🐻 Russian government and central bank agree to treat Bitcoin as currency
The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.
Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.
Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.
The report also highlights that cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) would have to be declared; otherwise, it could be considered a criminal act. Those who illegally accept cryptocurrencies as payment will incur fines.
This news comes after months of speculation about how the Russian government will handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, it seems that the country is slowly warming up to the idea of cryptocurrencies.
Related: Russian central bank registers nation’s first digital asset manager
In January, the Bank of Russia called for a nationwide crypto ban in a report that warned about the speculative nature of the industry. The bank also stated that financial firms should not facilitate crypto transactions as part of that proposal to ban digital assets.
However, the proposal generated opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said that the government should regulate crypto rather than prohibiting it entirely. He warned that a total ban might result in Russia falling behind in technology.
Reports have also emerged that President Vladimir Putin supports efforts to regulate the country’s crypto mining sector.
@DeCenterOrg
The government and central bank in Russia have reached an agreement on how to regulate cryptocurrencies, according to a Tuesday announcement.
Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.
Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.
The report also highlights that cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) would have to be declared; otherwise, it could be considered a criminal act. Those who illegally accept cryptocurrencies as payment will incur fines.
This news comes after months of speculation about how the Russian government will handle digital currencies. While it is still unclear what this decision will mean for businesses and citizens in Russia, it seems that the country is slowly warming up to the idea of cryptocurrencies.
Related: Russian central bank registers nation’s first digital asset manager
In January, the Bank of Russia called for a nationwide crypto ban in a report that warned about the speculative nature of the industry. The bank also stated that financial firms should not facilitate crypto transactions as part of that proposal to ban digital assets.
However, the proposal generated opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, said that the government should regulate crypto rather than prohibiting it entirely. He warned that a total ban might result in Russia falling behind in technology.
Reports have also emerged that President Vladimir Putin supports efforts to regulate the country’s crypto mining sector.
@DeCenterOrg
🍏 Upcoming Apple iPhone feature to give merchants a way to accept crypto payments
Apple announced plans to launch Tap to Pay for its iPhone, a new feature that effectively turns the smartphone into a point-of-sale device for businesses and merchants. So, what’s in it for crypto?
The announcement explains that with Tap to Pay, iPhone-owning merchants receive contactless payments by using their mobile devices as a point-of-sale machine thanks to the near-field communication technology, or NFC.
According to Apple, the soon-to-be-launched Tap to Pay feature will extend support to “Apple Pay, contactless credit and debit cards and other digital wallets.” It basically means that unless Apple places a direct barrier for it, customers who are using Coinbase Card, Crypto.com Visa Card or a similar payments card would be able to use their cryptocurrency holdings to make payments via Tap to Pay.
While Apple has announced Stripe, an Irish-American fintech, as the first platform to offer the Tap to Pay feature on the iPhone, the company clarified that “additional payment platforms and apps will follow later this year.”
Back in August 2021, major crypto exchange Coinbase integrated with Apple Pay and Google Pay, allowing users to purchase crypto assets on its platform. As Cointelegraph reported, the move allowed United States-based customers to purchase crypto using bank-issued debit and credit cards via mainstream payments platform Apple Pay.
In June 2021, Coinbase launched Coinbase Card, enabling users to spend cryptocurrencies across mainstream avenues: “Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals.”
Considering Coinbase’s capability to convert a user’s crypto holdings to fiat in real-time for payments, Apple Pay users will be able to use iPhone’s Tap to Pay feature to make crypto payments across mainstream merchants and businesses.
While Apple Pay will most likely not allow direct purchase of goods and services via Bitcoin (BTC), it will convert the user’s crypto holdings to match the dollar amount requested by the merchant’s point-of-sale machine to make the purchase.
Let’s also not forget that in November 2021, Apple CEO Tim Cook revealed the personal purchase of cryptocurrencies as “part of a diversified portfolio” while highlighting no immediate plans to accept crypto as a means of payment for Apple products.
@DeCenterOrg
Apple announced plans to launch Tap to Pay for its iPhone, a new feature that effectively turns the smartphone into a point-of-sale device for businesses and merchants. So, what’s in it for crypto?
The announcement explains that with Tap to Pay, iPhone-owning merchants receive contactless payments by using their mobile devices as a point-of-sale machine thanks to the near-field communication technology, or NFC.
