Daily, May 28, ’18

Daily, May 28, ’18

Bitcaw Trading Company, The Israeli Ministry of Finance, Niall Ferguson, Bithumb, Poloniex, Rory MacDonald, Spencer Bogart

  • South African authorities have investigated the Bitcaw Trading Company for investment fraud following a loss of approximately $8M, affecting 28,000 people.
  • The Israeli Ministry of Finance has published a draft of the Money Laundering Prohibition Order on financial services providers in virtual currencies as part of their efforts to complete the legal framework for activity in digital currencies.
  • Niall Ferguson, the British economic historian and author, told the Bank of England that Bitcoin is the financial system of the future.
  • Bithumb exchange has banned trading activities in 11 different countries around the world in order to comply with global anti-money laundering norms.
  • Poloniex users have been complaining about their legacy accounts being frozen for not being verified on the exchange.
  • Rory MacDonald, MMA champion, teams up with Bitcoin Cash.
  • Spencer Bogart, a venture capitalist, recommends buyning Bitcoin, holding Ripple and selling altcoins. He also predicts that Bitcoin will be traded 'at least' above $10,000 by the end of 2018.

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Falcon Private Bank Launches Crypto Wallet With Support for Direct BTC and BCH Transfers

Switzerland’s Falcon Private Bank has introduced a cryptocurrency wallet as well as support for direct transfers of BTC, BCH, ETH and LTC for private and institutional investors. The bank said investors can now directly transfer cryptocurrencies to and from its own “segregated Falcon wallets.” They can also convert their digital coins into cash. Also read: Chile to Start Taxing Cryptocurrency Earnings in Second Quarter of 2019 ‘Fully Bankable Blockchain Assets’ In a press release published on Jan. 21, Falcon claimed that its latest offering “makes blockchain assets fully bankable.” The Zurich-based bank also claimed to provide secure storage thanks to its “proprietary custody solution.” “Clients can place trading orders conveniently through e-banking or a dedicated relationship manager,” said Falcon. “Digital assets are included in portfolio statements as well as in tax reporting documents.” The bank stated it had developed a process that ensures full compliance with Switzerland’s anti-money laundering and know-your-customer laws and regulations. It claimed to have a multi-level protection that covers hardware, software, and transaction processes. “Our custody solution has been audited and reviewed by independent providers,” Falcon detailed. Martin Keller, chief executive officer of the Swiss private bank, commented: Falcon has … demonstrated its expertize … in the digital assets space by merging traditional private banking services with innovative financial solutions.  Progressive Switzerland Allows Crypto Firms to Flourish Founded in 1965 as Ueberseebank, Falcon Private Bank is Switzerland’s 26th largest foreign-controlled bank by total assets. The bank has more than $15 billion worth of client assets under management and has offices in Abu Dhabi, Dubai, London and Zurich. It was licensed as a bitcoin asset management company by the Swiss Financial Market Supervisory Authority (FINMA) in July 2017. However, the bank has reportedly set its minimum bitcoin investment threshold at two million Swiss francs ($2 million), cutting off many Swiss citizens from investing through it. Switzerland has taken a progressive stance toward cryptocurrencies by legalizing their use and formalizing crypto transactions in a range of different contexts. But some crypto projects still struggle to open bank accounts, and cryptocurrency-focused bankers and investors still complain about a relative lack of regulatory clarity, as it remains unclear whether cryptocurrencies can be considered legal tender in certain contexts. Switzerland sees virtual money and blockchain technology as strategic innovations in global finance. It is therefore determined to maintain and expand the jobs it has to offer in the field. The country’s tax regulator views cryptocurrencies as assets that should be subject to wealth taxes and declared on annual tax returns. What do you think about Falcon Bank’s new offering? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Falcon Private Bank Launches Crypto Wallet With Support for Direct BTC and BCH Transfers appeared first on Bitcoin News.
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