Cryptocurrencies are gaining popularity with time. And why shouldnt they? After all, cryptocurrencies have given more millionaires than other fields. With so many people coming out of the cryptocurrencies trade with successful trades and profit, it has attracted the Governments attention.

The U.S Government has issued a bill that states that all the people who are making a profit with the cryptocurrency trades, the taxation may be made depending on what you earn on an individual basis and a business level basis.

Individual Taxation

Here are the conditions that will lead to individual taxation.

1.Location

It is very important to have a secure location for your crypto assets because the location of the assets also plays an important role in reducing the amount of taxes that will be paid. The exchange rate of the crypto assets depends on the location. If the crypto asset are being used for something that the government holds authority over it. Then it might happen that your tax payable may be reduced.

2. Income Tax

When you are trading with crypto assets, whatever profit you make with these crypto assets are taxable. However, if you are not doing anything with your crypto assets, then you are not liable to pay any income tax. But the moment you decide to use those assets to earn profits, you become liable to pay income taxes.

3. Capital Gain Tax

If you are using a capital income for buying and selling crypto assets, then the government will feel that you are investing in the crypto assets and will be liable to pay income taxes on the total profit made on the capital income.

Business Taxation

And if the cryptocurrency trade is being done by a group of people then it falls under Business taxation. Here are the scenarios in which cryptocurrency trade falls under Business taxation.

1.Trading in Exchange Token

When there is a group of people who are investing in buying and selling Exchange tokens, then this will be considered a business. Hence, this will be liable to pay income tax as per the business taxation policy. When there is a company that deals with crypto exchanges for goods and services, then it comes under Business taxation.

2. Corporation tax

While calculating all the profit and losses made by the crypto exchanges, you must track down every crypto exchange made over the last year. And whatever the profit you have made, you will be taxed accordingly.

3. VAT (Value Added Services)

There are some cases where you might have to pay a VAT on the cryptocurrency exchanges. These extra products and goods taxes are also considered on the income tax sheet.

Conclusion

If you are among the business owner that are making deals in cryptocurrency trade, then you are liable to pay income tax on the capital profit.

The tax will be accrued on the value of the cryptocurrencies in pounds, as it is the preferred currency in which the value of crypto coins is calculated. Even if you are converting then into other forms of cryptocurrencies, then also the value of the cryptocurrency will remain the same.

Now that you know what are the taxation processes on cryptocurrency trade. You can also start with crypto trade with Bitcoin Lifestyle.

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Taxation on the Cryptocurrency - Live Bitcoin News

Earlier this week, ZIMBOCASH a local decentralised cryptocurrency- listed their token ZASH on Bithumb Global (a cryptocurrency exchange headquartered in South Korea).

In marketing material, ZIMBOCASH is marketing the ZASH token as a replacement alternative to Zimbabwes flailing Zimbabwe Dollar. A total of 4.5 billion ZASH tokens have been created with 950 million currently in circulation.

The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money.

I believe Philips comments about ZIMBOCASH being perfectly positioned to solve the Zimbabwes economic turmoil are a bit premature. We reached out to ZIMBOCASH to understand where Zimbos in possession of the ZASH token will be able to use it and Philip explained to me that they are developing that network and expect organic use of the ZASH network to grow as the currency environment deteriorates in the country.

For ZIMBOCASH, listing with Bithumb offers the digital currency an opportunity to start making the ZASH token more valuable;

Our first step in establishing value is in getting it listed on an international exchange (Bithumb Global), where there is a market of buyers and sellers. On the basis that there is value derived from a market price it can become something that is used in trade

It is important to note however that Bithumb the exchange in question has been hacked a number of times;

A concern I had after going through ZIMBOCASHs marketing material was how they were going to communicate the concept of digital currencies to the ordinary Zimbabwean something theyll have to do if ZASH is to become a compelling alternative to the Zim dollar.

Philip explained that they have been doing some work on that front but believes ultimately the pain that people experience in a collapsing monetary system will cause people to naturally find alternatives that work.

