The Financial Services Authority of Malta (MFSA) officially approved the first 14 crypto assets agents. All of the agents sought for a license before, according to an official statement that reached our alt coin news today.
According to the statement, the approval was granted five months after the Virtual Financial Act came into force in Malta. The VFA act is now in force, adopted by the Maltese government, since 2018. The Times of Malta writes that more than 250 applications were filed. Most of the applications came from auditors, lawyers, and accounts. However, most of them failed to pass the assessment.
28 passed the assessment stage but only 14 got their approval with minor issues that need fixing. The watchdog says that its representatives will help the applicants under the new VFA.
According to the MFSA, the agents have to evaluate the business plans of their customers. They should also ensure they are ready before submitting the application to the MFSA. The agents also have to check whether the applications are in compliance with the Anti-Money Laundering guidelines.
The regulator believes that this decision is an ‘’important milestone in the MFSA effort at becoming a regulator of excellence.’’ Many officials also believe that this will promote the integrity of the market. The expected result is for the interest in crypto to rise.
However, the banks in Malta are still being extremely cautious. Many of them are not willing to open bank accounts to crypto companies. The legal companies of the island confirm that banks continually decline the applications. Financial companies also state that banks refuse to open accounts for crypto companies. The bank claim that opening an account for a crypto business is beyond their ‘’risk appetite.’’
Silvio Schembri, the secretary for Financial Services says that banks are waiting for approval by the Financial Services Authority of Malta. He stated that the banks will eventually join in but only after getting approval by the MFSA.
Maltese officials aim to create the best ‘’blockchain island’’ after many blockchain businesses moved there. The crypto jurisdiction seems to be well for companies especially since companies like Binance and OKEx have their offices on the island.
US Congressman Claims Bitcoin Is An ‘Unstoppable Force’
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.
US Regulator Is Investigating Crypto Exchange BitMEX: Report
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%.
Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
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