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Regulation

Coinbase UK CEO Discusses Regulation As A Main Problem For The Future Of Crypto

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The CEO of Coinbase UK, Zeeshan Feroz, recently spoke to a popular crypto news site about the recent developments in the exchange industry and the entire cryptocurrency space as a whole.

Feroz, who has been with Coinbase since February last year, noted that the exchange is in the fastest growing market, especially after their expansion to London and introduction of new initiatives like an e-money license from the FCA as well as the Sterling (GBP) support for UK customers.

As he said:

“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”

Feros also described the company mission as establishing an open financial system that will bring economic freedom, innovation, efficiency and equality of opportunity. According to his statement:

“We believe cryptocurrency will help achieve this. As a business, our priorities are to be the most trusted and easiest to use crypto exchange in the world – and our recent initiatives, especially in Europe, have demonstrated that. Over the coming years, we’ll continue to evangelise about the benefits of crypto and drive greater uptake in the use of crypto among both individuals and institutional investors.”

The Coinbase CEO for UK also touched the point regarding the competition from emerging exchanges such as Robinhood, and said what Coinbase has to offer as its competitive advantage, adding:

“In terms of our UK customers, Coinbase is the first crypto exchange to have a UK bank account. This, coupled with faster payments, has allowed us to become the only exchange currently supporting GBP making payments faster on Coinbase than any other platform. Making crypto easier to use, trade and spend is key for us when it comes to improving the user experience. For instance, the launch of e-gift cards has allowed customers to spend their crypto balances more easily, realising its value to buy tangible things or experiences.

“We are a crypto first business and what sets us apart is our focus on trust and security. The FCA e-money license for our fiat operations demonstrates our commitment to ensuring that customer funds are always secure, and we now have safeguards and operational standards that are on par with those of other regulated financial institutions. This means Coinbase is not only the easiest crypto exchange to use – but the safest too.”

Feroz concluded with a word on regulation and the effort by Coinbase to list the tokens that are classed as securities, adding:

“Some tokens maybe considered securities and classifying them as such brings them within scope of regulation. This is the best way to provide individuals and institutions a safe environment to invest in them. The main challenge facing the crypto space at the moment in the lack of regulation, which leads to risk. We see the value in having some form of regulation for crypto exchanges as a means of ensuring due diligence and transparency in the crypto space.”

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Regulation

Crypto Laws In Switzerland: What Makes This Country Special?

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crypto laws in switzerland
In our latest cryptocurrency news, we are giving a full answer to the question 'What makes Switzerland one of the best countries for crypto investors and businesses?' with detailed notes on the crypto laws and regulation in this country. For those of you who did not know, cryptocurrencies and exchanges are legal in the country. In fact, the country adopted a remarkably progressive stance towards cryptocurrency regulations. As the Swiss Federal Tax Administration (SFTA) shows, cryptocurrencies are seen as assets in this country: they are subject to the Swiss wealth tax and must be declared on annual tax returns. When it comes to exchanges, the crypto laws in Switzerland show that the country imposes a registration process on cryptocurrency exchanges - they must obtain a license from the  Swiss Financial Market Supervisory Authority(FINMA) in order to operate. When it comes to ICOs, there are regulations in place for them too - February 2018, FINMA published a set of guidelines for initial coin offerings across a range of areas. The areas included ICOs present in banking, securities, collective investment schemes and many others. In the future, Switzerland is seen to have even better crypto laws. The country's government has indicated that it will continue to work towards a regulatory environment which is very friendly to cryptocurrencies. One of the hotspots of this industry and crypto laws in Switzerland is the town of Zug. As many best cryptocurrency news sites reported, this town introduced Bitcoin as a way of paying city fees - making it the first initiative of that kind. In January 2018, the Swiss Economics Minister Johann Schneider-Ammann said that he was aiming to make Switzerland a "crypto nation." Meanwhile, the Swiss Secretary for International Finance, Jorg Gasser, has emphasized a clear need to promote cryptocurrencies and build crypto laws which do not compromise the existing financial standards. All of this makes Switzerland a heaven for crypto laws - and one of the pioneering countries with such initiatives. The most important part is that this country is seen as one of the most financially stable countries in the world - hence the importance of such crypto laws in the European market.
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Regulation

