Tag: regulations

Bithumb, other korean exchanges agree to regulate cryptos

South Korean Blockchain association announced plans to self-regulate ahead of expected government regulations. Fourteen of the country’s cryptocurrency exchanges including industry giant, Bithumb agreed to the rules. The regulations aim to increase transparency and protect investors — as well as get on the government’s good side. Bitcoin futures banned Government regulators recently banned Bitcoin futures trading fearing a speculative bubble. South Korea is home to one of the world’s biggest bitcoin exchanges, with about two million people estimated to own some of the most famous digital currencies, such as bitcoin and ethereum. Concerns over consumer protection and the inevitable...

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Ethereum Rises to All-Time High of $545 – UBS to Embrace Ethereum Blockchain Solutions

Ethereum Network crypto, Ether, remained stable last week. However, as of last night the digital currency established an all-time high at $545 — gains of 30%. As of press time, ETH is up 14% and trading at $533. Interestingly, Ether’s gains may be a result of a recent Ethereum blockchain pilot project launched by some of the world’s largest banks. But why would banks champion a technology designed to undermine them? Ethereum’s blockchain-based “smart contracts,” may steamline banking and introduce a little more transparency to global financial transactions. Madrec The pilot project hopes to revolutionize banking with Massive Autonomous...

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Will digital currencies be illegal in India?

Reserve Bank of India has earlier announced plans to ban cryptocurrencies as a mean of payment. However, it has also announced full support for blockchain technology, on which all cryptocurrencies are based. During conference in Mumbai on November 6, executive director of central bank, S Ganesh Kumar, suggested that digital currencies such as Bitcoin or Ethereum won’t be legal in India. “Our current position on Bitcoins is that we will not be using it for any payments and settlements…though the technology underlying cryptocurrencies will not end.” It’s worth noting that such stance is completely different from the one India...

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Ukraine works on cryptocurrency tax exempt

Ukrainian parliament has put together a bill which will allow to change Ukrainian Tax Code and create a tax exempt from all cryptocurrency transactions, including mining, purchasing and selling them. The president of Ukrainian Parliament Taxation and Customs Policy Commission, Nina Yuzhanina, has submitted to the parliament a bill in regard to cryptocurrencies and its derivatives. The bill plans to make appropriate adjustments to Ukrainian Tax Code and abolish taxation of cryptocurrencies at all. The memo submitted with the bill reads: „In order to create an effective mechanism for stimulating the market of cryptocurrency in Ukraine, the logical step...

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ICO status in Japan – sensible approach towards regulation

Japan has proved many times that it’s a cryptocurrency-friendly country. In April Bitcoin was allowed as legal mean of payment, and instead of banning cryptocurrency exchanges, their functioning was regulated. Without adequate laws, ICO status in Japan wasn’t clear. However it seems that local regulatory bodies will control new token offerings using only currently existing laws. Many individuals and enterprises closely watch ICO regulatory status in corresponding countries. Offerings of new tokens are of large significance for both investors, who are looking for considerable profits, and companies who through such means are raising capital needed for development of their...

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