Singapore Announces New AML Rules for Crypto Businesses

The Monetary Authority of Singapore (MAS) is updating its regulatory framework for digital payments. Announced Tuesday, Singapore’s Payment Services Act 2019 (PSA) brings so-called Digital Payment Token (DPT) services – effectively covering all crypto businesses and exchanges based in Singapore – under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules. As such, crypto businesses in Singapore are required to first register and then apply for a license to operate in the jurisdiction.  Similar to the Fifth European Anti-Money Laundering Directive (AMLD5), which went into effect Jan. 10, Singapore’s new rules…

Ripple (XRP) Bulls In Driver’s Seat For A Run To $0.30: Here’s Why

Ripple is slowly rising above $0.2300 against the US Dollar and following both Ethereum and bitcoin. XRP price is likely to continue higher towards $0.2500 or $0.2850 in the coming days. Ripple price is trading with a bullish bias above the $0.2300 resistance against the US dollar. The price tested the $0.2350 resistance and it remains supported on dips. There is a major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to rise further…

This Scenario Will Trigger A Larger Ethereum Rally: Key Levels To Watch

Ethereum gained momentum and broke the key $170 resistance and bitcoin rallied above $9,000. ETH price seems to be forming a larger trend and it could even clear $180. There were decent bullish moves in Ethereum above the $165 and $170 levels against the US Dollar. The price is up around 4% and it is likely to climb towards the $180 resistance. There is a key bullish trend line forming with support near $170 on the hourly chart of ETH/USD (data feed via Kraken). There could be a larger rally…

Bitcoin Price Breaks Through Key Resistance as Traders Target $9.2K

Bitcoin daily price chart. Source: Coin360 Bitcoin (BTC) bulls appear to have found a second wind which allowed them to push the price above $9,000 to daily high at $9,150.  As discussed in an earlier analysis, bulls had been fighting to hold the price above $8,800 throughout the day and multiple attempts at knocking out the $9K mark were held back by $8,963 and $8,985.  BTC USD 6-hour chart. Source: TradingView Traders will now look for Bitcoin to sustain above $9,118.85 in order to flip the $9,100 to $9,200 zone…

Volatility, Illiquidity Threaten BSV’s Newfound Position

Volatility in bitcoin SV (BSV) is raising concerns about the resilience and stability of the world’s fifth-largest cryptocurrency by market capitalization, as ranked by CoinMarketCap. On Jan. 14, at around 00:35 UTC, the price of BSV shot up 6 percent over a 10-minute period and 22 hours later, it was up a total of 139 percent from $196 to $458. A sell-off quickly followed BSV’s rally at around 00:30 UTC on Jan. 15, with the price dropping from $458 to $278. According to some analysts, the cryptocurrency is plagued by…

Coinbase and Ripple Execs Unveil Master Plan to Drive US Crypto Adoption

Two executives at Coinbase and Ripple are leading a push for smart regulations and transparency in the crypto-sphere that would arguably drive adoption and take blockchain technology mainstream.  Market integrity must improve The Market Integrity Working Group’s co-chairs want regulators to grasp how they can advance the cryptocurrency industry. In an official company statement, Coinbase senior director and associate general counsel Rachel Nelson, in conjunction with Ripple’s head of global institutional markets Breanne Madigan, wrote:  “To improve market integrity and provide consumers the confidence they deserve, Congress may need to…

Ditto Music to Launch App Offering Speedy Blockchain Solution

Ditto Music will launch Bluebox, a blockchain recording technology that could be a boon to musicians and distributors alike.  What it’s all about The problem, says Ditto Music CEO Lee Parsons, is that misplaced metadata can end up eating away at the bottom line.  Recently Ditto made a royalty payment of 60,000 pounds sterling ($80,000) to the wrong artist. Parsons reportedly had to pay the correct artist out of his own pocket.  But Bluebox will allow artists to address legal concerns, such as copyright registration, publishing, and mechanical splits. The…

Bitcoin Price Pushes Above $8.8K as Bulls Attempt to Reclaim $9,000

After a pleasant weekly close, Bitcoin (BTC) bulls turned up Monday prepared to push the price to the $9K mark and possibly above. Over the weekend numerous crypto analysts suggested that if the price sustained above the $8,650 resistance Bitcoin would rally to $8,800 to set a daily lower high, consolidate, then make another run at the $9,200 mark.  Bitcoin daily price chart. Source: Coin360 All, except the latter, has come to pass and at the time of writing traders are attempting to push the price through 9,000 but $8,963…

Deutsche Bank Says Digital Currencies Could Be Mainstream in 2 Years

A digital currency could see widespread adoption within the next few years, a new report by Deutsche Bank suggests. Published Monday, the Deutsche Bank report said digital currencies, while only a decade old, have already been shown to have the “potential to radically change payments, banking, central banking and the balance of economic power.” “We believe a new digital currency could become mainstream within the next two years,” according to the report, with both China’s digital yuan initiative and Facebook’s Libra project expected to launch this year. The report said…

Cryptocurrencies Won’t Replace Cash ‘Anytime Soon’

Cash is unlikely to disappear anytime soon despite declining use as a payment method and the surge of digital currencies, Germany’s largest bank says. Deutsche Bank, a German multinational investment bank that previously predicted that cryptocurrencies will replace fiat by 2030, now claims that cash “will be around for a long time” as a preferred method of payment. Deutsche Bank Research issues three reports on the future of payments The bank has forecast a tentative future for cash in one of its recent “The Future of Payments” reports carried out…