Securities and Exchange Commission Chairman Jay Clayton said Thursday that bitcoin will need to be more regulated before it can be traded on any major exchange, CNBC reports. Clayton made the remarks at the Delivering Alpha conference, where he was the featured opening speaker.
Traditionally, governments have held a monopoly over the economic systems and financial barter used in their nation. Today, however, with all the possibilities inherent in robust cryptocurrencies, large multinationals like Facebook, Twitter, and Google/YouTube see new opportunities to embed financial operations in their core business model.
Japanese messaging app giant LINE announced Tuesday that its new cryptocurrency exchange Bitmax is now open for live trading. In a company statement announcing the news, LINE confirmed that the service will initially be available on Android mobile devices and available to all Japanese residents with LINE accounts.
Twitter founder and longtime Bitcoin backer Jack Dorsey recently confirmed that he is still a Bitcoin believer, while noting that his company has no plans to create its own cryptocurrency. That’s according to comments he made to the Sydney Morning Herald during a recent Square promotion trip to Australia.
The Bank of the Republic of Burundi has banned cryptocurrency trading in the country, according to a recent Bloomberg report. The central bank’s decision was in response to public requests to intervene from citizens who suffered losses from digital currency trading.
The Netherlands central bank, De Nederlandsche Bank, announced Tuesday that it will start regulating cryptocurrency services on January 10, 2020, Reuters reports. According to the central bank’s statement announcing the news, digital asset companies in the Netherlands will need to register to do business in the country:
The Portuguese Tax and Customs Authority has confirmed that cryptocurrency users are not subject to the Value Added Tax (VAT) when trading digital assets or using them for payments, according to a report from Jornal de Negócios. In addition, the agency indicated that cryptocurrency use is also free from income tax obligations.
Bakkt announced today that it plans to launch its custody services and bitcoin futures products on September 23. In a blog post announcing the news, the company confirmed that the New York State Department of Financial Services has approved its New York trust charter, paving the way for Bakkt to launch its products.
The United States Securities and Exchange Commission has announced that it has delayed its decision on rule changes that could permit the Bitwise Bitcoin ETF Trust and VanEck SolidX Bitcoin Trust to begin trading. With the delay, the SEC won’t make a decision about the two funds until October at the earliest, Bloomberg reports.
A group of roughly 15 nations are reportedly planning to develop a new system that will facilitate collection and sharing of data related to consumers who engage in cryptocurrency transactions, the Nikkei Asian Review reports. The stated objective is to reduce the risk that cryptocurrencies might be used to fund terrorism, launder money, or facilitate other crimes.
Coinbase Custody Trust Company has added two former New York banking regulators to its board of directors. In a blog post, dated August 7, the company confirmed that Robert Easton and Richard Neiman were selected for their solid experience in “financial services, public policy and banking operations.”
North Carolina Republican Representative Ted Budd’s Virtual Value Tax Fix Act of 2019 has been reintroduced in the House of Representatives and referred to the House Committee on Ways and Means. The bill seeks to amend the Internal Revenue Code to “allow exclusion of gain or loss on like-kind exchanges of virtual currency.”
Security experts have long alleged that the North Korean government has been engaged in cyber theft designed to help fund its missile program, nuclear program, and other regime priorities. According to a new report from a United Nations panel, those attacks have enabled the regime to steal an estimated $2 billion in assets.
At least one official in Thailand wants to amend the country’s Anti-Money Laundering laws to ensure that cryptocurrencies are not used to facilitate crime. According to a report in the BangkokPost today, Thai Anti-Money Laundering Office (AMLO) secretary-general Maj Gen Preecha Charoensahayanon is convinced that money launderers will eventually use digital currencies to further their illicit schemes.
The Iranian Cabinet has released a newly-ratified bill that outlines the government’s position on digital assets and establishes conditions for cryptocurrency miners to operate within the country. According to Iranian media outlet PressTV, the government’s official position is that digital currencies are not recognized as legal tender in Iran, and the country’s central bank cannot ensure their value.
In July, President Trump responded to Facebook’s Libra cryptocurrency announcement by taking to Twitter to announce that he’s not a fan of Bitcoin or cryptocurrency. Former Trump strategist Steve Bannon recently took the opposite view, suggesting that Bitcoin and other digital currencies could play an important role in the future.
Huobi announced Wednesday that it is partnering with Global Digital Finance (GDF) to “develop best practices and standards within the digital asset community.” The move comes amid increased attention from policymakers around the globe, and continuing concerns about the industry’s lack of regulatory oversight.
Blockchain announced today that is has launched a new cryptocurrency exchange, The PIT, Reuters reports. According to the company, the new exchange relies on a matching engine called “Mercury” to provide trading at speeds faster than other exchanges in the industry today.
The United States filed a complaint this week against the BTC-e cryptocurrency exchange and its alleged operator Alexander Vinnik, seeking to recover civil monetary penalties assessed by the Financial Crimes Enforcement Network (FinCEN) in July 2017.
The United States Internal Revenue Service announced today that it is now in the process of sending warning letters to more than 10,000 U.S. taxpayers who trade cryptocurrency. The agency revealed that it began sending those letters last week and plans to complete the process by the end of next month, Yahoo Finance reports.