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Bitcoin and other cryptocurrencies: time to regulate

In the financial space, anything unregulated and unregistered would cause doubts and uneasiness. In the case of cryptocurrencies, such as bitcoin, financial regulators all over the world have started to find ways to oversee the blockchain, or the record of all cryptocurrency transactions, as well as to address the irregularities presented by these virtual currencies that mostly bypass financial f...

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Recovering Trust in Digital Currency

*Introducing efficient worldwide regulation for cryptocurrencies will definitely take time and effort but is well worth it.* A currency increasing in value in 200% in about four months and becoming more and more attractive to investors worldwide – regardless of the size and structure of the country’s economy, for any government in the world this scenario could be hardly achievable. Howeve...

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Blockchain: how it affects legal liability

...al ledgers are viewed as a gateway or foundation to more innovations in the field. While the consensus is still out on what this recordkeeping system means in the world of Fintech, there is no denying that it helped in the rise of Bitcoin and other cryptocurrencies by providing a tamper-free and safe environment for viewing and tracking transactions. This type of technology is certainly a far cry...

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Chinese court: bitcoin is a property with "economic value" and must be protected by law

Recently a **Chinese arbitration court stated that crypto-assets such as bitcoin have to be considered as property**, regardless of the infamous internal restriction on cryptocurrencies and other digital assets. As it was reported by a local newspaper, the Shenzhen Court of International Arbitration decreed that cryptocurrencies supposed to be legally treated as a property with “economic val...

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Malta as the new crypto bay

**Malta is swiftly becoming one of the popular destinations for crypto and ICO** whereas other jurisdictions around the world restricting cryptocurrencies and ICOs or adopting a neutral approach. Even though Malta is the smallest EU member, its government is developing reliable laws for the newly created industry that will probably become the next big thing following the Internet, as well as ...

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Wirex receives E-Money License

...ny a wide-array of new capabilities. Among these new functionalities include access to traditional banking services. The FCA is responsible for determining financial regulations in the UK. In the past, the authority grappled with the concept of cryptocurrencies. On more than one occasion, the FCA expressed concerns about scams in the crypto space. The e-money license showcases a more balanced...

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Top 5 crypto-friendly jurisdictions

Dear readers, today we would like to draw your attention to the **most crypto-friendly zones around the world**. **SINGAPORE** Singapore, an island city-state that is opened to both cryptocurrencies and blockchain. The government and the central bank of the country are chasing a clear blockchain plan with the objective to connect central banks worldwide through DLT (distributed ledger techn...

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FATF is planning to release International Crypto Regulation by next summer

...l not comply with the above-mentioned regulation will face restrictions, and be added to a FATF blacklist. FATF shall require relevant firms across the globe to become duly licensed and regulated in attempts to prevent money launder by the way of cryptocurrencies like Bitcoin and Monero. Initial coin offerings will be subject to the same regulations.

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Attention! New guidelines for crypto holders were announced by the UK Tax Agency

... property than as a mean of payment. HMRC does not regard crypto assets to be currency or money. This considers the point of view earlier stated in the report from the CATF (Cryptoasset Taskforce), as well as point out that the CATF characterized cryptocurrencies as either exchange, utility or security tokens. Deserving to note that the above-mentioned report explains that the method of toke...

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New anti-money laundering rules for crypto exchanges in Norway

... A “transitional period” has been set for registering with the FSA – this period will continue till January 15, 2019. The above-mentioned obligations under the new Money Laundering Act apply to crypto storage services and providers offering cryptocurrencies exchange services. The information needed for registration contains, among others things, certain data about the business (company...

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Ethereum has attracted considerable interest of the CFTC

The U.S. Commodity Futures Trading Commission (CFTC) wishes to learn more about one of the most popular cryptocurrencies – Ethereum (ETH). Let's try to figure out what caused such an interest from the regulator's side. **Ethereum is the second most discussed cryptocurrency right now.** Ethereum proposes to provide a blockchain with an integral, fully fledged programming language that can be ...

