saw the little town of Wenatchee in Chelan County shine in the crypto spotlight as being a preferred destination for Bitcoin mining. Now, the county is once again the focus, but for a slightly different reason – illegal cryptocurrency mining Action Taken
Tennessee has become the latest U.S state to pass a bill recognizing the legal authority of blockchain technology and smart contracts in conducting electronic transactions. The bill was passed by Tennessee Governor, Bill Haslam on March 26th, 2018, confirming the legal authority of blockchain and smart contract powered electronic transactions and also protecting the ownership rights of “certain information secured by blockchain technology.” Immutable and Auditable An amendment clarifies the application of the bill to:
The Clarifying Lawful Overseas Use of Data (CLOUD) Act was passed along with the federal spending bill on Friday, March 23rd, 2018. The act allows law enforcement agencies to demand access to online information from any country in the world. The CLOUD Act was introduced by Republican Senator Orrin Hatch, with the support of both Republican and Democratic Senators. It allows law enforcement agencies an easier route to access users electronic data such as emails,
Cryptocurrencies, or at least defining the term, seem to be a hot topic at the current G20 summit. In fact, it seems that the group is pushing to define them as assets and not currencies at all. According to Bloomberg, this will be discussed on Tuesday. However, a draft statement shows that the group believes that cryptocurrencies “lack the traits of sovereign currencies”, and therefore should not be referred to as such. Klaas Knot, who
The head of the Bank of England Mark Carney has told members of the G20 that cryptoassets “do not pose risks to global financial stability.” Carney: Crypto Is No Match For Credit Default In a statement released Sunday a day before the group begins a summit in Argentina, Carney appeared to broadly copy the approach to crypto regulation seen from US regulators in February. He was speaking in his capacity as head of international banking
The Securities and Exchange Commision (SEC) has issued a new report warning about the dangers of unregulated crypto exchanges and stated that all trading platforms exchanging digital assets that are considered securities must register with the SEC. Does That Mean ALL Exchanges Have to Register with the SEC? On March 7, 2018, the U.S. Securities and Exchange Commision (SEC) published a new report regarding the current state of cryptocurrency exchanges and the potential risks for investors.
Four out of the five banks that Finnish-based Prasos Oy uses for their business has severed ties with the exchange, citing money laundering fears as the main reason. Prasos Oy has become a well-known name in the Nordic region’s crypto circuit. The platform relies on the country’s centralized banks to assist in converting their clients’ cryptos into euros. They also run Coinmotion.com and Bittiraha.fi. #Bitcoin dealer #PrasosOy, has one lifeline left. The company exchanges #cryptocurrencies
Many have predicted that 2018 will be the year regulators get well and truly involved the emerging cryptocurrency market. Thus far, that certainly seems to be the case. Regulation Is Here, but Is It a Bad Thing? As we ushered in the new year, South Korea laid down regulation which prevents anonymous trading, while China went right ahead and banned trading entirely. Meanwhile, financial authorities in Germany and France have called for an international crackdown
Georgia may be joining the few states that will allow for the use of cryptocurrency to make tax payments if Senate Bill 464 passes. A growing number of US states are opening up to accepting cryptocurrency. Doubtless they wish to reap some of the financial benefits that the crypto world has to offer. This is totally understandable as the market capitalization for virtual currency stands at almost $444 billion at the time of writing. As
As debate rages upon the subject of gun control, a professor at Washington State University has suggested using blockchain technology to make an impact. The topic of gun control has become a hot topic once again in the United States due to the recent school shooting in Florida. As pundits from both ideological sides of the issue rage back and forth, a new wrinkle has emerged: blockchain technology. A professor of public health at Washington