South Korea Awaits Seeing ICOs as Legal and More Regulatory News from Across the Globe

Cryptos not a legal tender in Zambia, South Korea to continue ban of ICOs, SEC calls for a finale of BTC ETFs, Singapore to help crypto startups with bank account opening, new crypto laws in Hong Kong, World Bank sees great potential in blockchain, FinCEN accuses Iran of bypassing economic sanctions

We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.

The Special Committee on the Fourth Industrial Revolution under the National Assembly

  • US Securities Exchange Commission seems to be nearing a final decision on BTC ETFs. SEC has invited parties to put forward their statements for or against the approval of the Bitcoin ETF before 26th of October.

Although the SEC rejected several proposals for Bitcoin ETFs earlier this year, it has softened its stance towards the industry in a series of steps over recent months by having the proposals reviewed again, and by more recently inviting investor opinions about the pros and cons of a Bitcoin-linked ETF.

Trefis, a team comprising MIT engineers and Wall Street analysts

  • Monetary Authority of Singapore to help crypto firms facing problems in setting up bank accounts in the city. Managing director at MAS, Ravi Menon, said that they understand the concerns of the banks and are trying to bring them together with the crypto startups to see if they can reach a level of understanding.
  • Securities and Future Commission of Hong Kong is all set to launch new crypto laws in an attempt to shield users against illicit activities and unfair platforms. Chairman Carlson Tong Ka-Shing expressed that considering the boundless reach of trading over the internet, it wouldn’t be the right thing to completely close the doors for cryptos. He added that proper regulations need to be figured out to keep investors away from unwanted situations.
  • After the success of World Bank’s first Blockchain bond, the president of World Bank said that he sees great potential in the blockchain. According to Jim Yong Kim, blockchain can help the world get rid of generations of bad practices which would be impossible otherwise.
  • FinCEN, the US financial crimes agency, while criticizing Iran’s use of cryptocurrency to bypass economic sanctions has put forward a word for institutions and US-based exchanges to not deal with the nation. It’s clear that the sanction is going to have an adverse effect on the economy and the individuals as well.  

Bitcoin

BTC
Price
8,744 USD 1.84%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

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Indian Crypto Community Petitions Government for Regulation