According to Apple, the soon-to-be-launched Tap to Pay feature will extend support to “Apple Pay, contactless credit and debit cards and other digital wallets.” It basically means that unless Apple places a direct barrier for it, customers who are using Coinbase Card, Crypto.com Visa Card or a similar payments card would be able to use their cryptocurrency holdings to make payments via Tap to Pay.
While Apple has announced Stripe, an Irish-American fintech, as the first platform to offer the Tap to Pay feature on the iPhone, the company clarified that “additional payment platforms and apps will follow later this year.”
Back in August 2021, major crypto exchange Coinbase integrated with Apple Pay and Google Pay, allowing users to purchase crypto assets on its platform. As Cointelegraph reported, the move allowed United States-based customers to purchase crypto using bank-issued debit and credit cards via mainstream payments platform Apple Pay.
In June 2021, Coinbase launched Coinbase Card, enabling users to spend cryptocurrencies across mainstream avenues: “Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals.”
Considering Coinbase’s capability to convert a user’s crypto holdings to fiat in real-time for payments, Apple Pay users will be able to use iPhone’s Tap to Pay feature to make crypto payments across mainstream merchants and businesses.
While Apple Pay will most likely not allow direct purchase of goods and services via Bitcoin (BTC), it will convert the user’s crypto holdings to match the dollar amount requested by the merchant’s point-of-sale machine to make the purchase.
Let’s also not forget that in November 2021, Apple CEO Tim Cook revealed the personal purchase of cryptocurrencies as “part of a diversified portfolio” while highlighting no immediate plans to accept crypto as a means of payment for Apple products.
@DeCenterOrg
🏈 Coinbase 'Free Bitcoin' Super Bowl Ad Causes Site to Briefly Crash
Coinbase made the first big crypto splash during this year's Super Bowl after the company aired a bold commercial that consisted of nothing but a QR code floating around the screen for 60 seconds.
The ad also quickly flashed a Coinbase URL at the end, leading to a website displaying a promotion for $15 in free Bitcoin for new customers who sign up in the next two days.
The Coinbase commercial appeared to be a success—perhaps too much of one. Shortly after it aired, people tweeted that the company's site and app had crashed.
@DeCenterOrg
Coinbase made the first big crypto splash during this year's Super Bowl after the company aired a bold commercial that consisted of nothing but a QR code floating around the screen for 60 seconds.
The ad also quickly flashed a Coinbase URL at the end, leading to a website displaying a promotion for $15 in free Bitcoin for new customers who sign up in the next two days.
The Coinbase commercial appeared to be a success—perhaps too much of one. Shortly after it aired, people tweeted that the company's site and app had crashed.
@DeCenterOrg
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🏦 Warren Buffett invests $1B in Bitcoin-friendly neobank, dumps Visa and Mastercard stocks
Warren Buffett's Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and increased exposure in Nubank, the largest fintech bank in Brazil that's also popular among the country's Bitcoin investors.
In a securities filing late Feb. 14, the industrial conglomerate disclosed that it had purchased $1 billion worth of Nubank Class A stock in Q4/2021. On the other hand, it sold $1.8 billion and $1.3 billion worth of Visa and Mastercard stock, respectively, signaling a shift away from credit companies to gain exposure in their fintech rivals.
Buffett, the so-called "Oracle of Omaha," is popular for his cautious approach to investing, particularly in the market's hottest sectors such as fintech. The veteran investor had also downplayed emerging decentralized finance solutions like Bitcoin (BTC), ridiculing it as an asset that "does not create anything."
But Berkshire's new stake in Nubank shows that Buffett has been softening up to fintech lately. In detail, the firm had invested $500 million in the startup in July 2021. Its returns on the said investment amounted to $150 million in December 2021 after Nubank debuted on the New York Stock Exchange (NYSE).
@DeCenterOrg
Warren Buffett's Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and increased exposure in Nubank, the largest fintech bank in Brazil that's also popular among the country's Bitcoin investors.
In a securities filing late Feb. 14, the industrial conglomerate disclosed that it had purchased $1 billion worth of Nubank Class A stock in Q4/2021. On the other hand, it sold $1.8 billion and $1.3 billion worth of Visa and Mastercard stock, respectively, signaling a shift away from credit companies to gain exposure in their fintech rivals.
Buffett, the so-called "Oracle of Omaha," is popular for his cautious approach to investing, particularly in the market's hottest sectors such as fintech. The veteran investor had also downplayed emerging decentralized finance solutions like Bitcoin (BTC), ridiculing it as an asset that "does not create anything."