Right now the clearest incentive to get the token is the fact upon signing up for the token youll get 3125 tokens. The issue with that is the value of those tokens will depend largely on the network in which you can use them. If theres nowhere to use them 3 or 4 months down the line are they valuable?

The elephant in the crypto-shaped room has been regulation or lack thereof. Interested parties would want to know what guarantees there are that the tokens would be safe. If they get the token, will ZIMBOCASH turn out to be another Golix? The expectation is that it wont be a problem since they are currently not regulated locally and not making use of local banks at the moment:

We are not operating through the banking system in Zimbabwe. There is no cash-out or cashin. Zimbabweans are allocated the token directly by signing up at our websitewww.zimbo.cash. There is no charge for signing up. It is similar to signing up for Facebook.

For those who have fears regarding volatility, Philip explained that volatility is to be expected with any currency however they belive that as their network grows stability will increase alongside;

There may be volatility in the price however, all currencies have some level of volatility. Ultimately, as a network of scale grows, the price is likely to become more stable. This is why a reference price on a market is used in trade.

However, with Zimbabwean history, people are used to changing their prices to the market rate. With the current system, people need to mark their prices to a market rate regularly. Our concern isnt what the price will be our concern is that thereisa price. If we get a price, we would have added value to a whole lot of Zimbabweans who have been allocatedZIMBOCASH, who can use it in daily trade.

That has been one of the biggest knocks when it comes to cryptocurrencies. The lack of centralisation seems to come at the price of security and accountability when things go wrong.

At the time of writing ZASH is being distributed solely via internet channels (Bithumb and the ZIMBOCASH website). If ZIMBOCASH is to realize their dream of dethroning the ZW$ as the local currency thats another aspect theyll have to improve to ensure that the Zimbabweans who arent on the internet are also included among those who can transact.

Once you have the currency where will you be able to use it? Right now beyond trading, your options are limited at the time being. In future, ZIMBOCASH will be more useful;

Ultimately, we would like to see people being able to pay for imports denominated inZIMBOCASH. This last step would require a very liquid international exchange where there isnt price slippage when there is acash-out. This is something that needs to develop over time.

Update: An earlier version of this article claimed that ZIMBOCASH was looking to replace the ZW$. This was inaccurate and the intention of ZIMBOCASH is to offer an alternative, NOT a replacement. We apologise to ZIMBOCASH and our readers for the misinterpretation.

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ZIMBOCASH Lists Cryptocurrency Token, Wants To Be Alternative To ZW$ - Technology Zimbabwe

May 23, 2020 at 14:52 // News

The Iranian government has expressed its intention to apply the Prevention of Commodity and Currency Smuggling to cryptocurrency transactions.

Such a move was prompted by the exposure of two cryptocurrency projects as scam schemes. The two exchanges KingMoney and UtByte were advertised for Iranians for international transactions. However, an Iranian cryptocurrency blog IRCC published a warning against these two companies claiming they are fraudsters.

This situation has prompted the government to revise its position about cryptocurrencies as their fear of security issues related to the industry is not groundless.

According to the current regulations, Iranian cryptocurrency exchanges must acquire a license issued by the central banking institution and comply with the current alien exchange trading regulations. It is still uncertain how to apply regulations to exchanges already in operation or exchanges located overseas.

As a result, the risk of the Iranian cryptocurrency industry being subject to legal sanctions by home-grown and US authorities is expected to increase. In the current industry, there is also an interpretation that the regime and legislators are preparing a legal basis to close and punish the Iranian digital currency exchange to control the flow of money.

With the economic situation worsening due to coronavirus pandemic and other trade restrictions, the Iranian administration is concerned about smuggling funds through cryptocurrency and illegal overseas exchange transactions and the US is bypassing Irans international sanctions. That is why the Iranian cabinet issued a proposal to treat digital currency transactions as current regulations on smuggling prevention and overseas exchange transactions.

On the other hand, Iran has conditionally approved cryptocurrency mining operations in the hope of bypassing the sanctions imposed by the US, as reported by coinidol.com, a world blockchain news outlet. The country has even concluded a partnership with a Turkish mining firm, creating favourable conditions for the growth of the industry.

