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Regulation

Coincheck Stops All Operations Due To JVCEA Guidelines Revision

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Coincheck stops all operations and all-new margin trading orders until the end of next month due to the revision of the JVCEA guidelines as we can read in the altcoin news below.

The Tokyo-based crypto exchange issued a statement on its website at the end of this month as the platform announced the suspension of the new margin trading orders. Also, Coincheck stated that the services will be capped at 4x and this move will see a reduction of 20 percent from the former crypto margin trading cap set at 5x. The exchange also released guidelines for customers who already had trading orders that were active and those with the uncommitted trading orders will have to wait until the end of September 2019 so they can be able to enter into positions and avoid cancelation.

For the customers that are already in open positions, the exchange noted that they will have to check to see if the margin cap reduction affected their trader as we can read from the excerpt from the company’s statement:

‘’Loss cuts will occur if the margin maintenance rate falls below 50% after changing the magnification. Check the margin maintenance rate and add margin or reduce the position as necessary.’’

Coincheck explained that the move is a part of the efforts to comply with the new and revised regulation guidelines provided by the Japan Virtual Currency Exchange Association –JVCEA which is a self-regulated body established to sanitize the local crypto industry in the country. The JVCEA identified the issue as the first to be solved shortly after its formation in April 2018. Back in March, the FSA announced the plans to introduce a limit on the crypto leverage trading between 2x and 4x and at that time the Financial Japanese financial watchdog stated that the new rules will come into force by April next year. The authorities in Japan explained that the move was necessary to provide robust protection for the traders on the market which is why Coincheck stops all operations this time.

As it was reported earlier in the latest cryptocurrency news previously, there was a $9 million cut that the OKEx customers had to take in order to cover the $416 million Bitcoin bet and with volatility still being the key factor on the market, the narrative from the regulatory bodies is that the smaller margin caps will prevent a repeat such events from happening.

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Altcoin News

OKEx Korea Delisted Monero, Dash, And Other Privacy-Cryptos Over FATF Demands

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OKEx Korea
The latest cryptocurrency news show that the South Korean arm of the cryptocurrency exchange OKEx has decided to remove support for five major altcoins. It is true that OKEx Korea delisted Monero, Dash and other coins due to new international regulations. As a blog post originally published on September 10 shows, OKEx Korea confirmed that it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on October 10. As the exchange revealed, the main reason for this is that as since they are focused on privacy, the coins fall foul of the new guidelines set out by the intergovernmental body which is the Financial Action Task Force (FATF). OKEx Korea delisted these altcoins, the blog post confirms, showing:
“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated.”
As the news site reported, the sweeping changes to crypto transaction rules currently demand businesses to identify the two parties which are sending funds to each other - if a transaction exceeds the limit of $1,000.
"According to the statement corresponding to FATF R.16, OKEx Korea has restricted its implementation as the ' travel rule' recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset. privacy-oriented cryptocurrency, aka that ' the dark Coin "has decided to take the deal end-of-support measures of the corresponding event," the blog post showing that OKEx delisted the five altcoins shows.
This comes in period when more than 200 countries are forced to theoretically implement the rules by June 2020. Still, the altcoin news show that there are concerns that doing so is physically impossible for a lot of decentralized blockchains. Now that OKEx Korea delisted the five cryptocurrencies, all of them make it possible to identify the sender and recipient of a transaction by design. An OKEx representative was also featured on many best cryptocurrency news sites a while ago, telling that the coins will only be delisted on OKEx Korea (OKEx.com.kr) but will remain listed on the global OKEx platform. The value of these coins, as the coming altcoin news show, has remained unchanged.
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Regulation