But Berkshire's new stake in Nubank shows that Buffett has been softening up to fintech lately. In detail, the firm had invested $500 million in the startup in July 2021. Its returns on the said investment amounted to $150 million in December 2021 after Nubank debuted on the New York Stock Exchange (NYSE).
@DeCenterOrg
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🐻 Russian Ministry Pushes To Legalize Bitcoin Mining In Some Areas
Russia’s Ministry of Economic Development recently introduced a proposal to explicitly legalize and tax Bitcoin mining in regions with an electricity surplus. It says Bitcoin mining, which exists in something of a legal grey area, should be recognized as a form of “commercial activity” and taxed once coins are converted into rubles.
As reported by local news agency Izvestia on Tuesday, the proposal is designed such that the country can benefit from mining while not overwhelming its electrical grid in vulnerable areas—a problem faced by other countries, including Iran and Kazakhstan. This will be accomplished by confining mining to reliable grids and setting electricity-use limits on individual miners, said the ministry.
To incentivize industry growth, the ministry also seeks to introduce lower electricity rates and tariffs for setting up Bitcoin mining farms in certain areas. It will raise energy prices for miners once a certain energy threshold is passed, though that limit is still undetermined.
Evgeny Vlasov—head of liquid cooling tech provider Comino—told Izvestia that he believes mining should be allowed everywhere in Russia, deeming it a wise investment in the tech sector. President Vladimir Putin has also recognized the economic benefit that mining could potentially bring to the country, given its “surplus of electricity” and “well trained personnel.”
Russia’s central bank, however, isn’t so keen on the idea. It has pushed to have Bitcoin and other cryptocurrencies outright banned, citing risks to the financial system and volatility concerns. That said, recent negotiations between the Bank of Russia and the national government have left regulation a more likely outcome.
@DeCenterOrg
Russia’s Ministry of Economic Development recently introduced a proposal to explicitly legalize and tax Bitcoin mining in regions with an electricity surplus. It says Bitcoin mining, which exists in something of a legal grey area, should be recognized as a form of “commercial activity” and taxed once coins are converted into rubles.
As reported by local news agency Izvestia on Tuesday, the proposal is designed such that the country can benefit from mining while not overwhelming its electrical grid in vulnerable areas—a problem faced by other countries, including Iran and Kazakhstan. This will be accomplished by confining mining to reliable grids and setting electricity-use limits on individual miners, said the ministry.
To incentivize industry growth, the ministry also seeks to introduce lower electricity rates and tariffs for setting up Bitcoin mining farms in certain areas. It will raise energy prices for miners once a certain energy threshold is passed, though that limit is still undetermined.
Evgeny Vlasov—head of liquid cooling tech provider Comino—told Izvestia that he believes mining should be allowed everywhere in Russia, deeming it a wise investment in the tech sector. President Vladimir Putin has also recognized the economic benefit that mining could potentially bring to the country, given its “surplus of electricity” and “well trained personnel.”
Russia’s central bank, however, isn’t so keen on the idea. It has pushed to have Bitcoin and other cryptocurrencies outright banned, citing risks to the financial system and volatility concerns. That said, recent negotiations between the Bank of Russia and the national government have left regulation a more likely outcome.
@DeCenterOrg
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🏙 The Metaverse is booming, bringing revolution to real estate
Mark Zuckerberg might claim the Metaverse is the future — but in the eyes of others, the future has already begun. Science fiction author Neal Stephenson coined the term “Metaverse” back in his 1994 novel, Snow Crash. Within the pages, the main character, Hiro Protagonist, navigates through the virtual world.
Since 2003, millions have also worked, played and socialized in the Metaverse within the online Second Life world. While the game, with a heyday in the first decade of the 2000s and featuring some blocky graphics is a far cry from the modern Metaverse vision laid out by companies like Meta and Microsoft, the idea of a virtual metaverse where people interact is not a new idea.
Currently, Decentraland is arguably the most well-known modern-day metaverse, incentivizing a global network of users to buy and sell digital real estate, explore, interact and play games. The Decentraland Foundation came into existence in 2015 and the project’s initial coin offering (ICO) in 2017 netted about $26 million at the time. While Decentraland is expansive and features plenty to do, the platform has drawn many eyes to the lucrative, and ever-growing digital real estate industry.
@DeCenterOrg
Mark Zuckerberg might claim the Metaverse is the future — but in the eyes of others, the future has already begun. Science fiction author Neal Stephenson coined the term “Metaverse” back in his 1994 novel, Snow Crash. Within the pages, the main character, Hiro Protagonist, navigates through the virtual world.
