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Bermuda Moves Towards Crypto Regulation Seeking To Attract Fintech Enterpreneurs

Bermuda is one of the newest countries that updated their virtual currency legislation. With the newly changed legislation, it seeks to attract fintech entrepreneurs and become a place where everyone interested in the industry can launch a business or work with some of the companies present out there.

The country’s Minister of National Security noted that Bermuda is moving forward on virtual currency legislation while presenting to a standing-room audience at the Bermuda Underwater Exploration Institute.

Even though Bermuda has no nearby example to follow, they proposed the Virtual Currency Business Act – which will serve as a “shining example” for what the country can accomplish. A 150-page paper on the Virtual Currency Business Act was also posted on the BMA website.

According to the VCBA, the “virtual currency business” is the name that is a provision of the following activities:

Isssuing, selling or redeeming virtual coins, tokens or any other form of virtual currency.

Obviously, this also includes an ICO business on behalf of customers and the act would also cover the payment service providers defined as “people whose business includes the provision of services for the transfer of funds.”

Bermuda’s new legislation will also cover virtual currency exchanges, wallets, and services vendors which are defined as any business providing services in the realm of virtual currencies. The legislation is designed to prevent fraud and market manipulation too.

In the end, the government will also attempt to establish an electronic ID scheme this year for its residents – which will be a program that strengthens the country’s fintech credentials and help it attract even more people in this field.

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Bitcoin News

Bitcoin Records New Gains, Rising To $6,700 In A Bullish Run

The Bitcoin price surged high and broke the resistance near $6,400 against the US dollar, following the trend of other altcoins that also rose, led by EOS and its 15% surge over the past 48 hours.

The new bullish trend line pushed Bitcoin towards the $6,700 mark (which it passed). The price of the flagship cryptocurrency is at $6,716 at press time in a new uptrend that supports $6,800 as the high and $6,500 as the downside marks.

This new movement opened the doors for more gains and a greater volume on the market too. Some analysts predict that the surge was because of the news that the major $6.3 trillion asset manager Blackrock set up a new working group to investigate cryptocurrencies, even though the CEO of Blackrock seems to have denied these allegations.

If we look at the chart, it is expected for Bitcoin to push through the $7,000 limit and set the path for a new bullish run. The support level now remains at $6,500 to $6,600 and the Relative Strength Index (RSI) is correcting lower from the overbought levels.

According to Express.co.uk, the new bullish run led by Bitcoin is a response to the G20 nation settlement towards a new crypto ‘framework’ that will supposedly monitor crypto assets in markets across the G20 nations. The Financial Stability Board (FSB) also announced that cryptocurrencies like Bitcoin “do not pose a material risk to global financial stability” and that the FSB fully supports “their vigilant monitoring”

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Regulation

OFFICIAL: South Korea Approves 12 Crypto Exchanges

As of last week, the Blockchain Association in South Korea has approved 12 crypto exchanges – including the popular Bithumb and UPbit – for having adequate security measures and integrated management systems put in place. This is surely a big step for the country and even a bigger one for the exchanges present in it.

According to reports by local news outlets, the names of the exchanges that were approved include Bithumb, UPbit, Gopax, OKCoin Korea, Korbit, Coineone, CoinZest, CPDAXX, HanbitKor, Huobi Korea, and NeoFrame, and DexKor – all directly approved by the South Korea Blockchain Association which is an institution that oversees the crypto and blockchain sector.

With this, many analysts predict a new wave of capital coming in the market, given that crypto exchanges were not in a good place so far. The recent moves towards legitimizing their operations and regulating crypto trading platforms as financial institutions have been crucial for further crypto-related activity in the country (investing, trading etc.)

The legitimization has been great for the exchanges too. If we take Bithumb for example, it has been the perfect move following the hacking attack that happened in June where the crypto exchange lost more than $40 million – $16 million of which apparently recouped after the hack in order to recover the funds.

Even though local investors started to lose trust in Bithumb – which has been a leader for years – the new legitimization will change a lot of things. Overall, it is one of the most positive news when it comes to South Korea’s crypto regulation efforts.

 

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Regulation

President Of US Donald Trump Creates A Task Force For Fighting Crypto-Related Crimes

The President of the United States, Donald Trump, recently ordered the US Attorney General to develop a special Department of Justice task force that will deal with stopping crimes involving cryptocurrencies.

The executive orders mention digital currency as an area to be investigated and eventually prosecuted in some cases. Right now, the plans are to build such force and replace the Financial Fraud Enforcement Task Force that was previously created (in November 2009).

The leader behind this task force will be the Deputy Attorney General – and other members will include:

  • the Associate Attorney General;
  • assistant attorneys general of the criminal, civil, tax and antitrust divisions;
  • the director of the Federal Bureau of Investigation;
  • U.S. attorneys assigned by the Attorney General;
  • other Justice Department officers or employees designated by the Attorney General.

This force will provide guidance for investigating and prosecuting cases concerning financial markets, consumers, and government fraud. Aside from this, it will also give recommendations to strengthen the cooperation among other government agencies at all levels of the body.

Meanwhile, the US has joined global efforts to establish proper activity regarding transactional financial crimes which include cryptocurrency – joining the Joint Chiefs of Global Tax Enforcement in the United Kingdom, in order to fight against cases like these.

 

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Regulation

Report: Most Of The Capital Raises And Moves Towards ICOs Are Coming From South Africa

The blockchain and crypto community in Africa has been quite tight over the past couple of years. However, this didn’t stop many African businesses from raising funding in the market.

According to a new report issued by the company Weetracker, most of the capital raises and moves towards ICOs have exactly been in South Africa, Kenya and Zimbabwe. As the report notes, African fintech startups have been most attractive for funding during the first quarter of 2018.

The report also details that one of the largest crypto exchanges in Kenya, SureRemit, raised $7 million in an ICO during the first half of 2018, while South Africa’s The Sun Exchange launched a $5 million ICO.

When it comes to new and prosperous ICOs, the report outlines the Zimbabwean Golix which is moving ahead with plans to launch a $32 million ICO after the Reserve Bank of Zimbabwe decided to lift its ban on crypto businesses.

Aside from ICOs, Africa is on the verge of a new crypto revolution with more and more ATMs taking place all around the continent. Even though there is a growing interest for crypto, the report still notes that the past couple of weeks have been chaotic for cryptocurrencies (just like everywhere around the world), resulting in mixed fortunes for blockchain and virtual currencies in Africa.

As cited in the report:

“Globally, bitcoins and cryptocurrency have seen notable downfall with a scare of coming close to end, just like the dot-com crash. Last two weeks especially have been chaotic for the global markets as all the cryptocurrencies were trading at lower rates than preceding weeks.

Africa too has had its share of surprises in this sector in H1 2018, taking many tumultuous turns,”

Meanwhile, the global crypto markets are mostly concerned by the lack of trading volume which is definitely not a good sign of a market recovery in the short-term.

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