Following widespread reports of the upcoming Indian cryptocurrency bill, the crypto community has started a petition for the government to quickly implement a regulatory framework for cryptocurrencies. In addition, a television network operated by the Upper House of the Indian Parliament has aired a program discussing the bill, and three Right to Information requests have been filed seeking answers about the bill. Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms Petition to Accelerate Crypto Regulation Since details of India’s “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” have emerged, there have been constant discussions about this bill, what it entails, and whether it is the bill that will be submitted to the finance minister. While two prominent local publications have claimed to possess information about the bill, many unanswered questions remain. In an effort to stop speculation and FUD (fear, uncertainty, and doubt), Blockchain Lawyer founder Varun Sethi started a petition on Change.org on June 15 to the Department of Economic Affairs and the country’s central bank, the Reserve Bank of India (RBI). Anyone can sign the petition entitled “Implementing Regulatory Framework for Cryptoassets in India” and possibly help shape the crypto regulation in the country. At press time, 1,437 have signed the petition. “This petition is neither sponsored by any specific blockchain or cryptoasset company / exchange / group in any manner whatsoever nor has any compensation being received from anyone to initiate such petition,” the petition reads: The purpose of this petition is to engage the blockchain community and the government in a more democratic and engaging environment to accelerate the implementation of regulatory framework regarding blockchain and cryptoassets in India and relinquish the ambiguity which has developed around it. “India is home to 2.7 million tech developers which is expected to grow to 5.2 million in [the] next 48 months,” Sethi began. He referenced the banking restriction imposed by the central bank in April last year as well as the Right to Information (RTI) request he filed, which revealed that the RBI did not do any research before implementing the banking ban on crypto businesses. Sethi also outlined other countries’ crypto regulatory efforts such as Japan, Malta, Canada, Estonia, Germany, and Norway, “to better regulate and tap the potential of this technology.” The lawyer proceeded to make some suggestions for India such as officially defining terms like blockchain and crypto assets, providing a regulatory sandbox for new crypto assets to be tested in, registering initial coin offerings, defining KYC/AML guidelines, and updating the Foreign Exchange Management Act and the Income Tax Act to report crypto income. He concluded: The success of the petition shall be when the government issues guidelines for a democratic regulatory framework for blockchain and cryptoassets entities in India, perhaps on the suggestions stated above. India’s cryptocurrency bill was drafted by an interministerial committee headed by Finance Secretary Subhash Chandra Garg, former Secretary of the Department of Economic Affairs. The committee was tasked with studying all aspects of cryptocurrency and making recommendations for its legal framework. Garg recently said that the report containing the regulatory framework for cryptocurrency was ready to be submitted to the finance minister. Parliament TV Discusses the Ban Proposal As speculation rises about what India’s cryptocurrency bill contains, Rajya Sabha TV (RSTV), a television network channel owned and operated by Rajya Sabha, the Upper House of the Parliament of India, aired its latest episode of Policy Watch Friday on the government’s decision to propose a ban on cryptocurrency. Policy Watch is a weekly show featuring discussions of national economic policies. Guests on the Friday episode included Mohd. Haleem Khan, a former secretary, Ministry of Finance. In the show, Khan explained to anchor Kriti Mishra: The issuance of currencies is a sovereign act … any currencies issued by anybody else comes to that level of counterfeit currency. Mishra asked Khan about the 10-year jail sentence for “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof,” which according to Bloombergquint, “shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.” Khan described that there is a provision even today for a 10-year prison sentence for counterfeiting currencies. He further explained that another law that comes into play is the Foreign Exchange Management Act (FEMA) before concluding: “I don’t find anything wrong with this approach.” Nischal Shetty, CEO of local crypto exchange Wazirx, commented on the Policy Watch episode: If you hear the anchor, she’s reading out exact word to word from Bloomberg article … So let’s not assume this is confirmation. India’s cryptocurrency bill will first need to be submitted to the finance minister for approval and introduced in Lok Sabha, the Lower House of Parliament. If approved, the bill will move to the Upper House of Parliament. Even if it’s signed into law, anyone can still go to court and challenge the constitutional validity of the law. 3 Confusing RTI Replies At least three recent RTI requests have been filed regarding the bill to ban cryptocurrency: one with the Department of Economic Affairs, one with the central bank, and one with the Insurance Regulatory and Development Authority (IRDA). The first of the three was filed by the founder of local news outlet Coin Crunch India on April 26, one day after the Economic Times published its article on the bill. “On May 20, 2019, DEA rejected the RTI application citing ‘Section 8(1)(i)’ as the reason for rejection,” the publication shared, adding that “This could mean that DEA simply rejected it because eventually the information has to be made public.” The second RTI, filed by Sethi, reveals some interesting facts such as how the central bank did not have any knowledge of this bill and did not propose a ban on cryptocurrency. “RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising,” Sethi explained. The third RTI was filed by a journalist at Crypto News India. The IRDA’s reply was short and swift; it says no information was available on the matter. With so much speculation and misinformation floating around the cryptosphere, the crypto community is awaiting the government to make an official announcement regarding the bill. Further, the supreme court is expected to address India’s regulatory framework for cryptocurrency and the banking restriction on July 23. What do you think of this petition? Will you sign it? Let us know in the comments section below. Images courtesy of Shutterstock, RSTV, Change.org, and Varun Sethi. Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won! The post Indian Crypto Community Petitions Government for Regulation appeared first on Bitcoin News.
Bitcoin News

