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Legal Status of Cryptocurrencies in Sweden, Finland, Israel, USA and Switzerland

Although EXMO.com does not expand its list of cryptocurrency pairs as often as other exchanges do, it offers its users low transaction fees and demonstrates high trade volumes, in comparison to the exchange’s size. In addition, EXMO’s newsfeed often features interesting general knowledge articles. We are taking the liberty of reposting one of them.

exmo.com cryptocurrency exchange
The further development of cryptocurrencies will mostly depend on how the legal status of cryptocurrencies will be shaped throughout the world. 

The issue of cryptocurrency legalization (which means that cryptocurrencies get the legal status both in the particular countries and international financial institutions) appeals not only to the crypto-community. The solution of the stated issue will also predetermine the perspectives of the digital economy development, which is getting more and more powerful in the global economy as well as in life of every individual person. 

EXMO experts have summarized the information on the issue of cryptocurrency legalization, its aspects, and importance of this process for the whole market participants.

Legal status of cryptocurrencies. Control and difficulties

Legal regulation of the cryptocurrency market will protect the interests of every user, who have become the bitcoin owner, altcoins owner, or ICO investor, in many aspects.

The regular users are quite uncertain whether they may rely on the law in case of any problem concerning crypto-exchanges, ICO, or cryptocurrency management in general. The miners and traders are also rest in the risk-area, due to the fact that they are concerned with the issue of the crypto-profit “nature”. The continual difficulties with supplies of the new equipment for the mining farms is another problem. Remind that mining, as a kind of activity also requires the initial investment, which cannot be legally protected at the moment. 

Legal systems of many countries cannot clearly determine whether cryptocurrency is legal or not. One the one hand, it is not forbidden, on the other – it is not allowed due to the accurate identification of “What is cryptocurrency?” does not yet exist. Thus, the legal environment governing cryptocurrency has not been worked up. 

The large businesses working with cryptocurrencies one way or another need not only the general legal certainty but favorable governmental position as well concerning the issues of crypto-economy legal control. 

A lot of market participants including active market traders, regulatory institutions, international financial institutions, banks, which are participating indirectly in the market activities would approve the measures taken for cryptocurrencies exit from the “legal shade”. 

Here below we will discuss countries, where cryptocurrency is allowed, and how some governments and financial regulators reacted on the availability of digital money in the financial payment system. 

What is also important is that mostly developed countries have supported cryptocurrencies one way or another. These are the countries that are open to the innovations and contribute to them; they also point out the long-term perspectives of the global economy development.

Be support or be banned

The active spread of interest to cryptocurrencies suggests the innovative economics to make specific decisions and actions, which is likely to have a positive impact on the market and its further perspectives. There are also people, who are ambitious about leading the “trendy” movement among the international market participants. Through creating the favorable and transparent conditions for business and market participants, attracting investment, these countries are pressing the gear even now. That is the case of Switzerland. 

Switzerland

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Markets, News, Trends

NEWS: Binance moves its headquarters to Malta, upcoming EU data privacy framework and more.

Binance Logo

Without going much further, let’s just say that these are excellent news for the cryptocurrency market as a whole.

The impact of whatever happens to Binance upon the price of BTC is significant: paraphrasing a popular statement, when Binance sneezes, the market catches a cold. The impact of whatever happens to BTC upon whatever happens to the market as a whole needs no mention.

Becoming a Maltese company de-jure (although it actually os moving its headquarters and planning to employ over 200 staff) offers the  exchange and its clients some of so-much-needed stability, especially in light of cautiously positive statements European Ministers of Finance are giving towards Blockchain as a whole.

Currently, the total cryptocurrencies market cap is just over $320 billion. Bitcoin dominates the market at 41% of all transactions.

24 hour volume of Bitcoin transactions is just over $4,5 billion.

Binance was responsible for USD $1,7 billion of 24 hour trade volume on Sunday.

Binance trade volume

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island”, – Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation. 

Register at Binance

Malta Binance Headquarters

Meanwhile, as the market was jubilating for a short period of time, the EU has finally concluded its development of a framework on how corporations should handle their clients’ data. Although the privacy-focussed set of regulations is targeted against companies storing clients’ (notably, – EU citizens’, both within the EU and abroad) personal data, it inadvertently affects the cryptocurrency market… how? Well, i. e. all Bitcoin transactions are forever stored on a public ledger…

EU data privacy

On a brighter note, the Buenos Aires G20 cryptocurrency market discussion ended with a statement that although some regulation is to be developed in the future (a blank statement), at present, the market will be more or less left in peace.

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Featured, Markets, News, Trends

NEWS: Yahoo big in Japan, Snapchat vs. ICOs and more:

yahoo cryptocurrencies

Japan, one of the Asian tigers of the cryptocurrency market is under direct attention from the country’s regulatory bodies following the multi-million dollar hack of one of the local exchanges. Binance, a Hong Kong-based exchange is under notice for operating without a license in the country (the news affected the price of Bitcoin, highlighting the significance of Binance; yet Yahoo intends to buy into one of the local exchanges, already operating and licensed in the market. 40% stake, reportedly valued at $19 million, will give the internet giant effortless market entry, with further investments expected in early 2019.

Noteworthy, Yahoo only partially followed Google/Youtube, Facebook/Instagram, Twitter and Snapchat (think investing in crypto? Think Snapchat…yes that is sarcasm) and others in restricting cryptocurrency-related advertisement. While Microsoft, a company well-known for its positive attitude and even enthusiasm towards cryptocurrency markets (one can use Bitcoin to purchase Microsoft products), Bing and Linkedin have not followed the popular trend.

More on future regulation: from G20’s discussion on cryptocurrencies France’s Minister of Finance stated:

“We agree that crypto-assets can be very interesting for everyone. And we – obviously – are in favor of blockchain technology, which can provide very good support to financial assets in Europe or anywhere in the world. We are in favor of these technologies, but we want these technologies to be secure and therefore we need to define very clear measures for their regulation.“

In other words, quoting older news based on JP Morgan’s internal report, cryptocurrencies are here to stay. Whether ICO adverts are banned by Snapchat or not.

Sources:
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