IRS Is Hunting Cryptocurrency Traders With Warning & Action Letters

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The latest cryptocurrency news put the Internal Revenue Service (IRS) in the focus. According to reports, the IRS is hunting suspected cryptocurrency holders and traders who may have misreported digital assets on their tax returns. As the sources show, there have been more than 10,000 warning and action letter sent by the authority. Letters such as the 6174-A, 6173 and CP2000 have all appeared in the mailboxes of many cryptocurrency traders all around the United States. A lot of crypto tax software companies are also on the hunt list - and have seen an influx of customers coming to them for tax help out of fear of penalties. As many best cryptocurrency news sites showed, the main problem and reason why IRS is hunting traders is the misreporting of their documents. However, traders claim that the authority does not have all of the necessary information - and that the information they have is extremely misleading. For those of you who don't follow our Bitcoin and altcoin news, cryptocurrencies like Bitcoin in the US are treated as a property from a tax perspective - and not a currency. Just like many other forms of property (stocks, bonds, real estate etc.) the capital gains and losses are incurred on the bills. It also doesn't come as a surprise that a lot of traders are not paying taxes on their crypto activity. This is why the IRS is hunting traders - which is also why it makes sense to start out carrying out these enforcement campaigns. In general, cryptocurrency users are constantly transferring crypto in and out of the exchanges. Therefore, the exchanges have no way of knowing how, when, where or at what cost the cryptocurrencies are acquired. They can only see what appears in the wallet on the specific platform. The second a person transfers crypto in or out of an exchange is when the exchange loses the ability to give users an accurate report detailing the cost basis and the fair market value of the cryptocurrencies. Both of these aspects are mandatory components for tax reporting. All in all, the IRS is hunting traders without all the information. So, if you receive a warning letter from the IRS, you should not panic. As long as you are properly filing your crypto gains and losses, you should be fine.
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Regulation

First Crypto Banks In Switzerland Are Seen As A “Game Changer”

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Cryptocurrency banks are a new thing on the horizon - and they are already showing up in Switzerland. As sources report, the first crypto banks in the country could open the floodgates to the integration of cryptocurrencies as well as other digital assets in the established financial sector. Some of them include the names of Sygnum and SEBA, which were among the recent provisional banking and securities dealers in Switzerland. They have been awarded licenses by the official Swiss regulator last week - and both entities are interested in becoming fully fledged banks once they complete some of the final routine regulatory hurdles. The CEO of Sygnum Swizerland, Manuel Krieger, was featured on many best cryptocurrency news sites that reported about the first crypto banks. As he said:
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role. We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”
Other members of the bank and officials agreed that crypto will apparently "come out of the shadows once these assets are done in a 100% compliant manner" This, according to the official who runs the group's Singapore operation, is a "game changer." What is very interesting is the fact that Swizerland has been one of the leading players in the global adoption of tokenized digital assets and DLT technology. The country is in the process of updating its financial legislation to incorporate the new technology. To remind you with a piece from our altcoin news, Switzerland is also the home to Facebook's Libra cryptocurrency foundation - which was set up in Geneva. Other established players such as the Swiss stock exchange and state owned telecom giant Swisscom are also involved, as well as a number of startups. The benefits of tokenizing all types of financial assets in a purely digital format and then trading them on DLT ledgers are believed to be manifold - and instantaneous settlement might help big time in the future. Even though there are some critical voices about the adoption, the fact that Swizerland houses the first crypto banks is definitely a positive sign for the entire industry.
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Regulation

China Plans Crackdown On Crypto Mining In Inner Mongolia

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Big news come from China as the regulators of the Chinese autonomous province of Inner Mongolia plan a complete clean up of the province and its crypto mining enterprises. It seems that China plans crackdown on the crypto mining industry in this province. As the local crypto outlet ChainNews reported a while ago, there have been five departments within the province of Inner Mongolia which determined the need to rectify the mining industry in the province. The organizations named included the Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, The Financial Office and the Big Data Bureau.
“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported," the report summed up, indicating that China plans crackdown.
China's regulatory approach towards crypto mining has been somewhat inconsistent, sources reported. This left it unclear what exactly what the recent notice will mean for miners operating in the province of Inner Mongolia. In a tweet with a reaction to the ChainNews' report, a partner at Primitive Ventures and popular crypto commentator (featured on many best cryptocurrency news sites) named Dovey Wan wrote:
“I doubt this will have any impact.”
What's also interesting is that as of the end of May, China was responsible for 70% of the global BTC mining. At the time, reports showed that China plans crackdown and that regulators were investigating illegal mining operations in Sichuan - a province which is responsible for 70% of the Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin. In April this year, reports in the altcoin news also showed that the National Development and Reform Commission in the country was considering a ban on crypto mining throughout the country. This tentative ban led to speculation that mining would be forced to leave the country or go underground - which was clearly a troubling proposition for the Chinese regulators. China currently houses the majority of the world's hash power and so far, no ban like this has entered into law. Meanwhile, the recent Bitcoin and coming altcoin news show an increase on the markets.
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