In December last year, the President of Iran Hassan Rouhani together with some Muslim countries including Turkey, Qatar, Indonesia, etc., also promised to create their own central bank digital currency (CBDC) in order to combat the US hegemony. However, they have never gone further with the plan so far despite the growth of interest to CBDC worldwide. Currently, it seems China will be the first country to issue its own CBDC to battle US dominance, as its economy is probably the only one strong enough to combat such a rival.

Nevertheless, the new regulatory framework somewhat contradicts this friendly policy for mining, and now it is also unclear how it will influence the industry and which restrictive measures will be applied to miners for dealing with cryptocurrency.

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Iran to Apply Currency Smuggling Laws to Cryptocurrency Transactions - Coin Idol

LONDON--(BUSINESS WIRE)--Technavio has been monitoring the cryptocurrency mining hardware market and it is poised to grow by USD 2.80 bn during 2020-2024, progressing at a CAGR of over 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report on COVID-19 Impact

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Rising popularity of mining pools has been instrumental in driving the growth of the market. However, declining cost of mining hardware might hamper market growth.

Cryptocurrency Mining Hardware Market 2020-2024 : Segmentation

Cryptocurrency Mining Hardware Market is segmented as below:

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43766

Cryptocurrency Mining Hardware Market 2020-2024 : Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our cryptocurrency mining hardware market report covers the following areas:

This study identifies increasing popularity of ICOs as one of the prime reasons driving the cryptocurrency mining hardware market growth during the next few years.

Cryptocurrency Mining Hardware Market 2020-2024 : Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the cryptocurrency mining hardware market, including some of the vendors such as Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the cryptocurrency mining hardware market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Cryptocurrency Mining Hardware Market 2020-2024 : Key Highlights

Table Of Contents :

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by Product

Customer Landscape

Geographic Landscape

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendor Analysis

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Analysis on Impact of COVID-19- Cryptocurrency Mining Hardware Market 2020-2024 | Rising Popularity Of Mining Pools to Boost Growth | Technavio -...

Over a decade since Bitcoin was first launched, there are now myriad cryptocurrencies on the market, such as NEO, Litecoin and Ethereum, but Bitcoin still remains the most well-known. Cryptocurrency is a form of digital currency, which requires no central banking system. It sits on a platform called blockchain, and Bitcoins are mined in exchange for Bitcoin rewards. Anyone can mine Bitcoin, and because the transactions have to be verified by several individuals, there is no need for a central bank to control it, it is decentralised. But you dont have to mine Bitcoin in order to own it, many people are now simply investing in cryptocurrencies through trading platforms.

But is cryptocurrency a good investment? And if so, will 2020 be a good year to invest? Its certainly been an interesting year so far, and a rocky ride in terms of many investments, with prices fluctuating, largely due to the Covid-19 pandemic. The value of Bitcoin has risen as high as $9,000 and seen a low of $4,000, before gaining ground to $6,600, marking the greatest fluctuations since 2017.

The most recent rise in Bitcoins value, as well as other cryptocurrencies, may have been triggered by US Federal Reserve quantitative easing, an attempt to reduce the damage Coronavirus could cause to the economy. This has led some to move investments into Bitcoin, and other cryptocurrencies, to hedge against the potential devaluing of currency caused by quantitative easing. As there is a finite number of Bitcoin on the market, some believe it should not be susceptible to such devaluing, as the amount of new Bitcoin being mined is always reducing. The increase in demand, and the reduction in supply, should drive up the value, in keeping with the principles of supply and demand, according to experts such as Simon Peters, a crypto analyst at eToro.

Cryptocurrencies first became popular after the economic crisis of 2008, when the value of other traditional shares and investments took a major hit. Similarly, since news of the Coronavirus outbreak first hit, transaction volumes on trading platforms seemed to have increased.

Cryptocurrency trading platforms Binance and MyEtherWallet have also seen increased investment and significant growth. It certainly appears that quantitative easing has been the catalyst for investors to seek alternative options.