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Cryptocurrency in 2019: things to expect

cryptocurrencies continue to surprise us with their behavior through the years. Amidst all the instability and unpredictability in terms of performance, trading, litigation, regulation, and taxation, miners and investors brave the odds and explore what these cryptocurrencies have to offer. Pessimists and optimists alike have much to say about the future of cryptocurrencies like bitcoin – such a...

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Ripple XRP price prediction for 2019

...collectible cards or art from collectors without dealing with the hassles of fiat transactions. - **Ease-of-use**: Ripple was designed and modeled after any other day-to-day payment system. It is easier to use and much more power safe than other cryptocurrencies like Bitcoin. This makes it quicker and cheaper. - **Credibility through its focus on banks**: Digital currencies are at a point ...

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Best cryptocurrency to mine in 2019

...of a hardware wallet, or online, by forgetting the login details * Dishonest mining pool organizers * High mining costs, including electricity * Malicious intruders * A fall in the price of the digital currency being mined **WHAT ARE THE BEST cryptocurrencies TO START MINING IN 2019?** In 2019, every mining choice must be made strategically. Each token must be chosen for its degree of re...

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Japan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)

At the moment the Financial Services Agency (FSA) of Japan is estimating the industry’s interest in ETFs (exchange-traded funds) tracking cryptocurrencies. Liberal Democratic Party, **Japan’s main ruling party, is planning to submit a draft law by March 2019, that, among other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mention...

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ICO company in Estonia

Recently, a lot of project developers and businesses have drawn their attention to cryptocurrencies and initial coin offerings (ICO) in order to raise capital for various types of projects. Starting your ICO company in Estonia is a great choice due to the local remote maintenance administrative tools, which mean minimal bureaucracy level, and due to the absence of any specific regulation on ICOs ...

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Bitcoin scams recently

...ommission for every personally recruited investor. *How to avoid:* If it seems like it’s too good to be true, it probably is. Research about the company and its promises. And always check if the company is a registered corporation. **Fake cryptocurrencies** Scammers like presenting a new cryptocurrency as Bitcoin alternatives. The most common line of thinking that they push on their ...

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Bitmain's IPO: looming threats and insights from a Bear market

...re sprinting to the Gold Rush, Bitmain was there selling the pickaxes. **One of Bitmain’s main revenue generators is the production of cryptocurrency mining chips and its fleet of Antminer hardware** that allows customers to mine Bitcoin and other cryptocurrencies at semi-competitive rates. With over 80,000 customers and just under half in China and the rest overseas, Bitmain became the world’...

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Bitcoin Mining Faces Rumors in China

... around the Internet by mistake. In spite of that, Sichuan still remains the province where are the most reasonable electricity prices. The Chinese government in the last couple of years supports a very negative attitude towards Bitcoin and other cryptocurrencies. However, mining is still not banned and, any unofficial statements that might claim it is an outlaw, do not have any legal power. At...

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A raising trend of investment scams in Australia

...overall losses of Australians, that are related to investment scams, added-up to more than $21.8 million. Previously the highest loses were recorded in 2017. The governmental authorities stated that current level of fraud schemes, associated with cryptocurrencies, is alarming. Early this year, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victo...

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Is Accepting Bitcoin a Reasonable Choice for Banks?

The buzz around the **cryptocurrencies** remains and we understand the mixed feeling about it. Many people still think it is just a bubble, whereas others believe that **Bitcoin** is the new fiat. Unfortunately, nobody can predict all perspectives for sure and all we have is a forecast and assumptions. The rapid growth of the Bitcoin rate and dozens of successful ICOs made many entrepreneurs...

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Bermuda warns: virtual currency shall not pass

...**. We have already informed you about the countries whose reception of blockchain is mostly positive and the new legal initiatives are giving business space to work. However, it is not about **Bermuda**. Currently, this territory is not against cryptocurrencies, but the Bermuda Monetary Authority has already expressed its position about crypto-investments. According to the authority’s opini...

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Switzerland puts a hand over supervising ICOs

...han attracting investors as it was 5 - 10 years ago. From now on, FINMA will analyze every case and apply appropriate and corresponding financial legislation for each case. A very important part of this announcement is that Europe began embracing cryptocurrencies and other new technologies. In the nearest future, we hope these regulations will become more detailed and profound, but for now, eve...

