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Marshall Islands Announces Fund Development For Its Local cryptocurrency

...nced the establishment of Sovereign coin (SOV), a national coin that currently being under active development. Recently, the government has announced that they have also formed a SOV Development Fund in order to enhance the establishment of the cryptocurrency. SOV Development Fund is a newly-formed Marshallese not-for-profit organization. The Fund’s task is to support the authorities in the...

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Bitcoin and cryptocurrency litigation

Since its development in 2009, cryptocurrency has been in the financial space as both a threat and an innovation to the business and economic scene. Budget investors have been swayed by the virtual monetary device that offers anonymity, easy international transactions,and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has...

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Canada is Planning to Restrict cryptocurrency Short Selling

Canadian financial regulatory authorities are currently developing **new rules for cryptocurrency exchanges** within the country. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) announced a new framework for cryptocurrencies exchanges that would terminate short selling and margin trading of digital assets The development of the...

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Marshall islands introduces its own cryptocurrency

**The Marshall Islands is on the move with plans to issue its own cryptocurrency that will be distributed as a means of payment together with the US dollar.** **The country has recently announced the official release of the Sovereign (SOV).** SOV will have an established money supply with settled growth along with closing the secrecy and anonymity loopholes utilized by criminals and terrorist...

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Russia is planning to create asset-backed cryptocurrency

Russia is still actively considering the question of whether cryptocurrency should be regulated at the government level. The head of nation's central bank said that the country is planning to create a gold-backed cryptocurrency in order to arrange the possibility of international settlements. As reported by the head of the Central Bank of the Russia, Elvira Nabiullina, the bank acknowledges ad...

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Investments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review

Recently the **UK Financial Ombudsman Service (FOS) has expressed its opinion on cryptocurrency**, among the other topics raised by UK investors, in its Annual Review 2017/18. In the above-mentioned Review, the **Ombudsman classify cryptocurrency as other risky investments category** and noted the excessive volatility of cryptocurrency. Many activities relating to cryptocurrencies are not re...

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Estonian government tightens up licensing requirements for cryptocurrency companies

...gistration of a company or its branch in Estonia. Among other crucial changes the cost of the license was increased almost 10 times, to 3,330 euros. Due to new regulations introduced by the government, **it has become much more difficult to get a cryptocurrency license in Estonia**. Estonian Minister of Finance, Martin Helme, said that these changes were adopted as means of dealing with interna...

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cryptocurrency: what are your options?

Since its development in 2009, cryptocurrency has been in the financial space as both a threat and an innovation to the business and economic scene. Budget investors have been swayed by the virtual monetary device that offers anonymity, easy international transactions, and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number ha...

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From now cryptocurrency will be under AML rules in Thailand

**Thailand’s financial regulator is willing to amend local laws in order for those to include cryptocurrency.** Preecha Charoensahayanon, Police Major and secretary-general of the Anti-Money Laundering Office (AMLO), said: *"We believe that, while currently not an issue, cryptocurrency will be a tool of new money laundering. We may not find any clue, but that doesn’t mean the wrongdoin...

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Why cryptocurrency is the future of electronic cash systems

In this article, we’ll look at why cryptocurrency is the future of electronic cash systems. Why it should become the most widely-used type of payment–and how this could impact the future of the global economy. We’ll also discuss why the Bitcoin dip and other market factors present both challenges and opportunities. **Consumer Benefits of cryptocurrency** Since the beginning of the 21...

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Estonian cryptocurrency Exchange License

...paid up capital: EUR 2,500.00 Overview In accordance with the Estonian legislation an authorization is required for a company to provide services of the exchange of virtual currency or custodial wallet services. Application for a cryptocurrency exchange license, must be submitted to the Register of Economic Activities. It is important to note that a company must appoint a manag...

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Mauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset

Mauritius is one of the well-known financial centers. Being focused on a lasting economic growth, Mauritius is willing to advance traditional industrial development with an innovative approach. The Republic has admitted that the current digital revolution grants opportunities for smaller economies (for instance Mauritius) to open new and innovative growth perspectives. For this reason, **Mauritiu...

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Attention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet

During the last few days, a lot of news related to "new" legislation in Estonia began to appear on the Internet. One of the main sources of such information was the local consulting firm ESTI. According to their report, Estonian Ministry of Finance (EMF) released amendments to local crypto legislation that have significantly raised the bar for new potential crypto-companies. The report also ...

