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Regulators worldwide have experienced various challenges in their attempt to regulate the Crypto sector. The U.S. Securities and Exchange Commission (SEC) has been playing a leading role in regulating initial coin offerings (ICOs). According to the regulator’s co-director of the enforcement division Steven Peikin, collaboration with international regulators is helping in investigating ICOs.

SEC Finds It Hard To Identify Misconduct

While speaking at Harvard Law School, Peikin said that SEC is having difficult times ferreting out misconduct. According to the senior official, the agency is recommending enforcement actions where necessary. Some of these recommendations include delisting of securities, suspensions and bars of involved parties, penalties, cease-and-desist orders, injunctions etc. These decisions are taken to protect the interests of investors.

Peikin said that working closely with international regulators is critical in enabling SEC to achieve its goal of preventing the misuse of ICOs. He added that many ICOs are located outside the US, from where they raise funds from people within and outside the country. Consequently, it is hard for the agency to track fraudulent activities without collaboration with relevant authorities.

Previous Collaboration With Quebec Regulator Worked

According to Peikin, SEC has two types of securities laws violation with ICOs. First, there are ICOs that meet the agency’s definition for a security. However, they don’t comply with federal securities laws when being traded, brokered, or sold to the US investors. Second, there are ICOs that are just frauds. In this case, the issuers of such tokens are simply relying on the excitement and popularity of Cryptocurrencies to rip off money from unsuspecting investors.

Peikin termed the assistance SEC has received from international regulators “essential.” In one case, for instance, the agency worked closely with Canada’s Autorité des marchés financiers in Quebec province to charge two Canadian residents linked to the fraudulent Plexcoin token sale. The agency will continue collaborating with the other regulators around the world settle ICO investigations according to Peikin.

Popularity Of ICOs Growing Despite Risks

Recently, ICOs have become a popular fundraising method for most startups in the Crypto sector. According to Peikin, in the last two years, the sector has grown by around 22,000 percent. Investors wishing to take part in these projects only need to have an internet connection. On the part of entrepreneurs, they only need to have great ideas making it easy for almost everyone to launch an ICO.

Thousands of startups around the world have been able to raise funds through ICOs. However, there have been concerns about lack of regulation in the sector. Although some projects have lived up to their promise, they are others that have failed to launch leading to huge losses on the part of investors. This year, over $22 billion has been raised through ICOs.

According to Peikin, the rapid growth of this sector has obscured the risks associated with such investments. He added that some of these issuers lack established track records. Some projects also do not have a workable business model or even viable projects. The other risk is a lack of the capacity to protect the coins from hackers.

The post SEC Supports International Cooperation To Regulate ICOs appeared first on Best GPU for Mining.

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There are many countries that have decided to regulate different aspects of the virtual coins. On the other hand, others have the matter in the air. However, this might be a thing of the past as pressure is mounting on governments have it regulated. Leaders in the latest G20 summit vowed to ensure the crypto assets are regulated.

The Cryptocurrency’s Mitigating Risks

The latest G20 Summit came to a close on Saturday, 1st December in Argentina’s capital, Buenos Aires. The heads of states that attended the summit made a joint declaration on sustainable and fair development of the technology. This statement by the G20 Summit heads of state, affirmed one thing. It proved that an open financial system can help in supporting economic growth. At the same time, they also called for the international agencies to regulate fast-rising technologies like cryptocurrency.

Plan To Tackle Rising Risks In The Broader Fintech Industry

While hosted by the president of Argentina Mauricio Macri, the G20 summit leaders agreed to tackle certain issues in the market. This will go on even as they monitor and fix the vulnerabilities in the broader financial market. They also agreed, with one voice, to address the issue of fragmentation. This will be made possible through endless supervisory and regulatory supervision. The summit also affirmed their commitment to achieving what other industry leaders had promised to deliver on. This is a continued commitment to attaining a flexible non-bank financial intermediation.

They promised to upgrade their efforts in ensuring that the good side of this new technology is felt in the market. This will be done as risks are mitigated in a proper professional way. They also agreed to regulate the virtual coins for anti-money laundering. This will also assist in tackling terrorism financing in line with the standards of the Financial Action Task Force – FATF. These world top leaders also vowed to put into consideration other responses that might be of great importance.

The Road To 2019’s G20 Summit

The G20 is a global summit that incorporates heads of states and central bankers. They are drawn from the world’s leading economies. But there are certain important facts that few people know about the G20 members. The members of the summit represent 85% of the world economic output. It also represents 75% of the global trade as well as 66% of the total world’s population.

