Following up on the latest crypto news, the standoff between one of the crypto exchanges under investigation Kraken and the New York Attorney General is still ongoing.
As a short recap about the situation, allegedly three major cryptocurrencies broke New York state’s regulation and violated the virtual currency regulations. Kraken is one of the three. As an answer to the allegations, the exchange asks whether OAG employees manipulated bitcoin futures.
The San Francisco-based exchange, it’s the 16th largest crypto exchange by daily volume, responded to the report recently released on Twitter and the response made it to all major crypto news platforms. Kraken accused the OAG employees of manipulating the bitcoin price by releasing this kind of a report just a day before the expiry date of the CBOE’s exchange bitcoin futures contracts.
“Is it a coincidence that this was published the day before the expiration of the @CBOE futures contract? Who traded on insider information and what is being done to prevent manipulation by @NewYorkStateAG employees? Quis custodiet ipsos custodes?”
Kraken also continued in a series of tweets accusing the OAG that they want to shut down the exchange since it declined to fill out the agency’s questionnaire.
In their report, the OAG stated:
“They have so far refused to comply with our inquiry into the matter. The only conclusion we can make at this time is that they might be engaged in unlawful activity.’’
In their own manner, Kraken thanked the OAG for doing all the work in researching taxpayers’ expenses and providing them with confidential information about their competitors.
UK Research Shows That Private Blockchains And New EU Privacy Rules Might Go Well Together
“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”However, blockchain operators could be treated like processors the same way the companies behind cloud technologies control the users’ data. Blockchain networks could store personal data externally to meet the rules of the privacy laws or allow nodes to delete the private key that has encrypted information. GDPR rules are really hard to comply with especially for crypto mining businesses which are why the researches urge the European Data Protection Board to create a guide of the protection law that will be clearer.
Thailand’s Deputy PM Calls For Enhancement Of Cryptocurrency Regulations
“The Revenue Department will waive value-added tax for people trading in cryptocurrencies on exchange markets approved by the Securities and Exchange Commission (SEC),” stated an excerpt of a report at the time.With this, the tax proposals of Thailand's Ministry of Finance also generated controversy over the fact that firms raising funds via ICOs would also be required to pay income tax on those funds.
$68 Million Worth Of Illegal ICOs Brought Down By The SEC Last Year
"Given the explosion of ICOs over the last year, we have tried to pursue cases that deliver broad messages and have the market impact beyond their own four corners.’’In the report also, the Division of Enforcement as a part of the SEC formed a new Cyber Unit that helped this agency focus on cyber-related misconduct. For this reason, the Commission managed to bring down more than 20 cases including those involving ICOs and the Division opened more than 200 cyber-related investigations some of which are still ongoing. Further, in the SEC report, we can read that:
"While many of these cases have involved allegations of fraud, the Division also has pursued enforcement actions to ensure compliance with the registration requirements of the federal securities laws. In the past year, the Division has opened dozens of investigations involving ICOs and digital assets, many of which were ongoing at the close of FY 2018."The Securities and Exchange Commission is now going after other crypto-related entities and startups that are unregistered or show up as unregistered brokers that facilitate token sales.
Full Scale Adoption: Ukraine Plans To Move Forward With Crypto Legalization
“They aim to determine guidelines for token classification. Additionally, they will be touching upon issues that relate to smart contracts and cryptocurrency mining. Therefore, this work will be ongoing. There will be two separate stages to the implementation of this new state policy. The hope is to have this policy in full effect by 2021. In addition to the new state policy, the government notably has brought in a new taxation bill. This outlines a new 5% tax that is payable by entities and individuals with cryptocurrency holdings.”Currently, both the opposing and the ruling party of Ukraine are positive on the long-term growth of the cryptocurrency sector and the blockchain technology.
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