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Switzerland Crypto License

In Switzerland cryptocurrencies and exchanges are legal, and the country has adopted a remarkably progressive stance towards cryptocurrency regulations.Incorporation: around 3 months + delivery time for the courier Minimum paid up capital: 100,000 CHF Overview Clearly, Switzerland is not the cheapest of jurisdictions in which to establish a new business, but it does have ma...

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UK FCA issued clarifications of cryptocurrency regulations

**The UK Financial Conduct Authority (FCA) has recently published the final version of guidelines specifying crypto asset activities that fall under FCA regulation.** Major part of these recently released guidelines was previously already propositioned in a consultation paper CP19, released in January. As it may be expected, the final guidelines do not significantly change the regulatory grou...

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Pakistan is planning to regulate crypto business

...ing storing personal details in particular name, ID card number, address and phone number. The Financial Action Task Force, a global body responsible for monitoring and preventing money laundering, has previously warned on multiple occasions that cryptocurrency creates a risk for money laundering and terrorist financing. The measures announced by the government of Pakistan are created to limit ...

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Utility tokens to be! A new crypto legislation in Montana

... The Governor of Montana, Steve Bullock signed House Bill 584 which proposes the new provisions, as a result, making the State of Montana a desirable location for crypto startups. The bill with the title **“Generally revise laws relating to cryptocurrency”** was sponsored by Shane Morigeau and already passed its first and second reading in February. As a result of the approval earlier t...

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Mauritius has announced new regulatory framework for security token offering

...ing the tokens. As you may see, the Mauritius regulator remains highly supportive of Fintech-related initiatives within the country. The above-mentioned guideline follows a first clarification note from the regulator, issued in September 2018, on cryptocurrency as an asset class. Read our blog to keep abreast of all interesting and actual crypto news.

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Crypto exchange industry is not as compliant as it appears to us

...in place. In particular, experienced in AML staff members responsible for transaction monitoring and internal compliance staff with sufficient experience in AML. Whereas certain people may consider unidentified trading as a special feature of the cryptocurrency market, in particular cases it may also enable questionable business practices and criminal or terrorist activity. A lot of such platfo...

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Saudi Arabia issued its first license for Forex trading

...iggest state-owned company - Saudi Aramco. Earlier this month, the company has managed to raise 10 times the bids it sought in a major bond sale. That fact can change the country’s plans for a public listing. Saudi Arabia had also headlined the cryptocurrency space. The country’s central bank has been working jointly with the UAE monetary authorities to develop a new token. Read our blog...

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New financial crime combating plan was released in UK

...rcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business."* Adoption of the above-mentioned document discloses the government plans on cryptocurrency businesses. They intent to take action to ensure cryptocurrencies are not used for money laundering and other illegal activities. The...

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Israeli court determined bitcoin as an asset

An Israeli court has recently ruled that bitcoin is an asset and not legal currency. This is crucial a decision since it means profits earned selling cryptocurrency will now be liable to capital gains tax. Lod’s Central District Court rejected an appeal from a founder of a crypto startup who argued that profits from the sale of cryptocurrency should be exempted from taxes. The claimant state...

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Russia is considering to allow crypto trading

**Russian government is actively discussing the idea of allowing cryptocurrency trading.** The country’s major crypto bill on “Digital Financial Assets" is already being drafted, and Deputy Minister of Finance, Alexei Moiseyev, informed what should be expected when the legislation is finally passed: *"There is a range of possibilities from prohibition to the possibility of purchase. Like w...

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How to store your crypto with the less tax consequences

cryptocurrency is a quite innovative project, therefore it still requires clarifications and guidelines especially with regards to taxation. This question becomes even more relevant in a view of ongoing tax season around the globe. **The beginning of tax season is pushing cryptocurrency holders to figure out how to declare their coins.** In Singapore, for example, cryptocurrencies are determin...

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iFX EXPO Asia, Hong Kong 2019

...d Company Formation](http:www.offshorelicense.com/companies/hong-kong-limited-company-formation){._blank} ☑ [Mauritius Global Business License](http://www.offshorelicense.com/licensing/maurtius-global-business-licence){._blank} ☑ [Estonian cryptocurrency Exchange License](http://www.offshorelicense.com/licensing/estonian-cryptocurrency-exchange-license){._blank} ☑ [Cayman Islands Se...

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FINRA grants extended deadlines for companies to report their crypto activities

...mbers to report on their involvement with crypto.** FINRA has recently extended its deadline for firms to report their involvement in crypto activities. It is presumed, that this was made due to the last week’s commotion over Facebook’s Libra cryptocurrency project and its potential regulation. The initial deadline is expiring on July 31, but according FINRA’s post made late last week,...

