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Regulation

China’s Control Over Global Bitcoin Exchanges Falls From 90% To 1%

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According to the UK publication named Express, the government of China recently confirmed that the country’s control over the global bitcoin exchange market has significantly fallen. The fall is quite dramatic – from 90 percent to 1 percent.

This made a lot of experts in China fear out of losing control over the market, according to the UK publication.

Local experts claim that the cryptocurrency trading activity in China was never 90%. However, there is still the fact that China banned cryptocurrency trading as a whole in 2017, which is why a fall like this could be expected.

In early 2018, the Chinese government even tightened the ban on cryptocurrency trading by requesting local banks to prevent dealing with crypto exchanges and trading platforms. Since it is illegal to trade cryptocurrencies in China and crypto exchanges are not permitted to operate within the region – everyone should expect a drop like this.

This news also fueled a lot of crypto trading platforms in Hong Kong, leading them to demonstrate a premium on the price of major digital assets. However, the breaking point was the moment local exchanges were requested to implement a no-fee policy when the trading volume of Bitcoin exchanges dropped by 80%.

Still, it is more than evident that China even at its peak, had about 10 to 20 percent of the Bitcoin exchange market.

Knowing that the Chinese government has openly funded blockchain projects in China, it is expected that only local and native projects in the country would thrive over the next couple of years. Since China has banned Google, Facebook and YouTube (replacing them with Baidu, WeChat, and Youku) the sense for market domination is evident and there is big support towards platforms like VeChain, Qtum and other blockchain projects that were created domestically.

 

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Regulation

US Congressman To Introduce Bills That Support Blockchain And Cryptocurrencies

There is a lot of steam regarding regulation of cryptocurrencies and blockchain in 2018, mostly because of the involvement of government bodies and agencies that are constantly reviewing the crypto space. In the latest cryptocurrency news in the US, the US Representative Tom Emmer (R-MN) is officially planning to introduce three bills to support blockchain and crypto.The news are in accordance to a press release that was published on September 21st, where the three upcoming bills are entitled the "Resolution Supporting Digital Currencies and Blockchain Technology", the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”This legislation is also focused on the support and development of blockchain technology as well as the establishment of a safe harbor for the taxpayers with "forked" digital assets.The bills, on the other hand, would prompt the government to provide a "simple legal environment" and restrict any fines for people who report "forked" digital assets - up until the Internal Revenue Service (IRS) presents formal guidance on the appropriate means of reporting.As Emmer said, "taxpayers can only comply with the law when the law is clear."He also announced:
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A Coinsquare Subsidiary Just Launched Two Tech-Based ETFs On TSX Exchange

One subsidiary of the popular crypto exchange Coinsquare is in the crypto news lately - for launching two exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX), according to the reports from the local news agency The Globe And Mail.The subsidiary is named Coin Capital Investment Management and is now the 30th ETF operator in Canada. With the launch of the Coincapital STOXX Blockchain Patents Innovation Index Fund (LDGR) as well as the Coincapital STOXX B.R.A.I.N. Index Fund (THNK).The ETF trading initiated on Thursday, September 20th, with a management fee of 0.64% on the TSX, which is right now the 12th largest global stock exchange by its market capitalization.Meanwhile, LDGR is a research-focused ETF that aims to provide investors with global equity securities of firms that invest in the development of blockchain technologies. The ETF is also based on the recently launched iSTOXX Yewno Developed Markets Blockchain Index which is an index that reflects a large volume of data to discover companies that focus on researching the distributed ledger technology.The other ETF, named THNK, is focused on providing investments in global equity securities that are concentrated around four "megatrends" in technology - biotechnology, robotics, artificial intelligence as well as nanotechnology - all based on the iSTOXX Developed Markets B.R.A.I.N. Index.The Toronto-based Coinsquare exchange was founded in 2014 and is now ranked 69th according to its daily trading volume. Coinsquare, on the other hand, is moving forward and has big plans for expansion, aiming to provide a "fully compliant platform" that would allow trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dogecoin and Dash.
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Blockchain News

US Congressman Supports Cryptocurrencies By Introducing New Pro-Crypto Bills

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