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New Pan-Asian Cryptocurrency Regulation Coming?

Recent reports have indicated that there may be new pan-Asian cryptocurrency regulation in the works. Regulatory authorities from China, South Korea, and Japan have allegedly met to begin discussing a common framework to regulate the cryptocurrency industry. One of the main concerns of regulators in each of these countries is the amount of purely speculative, short-term trading of cryptocurrencies. Issues of tax compliance are becoming increasingly important too as cryptocurrencies continue to appreciate in value. And of course, issues of [...]

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Bitcoin Futures

CFTC to Meet and Discuss Bitcoin Futures Self-Certification

The US Commodity Futures Trading Commission plans to hold meetings this month to discuss matters affecting digital currencies, including the self-certification process used to approve the sale of Bitcoin futures. Both the Commission’s technology advisory committee and the market risk advisory committee will hold meetings to discuss issues surrounding Bitcoin and digital currency trading. The meetings are being held in response to backlash from financial trade associations such as the Futures Industry Association, which spoke out against the CFTC’s decision [...]

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Cryptocurrency

The Effect of Spectre and Meltdown on Cryptocurrencies

Just over a week ago we saw the first public notice of Spectre and Meltdown, two vulnerabilities that expose just about every computer, smartphone, and tablet to malicious hacking. Billions of devices are at risk of hacking, and patches, while necessary, will slow down devices since the flaws occur at the very basic levels of devices’ CPUs. So what lessons does this have for cryptocurrency investment? Spectre and Meltdown Described Meltdown is a security vulnerability that is almost solely limited to [...]

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Bitcoin currency, crypto currency, falling on a pile

Momentum for Cryptocurrency Regulation Increasing?

The North American Securities Administrators Association warned Main Street investors to be wary of cryptocurrencies. “Investors should go beyond the headlines and hype to understand the risks associated with investments in cryptocurrencies, as well as cryptocurrency futures contracts and other financial products where these virtual currencies are linked in some way to the underlying investment,” said Joseph P. Borg, NASAA president. According to a NASAA survey, 94 percent of state and provincial securities regulators believe there is a “high [...]

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Exponential Growth at Cryptocurrency Exchanges

Interest in cryptocurrencies has grown so strong in recent weeks that cryptocurrency exchanges are struggling to keep up with consumer demand. Exchanges such as Coinbase, Bitfinex, and Binance announced that they were seeing 100,000+ users per day trying to sign up for their services, with Binance seeing 250,000 users sign up in a single day. Many exchanges, including Binance, had to stop signing up new users due to the unprecedented demand and only just reopened today. Exchanges have had to [...]

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Venezuelan President Nicolas Maduro

Venezuelan President Maduro to Issue First 100 Million “Petros”

Venezuelan President Nicolas Maduro plans to follow through with his new national digital currency, the petro, by issuing 100 million units of the new currency. His plan is to set the value of the petro at one barrel of Venezuelan crude oil. Currently, the price of a barrel of Venezuelan oil is just under $60, which would mean a currency issuance of just under $6 billion. Details on the currency are still sparse, leading many experts to wonder whether Maduro’s [...]

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Bitcoin in handcuffs as more banking institution wants ban for BTC concept. 3D rendering

ECB’s Nowotny: Bitcoin Should Be Regulated and Taxed

Austrian central bank head Ewald Nowotny recently called for taxation and regulation of Bitcoin transactions. Nowotny, a member of the European Central Bank’s (ECB) governing council, stated that everyone who engages in financial transactions should be identified and pay a value-added tax (VAT). That obviously puts him at odds with Bitcoin’s quasi-anonymous nature. Nowotny’s statement also came in the context of combating money laundering and tax evasion. The ECB has decided to phase out production of 500-euro banknotes as a [...]

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bitcoin in the motherboard

New Bitcoin Competitor Shows Continued Strength of Cryptocurrency Market

A new cryptocurrency has come to market: the Divi coin billed as a “future proof” digital cryptocurrency. “Divi coin, designed to be a ‘superior Bitcoin,’ mitigates risk through a ‘future proof’ design,” a spokeswoman said. The coin is designed to combat three of the problems that its creators allege are problems with existing cryptocurrencies. 1. Anonymity: “Divi coin’s technology is designed to combat the use of cryptocurrency for illegal transactions,” she explained. 2. Securities laws: Divi is designed to pass what’s [...]

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bitcoin on a laptop in the background

Companies Launch First Ever Cryptocurrency Index

Bitcoin and other cryptocurrencies are moving further into the financial mainstream, with news breaking after the start of the new year that Belpointe, a wealth management company in Greenwich, CT, and Chance River, a consultancy based in Stamford, CT, have launched the Belpointe Crypto Index. The companies say this new cryptocurrency benchmark will index a diverse basket of cryptocurrencies. “The index will include and weight cryptocurrencies based on their market capitalization, trading volume, quality of blockchain” as well as additional, [...]

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Angry Uncle Sam

Will Uncle Sam Criminalize Concealed Ownership of Cryptocurrencies?

Owners of Bitcoin or other cryptocurrencies might get ensnared by the latest efforts on Capitol Hill to address money laundering. In late November, the US Senate Judiciary Committee held a hearing on S. 1241, the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017, introduced by Sens. Chuck Grassley (R-IA), and Diane Feinstein (D-CA). The problem is that S. 1241 would revise the definition of “financial institution” in US law to include digital currencies and digital exchanges. Specifically, S. [...]

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