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German crypto companies will require BaFin license as of next year

Starting from next year, **new regulation in Germany will require cryptocurrency companies to obtain a license issued by the Federal Financial Supervisory Authority (BaFin)**. Crypto derivatives will not fall under these regulations, but remain subject to the ESMA’s current restriction and any future proposals by the BaFin regarding the sale of these instruments to retail investors. Based on...

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Binance exchange is planning to create crypto futures trading platform

**cryptocurrency exchange Binance, the world’s largest cryptocurrency exchange by trading volume, has recently revealed its plans to launch a futures trading platform which will offer both long and short positions for digital assets.** The aforesaid news was announced at the Asia Blockchain Summit in Taipei. During a presentation at the conference, Changpeng “CZ” Zhao, founder and C...

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Legal bitcoin to be!

...nsactions remain not classified. Until now, there have been an estimated 440 million bitcoin transactions following the network’s launch in 2009. While Elliptic is regularly hired by law enforcement agencies throughout the world with regards to cryptocurrency transactions identification, the purpose of this research was to determine main patterns that might be useful in distinguishing illicit...

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Innovate! Crypto exchange OKEx has recently released data analysis platform for derivatives trading

...are the first in the industry to provide this kind of data."* Big data analysis is becoming a more essential part of crypto trading. Major players of this market are trying to boost their productivity by means of data awareness. Thus, the largest cryptocurrency platform Coinbase, which includes a crypto exchange and wallet service, as of July of this year started to provide trading signals to i...

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Legal salary in crypto. New Zealand experience

...or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment agreement is in place. As you may know, cryptocurrencies are mostly unregulated, and as it was explained by IRD, cryptocurrency, that would be paid as a salary, should: (1) be convertible directly into a standard form of payment; (2) have the primary purpose of a...

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FINMA provides guidelines on "stablecoin"

The number of ‘stablecoin’ projects has increased markedly since the last year. The idea behind the ‘stablecoin’ projects is to minimize the volatility in cryptocurrency’s valuation by fixing the ‘stablecoin’ to currencies, commodities, securities or, real estate. In this connection, the Swiss Financial Market Supervisory Authority (FINMA) has provided the guidelines bringing to lig...

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Australia is planning to implement blockchain technology in order to automate transaction reporting

...tribution of Swinburne’s existing Blockchain Innovation Lab, the BSOE is planning to work with Capgemini to develop blockchain solutions from the point of Proof of Concept to collaborated production. Last spring, AUSTRAC presented new rules for cryptocurrency exchanges adhering the AML&CTF (counter money laundering and terrorism financing), which also included implementation of obligatory int...

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Know-hows on Different Legislations and Blockchain Implementation Profitability in Your Business

...work.* At the same time, there are different approaches to regulations of **Blockchain companies** in the world. Some countries accept new ways and some do not. We are not aiming to explain how the **Blockchain** works or why is everyone buying **cryptocurrency** now, we would like to examine different types of regulations. Gibraltar, the British Overseas territory, is one of the subjects ...

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Mandate registration is coming! South Africa wants to regulate crypto

... for formal authorization to provide crypto assets-related products or services".* The SARB is taking into account numerous aspects to respectively regulate crypto sector including the announcement of a mandatory registration requirements for all cryptocurrency exchanges and wallet platforms operation within the country. The SARB also clarified that a step-by-step approach, starting with the...

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The government of Zimbabwe is willing to treat bitcoin same way Switzerland does

...id Mr. Ncube, *“But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin.”* At the same time the RBZ has taken an increasingly cautious position regarding the cryptocurrency, in May of 2018 it prohibited all internal banking institutions from servicing cryptocurrency businesses in a way similar to India and ...

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Bitcoin Mining Faces Rumors in China

...rts a very negative attitude towards Bitcoin and other cryptocurrencies. However, mining is still not banned and, any unofficial statements that might claim it is an outlaw, do not have any legal power. At the same time, we have to remind that the **cryptocurrency exchanges** and **ICO** are illegal in China. Considering the fact, that the government has already restricted the access of Chinese...

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Is Accepting Bitcoin a Reasonable Choice for Banks?

...t is an economic phenomenon, which can be the biggest miracle and a challenge for all the traditional economy at the same time. Even though many **banking facilities** are suspicious about Bitcoin, the others have a proactive position on adding cryptocurrency services to their scope. Moreover, the CEO of the Citigroup Bank, one of the most respectable businessmen in the world, claims that som...

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How Brokers in China Feel After the Website Blocks

We have already informed you regarding the latest **Chinese website restrictions** that occurred due to lack of information towards the financial regulator. Soon after the government **banned Bitcoin and other cryptocurrency exchanges**, followed by the bans of other trade platforms. It affected all FX and trading platforms without ICP certificates. Trading community stated that the access to...

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Bermuda warns: virtual currency shall not pass

Each jurisdiction makes and individual decisions on the matters of **cryptocurrency business**. We have already informed you about the countries whose reception of blockchain is mostly positive and the new legal initiatives are giving business space to work. However, it is not about **Bermuda**. Currently, this territory is not against cryptocurrencies, but the Bermuda Monetary Authority has ...

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List of ICOs to watch in June

At present, the main concern among cryptocurrency enthusiasts is a sharp drop in the exchange rate. But this does not affect **the popularity of the blockchain technology**. Recently, the **number of new blockchain projects, varying from gaming to artificial intelligence, rapidly increased**. Here are some projects that successfully launched during the previous month and are worth to be revie...

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A raising trend of investment scams in Australia

..., Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, announced its concerns about Bitcoin scams. The above-mentioned regulator received reports of people being deceived through fake cryptocurrency websites. Recently in Australia **new regulatory requirements entered into force** and the Australian authorities proceed to inform...

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Hedge fund billionaire joined crypto market

**Steven Cohen, better known as the “Hedge Fund King”, recently has enter the crypto market.** Cohen through his venture capital firm, Cohen Private Ventures, made a significant investment in cryptocurrency-focused hedge fund Autonomous Partners, as was stated in the Fortune [article](http://fortune.com/2018/07/12/steven-cohens-bitcoin-crypto-autonomous-partners/){._blank} published on the 1...

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Coinbase was approved by SEC to list security tokens

One of the top U.S. cryptocurrency exchange, **Coinbase Inc., has been granted the regulatory’s approval to acquire securities of several firms** – it is a great progress in legitimizing crypto investments and provisions of related services to public in a trustworthy way. Last month, the exchange announced that it intends to purchase three companies: (I) Keystone Capital Corp., (II) Venov...

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New hype or a real irreplaceable instrument. Contracts of digital age.

...lockchain (this is the most common conception). A blockchain is essentially a decentralized accounting ledger that uses a network of computers and cryptographical algorithms to track transfer of assets and secure the ledger from tampering. For usual cryptocurrency, that gives two parties, who don’t know each other, an ironclad guarantee that an agreed upon transfer of funds will happen as expect...

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Decentralized Internet – affordable resources and privacy on the web

...ns primarily as a user interface and provides browsers and links so people can navigate to websites. You may be thinking that a decentralized internet could bring a better user interface then. But anyone experiencing the user interface of typical cryptocurrency wallets and blockchain sites might well be skeptical. The web implemented a number of design choices reasonable people might well ar...

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5 signs of booming blockchain innovation in Australia

...ing Stock Exchange*** Despite recent announcements from NYSE parent company ICE and Switzerland’s SIX, Australia’s largest stock exchange is already light years ahead. Not only has The Australian Securities Exchange (ASX) already been listing cryptocurrency exchanges and blockchain companies since 2014, but they’re actually migrating their entire infrastructure to blockchain by 2020. W...

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Lolli: how legit is the customer loyalty program that rewards users in bitcoin

Imagine getting paid while shopping online. Even better, imagine getting paid in cryptocurrency while shopping online. Sound good? A new customer rewards platform called Lolli thinks so and is paving the way for a new cryptocurrency cashback model. Or perhaps it should be coined the new bitcoinback model? Either way, users of the service will receive rewards in Bitcoin when shopping at one of Lo...

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Japan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)

...ge-traded funds) tracking cryptocurrencies. Liberal Democratic Party, **Japan’s main ruling party, is planning to submit a draft law by March 2019, that, among other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mentioned bill is created in order to increase the level of self-regulatory administration of crypto-industry and classify...

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Leading Russian banks intend to work with crypto

During a meeting, held at the Moscow Exchange, **numerous Russian banking organizations expressed their readiness to collaborate with the industry of cryptocurrency and blockchain**, stated Russian news site RBC on September 19. According to an unnamed source, cryptocurrency has a huge potential in Russian region and the demand over the past year has grown significantly, but the banks are unab...

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Bitmain's IPO: looming threats and insights from a Bear market

When Bitcoin mining and ASIC miner-producing juggernaut **Bitmain** released its IPO prospectus to the Stock Exchange of Hong Kong in September 2018, the world got to take a peek at some wild growth rates in the cryptocurrency industry not purely linked to astronomical gains from market speculation. The most impressive component is the leap from Bitmain’s 2016 revenue ($278M) and profit ($11...

