In the newest edition of our cryptocurrency expert analysis, we are talking about regulation. Specifically, India’s plans to officially regulate the crypto market.
Apparently India is ready to regulate the cryptocurrency trading market – and a proof of this is the fact that a group of officials recently visited the countries of Japan, Switzerland and UK all in order to study cryptocurrency regulations in the overseas markets – specifically the markets with major digital asset exchange activity and well-developed crypto communities.
It seems like businesses and associations in the cryptocurrency and blockchain sector are expected to participate in the hearing alongside the Securities and Exchange Board of India (SEBI) in order to discuss the future of the cryptocurrency market in India.
We can all remember India’s activities regarding crypto in July this year – when the supreme court of India declined to reverse the ban on cryptocurrency trading that was imposed by the Central Bank of India, requesting banks to maintain their strict ban on providing any financial services to the businesses active in the crypto world.
However, the entrance of large-scale investment firms in the crypto market has led to an increase in the stability of India’s economy, mostly seen in the price movement of Bitcoin throughout August when it recorded the most stable month since June last year.
This increase, along with the fact that cryptocurrency exchanges are gaining more and more recognition, could give India a chance in this market. However, it would certainly take time, capital and resources to put such regulation in place.
Crypto Laws In Switzerland: What Makes This Country Special?
FINRA Prolongs Deadline For Companies To Report Crypto Activity
“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.’’
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%.
Join us on Facebook
- Crypto Laws In Switzerland: What Makes This Country Special?
- Silk Road User Gets $19 Million Bitcoin (BTC) Confiscated By Government
- Five Cannabis Infused Cryptocurrencies To Invest In This Year
- Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World
- BTC Network Is Now 8x More Powerful Than It Was At $20,000
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News1 day ago
Big BTC Price Boom Will Bring To Consolidation: Market Experts
Regulation5 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Bitcoin News2 days ago
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
Bitcoin News1 day ago
Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
Regulation5 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News5 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Blockchain News2 days ago
Japan Will Create International Crypto Infrastructure Better Than SWIFT
Altcoin News5 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors