Bitcoin News

Kraken CEO Intends to Ignore New York AG’s Demands

In response to the New York Attorney General’s demands from cryptocurrency exchanges that they provide him with significant details about their operations, the CEO of San Francisco-based Kraken has announced that he intends not to answer those questions. Since the Attorney General had announced his intention to publicize any companies not answering his questions, Kraken’s move undercuts any public relations moves the Attorney General’s office may have attempted to use to force Kraken into submission. Kraken was one of the [...]

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law

New York Attorney General Demands Answers From Cryptocurrency Exchanges

New York Attorney General Eric Schneiderman has launched an inquiry into the business practices of 13 cryptocurrency exchanges. His office has sent letters to those exchanges to request, among other things, disclosures related to their operations, use of bots, conflicts of interest, and other issues. The companies targeted by the Attorney General include Coinbase, Gemini Trust Company, Bitfinex, Kraken, Binance, and Huobi. It is unclear what prompted the Attorney General to take action right now, although it fits into New [...]

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korean cryptocurrency

Korean Cryptocurrency Exchanges Move Towards Self-Regulation

The Korean Blockchain Association recently revealed that it has developed a self-regulatory framework for South Korea’s cryptocurrency exchanges. That framework would help move towards greater transparency of cryptocurrency exchange operations, as well as assuage government fears of money laundering, tax evasion, and other similar issues. South Korea isn’t the first country to develop a self-regulatory framework for the cryptocurrency industry, as Japanese cryptocurrency exchanges have already formed their self-regulatory organization (SRO). SROs offer cryptocurrency businesses the ability to benefit from [...]

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tax

Tax Day: The Difficulty of Calculating Cryptocurrency Taxes

Today is tax day, the deadline for all Americans to file their tax returns. And recent chatter about cryptocurrencies has been full of mentions about paying taxes on cryptocurrencies. For the first time, people are beginning to think seriously about whether or not they owe taxes on their cryptocurrency holdings. A recent post at CoinDesk illustrates just how difficult calculating taxes on cryptocurrency transactions can be. Trading Bitcoin, other cyptocurrencies, or other assets that can be used as money such [...]

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malta cryptocurrency

Malta Becoming Haven for Crypto Exchanges

In a move that could have implications for the future of cryptocurrency exchanges, major cryptocurrency exchange OKEx announced last week that it would be expanding its operations to Malta. The small Mediterranean island, a member of the European Union, has made great strides in recent months to open itself to cryptocurrency businesses. OKEx, which at the time of writing is the world’s fourth-largest cryptocurrency exchange, specializes in crypto-to-crypto transactions. But it isn’t the only exchange to move to Malta. Binance, [...]

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bitcoin rising

The Long-Term Outlook for Bitcoin

Many recent news reports have bemoaned the fact that Bitcoin has lost so much value this year. Never mind that Bitcoin traditionally hasn’t done well in the first part of the year, instead gaining value as the year progresses. Pundits focused on short-term performance looked at Bitcoin’s price teetering into the $6000s and saw only a downward progression from there on out. But those who believe in Bitcoin knew better. Bitcoin’s long-term growth potential will be one of the major [...]

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bitcoin rising

Be Wary of Crypto Pump-and-Dump Schemes

Cryptocurrencies are so new and exciting, and have appreciated so greatly in value just over the past year, that there are more and more investors seeking to purchase them all the time. But like any new market, there are unsavory characters out there looking to take advantage of those investors. Many of these new investors are young, and investing in cryptocurrencies may be their first time investing. And like many first-time investors, they may succumb to investing euphoria and [...]

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tax timer

It’s Tax Time: Is the Bitcoin World Ready?

With tax day rapidly approaching, many Bitcoin owners may be a little nervous this year. While IRS hasn’t taken a tough stance towards Bitcoin holders’ tax liabilities in the past, this year may be different. The tax agency has put together a task force to identify owners of Bitcoin and other cryptocurrencies who may owe the government a lot of tax money. With Bitcoin prices and transaction volume as high as they were last December, there may be many [...]

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japanese cryptocurrency

Japanese Cryptocurrency Trading Details Released

The new Japanese cryptocurrency self-regulatory organization (SRO) has just released some data about the size of the Japanese cryptocurrency market, and the numbers are staggering. According to the Japanese Cryptocurrency Business Association, there are 3.5 million active cryptocurrency investors and traders in Japan. While that may not sound like a huge number, it is enough to turn Japan into the world’s largest cryptocurrency market. With a population of 127 million people, 3.5 million investors equates to about 2.8% of the [...]

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switzerland flag

Swiss Central Banker Claims Risks From State-Backed Cryptocurrencies

A member of the Swiss Central Bank, Andrea Maechler, claimed in a recent speech that government-backed cryptocurrencies would “give rise to incalculable risks with regard to financial stability.” She also stated that cryptocurrencies are not true competitors to conventional fiat currency, and threw cold water on the idea of Switzerland adopting a state-backed cryptocurrency anytime soon. From the perspective of central banks, a state-backed cryptocurrency does have some significant drawbacks. The way the banking system is currently structured is a [...]

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