The strong bullish rally by Bitcoin which has been continuously featured over the past few days in the main sections of our DC Forecasts Bitcoin news site proves that there is a lot of attention geared towards cryptocurrencies as of lately.
G20 Summit Even the financial institutions and governments alike are heading towards Bitcoin (BTC) and other cryptocurrencies, even though adoption and acceptance of these crypto assets has not been the main reason for regulatory clarity.
Even though many countries are ‘working on’ regulations, there is nothing concrete or specific that has been put in place by any official body. This is very alarming, mostly because reports suggest that cryptocurrencies are popular amongst fraudsters and terrorists owing to their anonymity and privacy characteristics. Therefore, bringing regulatory clarity will not only further the crypto adoption but also regulate frauds and scams to a large extent.
In December 2018, the G20 summit held in Argentina made leaders sign a joint declaration to help foster a regulatory framework for cryptocurrencies while adhering to the Financial Action Task Force (FATF) standards.
As some Japanese media reports noted, the framework will be tabled at the upcoming G20 Summit in June 2019 at Fukuoka – where the framework is described as “a new international regulation proposal for virtual currencies” and could possibly be the first step towards regulatory clarity at an international level (f it is accepted).
One way or another, this meeting will be of utmost importance to the cryptoverse as it will mark the global acceptance of decentralization both in terms of value and information. However, this won’t be the only agenda on the meeting – the leaders will also focus on anti-money laundering and anti-terrorism financing standards.
Right now, there is a mix of investors and companies which are in favor – and a mix of ones which are not in favor of the move as the privacy aspect of cryptocurrencies would come under attack when the regulations are put in place. However, nothing is certain until the framework is officially presented and accepted.
South Korean Exchanges Increase Liability Following Demands From Regulators
“The overstatement of trading volumes by cryptocurrency exchanges, and by implication the understatement of the importance of listed futures, suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors,” JPMorgan wrote in a piece that speaks about Bitcoin futures and regulations.As we reported earlier this year, increasing security for South Korean platforms is also important due to the increased risk of cyberattacks from the neighboring North Korea. Last month, for example, there was a phishing scam that targeted users of the South Korean exchange Upbit - and was later confirmed to be work of North Korean state actors. At the same time, the coming altcoin news reported that a lot of South Korean exchanges were reporting gross losses for 2018 mostly because of the bear market. Data showed that only the Upbit crypto exchange made profits. Coinnest, for example, has shut down altogether in May this year. All in all, South Korean crypto exchanges have always been a hot topic reported by many best cryptocurrency news sites - especially because of the tight regulation and variety of users.
Indian Central Bank Denies Knowledge Of Proposed Crypto Ban Bill
“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.’’
Financial Action Task Force Wants To Turn BTC Exchanges Into Banks
“Their recommendation could have a much larger impact than the SEC or any other regulator has had to date.”He also added that the problem was ‘’one of the biggest threats to crypto today.’’ Also, the FATF announced previously an incremental approach to crypto management in 2018:
“As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets.“As reported previously in the coming altcoin news, the G20 members pledged to implement the suggestions by the FATF in full and as the deadline approaches, crypto entities are now sounding the alarm noting that an apparent ineptitude on the FATF side will get them. However, crypto users are not sure what this means. Many stay strong on the stance that Bitcoin is not a bank and is not SWIFT. Bitcoin is also not considered as money and it is just a database. Many want to make sure they keep Bitcoin that way.
G20 Ministers Address The Benefits Of Cryptocurrencies
“While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”However, the G20 leaders also reconfirmed their commitment to a globally consistent regulatory environment and agreed that overregulation is an issue that should be avoided. Still, they will have to strike a difficult balance since overregulation is found to stunt the growth and innovation necessary if the industry is to serve its communities. The G20 Ministers and central governors also reiterated their commitment to the various initiatives which happen underway. As they revealed, they fully support the regulatory efforts that protect both consumers and investors - as well as support the market integrity. Another important topic at the G20 Summit was cyber regulation. In times when crime is more and more present online, the G20 leaders agreed on the following:
“…a tsunami of tough new global anti-money laundering (AML) and counter-terror financing (CTF) regulations will roll over the crypto landscape in the coming year.”The G20 has shown big consistency and a multilateral regulatory approach which was praised by many best cryptocurrency news sites.
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