In February 2019, a letter was issued by top-ranking German and French officials. These leaders were asking for a discussion on the effects of regulating the virtual coins. The letter was circulated to all the Finance ministers of the G20 member states. Japan had also been earlier reported to be rooting for agreement on crypto regulation international rules. This happened in March 2019. Japan is one of the countries where the adoption of the virtual coins has been so widespread. Fast forward to July 2019, the Finance ministers and central bankers from the G20 member states aired out their view. They stated that the digital assets do not pose any risk to financial stability and should just be adopted.

The post “We Are Committed To Regulate The Cryptocurrency Assets”– G20 Leaders appeared first on Best GPU for Mining.

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A legislator in South Korea has introduced a bill to promote the trading of cryptocurrency. This new bill would also promote cryptocurrency exchange developments. It also proposes the establishment of a new committee that would support and promote crypto operations.

Giving The Crypto Trading More Green Light

This new bill has been introduced by Kim Sun-dong, a lawmaker in South Korea. In addition to that, he is also a member of the Political Committee of the South Korean National Assembly. He made it clear that he had initiated a bill named Digital Asset Trading Promotion Act earlier last week. It includes a detailed plan for establishing a guideline that would be used in the market. The guideline will help in developing and promoting the cryptos and blockchain technologies. It will also look into measures that would curb hacking, as well as tax exemption and reduction.

Need For A New Law

Kim Sun-dong stressed on the need for a law dedicated to promote the operations of the virtual coin. He said this is the only way firms wouldn’t exit Korean market, with Bithumb as a good example. Cryptocurrency operations in South Korea accounted for a huge portion of the domestic stock market operations early this year. However, that didn’t prevent Bithumb from being sold to consortium based in Singapore as Kim observed. He also pointed out that Japan has finished legislative processes to make crypto operations institutionalized. The US, on the other hand, has also enabled the trading of crypto derivatives.

Details Of The New Crypto Bill

In the bill, this is how digital assets are defined. They are virtual content with apparent value like points, online money, virtual currencies, and game items. The operators dealing with the cryptos are also defined in this bill. Here they are referred to as digital asset trading companies. There are also various requirements for those who want to operate a crypto trading enterprise. They must have more than $2.66 million won in capital, computerized systems and sufficient manpower. Their physical equipment must also be approved by the FSC – Financial Services Commission.

Looking At The Interests Of The Exchanges

The bill also recognizes that the exchange might be hacked and its crypto clients suffer losses. In such a case, the new bill suggests that the exchange must assume the liability for the traders’ damage. The bill has also mentioned certain industry promotion. They include the promotion of research and development projects, as well as the establishment of a digital asset trading committee. It also includes tax reduction, professional training, and financial support.

The committee will still be responsible for a number of roles. This is if the publication on the Metro Seoul newspaper is anything to go by. The main role of the committee will be to resolve certain matters as asked by the Financial Services Committee. Some of these issues are setting policies and standards that are related to the cryptocurrency assets. The committee will also coordinate between the concerned administrative bodies.

The post Bill To Promote Crypto Trading Introduced By A Korean Lawmaker appeared first on Best GPU for Mining.

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Ohio has become the first state to accept tax payments in Cryptocurrencies. In a press release Josh Mandel, Ohio Treasurer said that the payment option will provide the locals with more alternatives for tax payment. He added that the state’s leadership has a strong support for blockchain technology.

Tax Payments In Bitcoins

The new service will be available on OhioCrypto.com, a new service launched by Mandel. For now, those wishing to use the new tax payment method can only use Bitcoin as it is the only Cryptocurrency that is supported. BitPay will be the one responsible for processing all payments. The users will only be required to pay a “minimal fee” to enjoy this new service.

The new tax payment method is expected to give the Ohioans an opportunity to enjoy the benefits linked to Cryptocurrencies and blockchain technology. OhioCrypto.com will provide the residents with real-time tracking and offer transparency. This means anyone will now be able to view all the transactions unlike in the current system.

Mandel made it clear the state will not store any of the Cryptos. Instead, for any tax payment made in Crypto on OhioCrypto.com, the Treasurer’s Office will convert it immediately to dollars and then deposit in the state account. It is still early to say whether other states will follow Ohio in embracing the new technology. Furthermore, it is also early to analyze how the locals have taken the new move.