But theres another reason to consider cryptocurrency investment in 2020 the Bitcoin halving this May, meaning the number of Bitcoin available will halve. This means less supply, and with the pandemic pushing up demand, some are anticipating a bull run.

If past performance is any indication, a halving is likely to push Bitcoin values up. The first halving in 2012 saw a whopping 8,000% increase in the value of Bitcoin over the following year, and the second one in 2016 saw Bitcoins value rise by 2,000% in the subsequent 18 months.

With no clear end in sight for the current lockdown situation, many businesses are losing value, if they survive at all, so traditional stocks and shares are taking a battering. Could cryptocurrencies be considered a safe haven in 2020? It is a fluctuating market, but steely investors may be prepared to take a punt.

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Is 2020 the year to invest in cryptocurrency? - About Manchester

Bitcoin, the first and leading cryptocurrency in terms of trading volume and market capitalisation, went through its third halving on May 11 2020. This major adjustment to how the cryptocurrency operates has only happened twice before and happens every four years. But what does this actually mean and what impact will it have?

Q: how does bitcoin work?

Bitcoin is a digital currency that makes use of blockchain technology to store and record all transactions. First proposed in a white paper published online in 2008 by a mysterious person (or group of people) called Satoshi Nakamoto. The unique features of bitcoin compared to fiat currencies like dollars or pounds are that there is no central authority or bank. Each member of the network has equal power. This decentralised network is completely transparent and all transactions can be read on the blockchain. At the same time it offers privacy in terms of who owns the cryptocurrency.

Bitcoins are created (or mined) by so-called miners who contribute computing power to securing the network, as well as processing transactions on the network by solving complex mathematical puzzles through computational power. These miners are rewarded for their work processing the transactions on the blockchain with bitcoins. But to combat inflation, Nakamoto wrote into the code that the total number of bitcoins that will ever exist will be 21 million. Right now there are 18.38 million.

The first ever block recorded on the bitcoin blockchain was on January 3 2009 where Nakamoto received 50 bitcoins. In the white paper, Nakamoto specified that after every 210,000 blocks the reward for miners will half. So the first halving took place on November 28 2012 where the miners reward was reduced from 50 bitcoins to 25 bitcoins. The second halving was on July 9 2016 and the miners reward was reduced from 25 bitcoins to 12.5 bitcoins. And the third, most recent halving on May 11 2020 means bitcoin miners now receive 6.25 bitcoins.

Q: Why does bitcoin halve?

Nakamoto has never explained explicitly the reasons behind the halving. Some speculate the halving system was designed to distribute coins more quickly at the beginning to incentive people to join the network and mine new blocks. Block rewards are programmed to halve at regular intervals because the value of each coin rewarded is deemed likely to increase as the network expanded. However, this may lead to users holding bitcoin as a speculative asset rather than using it as a medium of exchange.

Q: What impact does halving have on bitcoin?

The obvious impact is that the amount of newly mined bitcoins per day will fall from about 1,800 to 900 bitcoins and the daily revenue of miners will reduce by half. This decrease in the rate of bitcoin creation tightens supply and some argue will lead to a bullish market and an increase in the price of bitcoin.

Meanwhile, the reduction of revenue for miners may squeeze out miners who are least efficient and therefore the computing power connected to the Bitcoin network may fall significantly.

The previous two halvings led to the most dramatic bull runs in Bitcoins history, although initially there was a brief sell-off. Marcus Swanepoel, co-founder and CEO of Luno, a cryptocurrency wallet which lets you store and carry out bitcoin transactions, believes that bitcoin may achieve a growth of 270% between this and the fourth halving in 2024.

Q: How is coronavirus affecting things?

Although bitcoin has gained more than 20% since the beginning of the year, where this halving may differ from its predecessors is the volatile and uncertain economic environment that it has taken place in. The International Monetry Fund predicted a 3% shrinking of global growth in its April forecast and this is expected to fall further. In the UK, the Bank of England has projected a decrease of 30% in the countrys GDP during the first half of 2020.

Some argue that bitcoins scarcity makes it a potential hedge against fiat currencies that are vulnerable to devaluation in times of economic crisis. But others believe the halving wont necessarily boost its price as people knew the halving was going to happen so it should be already priced into the market activity.

