Indonesia Not Lifting Bitcoin Ban – Ministry Confirms Possible Only On Futures Exchanges

Reported today, on Feb 15, 2019, the Chief Economic Minister for Economic Affairs, Darmin Nasution talks about Bitcoin usage within Indonesia. Mr.Darmin told CNBC Indonesia that Bitcoin and crypto ban imposed during 2017 won’t be lifted.
No Plans To lift Implicit Ban on Crypto – Indonesia
It’s been more than a year, Indonesia announced a ban on bitcoin and other altcoins. Following the ban, Bitcoin and other cryptocurrencies cannot be considered as a payment instrument in Indonesia. In a recent talk with Coordinating Minister for Economic Affairs, it has been revealed that the country is not lifting the ban anytime soon. The official announcement states that;
“Bitcoin, as long as it’s not money for payment instruments, let’s just do it. But for payment later. We just make paper money dizzy, you still want to talk about bitcoin?”
He further notes that the Government of Indonesia didn’t legalize Bitcoin, adding that he says, it was ‘only futures exchanges’. Moreover, Mr.Darmin explains that Bank Indonesia isn’t an optimistic player for Bitcoin – thus doesn’t regulate crypto money as a currency. He claimed that;
“Not the government as a whole. Bank Indonesia also does not regulate crypto money as a currency. That is what our futures exchange does is not as a means of payment. As goods are traded, if you want to buy, just buy it. “
It means that Bitcoin is considered as a commodity and can also be traded on Futures exchanges only and not in the country. However, Bitcoin trading on the futures exchange came into the picture when Bappebti (an Indonesian regulatory agency) issued regulation No. 5/2019 on crypto asset provisions on the futures exchanges.
As of now, cryptocurrency payments in Indonesia will remain illegitimate because lifting the implicit ban on Bitcoin is not the country’s priority at the moment.
Note – Information gathered from CNBC Indonesia source 
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Source: CoinGape

SEC Commissioner Brings another Hope, shares “What Does not Constitute a Security Offering”

Hester Peirce known as Crypto Mom has yet again spoken in favor of cryptocurrencies. Recently, the leaked interviews of SEC Commissioner gave us hope for Bitcoin ETF approval. Now, Hester Peirce, SEC Commissioner is talking about the most crucial aspect that is “security offerings.”
Blockchain-based Networks doesn’t Fit Neatly within Securities Framework
In her latest speech on “Protecting the Public While Fostering Innovation and Entrepreneurship,” she addresses cryptocurrencies that has been challenged by regulators all over the world, along with SEC. Peirce shares that the “very essence” of this space that is decentralization makes regulating it challenging.
The existing securities law are designed with the assumption that “every issuer has someone at the helm who can authoritatively disclose the relevant material information about the organization.” However, Peirce says,
“Blockchain-based networks offer a new way of coordinating human action that does not fit as neatly within our securities framework.”
She further notes that the objective of these projects is to “run on diffuse contributions” instead of centralized entities that run networks. “In the end, there may not be anyone steering the ship.”
“As Director Hinman noted in his speech, it is the nature of the transaction that determines whether an offering of securities has occurred, not the item being sold.”
Director Hinman had said that “Once “a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosure becomes less meaningful” and offers and sales of tokens are no longer subject to the securities laws.”
Whether and How Regulation should be Employed
Giving an example of the Basis project, that returned $133 million in capital to its investors due to not being compliant with the security regulations, she says, “my antennae will go up when apparently legitimate projects cannot proceed because our securities laws make them unworkable.”
Once more blockchain projects mature, she says, clear lines could be drawn. And this delay, she says, “may actually allow more freedom for the technology to come into its own.”
The point is not only the regulation of token sales but also the platforms where they are traded. She also addresses the “great interest” in Bitcoin ETFs where the approach is merit-based regulation, noting that the regulators are “impulsive in running away from anything labeled crypto,” just like investors “jumping blindly at anything labeled crypto.”
She concludes that regulators must think carefully about, “whether and how regulation should be employed,” as there are potential consequences of regulation that involves substituting a government mandate, overruling private arrangements, and the penalty for failure to comply with the mandate.
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Source: CoinGape