Since 2003, millions have also worked, played and socialized in the Metaverse within the online Second Life world. While the game, with a heyday in the first decade of the 2000s and featuring some blocky graphics is a far cry from the modern Metaverse vision laid out by companies like Meta and Microsoft, the idea of a virtual metaverse where people interact is not a new idea.
Currently, Decentraland is arguably the most well-known modern-day metaverse, incentivizing a global network of users to buy and sell digital real estate, explore, interact and play games. The Decentraland Foundation came into existence in 2015 and the project’s initial coin offering (ICO) in 2017 netted about $26 million at the time. While Decentraland is expansive and features plenty to do, the platform has drawn many eyes to the lucrative, and ever-growing digital real estate industry.
@DeCenterOrg
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🔒 Coinbase Blocks 25 000 Russian Addresses Supposedly Related to Illicit Activity
The leading US-based cryptocurrency exchange, Coinbase, has blocked «over 25 000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own protective investigations.»
Further, the company has shared these addresses with the US government to «support sanctions enforcement.»
The post once again reiterated that the exchange is «committed to complying with sanctions.»
@DeCenterOrg
The leading US-based cryptocurrency exchange, Coinbase, has blocked «over 25 000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own protective investigations.»
Further, the company has shared these addresses with the US government to «support sanctions enforcement.»
The post once again reiterated that the exchange is «committed to complying with sanctions.»
@DeCenterOrg
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☠️ Russian, Belarus Economic Sanctions Apply to Crypto: European Commission
The European Commission has said cryptocurrencies are captured by targeted sanctions adopted by the EU in response to the conflict in Ukraine—as well as Belarus’ role in facilitating Russia’s invasion of Ukraine.
“For Belarus, the measures introduce SWIFT prohibitions similar to those in the Russia regime, clarify that crypto assets fall under the scope of ‘transferable securities’ and further expand the existing financial restrictions by mirroring the measures already in place regarding Russia sanctions,” said the Commission.
The Commission also “confirmed the common understanding that loans and credit can be provided by any means, including crypto assets, as well as further clarified the notion of ‘transferable securities,’ so as to clearly include crypto assets, and thus ensure the proper implementation of the restrictions in place.”
What do these sanctions do?
The Commission’s new measures impose restrictions on 160 individuals, including 14 oligarchs and businesspeople involved in key Russian economic sectors.
In Belarus, these measures restrict the provision of SWIFT to several key Belarusian banks and prohibit transactions with the Central Bank of Belarus.
What’s more, these restrictions prohibit the listing and provision of services in relation to shares of Belarus state-owned entities on EU trading venues (as of April 12, 2022), prohibit the provision of euro-denominated banknotes to Belarus, and “significantly limit” the financial inflows from Belarus to the EU.
When it comes to Russia, the amended measures introduce new restrictions on maritime navigation and radio technology exports. It also adds the Russian Maritime Register of Shipping to the list of state-owned enterprises subject to restrictions.
Of course, these sanctions build upon an already widespread and sweeping list of sanctions applied by not only the EU, but the United States, the United Kingdom, and others.
Sanctions have also hit the Central Bank of Russia, key political Russian officials, and much of the Russian State Duma—one of the chambers of the Russian parliament.
@DeCenterOrg
The European Commission has said cryptocurrencies are captured by targeted sanctions adopted by the EU in response to the conflict in Ukraine—as well as Belarus’ role in facilitating Russia’s invasion of Ukraine.
“For Belarus, the measures introduce SWIFT prohibitions similar to those in the Russia regime, clarify that crypto assets fall under the scope of ‘transferable securities’ and further expand the existing financial restrictions by mirroring the measures already in place regarding Russia sanctions,” said the Commission.
The Commission also “confirmed the common understanding that loans and credit can be provided by any means, including crypto assets, as well as further clarified the notion of ‘transferable securities,’ so as to clearly include crypto assets, and thus ensure the proper implementation of the restrictions in place.”
What do these sanctions do?
The Commission’s new measures impose restrictions on 160 individuals, including 14 oligarchs and businesspeople involved in key Russian economic sectors.
In Belarus, these measures restrict the provision of SWIFT to several key Belarusian banks and prohibit transactions with the Central Bank of Belarus.
