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Regulation

Italian Regulator Suspends Two Crypto Projects For Alleged Fraudulent Investment Schemes

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The Italian Companies and Exchange Commission or Commissione Nazionale per le Societa e la Borsa hits our crypto news today for suspending two crypto projects for allegedly offering fraudulent crypto investment schemes.

The suspensions were reported on the regulator’s website.

The CONSOB is actually the same as the United States Securities and Exchange Commission and represents the regulating government authority that regulates the Italian securities market.

The suspended companies are Bitsurge Token and Green Energy Certificates are scam projects from a company named Avalon Life that is not based in the EU. They have been both banned from offering any kind of investment services for 90 days.

Bitsurge was promoting fraudulent schemes on its website and its Facebook page. The company was offering investors ‘’token contracts’’ that guarantees monthly returns up to 13 percent for capital amounts starting from $1,000 up to $25,000. According to the CONSOB, the customers didn’t participate in the management of their tokens.

The Green Earth Certificates was claiming that the goal is to protect rainforests from deforestation by purchasing forest areas via blockchain. They ‘’provided’’ a 6 percent reward for the investment.

A week ago, the CONSOB issued another warning together with Malta’s Financial Services Authority about a cryptocurrency exchange named OriginalCrypto that was unlicensed.

The unlicensed platform has created a clever marketing approach according to the monitoring website ScamBitcoin, where they promote their services to consumers around the world easily. The exchange has already made some dubious claims about its setup and claims that the exchange is operated by a Bulgarian-based Bali Limited Ltd. parent company though evidence of these claims was nowhere to be found.

The securities regulator also issued a cease-and-desist order to three crypto firms for offering unapproved investment services.

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Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits

In today's crypto news, the government of Bulgaria is starting to investigate crypto exchanges to demand taxes from the profits that investors generated from trading digital assets such as Bitcoin and other altcoins. The National Revenue Agency (NRA) of Bulgaria has categorized cryptocurrencies as financial assets which incur a 10% tax on profit that individuals have to disclose on an annual basis. The main problem, however, with NRA's regulation of cryptocurrencies using the same policies is that it does not take into account the volatility of the emerging class. Meanwhile, cryptocurrencies are still in their infancy stage and the dominant digital assets such as Bitcoin and Ethereum still demonstrate daily moves from 5% to 15%. Obviously, if an investor in Bulgaria is required to declare his profits on taxes on an annual basis, the decreasing price of Bitcoin could turn in a large negative return for the investor. Bulgarian authorities are now considering crypto assets to be anonymous and have already said that by doing that, it will be easy for investors to evade taxes in the crypto market. With the Know Your Customer (KYC) and Anti-Money Laundering (AML) systems integrated by all the local exchanges, however, it will be difficult to hide or confine any transactions from the authorities.
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Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity

Digibank, India’s first digital bank started closing accounts that allegedly were involved in crypto-related activities after a claim made on Twitter reached our crypto news today. The Twitter user ‘’IndianCryptoGirl’’ posted about this on January 14 but has also taken to the social media platform plenty details of the anti-crypto restrictions that were imposed on all of the account holders in India’s second largest bank Kotak Mahindra Bank. Both banks imposed strict measures related to the prohibition on domestic banks dealing with crypto businesses which were first announced by the central bank of India last July. According to the IndianCryptoGirl tweet, Digibank is a multinational financial services company which froze multiple accounts on its platform after it detected transactions from entities identified to be virtual currency traders or brokers. The Twitter user clarified:
 “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:
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Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
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BitMex Pulls The Plug On Trading Accounts In Quebec And The US

BitMex, the Hong Kong Based futures exchange, shuts down all of the trading accounts in the US and Quebec-Canada because of the massive regulatory restrictions in North America. More about this decision, we read in our blockchain news below. The exchange is one of the most active trading platforms in the world and it’s now battling with the impact of the strict laws for exchanges in the continent. It is currently shutting down trading accounts in US and Quebec just in the middle of the crackdowns on unlicensed crypto exchanges. According to the South China Post:
‘’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.’’
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The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies

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