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Tax authorities require crypto speculators to pay 33% tax on gains. Last updated: March 3, 2018.

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The Daily: Belgium Blacklists More Crypto Platforms, UAE Prepares ICO Regulations

In this edition of The Daily, Belgium’s financial regulator has expanded its list of fraudulent platforms offering cryptocurrency investments, while UAE has announced it’s working on new ICO regulations. We also look at the plans for a common digital currency in the Eurasian Economic Union and Abkhazia’s intentions to regulate its growing crypto mining industry. Also read: Bitcoin Posts Record Volume, Ledger Plans Major Update Belgian Financial Watchdog Issues New Scam Warning Belgium’s Financial Services and Markets Authority (FSMA) has updated its list of companies suspected of operating fraudulent cryptocurrency investment schemes. The regulator has recently added 14 new websites offering crypto asset trading and other services, bringing the total of reported online scams to 113. In a new message to investors, the financial watchdog noted that despite its earlier warnings, it continues to receive new complaints from consumers who have invested in digital assets through the blacklisted businesses. “Hence, the FSMA repeats its warning against the fraudsters behind those platforms who are using cryptocurrencies to swindle consumers,” the agency said. The regulator emphasized that most of these platforms are based on the same principles. They usually claim to offer secure, easy and lucrative investment opportunities and expertise in the management of these investments. Clients are often told their funds are guaranteed and can be withdrawn at any time. In reality, however, they inevitably find themselves unable to recover the money. UAE to Register and License Crypto Companies The United Arab Emirates’ Securities and Commodities Authority (SCA) is gearing up to introduce regulations for initial coin offerings (ICOs) in the first half of 2019. The decision to establish a dedicated regulatory framework for digital token sales is aimed at providing startups in UAE with the option to raise capital through crowdfunding, local news outlet The National reported. According to the publication, the SCA has already recognized tokens issued in coin offerings as securities and will work with the Abu Dhabi Securities Exchange and Dubai Financial Market to develop trading platforms for ICOs next year. The watchdog’s chief executive, Obaid Al Zaabi, detailed: We have signed agreements with law firms to come up with a sandbox and rule books for ICOs. The legal requirements will be completed by the end of the first half of 2019. Al Zaabi added that after the introduction of the new regulations, UAE authorities will work with local exchanges on the implementation of relevant technologies and the development of the necessary infrastructure. He also stressed that the country will remain open to foreign investments in the industry, providing registration and licensing to crypto companies from around the world. EAEU Plans to Issue Digital Coin by 2021 The Eurasian Economic Union (EAEU) is likely to introduce a common digital currency within the next two or three years, according to comments made by Russia’s deputy finance minister Alexei Moiseev. The coin will be similar to the European Currency Unit (ECU), which was used in the European Economic Community and later in the European Union between 1979 and 1998. Moiseev added that not only EAEU members – Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia – but also the union’s partners have shown interest in adopting a common digital currency in their trade and economic relations. He also said that a group of experts is already working to develop the idea. “Inevitably, we have to move in that direction because of the mounting difficulties with accounting. The number of organizations placed under sanctions is also growing. We must respond by creating reliable international payment systems that are not tied to the U.S. dollar,” the Russian official stated, as quoted by Tass. Abkhazia Mulls Mining Regulations The Republic of Abkhazia, a partially recognized entity in northwestern Georgia, is planning to adopt regulations for its growing cryptocurrency mining industry. Its president Raul Khajimba recently scheduled a meeting with members of the territory’s government to discuss the drafting of a law dedicated to placing the mining sector under supervision. The announcement comes after the head of the state-run energy company Chernomorenergo, Aslan Basaria, complained that mining farms set up in abandoned Soviet factories put additional stress on the country’s electrical grid which is already loaded to full capacity. “If temperatures fall, there is a risk that electricity will not reach regular customers,” Basaria warned, quoted by regional media. According to Eurasianet, Abkhazia is emerging as a crypto mining destination much like neighboring Georgia, the country it broke away from in the early 1990s. Both share a large hydropower complex located on the de facto border, which satisfies most of Abkhazia’s electricity needs. In recent years, Georgia has become a regional leader in crypto mining as it offers miners some of the lowest operating costs in the world. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we. The post The Daily: Belgium Blacklists More Crypto Platforms, UAE Prepares ICO Regulations appeared first on Bitcoin News.
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Belgium’s FSMA Lists 14 Fraudulent Cryptocurrency Sites