What’s more, these restrictions prohibit the listing and provision of services in relation to shares of Belarus state-owned entities on EU trading venues (as of April 12, 2022), prohibit the provision of euro-denominated banknotes to Belarus, and “significantly limit” the financial inflows from Belarus to the EU.
When it comes to Russia, the amended measures introduce new restrictions on maritime navigation and radio technology exports. It also adds the Russian Maritime Register of Shipping to the list of state-owned enterprises subject to restrictions.
Of course, these sanctions build upon an already widespread and sweeping list of sanctions applied by not only the EU, but the United States, the United Kingdom, and others.
Sanctions have also hit the Central Bank of Russia, key political Russian officials, and much of the Russian State Duma—one of the chambers of the Russian parliament.
@DeCenterOrg
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🏛 Bitcoin Pops Above $41K as Crypto Market Shows Signs of Recovery
Last week was pretty much flat for the wider cryptocurrency market, but the top coins are beginning to mount a recovery today, with Bitcoin and Ethereum posting notable gains.
Bitcoin topped the $41,000 mark twice over the past 24 hours, according to data from CoinGecko, and currently sits at a price of $40,791—a nearly 5% increase over the past 24 hours. It’s the first time in nearly a week that Bitcoin has risen above $41,000.
Granted, the leading cryptocurrency is still down significantly over the last three months. It was sitting above $50,000 in late December, but the wider crypto market has suffered in the span since, with Bitcoin itself dropping as low as about $33,500 in January.
On Tuesday, prior to the latest price action, OANDA Senior Market Analyst Edward Moya wrote that Bitcoin “remains trapped in a tight range despite improving sentiment for risk,” reflecting the lack of significant movement in recent days. Since then, however, Bitcoin is showing some upward movement. Moya pegged Bitcoin’s current ceiling at $45,000.
Ethereum is up nearly 6% over the last day, meanwhile, at a current price of $2,706. The second-largest cryptocurrency by market cap and leading smart contract platform is now at its highest price in about a week, but hasn’t touched the $3,000 mark since March 2.
@DeCenterOrg
Last week was pretty much flat for the wider cryptocurrency market, but the top coins are beginning to mount a recovery today, with Bitcoin and Ethereum posting notable gains.
Bitcoin topped the $41,000 mark twice over the past 24 hours, according to data from CoinGecko, and currently sits at a price of $40,791—a nearly 5% increase over the past 24 hours. It’s the first time in nearly a week that Bitcoin has risen above $41,000.
Granted, the leading cryptocurrency is still down significantly over the last three months. It was sitting above $50,000 in late December, but the wider crypto market has suffered in the span since, with Bitcoin itself dropping as low as about $33,500 in January.
On Tuesday, prior to the latest price action, OANDA Senior Market Analyst Edward Moya wrote that Bitcoin “remains trapped in a tight range despite improving sentiment for risk,” reflecting the lack of significant movement in recent days. Since then, however, Bitcoin is showing some upward movement. Moya pegged Bitcoin’s current ceiling at $45,000.
Ethereum is up nearly 6% over the last day, meanwhile, at a current price of $2,706. The second-largest cryptocurrency by market cap and leading smart contract platform is now at its highest price in about a week, but hasn’t touched the $3,000 mark since March 2.
@DeCenterOrg
🏛 FCA issues termination order for Bitcoin ATMs
Financial Conduct Authority (FCA), United Kingdom’s central financial regulator, has issued a verdict on the presence of Bitcoin (BTC) ATMs within the island country.
In what has come as a surprise to many within the industry, the U.K. authority has issued a stern “shut down or face further action“ order to operators of Bitcoin ATMs, outlining their intentions to contact these companies to affirm the notice.
The watchdog cited a lack of regulatory structure, the high-risk potential of fluctuating assets and the importance of upholding the principles established within the Money Laundering Regulations (MLR) as the primary reasons for the enforcement.
“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”
The FCA has granted registration approval to 33 crypto companies since August 2020 under the MLR framework, the most notable of which being: Gemini Europe Ltd, Kraken‘s holding company Payward Ltd, Galaxy Digital UK Limited and, more recently added to the list on Jan. 14, eToro (UK) Ltd.
Additionally, the FCA has offered temporary registration status to 22 companies until March 31, 2022, at which time a decision will be determined on the validity of their application. These companies include the likes of Blockchain Access UK Limited (blockchain.com), Copper Technologies (UK) Limited, Revolut Ltd and Wirex Ltd, among others.