The only certainty is that the growth of new bitcoins has halved. It remains to be seen what impact this will have on the price and interest of this cryptocurrency.

Correction: a previous version of this article incorrectly said Michael Dubrovsky speculated the halving system was designed to distribute coins more quickly at the beginning to incentive people to join the network and mine new blocks.

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Bitcoin halving Q&A: what it's all about and what it means for the cryptocurrency - The Conversation US

If you dont have a formal education in economics or business, then the stock market and cryptocurrency might be, well, cryptic, to you.

Still, just because you arent familiar with these concepts now, doesnt mean they arent worth learning. In fact, understanding how to invest wisely can help you make a profit, increase your business analytics skills, and help you join in on dinner party conversations.

If you want to start investing or need help navigating the current volatile state of the US market, then look no further thanthe Complete Stock & Cryptocurrency Investment Toolkit Bundle.

This training bundle features 11 courses aimed at helping you invest wisely. With more than 54 hours of training included in the bundle, you will learn everything from beginner tips and tricks all the way to trading like a pro. You will learn the most important investing strategies, how to trade penny stocks, the ins and outs of cryptocurrency, technical analysis using Elliot Wave Theory, and even build knowledge around investing in real estate.

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If you arent sure this is right for you, then just take a look at who is teaching these courses. One of the instructors is Chris Haroun, an award-winning business school professor, venture capitalist, and former Goldman Sachs employee who has raised and managed over $1 billion in his career. Additionally, you will learn from Mubarak Shah, a penny stock trader who founded InPennyStock, one of the fastest-growing educational Penny Stock Trading community sites in the world. You will learn from Symon He, a highly-successful real estate investor, and Jerry Banfield, an entrepreneur with a decade of experience. With teachers like this, it is safe to say you will be in good hands.

Usually, The Complete Stock & Cryptocurrency Investment Toolkit Bundle would cost you a whopping $1,815, but you can score it right now for as little as $39.

Excerpt from:
Learn how to invest in the stock market and cryptocurrency - New York Post

They all support developing rules to bolster the industry's credibility and jettison its Wild West image, but there is no consensus on a path to get there, including on issues like creating a self-regulatory organization.

Chicago and New York have long battled for supremacy in financial markets. At stake now are billions of dollars in digital assets, such as bitcoin, and more participation in the industry, which has grown in popularity as the pandemic undercuts major economies and government currencies.

"Whenever everything shakes out, there will be one (regulatory organization) standing that's probably cobbled together from the three or four initiatives that are out there, but for the time being, we are going to push forward with the mindset that (Chicago's) is the one," says Matt Lisle, general counsel at Chicago-based cryptocurrency lender Drawbridge Lending and one of the informal leaders of the Global Digital Asset & Cryptocurrency Association.

The Commodity Futures Trading Commission and Securities & Exchange Commission share authority to thwart fraud and manipulation in the cryptocurrency market, but they don't have general regulatory oversight, except at CFTC-regulated exchanges. CFTC Commissioner Brian Quintenz has encouraged the industry to develop a self-regulatory organization, or SRO-like entity, similar to the Chicago-based National Futures Association, to fill that gap. That would bring more protections for consumers, he says. "I don't think it's a prerequisite to establishing market integrity, but it helps expedite it," Quintenz says.

MORE THAN A FAD

Getting everyone on the same page won't be easy. There are hundreds of cryptocurrencies, and they are decentralized by definition. The distributed ledger technology that underpins most of them hinges on an open international network of computers that collectively track their value.

Cryptocurrencies are turning out to be more than the fad some believe them to be. The pandemic has given new life to the most popular cryptocurrency, bitcoin, which more than doubled in value so far this year. Trading in bitcoin futures contracts at Chicago exchange giant CME Group has also surged, with average daily volumes up 40-plus percent over last year, through May 6.

With its legacy of creating new trading markets, Chicago became a hub for the industry in recent years. While it had setbacks, with some operations shutting down, new ventures have sprung up, including Bitnomial. That cryptocurrency exchange, led by founder and CEO Luke Hoersten, won regulatory approval this year. Accelerator DeFi Alliance also launched this year, with backing from DRW Trading.

DRW's Cumberland cryptocurrency unit supports New York's Association for Digital Assets but is working with multiple groups on a regulatory ecosystem. Cumberland's director of strategy, Brian Melville, says: "We believe having clear, sensible rules is an important and necessary step in the development of this emerging asset class," he says in an emailed statement. "We expect that some associations may merge as the discrete issues they are addressing start to converge."

The Global Digital Asset & Cryptocurrency Association effort grew out of a Chicago event last year sponsored by Fintank, a local fintech booster. With a plug there from then-Mayor Rahm Emanuel, Drawbridge's Lisle joined with K&L Gates attorney Cliff Histed, a former CFTC lawyer, and Gabriella Kusz, a former World Bank executive who has consulted with SROs, to spearhead the Chicago group.

As part of a larger, 16-member committee, they crafted a cryptocurrency industry code of conduct over the past couple of months and circulated it to a broader group of about 40. In developing the code, Lisle says they cribbed from the foreign exchange market. A distinguishing feature of their approach is a related arbitration system that will allow market participants to resolve disputes before a panel of their member peers. "This new group wants to create an SRO with teeth," Histed says.

To lure members, the associations will have to strike a balance between serving the industry's needs and enforcing the rules. Self-regulatory regimes suffer when member conflicts of interest go unchecked.

Kusz emphasizes that the Chicago group is taking a grassroots approach and soliciting input from a wide array of market participants. The New York organizations have cultivated support from a narrower range of interests.

The Virtual Commodity Association was launched by cryptocurrency exchange Gemini Trust, which appointed one of its top executives, Yusuf Hussain, as the association's president. VCA agrees with the need for industry self-regulation and is seeking SRO status, he says. "When regulation is done right it can pave the way to healthy and sustainable markets," Hussain testified before the CFTC technology advisory committee in February. "Regulation is the pathway to building trust and broader market adoption."

The Association for Digital Assets, which also testified before the CFTC committee, is backed by a handful of trading firms and other market participants, such as Cumberland and Hudson River Trading. It doesn't necessarily believe that a self-regulatory organization is necessary and doesn't want to disrupt the market's unique non-institutional aspect, says Brad Vopni, a founding board member of that association and a top Hudson River executive. "It's not a perfectly clear path as to what the optimal outcome is," he says in an interview. For now, he expects the associations will be both collaborators and competitors.

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The Global Digital Asset & Cryptocurrency Association in Chicago wants to be the one to regulate digital currencies - Crain's Chicago Business

Brazils Administrative Council for Economic Defense (CADE) has voted to reopen its investigation into the closure of crypto exchanges accounts by the countrys banks. Some of the lenders under probe include Banco Santander Brasil SA, Banco Bradesco SA, Banco do Brasil SA, Itau Unibanco Holding SA and Banco Inter and Sicredi.

The antitrust and competition body started to investigate six of Brazils biggest banks in 2018 after they suspended accounts belonging to crypto firms without explanation and refused to discuss the decision. CADE took on the investigation following a complaint from cryptocurrency exchange Bitcoin Max that saw its bank accounts closed without explanation by Banco do Brasil and Banco Santander.

The Most Diverse Audience to Date at FMLS 2020 Where Finance Meets Innovation

Duringthe initial investigation, whose results are not yet known, the CADE accused major banks of imposing restrictions or even prohibiting access to the financial system by cryptocurrency brokerages. The banks denied the charge and referred to concerns of illicit activities as reason for refusing access, saying crypto accounts were closed as a security measure to prevent money laundering.

FBS Has Added New Pharma Stocks with Intense Growth RatesGo to article >>

A ruling from Brazils Federal District Court ordered the reopening of cryptocurrency exchange Bitcoin Maxs bank accounts and promised to fine banks should they fail to comply with the judgement. Instead of denying banking services to crypto startups, says the court, banks must look into each case for its potential to engage in illicit activities.

