In the latest headlines of our DC Forecasts Bitcoin news site, we have mentioned about the situation in Japan – specifically the government’s decision to approve a Bitcoin exchange-traded fund (ETF). As soon as this occurred, many analysts poked their fingers into the potential regulation of Bitcoin ETFs in the United States as one of the largest markets.
Currently, everyone is asking themselves if the Bitcoin ETF approval in Japan could also drag the authorities in the US to a decision and have an impact on the Securities And Exchange Commission (SEC) which is the main authority over there.
However, the probability of a Bitcoin ETF approval in the US still remains low. According to one pro-crypto SEC commissioner and his recent statement, investors should not wait on a Bitcoin ETF because it may take days or years for the commission to approve such thing.
In the second half of 2018, the SEC rejected 12 Bitcoin ETFs, one of which was submitted by the Gemini exchange founders (Winklevoss twins), as well as other companies. All of the filings were rejected by the SEC because of insignificant market sizes.
In late November 2018, the SEC chairman Jay Clayton said that safeguards and technologies to prevent suspicious transactions are non-existent in overseas markets. As he then stated:
“Those kinds of safeguards don’t exist in many of the markets where digital currencies trade.”
All in all, Japan’s effort and the G20 meeting that proposed regulation of cryptocurrencies have brought a lot of attention on this market. If a bitcoin ETF is approved in Japan before the US, there may be a chance that the US government will start approving similar ETFs in (some of) its local markets.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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