Analytical data conducted by Coin ATM Radar indicate that there are 81 Bitcoin ATMs within the U.K., operated by eight companies. The word presented by the FCA is that none of the 33 approved companies have filed appropriate documents or attained licensing status to operate Bitcoin ATM services within the jurisdiction, and therefore all other must be deemed as illegal enterprises.
Precedent for this ruling was established on Nov. 15, when Gidiplus Limited, the Bitcoin-centric crypto asset automated teller machine (CATM) service, was handed a decision notice by the FCA which refused their application as a “crypto asset exchange provider,” otherwise known as a Bitcoin ATM service.
According to the official sixteen-page report, Gidiplus did not meet the “conditions for registration” under the MLR law.
On Dec. 3, Gidiplus unsuccessfully appealed the decision to overturn the ruling in the Upper Tribunal chamber, with the FCA concluding their assessment with the notion that the appellants case provided a “lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion pending determination of its appeal.”
@DeCenterOrg
Financial Conduct Authority (FCA), United Kingdom’s central financial regulator, has issued a verdict on the presence of Bitcoin (BTC) ATMs within the island country.
In what has come as a surprise to many within the industry, the U.K. authority has issued a stern “shut down or face further action“ order to operators of Bitcoin ATMs, outlining their intentions to contact these companies to affirm the notice.
The watchdog cited a lack of regulatory structure, the high-risk potential of fluctuating assets and the importance of upholding the principles established within the Money Laundering Regulations (MLR) as the primary reasons for the enforcement.
“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”
The FCA has granted registration approval to 33 crypto companies since August 2020 under the MLR framework, the most notable of which being: Gemini Europe Ltd, Kraken‘s holding company Payward Ltd, Galaxy Digital UK Limited and, more recently added to the list on Jan. 14, eToro (UK) Ltd.
Additionally, the FCA has offered temporary registration status to 22 companies until March 31, 2022, at which time a decision will be determined on the validity of their application. These companies include the likes of Blockchain Access UK Limited (blockchain.com), Copper Technologies (UK) Limited, Revolut Ltd and Wirex Ltd, among others.
Analytical data conducted by Coin ATM Radar indicate that there are 81 Bitcoin ATMs within the U.K., operated by eight companies. The word presented by the FCA is that none of the 33 approved companies have filed appropriate documents or attained licensing status to operate Bitcoin ATM services within the jurisdiction, and therefore all other must be deemed as illegal enterprises.
Precedent for this ruling was established on Nov. 15, when Gidiplus Limited, the Bitcoin-centric crypto asset automated teller machine (CATM) service, was handed a decision notice by the FCA which refused their application as a “crypto asset exchange provider,” otherwise known as a Bitcoin ATM service.
According to the official sixteen-page report, Gidiplus did not meet the “conditions for registration” under the MLR law.
On Dec. 3, Gidiplus unsuccessfully appealed the decision to overturn the ruling in the Upper Tribunal chamber, with the FCA concluding their assessment with the notion that the appellants case provided a “lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion pending determination of its appeal.”
@DeCenterOrg
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🏅 Ethereum Outflows From Exchanges Hit 2022 Peak as ETH Price Surges
More than $500 million worth of Ethereum was withdrawn from cryptocurrency exchanges earlier this week, as traders look to hold on to their crypto in anticipation of bullish price action.
This is according to data shared by IntoTheBlock, a crypto market research firm, which shows that 180,000 ETH was withdrawn from exchanges on Tuesday. This figure represents the highest aggregated exchange withdrawal of ETH since October, the firm tweeted. At the time, the outflow of ETH preceded a 15% price increase for the cryptocurrency within 10 days.
Likewise, ETH’s price has also been up following the recent massive outflow. Trading at approximately $2,500 on March 15, ETH has since surged to $2,934 at the time of writing.
@DeCenterOrg
More than $500 million worth of Ethereum was withdrawn from cryptocurrency exchanges earlier this week, as traders look to hold on to their crypto in anticipation of bullish price action.
This is according to data shared by IntoTheBlock, a crypto market research firm, which shows that 180,000 ETH was withdrawn from exchanges on Tuesday. This figure represents the highest aggregated exchange withdrawal of ETH since October, the firm tweeted. At the time, the outflow of ETH preceded a 15% price increase for the cryptocurrency within 10 days.
Likewise, ETH’s price has also been up following the recent massive outflow. Trading at approximately $2,500 on March 15, ETH has since surged to $2,934 at the time of writing.
@DeCenterOrg
Forwarded from CAT — TON Validator, Apps and News
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