The Belgium financial regulatory body recently added fourteen (14) fraudulent cryptocurrency websites. The agency, however, states that the list does not cover all illegal sites operating in the country. The FSMA Cryptocurrency Scam List Continues to Grow The official website of the Financial Services and Markets Authority (FSMA), the financial regulatory body in Belgium, recently released a list of cryptocurrency websites suspected of fraud. The fraudulent virtual currency websites blacklisted by the FSMA adds to a previous list created by the body, making a total of 113 digital currency scam sites on its roster. The Belgium financial regulatory body stated it regularly received new complaints from victims who invested in fraudulent cryptocurrency platforms. The agency, however, emphasized that it had issued warnings to investors against such investments in the past. The FSMA reiterated its warning to investors and went further to state the fake virtual currency sites attract investors using a particular approach. According to the regulatory agency, such websites start by claiming that investing in them is secure and lucrative. The sites further assure the investor that expertise is not a criterion to invest in digital currencies and also state that the investor can withdraw funds any time. The agency, however, said that in the end, victims are unable to recover their funds. The FSMA indicated that the above list is based on reports from customers. However, the compilation does not include all illegal cryptocurrency companies operating in Belgium. The regulatory body initially put up such warning list five times between February 22nd and October 26th, 2018. Fraudulent Cryptocurrency Investment Schemes on the Rise Scammers have mastered the art of setting up fake cryptocurrency investment sites or Ponzi schemes, promising high yields to attract unsuspecting investors. These virtual currency scams promise unrealistic returns, while some go as far as imitating original websites. A Ponzi scheme known as Gelfman Blueprint Inc. which claimed to be a hedge fund got over $600,000 from deceiving its customers. A federal court in New York, however, slammed the culprits with a fine of $2.5 million. The penalty would cover civil monetary penalties and clients’ losses. The U.S. State of North Dakota recently sanctioned a fake cryptocurrency website imitating the Union Bank payment coin owned by Union Bank AG. The phony also site copied lots of original content to lure unsuspecting investors. HoweyCoins is a scam website set up by the U.S. Securities and Exchange Commission (SEC) to teach investors the dangers of virtual currency investment scams. The scam website by the SEC carries all characteristics of a real site: white paper, ICO, endorsements and a team. Images courtesy of Shutterstock and The post Belgium’s FSMA Lists 14 Fraudulent Cryptocurrency Sites appeared first on Ethereum World News.
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Bitcoin exchange Bitstamp acquired by Belgium investment company NXMH

CryptoNinjas Bitcoin and digital currency exchange Bitstamp announced today that the company has been acquired by NXMH, a Belgium-based investment company. The deal was signed by representatives from Bitstamp and NXMH on Thursday, October 25th. NXMH, a Belgium-based holding company,... Bitcoin exchange Bitstamp acquired by Belgium investment company NXMH