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Singapore authorities are planning to support crypto startups with receiving banking services

The Monetary Authority of Singapore (MAS), also known as the city-state's central bank, is currently working on the new approach to provide cryptocurrency startups with internal banking services. The above-mentioned development is part of the country's efforts to boost its fintech development sector. Based on the statement of Ravi Menon, MAS managing director, the **government of Singapore is...

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Chinese court: bitcoin is a property with "economic value" and must be protected by law

...ed all points put forth by the defendant, stating the return of cryptocurrencies is a contractual obligation not governed by the central bank’s dictum. Notable, the court accented that no Chinese legislation restricts ownership of bitcoin or other cryptocurrency and linked transaction between two parties. The Shenzhen court is well known and has a solid reputation regarding contract issues i...

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What is coin selection and why does it matter?

...Possible Solution?** It was blockchain developer Mark Erhardt who first proposed how to optimize the Bitcoin coin selection algorithm. Although, it was Andrew Chow who implemented the update. Erhardt now works for BitGo, which develops enterprise cryptocurrency solutions for institutional investors. There, he has developed Predictive UTXO, which helps to offset the fees involved in spending man...

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Malta as the new crypto bay

...e newly created industry that will probably become the next big thing following the Internet, as well as will affect almost everything of our everyday life. Recently, the Maltese authorities ratified three bills that created a regulatory base for cryptocurrency and blockchain industry. The three above-mentioned bills are: the **‘Malta Digital Innovation Authority Act’**, the **‘Innovative...

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ICO vs IPO. Main differences

The cryptocurrency market has caught attention of many, from brokers wishing to make some quick earnings, to high skilled professionals who have extended experience in the classical capital market. Therefore, it was rather expected when initial coin offerings (ICO’s) accumulated more funds in the first three months of 2018 than during the entire 2017. Nowadays we hear a lot of different inf...

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China's Central Bank is planning to ban crypto airdrops

**The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that are conducting free airdrop campaigns in the country.** In its latest financial stability report for 2018, which was published on November 2, 2018 the **central bank stated that there has been a surge in the number of "disguised" Initial Coin Offerings (ICO)**, as well as free distribution ...

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Top 5 crypto-friendly jurisdictions

...rprising at first. Actually, Estonia is European pioneer when it comes to digitization. Needless to say, the DLT technology will not be undetected by the Estonian authorities. Estonia was one of the first countries that committed to issue its own cryptocurrency. Together with the earlier created e-Residency program, they wanted to develop an Estcoin in order to expedite payment processing. ...

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New crypto regulation from Switzerland

**FINMA (Switzerland’s Financial Market Supervisory Authority) has recently announced a new fintech license**, with moderate conditions, that is appropriate to blockchain and cryptocurrency-based companies. On 3rd December, 2018 the regulator stated that the new regulation will grant recognized “innovative financial companies” the ability to accept public deposits of up to 100 million Sw...

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FATF is planning to release International Crypto Regulation by next summer

France-based money laundering intergovernmental watchdog, Financial Action Task Force (FATF), has seen growing tension from global governments to unify regulation of the cryptocurrency industry. As stated in the Reuters report Friday, **the FATF said it will publish international rules for cryptocurrency regulation by next summer**. The possible regulations will put into effect licensing sche...

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“To trade or not to trade?” or How Chinese Exchanges Overcome the Bitcoin Ban?

...e-known fact that China had banned Bitcoin exchanges. The reason for this ban is the government’s statement that frauds and money laundering took place on the exchanges.* Before these bans, China had a trustworthy role as one of the biggest **cryptocurrency** trading markets. At the same time, this country is ahead with the mining business and became, actually, one of the centers for crypto...

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Ethereum has attracted considerable interest of the CFTC

...dity Futures Trading Commission (CFTC) wishes to learn more about one of the most popular cryptocurrencies – Ethereum (ETH). Let's try to figure out what caused such an interest from the regulator's side. **Ethereum is the second most discussed cryptocurrency right now.** Ethereum proposes to provide a blockchain with an integral, fully fledged programming language that can be employed to cre...

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Japan Virtual Currency Exchange Provider’s License

...are some examples of businesses that do not fall under the Virtual Currency Exchange Business, as described by the Act: Natural or legal entity that engages in Virtual Currency trade only for its own investment purpose; Companies engaging in cryptocurrency Mining; Software developers; Wallet service providers that do not engage in sale or purchase of Virtual Currency. Benefits of ...

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