As Cryptocurrencies Lose Popularity, Regulation Isn’t a Priority

Crypto regulation is not a priority for the Russian government since cryptocurrencies have lost their popularity, the Russian prime minister has recently argued. Prime minister Dmitry Medvedev’s comments were reported by Russian news agency Fontanka on May 16. According to Medvedev, cryptocurrencies are not that interesting for the population anymore, which decreases the need for the adoption of crypto regulations. He said: “The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already.” Speaking at an annual international judicial forum on May 15,…

Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies. In summary, a money services business (MSB) needs to register with FinCEN, (which is free and done through Form 107); get an AML compliance policy that specifies what KYC information will be collected (and aims to catch and prevent money laundering and terrorism); designate a compliance officer to monitor transactions and file suspicious activity reports for activity that looks suspicious and file…

Joseph Stiglitz Thinks We Should Ban Cryptocurrencies

Most people know who Joesph Stiglitz is. Some know him as the 2001 recipient of the Nobel Memorial Prize in Economic Sciences; others know him as a vocal cryptocurrency bear. This week, Stiglitz is getting a lot of attention for the latter. In a May 6 interview with CNBC, Stiglitz said we should shut down cryptocurrencies. Here’s everything we know. Joseph Stiglitz on Cryptocurrencies: The Latest This week, of course, is not the first time Joseph Stiglitz, 76, has discussed cryptocurrencies in a negative manner. Back in November 2017, Stiglitz…

Indian Government Again Discussing Ban on Cryptocurrencies: Report

The government of India is said to be renewing its efforts to completely outlaw public cryptocurrencies. A report from The Economic Times on Friday, citing anonymous “government officials aware of details” said that a number of government departments in the country have backed the idea of a complete ban on the issuance and trading of cryptocurrencies. The Department of Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority are all in favor of the ban, the…

You Can Now Donate to the Tor Project in 9 Different Cryptocurrencies

The Tor Project, a digital anonymity-focused nonprofit, is now accepting cryptocurrency donations directly, with donors able to take advantage of nearly 10 different options to send funds. A donations page on Tor’s website with a list of crypto addresses has been available since March 18. Tor fundraising director Sarah Stevenson told CoinDesk that the company had already accepted bitcoin for a number of years. What’s new is that previously, these donations were accepted through BitPay, a company that converts crypto payments to fiat before passing it on to its merchant…

Proof-of-Stake Cryptocurrencies Have $4 Billion in Staked Funds: Diar

An increasing trend in cryptocurrency looks set to continue as major proof-of-stake (PoS) projects launch in 2019, industry newsletter Diar noted in its latest weekly digest on March 18. PoS, an algorithm used in many well-known cryptocurrencies such as Eos (EOS), Dash (DASH) and Tron (TRON), is accounting for a rising amount of value in the ecosystem. This year, half a dozen more PoS projects will launch, Diar notes, on the back of the debut effort from Cosmos (ATOM), a PoS project that raised $17 million in its initial coin…

Major Cryptocurrencies See Slight Gains, Palladium Hits $1,600 for The First Time

Tuesday, March 19 — cryptocurrency markets are mostly trading in the green zone, with Bitcoin (BTC) hovering above the $4,000 mark. Market visualization from Coin360 During the day, BTC has been trading in a narrow corridor between $4,031 and $4,082. At press time, the leading coin is trading at around $4,059, up around 0.62 percent on the day. Today, major cryptocurrency exchange Binance announced that its new service “Binance Lite” will enable the exchange’s Australian customers to purchase Bitcoin with fiat currency from supported newsagents. Bitcoin 7-day price chart. Source:…

Cryptocurrencies Surge 30%-100%. Why Momentum Can Boost Bitcoin Price

Bitcoin has remained relatively stable in the $3,800 to $3,900 range over the past week while crypto assets like Enjin Coin (ENJ), Litecoin (LTC), ICON (ICX), and Kyber Network (KNC) surged by 30 percent to 100 percent. 7-Day Price Chart of Kyber Network (Source: Coinmarketcap.com) Off of the reported partnership between Enjin and Samsung, the price of Kyber Network spiked by 60 percent overnight. In late January, the Enjin team revealed that it integrated Kyber, Changelly, and Bancor to convert 200 tokens from thousands of trading pairs natively on the…

French Financial Regulator Proposes Ban on Anonymous Cryptocurrencies

The head of the Finance Committee of France’s National Assembly, Eric Woerth, is suggesting a ban on anonymous cryptocurrencies, or so-called privacy coins. Woerth expressed his position in a recent report on crypto assets and blockchain technology. In a forward to the report, Woerth considers the introduction of a ban on digital currencies that provide greater anonymity to users, stating: “It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design. […]…

Ernst & Young Introduces Tax Tool for Reporting Cryptocurrencies

Big Four auditing and professional services firm Ernst & Young EY) has launched a tool for accounting and preparing taxes on cryptocurrency holdings, according to a press release published on Mar. 4. The new tool called EY Crypto-Asset Accounting and Tax (CAAT) is designed to improve accounting and tax calculations for digital currency transactions by both institutional customers that have cryptocurrency on their balance sheets and individuals who trade crypto assets on a smaller scale. The service will be available for those who use EY TaxChat and to EY Private Client…