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Regulation

South Korea: Is Crypto Becoming A Legit Industry?

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The local crypto market in South Korea has been developing over the past months and the year altogether. The investors in it have always been optimistic about a drastic change that will bring a new positive outlook on the entire crypto landscape.

Even though the crypto market has endured the third-worst correction in its history since February 2018, the fact that the prices are now 78% down does not affect the cryptocurrency industry in South Korea.

Since June, there has been progressing in the digital-asset regulation, mainly due to the increasing efforts of the South Korean government to implement practical regulatory frameworks for cryptocurrency and blockchain companies.

The Financial Services Commission (FSC) which is the main financial watchdog of South Korea, has been focusing on legitimizing the industry by recognizing cryptocurrencies as verified financial institutions under its (FSC) authority.

Right now, the blockchain bill is expected to be passed by the Congress, where every cryptocurrency exchange will be required to comply with the same security, anti-money laundering policies and internal management as banks within the country.

If passed, the bill will also put an end to the numerous cases of security breaches and hacking attacks within the country. This week, South Korea has established a budget for blockchain development in 2019 which is estimated at 1 trillion won – and is the biggest investment in the field of innovative technologies in the country.

There are also plans for creating the new “Crypto Valley” in South Korea (Jeju Island) – all in order to attract cryptocurrency exchanges, developers, talents, as well as businesses.

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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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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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Regulation

Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses

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Meet Bitcoin Suisse - the pioneer of Switzerland's "Crypto Valley" and a company that went viral in the latest cryptocurrency news for a new initiative. As the news show, the Swiss crypto broker has apparently taken anticipatory steps to comply with a "maturing" regulatory environment. As the firm announced on Tuesday, it has applied for a banking license with the Swiss Financial Markets Supervision Authority (FINMA) as well as the security dealer's license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, the financial authorities at the Swiss Federal Council noted that blockchain and distributed ledger  technologies (DLT) will be governed by the existing regulatory schemes. However, a representative from the Swiss crypto broker noted:
“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.
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Regulation

French Authorities Will Approve Crypto Regulations For ICOs & Exchanges

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France seems to be one of the most progressive countries with its plans of introducing cryptocurrency regulations to police several aspects of the industry. The latest cryptocurrency news show that the French authorities have urged the European Union (EU) to establish region-wide standards for virtual currency governance. With the EU preparing to make significant progress in this regard, it appears that the country is deciding to take its own first steps on the matter. Meanwhile, the financial regulatory authorities in France say that they will continue to watch the controversial Facebook Libra cryptocurrency project. As Reuters reports, the French authorities are apparently ready to unveil a regulatory framework for cryptocurrencies. These regulations will apparently cover initial coin offerings (ICOs), exchange platforms, wallet providers as well as custodians and virtual investment fund managers. The initiative has been reported by many best cryptocurrency news sites. Meanwhile, France has always been keen on taxing tech companies and as such, the new regulatory paradigm will also impose tax lows. All in all, the framework which is set to go live appears to provide robust governance for the tax, legal as well as regulatory provisions - all of which are necessary for the effective policing of the country's crypto industry. When it comes to ICOs, the French authorities are apparently in talks with some companies looking to launch their projects in the country. The altcoin news show that ICOs have come under increasing scrutiny across many jurisdictions with concerns mainly revolving around the sale of unlicensed securities. Therefore, ICO fundraising has also suffered a major decline since the highs seen in 2017 and 2018. All of these regulations also put a pin in reports of a potential cryptocurrency ban in France. As several major stakeholders in the government and within the regulatory bodies called for a crypto prohibition, the country is not sure in which direction it will move in the near future. The main concerns, as the coming altcoin news show, are seen over tax evasion, money laundering and the other usual anti-crypto soundbites. Aside from the countries of Japan and South Korea, a lot of large economies have yet to put forth concrete governing structures for crypto commerce in their respective countries.
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