Ripple Seeks Regulatory Clarity, Calls European Parliament Member To Speak

In a recently published blog on Ripple official website, Eva Kaili, Member of the European Parliament talks about the Blockchain, Crypto Adoption, and Regulations around. Enthusiastically, she sees Blockchain is a technology with good potential.
Removing Barriers From Adoption
Ripple seeks the mechanism of the European Union towards regulation on blockchain and digital assets by Eva Kaili. She reveals a few positive comments. In fact, talk with Kaili specifically focuses on ‘the mainstream acceptance of the technology as well as the positive approach to regulation by European Union’. Nevertheless, the blog reads that Kaili is keen at removing barriers in blockchain adoption. it says;
Yet, there is still work to be done on the regulatory front and Kaili is passionate about helping to provide the clarity that will help remove barriers to adoption. For the past four years, the Greek MEP has spearheaded a fresh Europe-wide approach to blockchain and digital assets.
Unlike the other members, Kaili is quite optimistic and thus encouraging fewer regulations to foster innovation. She says that;
“We do not want to stop innovation, the resolution is a roadmap to support this very exciting technology. We’ve shown that we are open-minded. Adding that, “We will help you innovate by removing some of the risks.”
Kaili – RippleNet Could Solve it
She recalls how would RippleNet could help over banks. Her mother in Greece had an immediate need for cash and bank transfer would take three working days to transfer funds from Brussels to Greece. She says RippleNet would benefit her with low fees on ‘cross-border payment’ that day.
If I could send it to her using RippleNet, she would immediately receive the payment.”
Funds Released To Encourage New Ideas on Blockchain
So to push forward the innovation, Kaili mentioned ‘the Digital Europe Programme’ which has released €9.2 billion funds to help blockchain-related projects as well. Continuing that she says;
European Commission may have more than €300 million available for blockchain pilots.
With this, she calls ‘Blockchain enthusiasts, Entrepreneurs, institutions to avail the benefit from EU funding. The fund to be used for blockchain-projects will likely connect Europe and the world at large. Addressing Ripple Regionals Audience, Kaili calls ‘Blockchain as Unstoppable technology’.
“By its nature, blockchain technology doesn’t recognize borders,” she says. “It’s unstoppable. You will be disrupted if you don’t try to understand it. Instead, you need to see the potential.”
Besides this, Kaili in 2008 approached the ‘European Commission and the European Central Bank (ECB) to look after ‘European Parliament Resolutions’. Such resolutions were majorly focusing on the sources of crypto-volatility, identify dangers and certainly incorporating crypto for the European payment system.
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Source: CoinGape

VanEck Adds Dozens Pages in Bitcoin ETF Proposal – CEO Set for SEC Approval

The latest report on VanEck SolidX Bitcoin ETF states that around 30 ‘hardcore’ pages have been included in the revised proposal. The very first proposal of VanEck has been submitted to the SEC during June 2018 and has been withdrawn due to Govt shutdown on Jan 23, 2019. However, as Coingape reported, it has again resubmitted with proposed modification on Jan 31, 2019.
ETF with 30 “hardcore” pages
Today, on Feb 08, 2019, a new release by Micky media explains that ‘various pages have been included in the filing’. VanEck’s CEO Gabor Gubacs says on CNBC’s Crypto Trader show ‘we’ve incorporated changes to the proposal’.
“There are some changes on it, we have incorporated changes to the proposal based on regulatory feedback and based on feedback from market participants,” Gubacs said.
Moreover, at this time, the ‘compelling arguments’ and reasoning have been made on how earlier ETF (built other than on bitcoin) has been approved in the past. He certainly says that ‘they have learned’ and made the best effort in this proposal. Mr. Gubacs hints to release correspondence that the firm had with the regulators – this effort was to let the market understand what VanEck learned during the time.
“Basically analogous markets, so like they’re gold and commodities markets and some of the shipping markets… So we have presented some scenarios were the SEC approved an ETF which had less transparency to the market, where pricing in those markets was not as built out as Bitcoin and the custody of the underlying assets were also not as built out,”
According to CEO Gurbacs, VanEck with SolidX and Cboe exchange steps towards including 30 pages to the ETF. These dozens of pages describe their ‘extensive consultations’ carried out since June last year (the time when first ETF proposal submitted). It contains learning and findings from such meetings with regulators and marketers at large.
“Something like 30 pages were added, it’s hardcore analysis on why Bitcoin is ready for an ETF.”
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Source: CoinGape

Wells Fargo Effectively Offline All Day, Nationwide Outage of ATMs and Mobile Banking

Customers are left frustrated as the World’s 2nd-largest bank by market capitalization and the 4th largest bank in the United States by total assets, Wells Fargo suffered an outage Thursday. Headquartered in San Francisco, smoke at one of the bank’s data centers left its customers without access to mobile or online banking and accessing cash from ATMs.
The problem was discovered during routine maintenance by the workers. On its website, the official update read,
“We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience.”
“We apologize to our customers. Online and mobile banking, ATMs and most other services are now available,” reads the latest update.
The bank has restored the ATM services and mobile and online banking systems are operational with a few exceptions viz. “consumer credit card and mortgage balances, that we are in the process of restoring.” Credit and debit cards are up for purchases and its bank branches are operational along with contact center systems but “customers may experience longer than usual delays contacting Wells Fargo’s Phone Bank.”

Customer are Frustrated, Asking for Inconvenience Fee
Reportedly, the incident happened at a data center in Shoreview, Minnesota but Wells Fargo hasn’t commented on the location of the data center. It is yet unknown how many of the bank’s customers were affected but Twitter complaints have been registered nationwide.

Customers are now asking for “inconvenience fee,” as one customer Tweeted, “Wells Fargo is responsible for this and they should cover any late fees generated by their failure,” among others.

The bank has been fined over a billion dollar for its failures in customer services as over the last few years, Wells Fargo has got involved in a number of issues such as scandals over sales practices, putting homes into foreclosure among others.
Well, it got the crypto community sharing why people need to long on Bitcoin and short on Banks as Matt Odell took to Twitter to share,

In the past, Bitcoin proponent, Max Keiser had declared, “Wells Fargo is the syphilis of Wall Street and Bitcoin is penicillin.”
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Source: CoinGape

Australia – Top Regulators Building Pro-Regulation Crypto Industry, Registering 246 Bitcoin Exchange

Australia’s financial authority, AUSTRAC (The Australian Transaction Reports and Analysis) is forming pro-regulations for the crypto industry.
Australia Encourages Pro-Regulations
The recent report indicates that the agency has officially registered 246 cryptocurrency exchanges. Accordingly, crypto trading platforms must get registered with AUSTRAC to provide crypto trading services within the country.
This move expects to intensify the industry credibility and meantime combating the fraud revolving around crypto business. The regulators will oversee the background of exchanges to ensure that it should be free from the future risk of money laundering and other crimes unlike. Adrian Przezlozny who is the head of Australia’s crypto exchange, Independent reserve says that
“We always had the feeling that regulation is important to bring cryptocurrency into the mainstream,”
Per the source, AUSTRAC has already investigated 11 crypto exchanges and also rejected registration for 2 exchanges. However, the reason behind rejection is still out of sight as the regulators deny on clarifying anything. Exchange platforms must be fully compliant with AUSTRAC rules until early October – also they’re expected to report suspicious transactions within the same time.
AUSTRAC spokesperson told the sources;
“We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified,”
Do you think the initiation brings crypto friendly environment? share your opinion with us.
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Source: CoinGape

CBOE’s Revised ETF Proposal likely Enclose SEC’s Guidelines – Says US Attorney

Since CBOE has resubmitted its Bitcoin Exchange traded fund (ETF) in a joint proposal with VanEck and SolidX, it is likely that the revised proposal contains all aspects that the SEC shared them previously.
Revised Filing Might Contain SEC’s Concern
Jake Chervinsky, a lawyer and US Government Defense Counsel who shares frequent updates regarding SEC on crypto regulations, ETF and other such updates also talks about the revised proposal of CBOE. In response to a question that asked ‘if the revised submission’ contains any new or tweaked information, he says; ‘yes, it looks like’.

I haven't had time to go through the proposal in detail yet, but it looks like they incorporated a lot of updates & changes reflecting concerns that the SEC shared with them during the last cycle.
— Jake Chervinsky (@jchervinsky) January 31, 2019

However, the re-submission announcement hit the market when Gabor Gubacs, digital asset strategy head at VanEck shared a tweet on Jan 31, 2019. It is noticed that the new filing comes exactly a week after it had withdrawn the proposal following the US Govt shutdown.

The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document:
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019

Will SEC Approve VanEck’s New Filing?
Moreover, if the filing is approved by SEC, it will enable Cboe BZX exchange to list shares of bitcoin ETF trust. As far as the approval is considered, there is no difference with the timeline as to when SEC will announce its decision. Because it has yet to publish the proposal in the Federal Register to proceed further. In similar regards, Jake says that;
It’s the same timeline as always. First, we have to wait for the SEC to publish the proposal in the Federal Register, and then we’ll know all the dates and deadlines from there.
When the proposal withdrew on Jan 23, 2019, the CEO, Van Eck indicates the reason behind pulling off the application is ‘Government shutdown’. However, the SEC declared February 27 as the probable date to wrap up the decision about the rule change. As per Jake, it is not possible to finalize anything before the deadline but he is quite optimistic that the VanEck ETF to be the first ETF to get approval from the SEC.

It's not impossible that the SEC could make a decision before the final deadline, but as I've said since the first VanEck ETF was proposed last July, I would be very surprised if the SEC approves the first ever bitcoin ETF without taking the maximum amount of time allowed by law.
— Jake Chervinsky (@jchervinsky) January 31, 2019

Nevertheless, Jake continued that CBOE’s decision for new filing is not a waste of time. Indeed it is quite improved. We would more likely receive final deadline in early October, he says.

The timeline for the SEC’s decision won’t be set until the proposal is published in the Federal Register, but assuming that happens soon, we’re looking at a final deadline in early October. Jake tweeted while quoting VanEk’s revised ETF tweet.

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Source: CoinGape

Authorities Caught Fake Website on Deceptive Promotion of National Cryptocurrency

The Monetary Authority of Singapore (MAS) released yet another caution notice on grounds of cryptocurrency. However, this time, scammers ‘allegedly claimed themselves’ as a company, supported by the Singaporean government.
Bogus websites Continue to Emerge
In the latest release, MAS warns the public not to be indulged or misled by the ‘fraudulent crypto firm’ which urged investors towards its scam crypto investment.
These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. They also claim that a firm has been appointed exclusively to market this cryptocurrency.
The firm is pulling off the public’s attention by using ‘fabricated information about Singapore’s government’. Moreover, it claims to launch a cryptocurrency which is an official digital coin of Singapore. Deceitfully, one such article has found on ‘fabricated website of CNBC’ means that the website appears to be very similar to CNBC news media. It falsely states about the official coin Singapore government is launching.
Image Courtesy – MAS
However, MAS didn’t provide the name of the scam firm as such, it hasn’t revealed the domain where the article was published.
MAS also state the website is trying to steal user’s information and urged them to purchase cryptocurrency by sharing their personal and financial details. The announcement reads that;
This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.
Although, this is not the first time MAS caution public against the scam, earlier as reported by Coingape, it has seized the security token offering for not complying with the regulatory procedure.

Singaporean Authority (MAS) halts Securities Token Offering for regulatory breach’ states about unnamed ICO violating the law. #STO #Singapore #Mas #Cryptocurrency #Crypto #bitcoin
— CoinGape (@CoinGapeMedia) January 24, 2019

By addressing the scam venture, MAS alerts citizens against investing in cryptocurrency and digital tokens. It states ‘these are highly risky’. Furthermore, it asks members of the public to report to the police if encounter any such acts.
Members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the Police. MAS concluded
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Source: CoinGape

Outcome of Kik’s Case against SEC will Affect Other Cryptos – Weiss Ratings

Following Kik’s Challenge of SEC in court over its KIN ICO, Weiss Ratings has observed that the decision of the court concerning the case will be of great impact on other cryptocurrencies that have similar underlying technology. According to a post on Weiss Ratings Twitter page,
“Messaging app #Kik is going to court after #SEC deemed its #ICO to be an unregistered security. The outcome will set the precedent on how these tokens are regulated. This is similar tech to that of #XLM and #XRP, so the final result may affect these as well.”
A fight to liberate ICOs?
The SEC has been quite strict on ICOs of recent, closely monitoring their activities. While the SEC considers this an attempt to protect investors within the cryptocurrency space, companies running ICOs consider it a fight against their business.
Kik is this time saying enough is enough as the SEC says Kin, a token owned by the company is not a registered investment. If Kik gets to be favored by the court, other crypto companies with their tokens may just have a slight relief from SEC and not be subject to the same rules as conventional investments. On the other hand, if they lose, well, that will be another story entirely.
What may happen to cryptocurrencies
The cryptocurrency industry has been in the bear market for several months now starting from 2018. Currently, none of the top ten cryptocurrencies are in the green because of another bout of decline that hit the market earlier today.
Many in the crypto community believe this could be solved by bringing Bitcoin ETFs into the arena. The approval, however, has been a long-standing struggle. Is it possible that Kik’s possible victory in court may also pave way for a bitcoin ETF approval soon?
The outcome will be really interesting to find out and the entire industry will be watching with much interest to see how it unfolds.
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Source: CoinGape

What Venezuela’s Power Struggle Could Mean for the Petro and Cryptocurrency

Following news of President Nicolas Maduro’s apparent ouster from power after three turbulent years in charge of Venezuela, there are indications that the ascension of his U.S.-backed opposition challenger Juan Guaidó could spell the end for one of the world’s most curious cryptocurrency experiments.
The Petro has been the source of significant controversy, with Maduro once proclaiming it to be the future of Venezuela, and critics pointing out that it never appeared to actually become operational at any time. While President Maduro has consistently maintained that the economic future of the country was inextricably linked to the government-backed crypto project, some believed that the much-publicized Petro ICO was little more than a means of raising hard currency by a cash-starved regime in charge of a country with the world’s highest rate of hyperinflation.
Yesterday, US President Donald Trump took the unprecedented step of announcing official American recognition for Guaidó – a stance that was quickly adopted by major regional powers including Brazil Colombia and Canada. With the announcement of U.S. support for Guaidó come a few interesting scenarios for the Petro and cryptocurrency usage in Venezuela as a whole.
U.S. – Backed Government Would Spell the End for the Petro
If Guaidó is successful in his bid to conclusively unseat Maduro, the Petro is almost certainly doomed to obsolescence because from the onset, it has been opposed by American authorities. During the ICO, the US government announced that it was illegal for American citizens to invest in it, and in fact, there has never been any evidence that the Petro was listed by any reputable exchange.
The entire reason for the idea behind the Petro was that US sanctions had not only weakened Venezuela’s economy significantly, but they also left the country desperately short of much-needed hard currency, which in part was responsible for the world-leading hyperinflation figures. The Petro was supposed to provide a new source of foreign investment for Venezuela that would bypass the global financial system which falls under the jurisdiction of American authorities due to the dollar’s de-factor status as global trade and reserve currency.
A withdrawal of sanctions and normalization of economic ties would render the Petro superfluous, and American authorities would also be eager to get rid of a project which made a brief if an unsuccessful attempt at challenging America’s global financial hegemony.
Possible Impact on Crypto Adoption in Venezuela
While the Petro’s prognosis does not look good in the event that Maduro is unseated, the same cannot necessarily be said for cryptocurrency adoption in general. Venezuelans are already among the world’s most prolific peer-to-peer cryptocurrency traders, and even normalization of economic ties with the U.S. would not be enough to convince them to drop crypto for fiat.
For one thing, there is unlikely to be an influx of investment on anything close to the scale needed for a full-scale economic revamp. In the absence of such investment, Venezuela’s oil-dependent economy will remain largely unchanged for the majority of the people, which means that the methods of transaction and value transfer that they have picked up over the past couple of years will remain in place for quite some time to come.
Coingape reported recently that Dash has made significant inroads into Venezuela’s consumer markets, tying up deals with retailers and Kripto Mobile, a South American mobile phone manufacturer that sells phones pre-equipped with the Dash ecosystem. Such innovation is unlikely to stop unless Venezuela is literally deluged in a flood of American fiat money – which does not look to be on the cards.
Regardless of whether the Petro survives or dies, it no doubts will remain an interesting reference point in the evolution of cryptocurrencies, and it may, in fact, have already spawned successors in sanction-hit countries like Iran.
Coingape will bring more updates on the Venezuelan situation as it develops.
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Source: CoinGape

Singaporean Monetary Authority Halts ICO Token for Regulatory Breach

An official website of Monetary Authority of Singapore (MAS) has published a report of ceasing a security token offering. According to the statement, the firm wasn’t authorized for a certain offering to proceed under the Securities and Future Act (SFA).
MAS Ceased ICO Offering
The news broke out on Thursday, Jan 24, 2019, via the official website of MAS wherein, the blog post, entitled ‘ MAS halts Securities Token Offering for regulatory breach’ states about unnamed ICO violating the law. However, the name of ICO or the company behind offerings is still out of sight but the agency has warned issuer to stop securities token offerings in Singapore. Moreover, the unnamed token found advertising their products/services on Linkedin openly.
Further, it states that the firm is not supposed to proceed token offering in Singapore until it complies with regulatory regime following Securities and Future Act (SFA). Additionally, MAS addresses investors and caution them to have due diligence before investing.
Reason Behind Halt Order
The same blog also claimed that the firm behind ICO planned on using ‘an exemption in Singapore’s Securities and Future Act’ means that the issuer can sell their offerings to ‘accredited investors’ only. However, with this process, issuers are free to make an offer to these accredited investors (high profile/wealthier investors) without having to register a prospectus with MAS. Through this, investors will gain a right to hold ‘particular number of tokens before they invest’. Having said that, the issuer began advertising their tokens on Linkedin social media. Although, this wasn’t the point for halt, but regulators have caught the ICO’s advertisement on Linkedin was redirecting these investors and the general public (as a whole) to invest in the ICO – which is not permissible in the exemption clause.
As a result, MAS ceased the securities offering of the firm. Following such cases, regulatory frameworks on crypto assets may have more stiffen soon in Singapore. Addressing the issue, Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS said in a statement that;
“Where an offer is made to the public, a prospectus is required to ensure that investors are provided with all the information to make informed investment decisions. He continued,
“Some offers may be made without a prospectus if they are limited to a restricted group of persons or to those who have the means to look after their own interests. Such offers are subject to strict conditions such as advertising restrictions. MAS will not hesitate to act if issuers contravene the disclosure requirements under the SFA.”
Therefore, once the offer is made to the public in large, it must comply with regulations and as such investors must be conversant with all necessary information.
What’s your point on MAS decision on such offerings? share your thoughts.
The post Singaporean Monetary Authority Halts ICO Token for Regulatory Breach appeared first on Coingape.
Source: CoinGape

Unlike CBOE’s Pulling Off ETF, Winklevoss Brothers are ready with a plan for Bitcoin ETF Approval

Bitcoin ETF rejection by SEC isn’t the full stop for Winklevoss brothers, Gemini’s founders have got a plan for Bitcoin ETF approval.
Winklevoss Twins – All set with Plan
While in a heat of government shut down, CBOE is pulling off its long-awaited bitcoin ETF application, on the other hand, Gemini’s twin brothers have outlined the plan to get their Bitcoin ETF approval. Resources reported Mr. Winklevoss (quoting for twins), said;
“The quick answer is (by) answering their call and (requesting) … more market surveillance on the crypto marketplace. We’ve started to do that with the Virtual Commodity Association … and (by) bringing NASDAQ’s smartest technology to our marketplace. Those are the steps in the right direction to getting regulators comfortable with eventually approving an ETF-like product.”
The context is much similar to AXX’s latest move of employing the technology of the London Stock Exchange. As recently reported by Coingape, this technique enhances the interest of traditional investors towards crypto industry and makes the crypto trading platform quite more secure.

@BithumbOfficial Leading Crypto Exchange to Enter US Market following Reverse Merger Technique #CryptoExchange #Crypto #Cryptocurrency #CryptoNews #USA #BTHMB #IPO
— CoinGape (@CoinGapeMedia) January 23, 2019

Winklevoss boldly stepping up in route to gain SEC’s approval, but for CBOE, it’s absolutely not. According to the sources, Chicago board operation, CBOE is withdrawing its proposal for VanEck-SolidX Bitcoin ETF following the repeated SEC delays and the government shutdown. Reportedly, Jan Van Eck, founder of VanEck told CNBC on Wednesday, the 23rd Jan 2019;
“We were trying to do that but we obviously can’t have meetings when they’re shut down,” “Instead of trying to slip through or something, we just had the application pulled.”
Nevertheless, the SEC’s rejection is obviously undesirable – as such, Gemini’s commissioner Hester M.Peirce said that;
“Contrary to the Commission’s determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (“ETP”),”
But Winklevoss twins have a more positive view on SEC’s decision. They believe the rejection and delays are the results of Bitcoin being the new assets. Moreover, they think preserving investor’s interest is the essence of SEC’s work plethora.
“So if the commission is taking a very conservative viewpoint in this regard because it’s really going to be the first of many and open the floodgates, you know, we can live with that’, Winklevoss said
Furthermore, the twins are likely not in rush for SEC’s decision, however, they think the ETF is more than just a product and it’s really big.
“I don’t think it’s unreasonable for regulators to strive for that, it opens a big frontier and it’s got to be opened correctly.”
What’s your stake on CBOE and Winklevoss’s view for Bitcoin ETF? share your opinion with us. 
The post Unlike CBOE’s Pulling Off ETF, Winklevoss Brothers are ready with a plan for Bitcoin ETF Approval appeared first on Coingape.
Source: CoinGape

Cryptocurrencies are More like Assets and Not Currency, says Swiss Central Bank at WEF 2019

During a World Economic Forum in Davos, Switzerland on Wednesday, Swiss National Bank President speaks about crypto assets and said it’s not a currency.
Swiss Central Bank Raising Eyebrows
Every discussion on the growth of cryptocurrency comes with ‘regulation’ at its core. In a similar context, WEF conference (organized for Jan 22 and 25, 2019) gathered the most prominent leaders from fintech and other industries. Speaking at the panel, Mr. Jordan says that he doesn’t really see crypto assets as currency. He states;
“These cryptocurrencies as we know them at the moment are more like assets, not really like currency. As long as we have an influence on the value of this unit of account, so the change of interest rates, the change of the size of the balance sheet, the exchange rate, etc., the power of monetary policy will remain,”.
However, it has seen that the regulators often uncertain about cryptocurrency and its global revolutions. In fact, a recent report indicates that many of such banks don’t see benefit from the cryptocurrencies thus not intending to issue their own. Concerning the similar view, Mr.Jordan further notes that the launch of such digital assets isn’t necessary for policymakers at the moment.
“If central banks really start issuing digital currencies, that will a big have an impact on the functioning of the financial system,” he continued
What do you think about Jordan’s statement? share your thoughts.
The post Cryptocurrencies are More like Assets and Not Currency, says Swiss Central Bank at WEF 2019 appeared first on Coingape.
Source: CoinGape

Breaking – UK’s FCA Consults ‘Guidance on Cryptoassets’, Possibly Flag Certain Crypto Assets

In the midst of increasing heist cases and illicit business models in the crypto industry, UK’s Financial Service Agency (FSA) is proposing a ban on certain crypto products. Accordingly, the agency will release a final statement upon completing the newly released ‘consultation paper’.
What is ‘Guidance on Cryptoassets’ Consultation Paper?
On Jan 23, 2019, an official website of FCA reveals that they are organizing the ‘consultation exercise on Guidance on Cryptoassets’ which has opened from today and will be closed on April 05, 2019. Following the result, the agency will release policy statement in summer 2019.
Key Takeaways;

FCA opened a circular of ‘Guidance on crypto assets’ on Jan 23, 2019
Various crypto-related business, professionals can apply and participate
The proposal will end up in 10 weeks, all feedbacks must be submitted by Friday 05, April 2019
Users can also respond via email to FCA’s official email ID
The consultation paper will open up the better picture of regulatory frameworks for crypto business
The final consultation guidance or feedback box will be published in summer 2019

