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Cryptocurrency Exchanges Are Facing The Biggest Regulatory Hurdle Ever

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In the latest cryptocurrency news, we are reporting about many crypto exchanges which are apparently under the radar lately and could be shifting their rules in the near future. It all apparently started with the surge in popularity by Bitcoin and many other altcoins – which triggered the Financial Action Task Force to publish a new note and clarify how the participating nations should oversee virtual assets.

As a spokesperson from the FATF named Alexandra Wijmenga-Daniel said in an email, the new rules will apply to crypto exchanges and businesses working with tokens and cryptocurrencies. These will include custodians and crypto hedge funds, too.

A lot of the action in the altcoin news now depends on how the rules – regarding traditional bank wire transfers – will be interpreted and applied by country-specific regulators. The guidelines will basically require companies such as Coinbase, Kraken as well as the asset manager Fidelity Investments – to collect information about customers initiating transactions of over $1,000 or EUR 1,000 – and details about the recipients of the funds. As the FATF notes, the crypto exchanges need to send the data to the recipient’s service provider along with each transaction.

Even though most of them sound simple, the compliance will be costly and technically difficult, according to John Roth who is the chief compliance and ethics officer at the Seattle-based exchange Bittrex.

“It’s either going to require a complete and fundamental restructuring of blockchain technology, or it’s going to require a global parallel system to be sort of constructed among the 200 or so exchanges in the world,” Roth said. “You can imagine difficulties in trying to build something like that.”

Meanwhile, a many of the best cryptocurrency news sites report that handful of US exchanges are talking on setting up such a system, according to Mary Beth Buchanan who is the general counsel at the San Francisco based exchange Kraken, which has about $195 billion in daily volume.

“Without enhanced technology systems, this is a case of trying to apply 20th-century rules to 21st-century technology,” Buchanan said. “There’s not a technological solution that would allow us to fully comply. We are working with international exchanges to try to come up with a solution.”

Some participants are also positive and looking at the bright side, hoping that a greater oversight could lead to more institutional acceptance of crypto.

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Altcoin News

Gold-Backed Russian Crypto Could Crush The USD Standard

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gold-backed russian crypto
Gold-backed Russian crypto is still under exploration and the possibilities of developing it are high in order to be used as a cross-border settlement alternative for other countries and we read more about it in the coming altcoin news. Due to the heavy sanctions from the United States, the potential of the value of gold-backed Russian crypto could help the country escape from the usage of the Dollar as the main currency standard. Russia’s State Duma member Vladimir Gutenev proposed the creation of the cryptocurrency and he suggested that the pegging of the value to gold could alleviate issues related in cryptocurrencies and that this idea could be linked to a stablecoin. Russia has been on standby on gold reserves as a way to fight the US Dollar and by boosting the reserves could allow the country to diversify foreign exchange and to reduce the high reliance on the US dollar. This has been a policy of Russia for quite some time. The central bank also reported that back in May their gold holdings reached up to $492 billion. The idea of tokenizing of their stores would give them much more freedom and power with the value of the gold reserves. Cryptocurrencies that are launch by the central bank are still met with high resistance. The head of the Central Bank of Russia Elvira Nabiullina stated:
 “As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”
Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
 “The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”
As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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Crypto Trading In The US Becomes A Nightmare, What’s The Solution?

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crypto trading
Crypto trading in the US is becoming much more difficult to conduct since the two major US-based crypto exchanges have announced the delisting of multiple cryptocurrencies for the customers in the country. Their decision comes due to the regulatory uncertainty and the big questions which crypto assets will be considered as securities so we read more on how to fix this problem in the altcoin news below. Binance, for example, announced that starting from September 12 this year, it will prohibit United States customers from trading on the exchange and stated that they even aimed to launch a local exchange Binance U.S. however, it is still unclear what tokens will be available on the new platform. Now, the crypto community is wondering what can be done about the crypto trading in the US problem and there are already some solutions. Some of the solutions include moving the altcoin trading offshore, trading only regulated assets and using decentralized exchanges. U.S. traders might have to choose the offshore option in order to trade digital assets. Depending on the exchanges this could mean smaller and less liquid exchanges to use. Additionally, the U.S. traders could go to decentralized exchanges such as Binance DEX which is now fully decentralized. Using a VPN on a centralized exchange that has a geoblock on the United States is a risky affair but could be one of the solutions as well. Keep in mind with the latest option that the risk of losing funds is much greater. At last, U.S. traders with high trading volumes could switch to those crypto assets that have been approved by the United States Securities and Exchange Commission such as Bitcoin and ETH and those coins that have been approved as security tokens. This can reduce the investable portion of the community but it will ensure that no funds would be jeopardized with the upcoming regulation in the states. As reported in the latest cryptocurrency news, Poloniex crypto exchange also ceased to offer the trading of 9 cryptocurrencies because of regulatory uncertainty. Bittrex also made the same decision. However, Bittrex did not specify that the reason for banning the traders from using the exchange was regulation, we could assume that the reasons are the same.
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TRON Community Aims To Get The Token Listed On Coinbase

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TRON community
TRON Community now demands from Coinbase to get the Tron token listed on the platform after Binance announced they will not be serving US customers. We are about to read more in the latest cryptocurrency news below. The largest crypto exchange out there announced they will not be serving US customers on its original platform but they aim to launch a special platform for US crypto traders only. The timeline for the new platform has not been revealed but the decision spiked a panic among the US Tron community as many of the exchanges in the US do not support major tokens such as TRON. All of the TRON traders from the United States now use Binance to trade Tron. After the Binance announcement, the Tron community now demands from the United States to get the token listed on Coinbase. The panic comes as the bullish trend reached the entire market and the US traders might miss out on the opportunity. The founder of TRON Justin Sun tweeted that Coinbase needs to purchase the tokens and asked Brian Armstrong to work it out for the entire community. As noted in the coming altcoin news, Coinbase is known for having extremely strict guidelines and rules on how they select which tokens get listed on the platform. The original Coinbase platform supports only four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Coinbase Pro, on the other hand, listed multiple tokens and works in the United States. The crypto exchange is aiming at the beginners in the crypto space who prefer buying or selling bitcoins. Coinbase Pro, on the other hand, aims at crypto traders who want to trade actively no matter the coin. The Pro platform was spun out of GDAX right after the exchange giant acquired it. Many other crypto communities demand the listing of their own tokens on Coinbase and one of them is Cardano (ADA). We already learned that Coinbase has strict criteria when listing a token. So far the exchange supports 18 cryptocurrencies and 3 fiat currencies. You can check the entire list on their Website as well as see that the platform is the most popular crypto exchange in the United States.
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Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)

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Hottest Cryptocurrency
The coming altcoin news show that there is one great performing cryptocurrency this year, and it is not Bitcoin. Despite BTC reaching a 13-month high today, the hottest cryptocurrency in terms of annual gains remains Litecoin (LTC) which is up by more than threefold. Gaining 330% since the beginning of the year, Litecoin is outpacing all of its crypto peers including Ether and XRP - and the best known and largest cryptocurrency Bitcoin. Currently, LTC has a market cap of about $8.4 billion which makes it the seventh largest digital asset as data from Mosaic Research Ltd. shows. The latest cryptocurrency news show that Litecoin is recording new surges, trading at $135.72 at press time. The rally can be attributed to Litecoin's upcoming halving event (known as halvening) where the number of the coins awarded to the miners is slashed in half. The simple idea is that a cut in supply can drive the price up but also prevent an erosion of value. Right now, miners receive 25 new Litecoins per block but after the halving - they will receive 12.5. The 'halvening' event for the hottest cryptocurrency is scheduled for August 6th. Typically, it happens roughly every four years and the run up that it has was associated with lots of rallies in the underlying tokens.
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”
Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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