Tag: Cryptocurrency

Canadian Regulator Issues New Guidance for Cryptocurrency Exchanges

Crypto Bit News Staff

Canadian authorities have issued new guidance to determine which digital currency trading platforms fall under derivatives law. The Canadian Securities Administration (CSA) explained new provisions in the “Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets” published on Jan. 16.  In general, the agency drew a line between trading platforms that make an immediate delivery of a crypto assets to its users, and those that hold the transaction of crypto assets until the user makes a later request. To what exchanges do securities laws…

Thai Officials to Investigate Alleged Cryptocurrency Pyramid Scheme

Crypto Bit News Staff

A human rights lawyer representing victims of an alleged cryptocurrency pyramid scheme in Thailand is taking their case to the country’s Department of Special Investigation (DSI). The Bangkok Post reported on Jan. 16 that roughly 20 victims, whose losses are alleged to total 75 million baht (~$2.5 million), are seeking to go beyond the investigations of local police in Thailand’s Krabi province given the gravity of the case.  The DSI, a department of the Thai Ministry of Justice, works independently of the Thai Royal Police force and is tasked with…

Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill

Crypto Bit News Staff

Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS). According to a report published by The Korea Times on Jan. 16, Bithumb filed a complaint with the NTS, suggesting that the imposed tax bill is groundless given that cryptocurrency is not a legally recognized currency. The South Korean tax tribunal now has to decide whether to grant or dismiss the exchange’s motion within 90 days. NTS imposed a retention tax — an income…

BitPay Integration Lets Users Buy Gold With Cryptocurrency

Crypto Bit News Staff

OneGold, an online marketplace for buying, selling and redeeming precious metals, announced a partnership with BitPay on Jan. 13 that will allow crypto users to purchase gold and other valuable metals on Android and iOS devices.  Through the integration with BitPay — a leading Bitcoin payment service provider that currently supports over 30,000 merchants, including Microsoft and Avnet — OneGold’s new mobile app will accept payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and various stablecoins. In addition, BitPay customers will save 2% when using the service on OneGold.com. …

Analytics Firm Training Students to Detect Cryptocurrency Scams

Crypto Bit News Staff

Cryptocurrency analytics firm CipherTrace has launched “Defenders League,” a program designed to provide students with the training and tools necessary to investigate crypto-related scams.  On Jan. 13 CipherTrace announced partnerships with the Middlebury Institute of International Studies at Monterey, Middlesex University London, and the Blockchain Acceleration Foundation (BAF). The Defenders League will initially consist of graduate students from Middlebury and Middlesex, along with BAF students at nine universities located across California. CipherTrace’s chief financial analyst, John Jeffereies, told Cointelegraph that the Defenders League’s objective is to make the crypto economy…

What will happen to cryptocurrency in the 2020s

Crypto Bit News Staff

Yesterday I recapped the last decade in crypto. Today, let’s look ahead to the future and what I think will happen in the 2020s. Of course, no one can predict the future with much accuracy, but one way to predict it more accurately is to invent it! In short, I think over the next decade we’ll see a blockchain, that is both more scalable and includes privacy features, reach about 1B users by the end of the decade (up from about 50M at the start of the decade). Adoption will…

4 Signs the Cryptocurrency Altcoin Market May Have Finally Bottomed

Crypto Bit News Staff

Bitcoin (BTC) made a sudden jump of 9% in the past 24 hours. However, altcoin cryptocurrencies have been showing strength recently as well. Recent surges from large caps have been in the double digits with Dash (DASH) surging 50% and Bitcoin Cash (BCH) 30% in the past four days. Is it possible to draw a conclusion that the altcoin market capitalization is potentially bottoming? Let’s find out. Crypto market daily performance. Source: Coin360 Altcoins retraced to their cycle lows Many altcoins have reached their cycle low levels, which means that…

This Bullish Cryptocurrency is Asking for Investors’ “Attention”

Crypto Bit News Staff

It is an ideal time to open a long position on the popular cryptocurrency BAT, according to prominent Twitterati Crypto Michaël. The full-time stock and crypto trader said on Monday that BAT could undergo a massive upside swing that ranges from anywhere between 29 percent and 135 percent. He based his prediction upon his belief that the cryptocurrency is in a strong accumulation zone, noting that the price support area around 2,300-2,450 satoshis could attract traders en masse. “I’m aiming to see whether 2450 or 2300 hold as support,” said Mr. Michaël. The…

Qatar Financial Centre Puts Blanket Ban on Cryptocurrency Businesses

Crypto Bit News Staff

The Qatar Financial Centre Regulatory Authority (QFCRA) announced that virtual asset services may not be conducted in or from the Qatar Financial Centre (QFC). The regulator announced the new measures in a tweet published on Dec. 26, stating that authorized firms are not permitted to provide or facilitate the provision or exchange of crypto assets and related services until further notice. The QFCRA warns: “The Regulatory Authority shall impose penalties in accordance with its rights and obligations […] in case of any violation of undertaking […] activities that are not…

What Is a Cryptocurrency? We Need Clearer Definitions

Crypto Bit News Staff

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Dr Gina C Pieters is an Assistant Instructional Professor in the Department of Economics at the University of Chicago, and a Research Fellow at the Cambridge Centre for Alternative Finance at the University of Cambridge. She has been researching cryptocurrencies since 2015. There is an unresolved debate over how to define decentralization in a distributed ledger system, even though decentralization of peer-to-peer payments was…