Belgium Blacklists 21 Websites to List of Crypto Firms Suspected of Fraud

The incidents of fraudsters using cryptocurrencies to carry out their malicious activities is growing as fast as the crypto industry, and in spite of prior warnings by the FSMA, cryptocurrency fraud continues to trap ever more victims in Belgium. Belgium Financial Services and Markets Authority (FSMA) is working tirelessly to curb these incidents. The agency also reminded investors to be very cautious before making any decision to participate in suspicious virtual coin trading schemes. Therefore the FSMA has published a new warning today against these forms of fraud. It has also updated the list of cryptocurrency trading platforms for which it has detected indications of fraud, adding 21 new suspect sites. This list now comprises a total of 99 websites. The agency elaborated that “this list is based solely on observations made by the FSMA on the basis of reports received from consumers. It, therefore, does not include all players that may be unlawfully active in this sector.” Five of the blacklisted sites were not available at 13:42 UTC on Friday:,,,, and The FSMA blacklist also names websites that reach out to the victims of earlier crypto frauds. These persons running these websites pose themselves as financial advisors, lawyers, and accountants. They promise victims that they would arrange compensation or to recover their losses in exchange for a fee. The financial contribution by the victim, however, does not result into anything substantial. The FSMA refer these scam websites as ‘Recovery Rooms.’ Belgium Blacklists 21 Websites to List of Crypto Firms Suspected of Fraud Read More Via the Link Below Source

Belgium Regulator Blacklists 21 Crypto Firms Suspected of Fraud

The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist. Belgium’s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99. The agency found that despite their prior warnings concerning the risks associated with crypto The post Belgium Regulator Blacklists 21 Crypto Firms Suspected of Fraud appeared first on CCN
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Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
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BRD Wallet Expands Crypto User Access Across Europe With Coinify Partnership

Coinify, a European-based financial platform that provides a wallet, trading and payment processing solution, has announced that they are integrating BRD Wallet into their platform to deliver BRD wallet access to users across the European region.Specifically, the partnership provides access to virtual currencies, like bitcoin, to 34 countries across the Single Euro Payments Area (SEPA). The SEPA region is a collection of member states in Europe who are part of a payment system that simplifies bank transfers denominated in EUR. The launch is also enabled largely in part by Coinify’s newly rebranded trading solution for wallet partners.Customers will now be able to use BRD Wallet to “purchase bitcoin at cost-efficient rates with SEPA bank transfers” within Coinify’s trading platform. With BRD integration, customers will also retain control over their private keys while using Coinify.Essentially, this provides a large number of users with an efficient and secure way to buy bitcoin and other cryptocurrencies, and then allows them to immediately store it in a manner where they control what happens to their money. Typically, a user will entrust the custody of their private keys to a centralized exchange while they are waiting for trades to be executed and sometimes for much longer than that.Aaron Lasher, co-founder and chief strategy officer at BRD, highlighted the advantages of the integration for security-focused users of the Coinify platform.“We like exchanges and think security will get better in the future, but by using our integrated purchase and trading solutions, you get to keep your funds under your control 99 percent of the time, and only put them at a slightly higher risk for a short period when you make the exchange,” Lasher told Bitcoin Magazine.“Using a non-custodial wallet means that you and you alone control your funds. It’s similar to having physical cash in a (highly secure) safe at home. Only in this case, we provide our customers a digital safe (the BRD wallet) that they can keep in their pocket and carry along. Nobody else in the world has access to your funds but you, and nobody can stop you from sending or receiving funds.”Integrating a wallet that allows users to own their funds and seamlessly make trades on a platform like Coinify could help to push bitcoin adoption forward."The financial industry is ripe for disruption and we see bitcoin and the other virtual currencies as the future of payments,” said Rikke Stær, chief commercial officer at Coinify, told Bitcoin Magazine. “At Coinify, we have experienced first-hand the rising adoption of bitcoin and working with BRD as a user-friendly, decentralized wallet will only encourage the global reach of the currency."“Since launching as the first iOS bitcoin wallet in the App Store over 4 years ago, we’ve grown tremendously in North America,“ Adam Traidman, CEO and co-founder of BRD, said in a statement. “Europe will be strategic in the next phase of BRD’s global growth, and the partnership with Coinify will ensure our success in this crucial endeavour.”In August 2018, Canadian-based Coinberry exchange launched a similar BRD integration, allowing users to quickly and seamlessly buy, deposit and withdraw bitcoin on the Coinberry platform, while keeping control of their keys at all times. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. […] Cet article Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 est apparu en premier sur Bitcoin Central.
Bitcoin Central
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