FINRA Prolongs Deadline For Companies To Report Crypto Activity

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FINRA Prolongs
FINRA prolongs the deadline for companies to report crypto activity after last week’s Facebook and Libra hearing and the potential regulation over the new crypto project. The United States Financial Industry Regulatory Authority quietly decided to extend the deadline in order to encourage companies as we can read in the reports in the latest cryptocurrency news. The regulatory body for brokerages and crypto exchanges had requested last year from the member companies to inform the regulatory coordinator in their company of associated individuals or groups that are engaging or planning to engage in activities related to digital assets. The request included digital assets that are not securities such as cryptocurrencies like bitcoin. With the deadline now being extended until July 30, FINRA posted a follow-up date last week extending the deadline until 2020. The new notice shows:
“As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets – e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities – FINRA believes it is important to keep the lines of communication with members open on this important topic.”
FINRA suggests that the activities that should be reported include buying, selling and transacting digital assets, ICOs, and derivatives but also investing in digital assets and opening funds. Among others, the list also offers the advisory services or funds and offering custody services, mining cryptocurrencies and accepting the crypto as a mean of payment. Any other use of blockchain technology should be reported as well as the authority suggests. At the start of this month, FINRA and the Securities and Exchange Commission (SEC) issued a joint statement where they say there are a number of questions to be noted before they can approve crypto companies’ applications to become broker-dealers. One of the factor, why FINRA prolongs the date, is that the brokers need to prove that they engage with crypto in order to provide better regulation. According to a statement which we have in our altcoin news we can read that:
 “The ability of a broker-dealer to comply with aspects of the Customer Protection Rule is greatly facilitated by established laws and practices regarding the loss or theft of a security, that may not be available or effective in the case of certain digital assets.’’
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Regulation

US Congressman Claims Bitcoin Is An ‘Unstoppable Force’

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Bitcoin (BTC) is seeing a lot of attention in the latest cryptocurrency news. As a new report shows, a US Congressman is among the latest people who believe in the most dominant cryptocurrency, claiming that it is an unstoppable force of its own kind.

During the testimony on July 17, the US Congressman Patrick McHenry (who represents North Carolina’s 10th District) told lawmakers that any attempts to stop or pause Bitcoin were futile.

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force,” the US Congressman noted. McHenry runs in contrast to other Congressmen and makes the headlines over Bitcoin along with Brad Sherman who is gaining the spotlight after making dubious claims about the cryptocurrency’s role in crime.

Many people failed to draw a distinction between Bitcoin and permissioned digital currencies - especially Libra - which is a hot topic in the coming altcoin news, too. However, for the US Congressman McHenry, Bitcoin will prevail with legislation or not. He implied that an adversary would have already done so at some point since its 2009 inception.

“We should not attempt to deter this innovation; governments cannot stop this innovation, and those that have tried have already failed,” the US Congressman continued.

As previously reported on many best cryptocurrency news sites, the Congressional hearings made Bitcoin suffer but are also coming to grips with the first incarnation of their regulation of Bitcoin as well as other decentralized cryptocurrencies.

What’s more popular is the country of India which this week confirmed that it was working on official guidelines after a major scandal involving what some accepted as a draft law banning cryptocurrency outright emerged in the news. This is all separate from the fact that the US Congressman Patrick McHenry is backing Bitcoin and fully believing in the cryptocurrency.

Currently, Bitcoin (BTC) is trading at $10,400 and fully living up to the US Congressman and his optimistic approach. The total crypto market cap is at $281 billion and the coming altcoin news show that despite the daily losses, altcoins including Ether (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and Binance Coin (BNB) have all managed to correct from their terrible decreases.

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Regulation

US Regulator Is Investigating Crypto Exchange BitMEX: Report

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bitmex pulled $73m

A  new US regulator is viral in the coming altcoin news for his apparent interest to investigate the cryptocurrency exchange BitMEX, reports show. We are talking about the United States based regulator the Commodity Futures Trading Commission (CFTC) which is reportedly investigating the derivatives giant.

As a Bloomberg report noted, people familiar with the matter were speaking about this topic on July 19 - suspecting that BitMEX allowed US residents to use its platform to trade. Under the current laws, the US is one of the countries excluded from using BitMEX, which is an exchange registered in the Seychelles. This is why the US regulator is in the latest cryptocurrency news and how they were motivated to circumvent a potential geo-block using services such as VPNs. The investigation came to light on many social media pages and best cryptocurrency news sites, citing the Bloomberg journalist Tim Culpan.

Meanwhile, the US regulator is looking for scrutiny towards BitMEX and wants the exchange to further look into the case. All of this is happening while Bitcoin is trading at around $10,000 after a major correction this week which even put it below that price point.

In the other altcoin news, we can also see that BitMEX is in the current spotlight after a showdown between the CEO of the exchange Arthur Hayes and the serial Bitcoin naysayer Nouriel Roubini earlier in July.

Following the Tangle in Taipei event which was featured in the latest cryptocurrency news, Roubini hit out at Hayes and pointed out to him for delaying the release of a video showing the entire debate. Aside from the US regulator investigating the cryptocurrency exchange, analysts are discussing it in detail and investigating the evidence of malpractice at BitMEX while openly insulting both Hayes and his platform.

Roubini described his report as “my new column where I expose the shady rekting racket that is (BitMEX) run by the thug (Hayes): evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.” Meanwhile, the price of Bitcoin right now sits at $10,400 with a new minimal decrease of 1.49%. The total cryptocurrency market cap is at $281 billion and Bitcoin still has a dominance rate of 65.8%.

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