Different Countries Have Different Opinions on Cryptos, But All Demand Crypto Regulations

Different Countries Have Different Opinions on Cryptos, But All Demand Crypto Regulations

Texas charges investment schemes, Abu Dhabi calls for better crypto regulations, Ukraine to impose taxes on cryptos, Zimbabwe should follow Switzerland, UK needs crypto regulations, Singapore does not recognize cryptos as securities

Bitcoin

BTC
Price
8,744 USD -2.40%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

Related news

UK Crypto Gets Green Light as Lawmakers Classify Them as Property

Britain’s crypto industry was given a boost yesterday when a panel of lawmakers finally classified digital assets as property. The move clears a path for businesses to start utilizing blockchain based tokens and moving forward with crypto development. Crypto is Property While the US is still falling behind grappling with its definition of what defines a security, the UK has taken a step forward by classifying crypto assets as property. A panel, led by the senior High Court judge Sir Geoffrey Vos, issued a legal statement on Monday that took significant steps to address uncertainty around crypto assets and their underlying technologies. According to reports, the public consultation aimed to provide more clarity on the definition of digital currencies, with Vos adding; The answers to those legal questions will provide a dependable foundation for the mainstream utilisation of cryptoassets and smart legal contracts. A legal statement said that crypto assets ‘have all of the indicia of property’, which would grant them a similar legal standing. The panel elaborated … novel or distinctive features possessed by some crypto-assets — intangibility, cryptographic authentication, use of a distributed transaction ledger, decentralisation, rule by consensus — do not disqualify them from being property The decision has been lauded by industry observers as it will serve as a foundation for the mainstream adoption of crypto assets and smart contracts in the UK. Additionally the clarification could provide a strategic advantage to blockchain startups operating in the country. Government backed industry initiative, Lawtech, is part of the UK Jurisdiction Task Force that made the announcement. Director of the Lawtech Delivery Panel, Jenifer Swallow, added; It is great to see the adaptability of our common law system to fast-changing technology, demonstrated in this landmark legal statement from the UKJT. Tech Nation is excited to work with the Lawtech Delivery Panel on leading initiatives such as this, to support business growth, clarity in law and the evolution of new tech. She continued to state that the worldwide smart contract market is expected to reach $300 million by 2023, and the World Economic Forum predicts 10% of global GDP will be stored on the blockchain by 2027. Panel chair, Christina Blacklaws, was equally enthusiastic about the classification of crypto assets; It is excellent to see that English and Welsh law has no issue embracing new technology – recognising cryptoassets as tradable property and smart contracts as enforceable. While the US still flounders over its own regulatory hurdles China and now the UK are going full steam ahead on blockchain and crypto. Will ease of UK regulation boost crypto markets? Add your comments below. Images via Shutterstock The post UK Crypto Gets Green Light as Lawmakers Classify Them as Property appeared first on Bitcoinist.com.
Bitcoinist

Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold?

On our recent price analysis, we had discussed the colossal move that was coming up, which should have been the breakout of the wedge pattern that Bitcoin had gone through over the past three weeks. Unfortunately, if you ask the Bulls, Bitcoin broke down violently: The coin had lost $500 from its price on the daily, marking $8010 as its yesterday’s low (Bitstamp). We anticipated this violent move and stated that “if Bitcoin breaks down the wedge around the $8400 support, there is likely to be a quick move towards the $8000.” This is exactly what Bitcoin is up to, as of now. The question is, if the $8K level will hold. The $8000 support is combined with the mid-term ascending trend-line, along with the 78.6% Fibonacci retracement level from the October 26 daily 42% price surge. Total Market Cap: $224 billion Bitcoin Market Cap: $148 billion BTC Dominance Index: 66.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Following the breakdown of the wedge pattern, the first level of support is the $8000, which should serve as a secure demand area. In case Bitcoin breaks down further from here, then the next support lies around $7700 – $7800. If the last doesn’t hold, then $7400 is the next target, which is Bitcoin’s lowest prices since the parabolic move of June 2019. From above, in the likely case of a correction, Bitcoin can reach $8300 – $8400 support turned resistance as the first target (for a correction). Further above is the $8500 area – which is the wedge’s descending trend-line, along with the 50-days moving average line (marked pink on the following daily chart). – The RSI Indicator: Looking on the chart, the RSI tried to find support on the mid-term ascending trend-line (which started forming a month ago) but failed to do so. The line got broken and the RSI is on its way to the oversold territories. Stochastic RSI oscillator is pointing on oversold both on the 4-hour and the 1-day chart. This can lead to a possible positive correction in the case of a cross-over. – Trading volume: Despite the recent price action, the heavy traders hadn’t arrived yet, as the trading volume spiked, but just a little. Not something significant as of now. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold? appeared first on CryptoPotato.
CryptoPotato

Chinese State Media Warns of Scams in the Name of Blockchain Amid the Tech Frenzy

Chinese state media has recently launched a strike-hard campaign to crack down on scams in the name of blockchain technology and digital currency amid the blockchain frenzy following President Xi Jinping openly endorsing the technology last month. On Nov.18, China Central Television (CCTV), the predominant state television broadcaster in Mainland China, aired an episode titled “Blockchain is not a Cash chain” in a prime-time program Focus Talk. The program tells viewers that there are currently around 32,000 companies in China that claim to use blockchain technology, while only less than 10% of these firms are actually using or working on the technology. Most of these companies are just taking advantage of the concept of blockchain technology to create financial gains, and even some are naked scams. According to data provided by the National Internet Emergency Response Center, 755 air coins (whose price has dropped near to zero) and 102 scam coins have been monitored so far. China Judgements Online shows that the number of legal rulings involving blockchain technology in the country has reached a total of 566 to date. The episode then reveals various forms of scams under the guise of blockchain and a number of illegal projects involving scam coins or air coins, so as to remind people to keep alert to them. The state-owned Xinhua News and People’s Daily have also warned of the chaos and scams related to blockchain in the market as the speculation fever returns. Experts point out that with the booming of blockchain in China, regulators should speed up the making of the regulatory framework for the industry. Chinese regulators have spent great efforts in removing frauds related to blockchain/cryptocurrency, while pyramid schemes running under the disguise of blockchain technology or digital currency shows no signs of abating, especially after President Xi’s blockchain endorsement and news that the country’s state-backed digital currency is coming out soon. Though its intention is to crack down on scam coins and fraudulent companies under the disguise of blockchain, crypto exchanges are targeted for the possibility that their platforms may provide transaction service for these scam coins. Last Friday, financial regulators in Shanghai has issued a notice to clean up illegal cryptocurrency trading within the region. Meanwhile, crypto exchange Binance’s Weibo (Twitter equivalent) account was blocked.
8BTC

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.