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Mining firms told to orderly exit business, ICOs banned, shut down domestic exchanges, blocked 124 offshore exchanges, Baidu and WeChat restrict or ban crypto related content. UPDATE: STOs are illegal. The Ministry of Industry and Information Technology calls for the acceleration of the development of blockchain related standards.

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Bitcoin (BTC) Sees Watershed Moment in China, And It’s Bullish

Bitcoin is “Property” Under Chinese Law Boom, Bitcoin (BTC) has just seen a watershed moment in China. Despite the fact that the nation’s regulators turned on cryptocurrency, enforcing heavy regulations about digital asset trading, events, and certain forums/social media accounts, a court in China purportedly confirmed that BTC is legally protected as a form of “digital property”. Per a thread from Dovey Wan, a partner at Primitive, a crypto-friendly fund, the Hangzhou Internet Court confirmed that Bitcoin can be defined as “property” under local law. In fact, a statement from the court’s judges noted that they see BTC as an asset that is not only valuable and disposable — the tenets of property — but scarce too. WOW 😲 BITCOIN IS LEGALLY PROTECTED IN CHINA Today the first property dispute case on Bitcoin finalized trial in a local Chinese court. The court confirmed the "virtual property" attribute of Bitcoin, recognized it as a virtual property with valuehttps://t.co/W8ZeqLCYge— Dovey Wan 🗝 🦖 (@DoveyWan) July 18, 2019 Per Wan’s analysis of the situation, which weighs on comments from locals and her thoughts on China’s stance on cryptocurrency, this is entirely bullish. In fact, she notes that this ruling disperses the cloud of “holding Bitcoin is illegal you [filtered for profanity] criminal,” which became somewhat of a trend in mainland China after the People’s Bank of China openly lambasted cryptocurrencies, especially in regards to hacks and scams. (A relevant aside, the Chinese central bank recently revealed that it is looking to launch a digital Yuan, should Facebook Libra succeed or should the U.S. Dollar begin to encroach further on the Yuan.) And, she adds that the fact that the leading proposed catalyst about Bitcoin’s sharp rally past $10,000 from the Chinese is this court ruling, which, in her eyes, makes the deeming of BTC as a form of “digital property” a “big milestone.” Libra, and Crypto Too, on the Rise in China This key court case comes hot on the heels of news that Libra, and the broader cryptocurrency trend for that matter, are back on the rise in China. Per previous reports from this very outlet, data from Google Trends suggests that “Facebook Libra” is on a popular search term in China. Case in point, on Weibo earlier this week, Libra had become the second-largest trending topic on Weibo. In fact, the topic had seen over 220 million views and tens of thousands of comments. According to Wan, this trend is easily explainable. She writes that this “attention bomb” in China was set off due to David Marcus’ mention of Alipay and WeChat Pay, the nation’s two foremost digital payment ecosystems. During Wednesday’s hearing, the head of Blockchain at Facebook noted that should Libra come to market, it will likely compete with the two Chinese payment services. In related news, WeChat keyword analytics have registered a massive uptick in the volume of “Bitcoin”. In fact, the past ninety days have seen keyword volume for the Chinese term for “Bitcoin” skyrocket by five times. Photo by Miranda Richey on Unsplash The post Bitcoin (BTC) Sees Watershed Moment in China, And It’s Bullish appeared first on Ethereum World News.
Ethereum World News

Crypto SWIFT Network, Bitcoin Is Evil, Fake Bitcoin Transactions & China Loves Facebook Coin