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Investments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review

...raised by UK investors, in its Annual Review 2017/18. In the above-mentioned Review, the **Ombudsman classify cryptocurrency as other risky investments category** and noted the excessive volatility of cryptocurrency. Many activities relating to cryptocurrencies are not regulated. Investors in “Initial coin offerings” run the risk of losing all their financial assets without any recourse t...

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Spanish internal collaboration on blockchain project

...d to continue exploring the possible applications of blockchain in its processes and to proceed further with the project. Given the above, in order to be informed of the latest technology trends it is worth to analyze all the main topics such as cryptocurrencies, blockchain or legal tech. Read **Offshorelicense** blog to keep up-to-date on the latest technological and legal news.

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Why cryptocurrency is the future of electronic cash systems

...nd the world to become more connected. A lot has changed since Satoshi Nakamoto’s original white paper in November 2008. We’ve seen major advancements in the capabilities of blockchain technology to empower a better future of P2P payments via cryptocurrencies (despite the Bitcoin dip). When considering the current landscape of digital cash systems, consumers have quite a few concerns wit...

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Fresh breath of air for innovative financial services in Labuan

...intech and assists Labuan entities in case of providing related to fintech activities. LFSA expressed its interest in attracting “Innovative Financial Services” to the region including businesses involved in distributed ledger technology and cryptocurrencies as it stated in “Circular on Innovative Financial Services in the Labuan” sent on June 28, 2018. Labuan business is called upon t...

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Bitcoin and cryptocurrency litigation

...as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. ***Top cryptocurrencies*** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Amon...

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5 signs of booming blockchain innovation in Australia

...r new technology like blockchain to thrive. TechStars’ first accelerator program in the Asia-Pacific region is based in Adelaide and the entrepreneur scene is thriving in this Australian city. As the US continues to forge its path to regulating cryptocurrencies, smaller countries, it seems, are steaming ahead. Well, smaller population countries anyway. ***2. A Pioneering Stock Exchange*** ...

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Mauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset

...c has admitted that the current digital revolution grants opportunities for smaller economies (for instance Mauritius) to open new and innovative growth perspectives. For this reason, **Mauritius is embracing blockchain technologies and acknowledges cryptocurrencies as digital assets to become the Financial Technology (FinTech) Hub for Africa.** Prime minister of Mauritius, Pravind Kumar Jugnau...

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Lolli: how legit is the customer loyalty program that rewards users in bitcoin

...i. **How Does it Work** Loyalty reward programs have been around for years. Who doesn’t like a gift for doing a little online shopping? And while the model hasn’t changed that much, the founders are hoping that the increasing popularity of cryptocurrencies will continue to attract new customers. **Market > sell > earn commission**. The formula is the same, except that each time you sh...

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Leading Russian banks intend to work with crypto

...rypto exchange Bitflyer, Singapore-based blockchain platform NEM, and cryptocurrency Litecoin. Luc Frieden, former Minister of Finance of Luxembourg also took part in the meeting, explaining how his country had managed to build a legal framework for cryptocurrencies and become one of the leading financial hubs. Worth to note that this was not the first meeting of the Russian crypto lobby group....

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Cryptocurrency: what are your options?

... as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. **Top cryptocurrencies** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Among...

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UK Crypto Exchange Company Formation

...r FCA. However, it is highly recommended that Crypto Exchange Companies completed an analysis of their planned activity in order to clarify whether the particular project complies with the local legislation, mainly because the legal framework to the cryptocurrencies remains unclear for most potential investors. Although, there is no specific regulation, the FCA is of opinion that some Crypto Excha...

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Japan Virtual Currency Exchange Provider’s License

...thin 8 weeks License application - within 6 months Minimum capital requirement: 10 000 000 JPY (approx. EUR 75 000) + Registration tax minimum of 150 000 JPY (0.7% of capital) It is important to note, that not all, currently available cryptocurrencies, fall under the definition of Virtual Currency of the Payment Services Act. There are two types of Virtual Currency that are describe...

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