Brazilians have notmissed the cryptocurrency trend and the country has been a hive of activity related to crypto assets. Within Latin America, the nation was the cryptocurrency ringleader both on the regulatory side and on the development side. As it now stands, the countrys financial watchdog, the CVM, bans regulated investment funds from trading in the virtual asset class.

Brazils move towards cryptocurrency regulation took a step closer last year after the countrys parliament established a commission to consider the matter. Although theirnew president lacks basic knowledgeabout what Bitcoin actually is, still the country has been the biggest cryptocurrency hub in Latin America and generates the highest turnover in all the region.

Under the previous laws, crypto exchanges and other businesses serving as middlemen can provide the data on their clients voluntarily, but after the new legislation was introduced, they cant refuse or appeal the authorities requests to turn over information.

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Brazil Antitrust Regulator Revives Probe into Banks Ban on Crypto Firms - Finance Magnates

ISIS is using cryptocurrency platforms to conceal donations and get around financial security measures, experts have revealed after a surge in advertising for donations.

They fear the terrorist groups missing $300 million (Dh1.1 billion) war chest could have been transferred into a digital currency to hide it from the authorities.

Last year ISIS used cryptocurrency to fund the Easter Sunday terrorist attack in Sri Lanka, which killed more than 250 people when suicide bombers attacked churches and hotels in quick succession.

The Counter Extremism Project, a think tank, tracked the trend in a new report, Cryptocurrencies and Financing of Terrorism: Threat Assessment and Regulatory Challenges, launched in an online seminar on Monday.

Its director, Hans-Jakob Schindler, who has worked in the UNs security council monitoring unit for ISIS and Al Qaeda, told The National the authorities have searched for the groups missing war chest since 2017.

Im wondering if from 2017 to 2020 there has been $300m that we have not found and thats why Im thinking this might have been one of the ways it might have been used, Mr Schindler said.

This would be an ideal storage mechanism until it is needed. If done right, it would be unfindable and unseizable for most governments.

ISIS is believed to be the first terrorist group to be prosecuted in court for cryptocurrency activities.

US teenager Ali Shukri Amin was jailed for 11 years in 2015 for providing ISIS supporters with an online manual on how to use Bitcoin to conceal donations.

Mr Schindler said there had been consistent cases of ISIS and Hamas using cryptocurrency since 2014.

From the get go, ISIS has been clearly interested in what can be done with this new technology, he said.

Dr Schindler said that when digital transactions were broken up into smaller transactions it was next to impossible for them to be traced back.

Cryptocurrency is good for terrorists if they become public because it enables more people to fund them without running the risk of being discovered or stopped, he said.

Dr Schindler is urging EU governments to collaborate on a regulatory framework for tighter regulations.

For once you can be ahead of the curve and have time now to work on regulations before it becomes a $100m problem, he said.

Yaya Fanusie, of the Foundation for the Defence of Democracies think tank, has been studying terrorist groups use of cryptocurrency since 2016.

Mr Fanusie said he first noticed a rise in advertisements for digital donations on crowdfunding sites.

He said the publication of ISISs digital currency handbook in 2014 was an important milestone.

It shows exactly when supporters of the group looked at ways to make money throughout the world for the ISIS battlefield, Mr Fanusie said.

It has grown in sophistication. Instead of one blockchain address there are multiple addresses that are difficult for law enforcers to track.

"We are talking software you can download and you do not have to go through an exchange.

He said the saving grace so far was that people need to cash out and that limits their movements.

We are going to have to be ahead of the game, Mr Fanusie said.

Last year a report by US security group the National Security Research Division called for international co-operation between law enforcement and the intelligence community in dealing with the problem.

The speed at which these technologies are adopted, and the details of which technologies are used and how they are deployed, are critical uncertainties that have important operational impacts, it said.

This analysis suggests that regulation and oversight of cryptocurrencies, along with international co-operation between law enforcement and the intelligence community, would be important steps to prevent terrorist organisations from using cryptocurrencies to support their activities.

Updated: May 19, 2020 02:51 AM

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Fears missing ISIS millions are hidden in cryptocurrency ready for use as war chest - The National