Bitcoin Breaches One Million Daily Active Addresses Once Again

According to data from Coin Metrics, Bitcoin has reached an essential breakthrough. As of June 14th, 2019, the original digital asset was pushing towards its highest levels of activity with over 1 million active addresses. The last time Bitcoin saw this level of unique addresses in motion was November 27, 2017. Kevin Rooke pointed out on Twitter that milestone was reached and mocked, “nOboDY uSeS BiTcOin” in a tweet. He followed up with some more information on the last time there were this many active addresses and compared to the current situation in the market. When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33. — Kevin Rooke (@kerooke) June 15, 2019 The price is expected to rise with the added activity. As both transactions and active addresses continue to climb, the value of Bitcoin may climb back towards all-time highs. Active addresses and total transaction volume is not the only thing that has been on the rise in the cryptocurrency world. Not too long ago, it was reported that bitcoin-related Tweets were also surging. The Cryptocurrency analytics site, TheTIE.io reported that in May, Tweets about Bitcoin were way up. Cofounder, Joshua Frank said the Bitcoin Twitter action was notable. “At 17 days of consecutive growth, BTC is seeing its longest streak of increased 30-day average tweet volume since 2017.” Every time Bitcoin pumps, the masses are looking for comparisons to late 2017, when BTC was soaring. The cryptocurrency community is feeling optimistic now that Bitcoin is testing the $9000 range again. But if the cryptocurrency markets take another hit and dip, the mood would turn 180 degrees. The post Bitcoin Breaches One Million Daily Active Addresses Once Again appeared first on ZyCrypto.
ZyCrypto

Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High

A Sunday surge has sent bitcoin price barreling though resistance yet again as it tops $9,300. The move has lifted total market capitalization above $287 billion which is the highest it has been since July 2018. Bitcoin Price Hits 13-Month High There has been no lay in for traders in Asia this morning as bitcoin price 00 hit a new 2019 and a 13-month high of $9,380 this morning. Following yesterday’s big move BTC spent the best part of Saturday trading around $8,650. As reported by Bitcoinist yesterday, the bulls were targeting $9k and they reached that milestone a few hours ago. From there BTC rose sharply to its new high for the year before retreating a little to $9,270 at the time of writing. BTC price 1-hour candles – Tradingview.com ‘Crypto Winter is Over’ Daily volume is back over $20 billion as the 7.5% surge on the day lifts bitcoin to fresh highs. All concerns over the big correction appear to be dissipating as crypto markets are driven higher today. Fundstrat co-founder and bitcoin bull, Tom Lee noted; Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over… Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over… pic.twitter.com/1neKiEzaFA — Thomas Lee (@fundstrat) June 16, 2019 From here five figures is just another 7 percent away however there is another level of resistance to break around $9,600 before it can get there. Traders on crypto twitter are speculating that the decisions from Binance and Bittrex to exclude US customers from certain altcoin markets may have driven them back into bitcoin. This does appear to be the case at the moment as bitcoin dominance has increased to 57.3% and it is the top performing crypto asset in the top twenty at the moment. A trader going by the twitter moniker ‘D4rkEnergY ‘ noted: After binance announced that they wouldnt accept US customers from Sep., investors got scared and left Alts and went into $BTC. Total Crypto Market Cap at 11-Month High This is not to say that altcoins are not moving also. In fact,  it is quite the opposite at the moment as total market capitalization has reached $288 billion which is its highest level since July 2018. Daily volume for all crypto trading has also climbed and is currently $68 billion. Granted, bitcoin is in the driver’s seat once again. But others are also making solid progress today. Ethereum has made 3.7% to reach $275, EOS has added over 6% to break $7 once again, and Bitcoin Cash is back at $435 with a 3.5% gain. Other altcoins getting lifted today include IOTA, NEO and Tezos. Will bitcoin hit five figures this week? Add your comments below. Images via Shutterstock, Tradingview.com The post Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High appeared first on Bitcoinist.com.
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