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The Modern Investor

Week of Crypto-Regulations: Governments in the US, China and India Take Heed

The past week saw a lot of progress made by the authorities in relation to Bitcoin and cryptocurrencies. Libra announcement by Facebook last month gave the impetus to Governments all around the world to finally take immediate notice of the matter. Cryptocurrencies could be regulated as an asset, commodity, currency or even financial security in some cases. Bitcoin began a new age of digital asset which is not yet defined by the laws of Governments. Subsequently, after Bitcoin’s popularity began to increase a lot of ‘other Bitcoin’ or altcoins were released. This made matters worse for the authorities trying to regulate these new asset types. The total market capitalization of the cryptocurrency markets is close to $290 billion. Over the past decade, it has been exploited for a number of illicit activities. However, the benefits and the belief around cryptocurrency, especially Bitcoin, is starting to outweigh the flaws. The United States of America and China are two of the world’s biggest economies and the biggest contributors to the crypto-market. China with its mining ecosystem, and the US with its projects and investors. The Governments of both these countries including India for long have tried to curb the illicit activities around cryptocurrencies through warnings. However, this week they made progress in promoting it. The US Senate Holds Discussions on Libra, Bitcoin, and Crypto The US Senate Hearing on the 16th and 17th of July marked a historic moment for Bitcoin and cryptocurrencies. Two Houses of the US Senate – The Banking, Housing, and Urban Affairs Committee and the Financial Committee addressed the issue profoundly. While it did not end well for Facebook’s plans, it was a big win for Bitcoin and some cryptocurrencies. Both the committees ‘grilled’ Facebook’s head over their plans were in agreement to disapprove it. David Marcus, Head of Libra Association Nevertheless, David Marcus, the head of the Libra Association and Facebook’s representative at the hearing was still optimistic. He suggested that the announcement was made prior to the launch to address these concerns at their very best. Some of the positives for crypto-markets involved a strong understanding of cryptocurrencies. Also, a number of US Congressmen and women who were recognized were actually in favor of cryptocurrency. Senator Patrick McHenry concluded the session by saying, Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly. Anthony Pompliano, the founder of Morgan Creek digital noted about the politics of the country, he tweeted, Facebook is forcing the Bitcoiners in positions of government power to self-identify themselves. Don’t be surprised if this becomes one of the hottest topics for 2020 elections. China Recognizes Bitcoin Legally China has been so strict with cryptocurrencies, that many around the world believe that Bitcoin is illegal in China. China for long has cracked down on cryptocurrency by banning online Exchanges. Recently, it also planned to prohibit the mining activities in the country. Hangzhou Court of the Internet (China) Many reports over the years have suggested that China dominates the mining industry in the world. Moreover, OTC desks have also prevalent in the country along with peer-to-peer exchange on WeChat since the Exchange ban was imposed. In the first-ever property infringement case relating to Bitcoin in the country. China’s Hangzhou Internet Court recognized Bitcoin as a legal ‘virtual property.‘ Therefore, it confirms that investing in Bitcoin is not illegal in China. India: Ban or no Ban? The case is similar to India. In India, Bitcoin and cryptocurrency Exchanges are practically non-existent and there is a strong dislike for it in the higher-ups. However, recent revelations suggest otherwise. India, for long, has opposed the idea of Bitcoin and cryptocurrency. Reports of complete ban and imprisonment up to 10 years have created a lot of apprehensions in the citizen. Moreover, apparently, the Government is also trying to implement its own central bank digital currency on the blockchain. Indian Finance Ministry Nevertheless, the recent parliamentary Q and A session with the members of the Finance Minister and other lawmakers, it was revealed that ‘work is still in progress.’ Hence, it confirmed that no ban has been imposed for now. Also Read: German Central Bank President Shows Support For Libra, Calls It “Attractive” To Customers Last but not least, G7 Cryptocurrency Task Force, currently headed by France is broadly assessing the laws pertaining to cryptocurrencies. The Task Force is specifically looking at the possible impacts and implications of Libra. However, such discussions provide a platform for discussion and clarity around things. The post Week of Crypto-Regulations: Governments in the US, China and India Take Heed appeared first on Coingape.
CoinGape

Global Coin Research: China leads global Libra search traffic, Thailand SEC talks about its stablecoin

This twice-weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at GlobalCoinResearch.com and on Twitter at @globalcoinrsrch Global Coin Research Newsletters in Chinese Top News China Leads the World in Google Searches for Facebook’s Libra. Source  Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering. Source U.S. Regulator Probing Crypto Exchange BitMEX Over Client Trades. Source  Libra’s Perceived Threat Towards the Chinese Renminbi. Source  Binance is starting to participate in staking, starting with Stellar, to airdrop 9 million Stellar. Source. Somewhat relatedly, checkout our recent piece on The Rising Trend of Exchanges Participating as EOS BPs GCR Workshop takeaways with Awa Sun Yin, co-founder of Cryptium Labs on PoS variants and East and West developer community. Awa highlights the active projects in Asia and also how its increasingly difficult for projects as some jurisdiction will start comparing incoming protocols with existing popular ones. Source Op-Ed: What to do when you are a crypto business in a prolonged market full of retail investors. Source    Investments Singapore-based market maker Altonomy Raises $7M in Funding Round Led by Polychain Capital. Source A startup founded by the Russian Waves platform team, Vostok, has been sold to one of the project’s earliest investors. Source Venture funding in blockchain tumbled 60% this year - Smart Money Said ‘Skip Bitcoin, Bet on Blockchain.’ Not Any More. Source   Coins and Mining Binance Jersey has started offering a British pound-backed Binance called GBP Stablecoin (BGBP). Source  Top-5 Crypto Tokens Pronounced ‘Dead’ — NEM and BCC Head the List. Source Circle CEO is joining Justin Sun’s meal with Warren Buffet. Source Crypto wallet Renrenbit, which raised pre-sale LEO tokens, will be one of the first to support storage and management of CKBytes, the native token of the Nervos Network. Source GCR interviews David Lee, Professor of Singapore University of Social Sciences On Libra. Source    Exchange Japan’s Exchange Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety. Source  Exchange Huobi is upgrading its current HUSD solution, transitioning it from a stablecoin basket to a new, ERC-20, USD-pegged stablecoin, HUSD Token. Source GCR Workshop #7: Everything You Want to Know about Exchange Huobi- Exchange Developments; Expansions and Product Launches. Source   Business Underground Bitcoin Business in China: $10k for Creating a Cryptocurrency run like a Ponzi scheme. Source  Tencent Security report that they monitored a Virus-ransomware named Ryuk encrypts data on an infected device and demands a ransom in bitcoin. The ransom is generally very high (recent ransom reached 11 Bitcoins, worth about 750,000 yuan). Source U.K. Releases economic crime action plan, which details regulatory action on cryptocurrencies to prevent their use in criminal activities. Source Nearly 70% of polled companies by E&Y in Asia-Pacific don’t trust blockchain technology because they are still grappling to understand how reliable it is. Over two-thirds of enterprises also lack a solid understanding of blockchain tech and how to apply it. Source   Regulation The Hangzhou Internet Court pointed out that “virtual property” attribute of Bitcoin, recognized it as a virtual property with value. Source  Taiwan is the new home for Hong Kongers seeking political safety. Source Municipal-Crypto is Spreading Around the World, in areas such as Berkeley, California, to Busan, Korea Source Thailand economist: Libra is not just about Facebook, it is about the US’s continued domination of the world financial market. Source Thailand SEC says its stablecoin won’t be employed as a fundraising tool, but instead as an e-payment medium for clearing and settlement. Source
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Russia to associate crypto with money laundering, an oil-backed Russian coin initiative, USA to further handle blockchain, the skeptical as for innovations Ohio, South Africa reporting growth in banking sector, blockchain for deals in Spain, Seoul to back blockchain startups, +1 exchange bankrupt in South Korea, Turkish operator to use blockchain for data maintenance, Australian AUSTRAC to test blockchain for financial reports