Image source – FCA’s release screenshot 
Encouraging Better Clarity on Regulation for Crypto Assets
The official announcement reads that this consultation paper is the ‘next step in FCA’s work on crypto assets’. It states;
The FCA has carried out work on crypto assets, both as part of a broader UK Cryptoasset Taskforce and independently to achieve our objectives. This consultation paper is the next step in the FCA’s work on crypto assets and sets out details on where different types of crypto assets might fall in the regulatory perimeter.
Regulator across various countries are at their best to form effective frameworks with better clarity. In contrast, despite the market crash, projects on crypto assets are emerging at a higher level. FCA believes that market participant would need a clear scope in terms of regulatory compliant. Following this, Britain’s FCA is rolling out a ‘consulting on Guidance for crypto assets wherein the key motive is to provide a crystal-clear picture of regulatory parameters to market participants and businesses in crypto space.
Accordingly, the agency will present ‘final guidance’ in summer this year to enusre all crypto players to determine whether their business or activities fall under ‘FCA’s regulatory remit’ to obtain authorization for the same.
We are consulting on Guidance for crypto assets in order to provide regulatory clarity for market participants carrying on activities in this space. The crypto asset market and the underlying DLT technology is developing quickly and participants need to be clear on where they are conducting activities that fall within the scope of the FCA’s regulatory remit and for which they require authorization.
How to Consult & for Whom is it?
The consultation paper would underline the four alternatives for crypto tokens to determine, whether it should be;
• Specified Investments under the Regulated Activities Order
• Financial Instruments under the Markets in Financial Instruments Directive II
• E-Money under the E-Money Regulations
• captured under the Payment Services Regulations
FCA calls almost every player in connection with cryptocurrency to participate in the consultation exercise. If you are the firm involving issuing crypto assets, marketing, trading, holding crypto assets, or a professional adviser, investment managers, recognized investment exchanges, or consumer organizations, you can provide feedback to FCA’s open proposal before 04th April 2019.
Upon collecting all the responses, FCA will present final Guidance in late this year. Consequently, participants involving in crypto business will have a clear scope on whether the crypto assets they’are using are within the regulatory perimeter.
This will alert market participants to pertinent issues and should help them better understand whether they need to be authorized and what rules or regulations apply to their business.
So what do you think about FCA’s effort? Do you think it brings better approach to regulate crypto market? Share your opinion 
The post Breaking – UK’s FCA Consults ‘Guidance on Cryptoassets’, Possibly Flag Certain Crypto Assets appeared first on Coingape.
Source: CoinGape

Spain’s Financial Regulators Blacklisted Cryptocurrency Broker, FX Trading Corporation

Spain’s financial regulators have caught a broker dealing with different assets trading without having prior permission to do so – henceforth blacklisted its trading in Spain.
Unauthorized Trading Caught
The latest report unveils that the financial regulatory body of Spain, CNMV (Comisión Nacional del Mercado de Valores) reviewed the trading activities of ‘FX Trading Corporation’, a financial broker. As a result, the broker is caught providing investment and trading service of digital assets which isn’t authorized within the nation.
Moreover, the details revealed that the firm is not officially registered in Spain which means they’re not supposed to provide financial services to Spain citizens without being compliant with the law. Consequently, FX Trading Corporation has seen violating the law provided under Article 17 of the Securities Markets Law.
Spain Isn’t Against Crypto
It’s not just Spain, crypto history records a number of regulators across various countries which are doing the effort to curb the crypto scams, hacks, and other illicit dealings. However, Spain doesn’t have any specific rules relating to cryptocurrencies but it does follow the suit of other countries. As such, over the past, it has released a series of warnings to caution public against illicit crypto investment and warns companies who indulged in promoting crypto oriented scam schemes.
Additionally, On Jan 14, 2019, CNMV authorities added 23 forex and crypto exchanges to the list of warning and claimed that they don’t carry license to work within the nation. Few of such firms were, Black Parrot Ltd (running domains like,, Bron Fox Ltd, TRADEBNP (operating under domain – and unlike. The statement notes that;
Only registered companies have obtained authorization after proving compliance with certain requirements (sufficient capital, organization and adequate means, etc.) and are subject to the controls of the supervisory bodies.
Further, it is worth to note that the country’s regulators aren’t against the cryptocurrency, indeed Spain counts amongst those EU countries that have signed a declaration to encourage DLTs (Distributed Ledger Technology) across European regions.
What’s your stake of CNMV’s decision of blacklisting FX Trading Corporation? Share your opinion.
The post Spain’s Financial Regulators Blacklisted Cryptocurrency Broker, FX Trading Corporation appeared first on Coingape.
Source: CoinGape