Ohio To Host A Major Blockchain Summit

The introduction of the Crypto payment method has come at a time when the state is about to host the Blockland Solutions Conference. The conference is a Bernie Moreno’s Blockland Initiative that intends to make the region an important technological hub. It is expected that those who will attend the conference will get a chance to see the real-world application of blockchain and Cryptocurrency. Furthermore, the conference will expose the attendees to the Crypto-friendliness of the state and this will probably encourage more Crypto and blockchain-based firms to move to the state.

XRP Back On Coincheck Again

It’s exactly 10 months since Crypto traders traded XRP on Coincheck. However, the exchange said that XRC and FCT trading pairs will now be available on the exchange from November 26, 2018. In a statement on its website, the exchange clarified that sales and deposits of the two tokens will now be available. President Toshihiko Katsuya, the exchanges leader signed the statement.

On January 26, 2018, the Japanese exchange was attacked forcing it to suspend its services. However, the Crypto trading platform has been trying to bring back its services. Apart from XRP and FCT, there are now another seven altcoins available on the exchange. They include NEM, Lisk, Ethereum Classic, Litecoin, Ethereum, Bitcoin Cash, and Bitcoin.

The exchange has already informed its customers that due to increased traffic, it may be hard to access the website sometimes. Furthermore, the exchange has said that it may suspend any transaction without prior notice in case of sharp transaction volumes. For the better part of this year, it has been unclear whether the exchange will resume its services and it is great to hear it is back.

The post Ohio To Accept Tax Payments In Cryptocurrencies As Coincheck Lists XRP appeared first on Best GPU for Mining.

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Bitex has officially opened its Cryptocurrency exchange services in the United Arab Emirates (UAE) to become the latest Crypto trading platform in the country. The new exchange is expected to allow the locals to buy the listed coins on its platform using the local currency. UAE has been working towards regulating the Crypto sector with the aim of becoming a Crypto and blockchain hotspot.

Bitex Cryptocurrency Exchange Launches Dubai

Cryptocurrency traders in the United Arab Emirates (UAE) have a reason to smile after Bitex exchange officially launched in the country. The newest Crypto trading platform will initially list Litecoin, Ethereum, Bitcoin Cash, and Bitcoin Core. According to the local media reports, the exchange also announced the launch of its own wallet. This will enable the exchange to provide coin storage services to its customers.

The exchange will use a multi-signature HD wallet to store their clients’ coins securely, Trade Arabia reported. Bitex UAE added that the use of the three-key system will require the users to provide two of the three keys making the three-key system even more secure. On its Linkedin page, the exchange said the Bitex UAE will securely store the first key, while the Bitext UAE’s wallet partner stores the second key. The two will be used to access funds. The exchange has said that the other key will be the recovery key.

Bitex UAE To Provide Various Benefits To Crypto Traders

UAE-based residents are expected to enjoy various benefits from the newest exchange in the country. According to Bitex UAE’s chief executive officer Monark Modi, the new exchange will provide the locals with more payment alternatives, which include debit and credit cards and bank transfer. Furthermore, the exchange will allow its customers to schedule a cash pickup. Within 24 hours of deposit, the funds will be available for trading.

The senior executive also added that the local Crypto traders have been eagerly waiting for more options that allow them to buy and sell different Cryptocurrencies in a safe and secure way. Despite the accessibility of international exchanges in the country, they are not as convenient as the new Dubai-based exchange. For instance, whereas Crypto traders are forced to exchange the local currency with other currencies to trade on the exchanges, the new exchange will allow them to make a deposit in the local currency.

Change In Crypto Regulation In The UAE

The Crypto sector in the UAE has been undergoing various changes that have enhanced its growth. The recent changes in regulation in the country have gone a long way in encouraging more Crypto firms to move to the country while at the time boosting the growth of its Crypto market. According to Bitex’s CEO, Blockchain Strategy 2021, a vision by the government to make the country a Crypto and blockchain hub has helped in making Cryptocurrencies more accessible in the country.

In the past few months, UAE has been putting various regulations in place with the aim of attracting more Crypto firms in the country while at the same time protecting the interests of investors and the locals. In June, for instance, the Abu Dhabi Global Market’s regulator the Financial Services Regulatory Authority released new regulations that affect Crypto trade in the country. The framework addresses the use of Cryptocurrencies in illegal activities such as money laundering.

The post UAE Now Has A Local-Based Exchange appeared first on Best GPU for Mining.

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