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DIGEST

Startups in Switzerland and Liechtenstein, natural integration of crypto into Switzerland's banking system, Jamaica's JSE and securities, more crypto exchanges news: South Korea and Cayman Islands as newsmakers, Malta's MFSA scam 'scanner', fund for blockchain integration in Uzbekistan, Kik against SEC trial

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DIGEST

Tether destroyed 500 million USDT, Swissquote allows ICO participation, Coinbase added its first stablecoin, IDEX to block NY users, Vertex Ventures invests in Binance, the biggest crypto theft in Australia, Sony creates contactless hardware wallet, Japanese crypto exchanges got a self-regulatory status, Bitcoin Futures still lack volume — in this weekly news

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DIGEST

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

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What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.
AMBCrypto

Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
Tones Vays

Reminder: Bakkt is Launching Bitcoin Futures in the Coming Day

Bakkt is Finally Here That’s right, Bakkt is finally here. After months upon months of deliberation, hype, and odd regulatory setbacks, the cryptocurrency venture that has been backed by the New York Stock Exchange, Microsoft, and Starbucks is launching. Starting Monday, July 22nd, the exchange will be testing physically delivered Bitcoin futures, which will be one of the first product of its kind to be regulated in U.S. markets. It is currently unclear who will be testing the product, or in which way the contract and custody solution will be tested. But, this development marks a huge step in the right direction for the cryptocurrency market. Bakkt confirmed the launch date for its testing period at a recent summit that was held in the New York Stock Exchange, whose chief executive is wed to the head of Bakkt. Per first-hand recounts of those in attendance, the cryptocurrency startup has also confirmed that it will be fully launching its Bitcoin futures product by the end of Q3, should nothing go wrong during testing of course. A Catalyst for Bitcoin & Crypto Growth In a recent Fundstrat Global Advisors research note posted to Twitter, Sam Doctor of the market research firm explained his thoughts on the conference. Citing the buzz being emanated by the over 150 investors and institutions in attendance, Doctor argues that there is “institutional anticipation” for the exchange’s Bitcoin futures. He expounded: “As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.” Doctor adds that “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch”, noting that the firm’s sales team is starting to ramp up discussions with everyone from brokers and market makers. He thus confirms that should the hype translate into actual investment, the long-expected launch of the Bitcoin product, which will give many institutions their first taste of so-called “physical” BTC, could be a “huge” catalyst for the growth of this already budding market. Institutions Are Buzzing Per Placeholder’s Chris Burniske, the venture capitalist author of industry primer “Crypto Asset”, the overall feel of the room was rather bullish. He wrote the following, making the case that Wall Street has its eye on the cryptocurrency space once again. All in all, the @Bakkt event signals great things for #bitcoin and #crypto at large, even if I did miss some of the funk of OG days.— Chris Burniske (@cburniske) July 18, 2019 Title Image Courtesy of Samson Creative Via Unsplash The post Reminder: Bakkt is Launching Bitcoin Futures in the Coming Day appeared first on Ethereum World News.
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