Category Archives: Cryptocurrency

For the last several years, the IRS has effectively had carte blanche on governing cryptocurrency (crypto) tax rules, even though nothing specific to crypto has ever been written into law. By virtue of the ongoing negotiations of the infrastructure bill, Congress has finally come around to writing crypto tax law into the Internal Revenue Code by revising the outdated language of the term broker and also providing a definition for digital assets. While the proposed definition of digital assets was fairly self-explanatory and not controversial, the finagling with the term broker when it comes to crypto has effectively started a war.

Initially, the thought of having clear, common sense regulations of tax reporting by various crypto exchanges was not a surprise. To many it was widely expected. However, those non-threatening expectations came crashing down once the bill language was released to the public on the expanded definition of a broker to determine which crypto businesses would have to prepare burdensome year-end tax reporting requirements to its customers (e.g., 1099s), similar to regular equity investment brokers. The expanded broker definition included the following insertion: any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets."

The uproar from this proposed language was deafening from the individual bitcoin miner to the largest corporations and household-name business leaders. Pro-crypto senators on a largely bipartisan basis expressed outrage at the broad language of this provision through various media interviews and tweets. For those that understand the intricacies of blockchain, they realize that it is not just about buying and selling digital assets similar to standard stock trading. There are multiple noncustodial services of a blockchain that could technically fall into the above definition such as crypto miners and validators, smart contract service providers, DeFi platforms, non-fungible token (NFT) marketplaces, and even certain software and protocol developers. Many of these businesses obtain their consideration through fractional shares of certain crypto (such as Bitcoin or Ether), and not direct compensation from a known customer. The prospect of having all of these industries provide year-end tax reporting to each individual involved in a crypto transaction (such as dates, cost basis and proceeds of each transaction) would not only be oppressive, but would unwind several privacy and confidentiality elements one of the pillars of blockchain. Some lawmakers have cautioned it could suffocate innovation in the U.S. or push crypto businesses to look elsewhere. Ironically, such tax reporting requirements on all ancillary crypto businesses may not even contribute one dollar of income tax revenue, which runs counter to a key funding goal of the infrastructure bill.

As the conflict raged on and senators heard the pleas from the crypto universe, a hero amendment emerged from the fog. The Senate came to an apparent unanimous consent to update the language of the broker crypto addition that essentially puts the proposed tax reporting requirements in the hands of crypto exchanges, such as Coinbase, and non-exchange crypto businesses would be largely exempt, including miners, validators and software developers. When it appeared certain that all 100 senators would vote in favor of the new amendment, which is required in this case and not merely a majority, it was defeated by Richard Shelby (R-AL) who would not vote in favor of the amendment without getting an extra $50 billion of new military infrastructure spending a separate request that was ultimately denied. Although senators shook their heads at this move, there was nothing that could be done in accordance with Senate rules. Therefore, the bill could only pass with the original crypto language (as shown above) and we are back to square one in the battle as the House now takes over.

The good news is that although the Senate failed to amend the broker provision regarding crypto exchanges, the Congressional Blockchain Caucus in the House (made up of about 30 members) has already stated they are prepared to roll up the sleeves and update the broker language so it gets included in the eventual House version of the bill. Assuming passage in the House, the bill would then go to Conference Committee, where the Senate and House work out any language differences on each version of the bill. Knowing that 99 Senators already voted yes to the amended crypto tax reporting language to focus on exchanges, there would appear to be a low chance of failure.

Even if the crypto tax reporting rules ultimately stay broad in the final version of the infrastructure bill, the tax reporting changes are not slated to take effect until 2024. This scenario would allow plenty of time for a new bill to be crafted that could revive the more favorable amendment noted above, or at least provide crypto companies with a necessary time cushion to prepare. If Congress fails to act, it could act as a catalyst for crypto companies to look outside the U.S. and setup operations in friendlier locations.

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The Battle in Congress for Cryptocurrency Tax Reporting Rules Who Will Win? - eisneramper.com

Investing in cryptocurrency can be as easy as a few taps on your phone, and with crypto all over the news and coming up in conversations with friends, it's tempting to dive right in.

However, depending on your financial situation and appetite for investment risks, crypto might not be appropriate for you right now - or ever.

"I am the biggest crypto hippie you'll talk to in a very long time," says Tyrone Ross, CEO of Onramp Invest, a cryptoasset platform for registered investment advisors. And yet, he cautions against it. "I don't think the general public should be investing in crypto".

Picture your finances as an ice cream sundae, with crypto as the cherry on top. It makes up a small proportion of the overall sundae, and not everyone wants one.

And before you fish that cherry out of the jar, you need to assemble the rest of your dessert. In non-ice-cream terms, that means creating a strong financial foundation and learning everything you can about crypto before you put any real money in.

First and foremost, you need to prepare for those times when things don't go as planned.

Over the past year, workers who lost income because of the pandemic had to tap into savings, take on debt or enter into hardship programs to afford their bills. This time has been a stark reminder of the importance of having an emergency fund.

"When you're young, you can feel like Superman or Superwoman, but when the bubble happens, you could easily be out of a job for nine to 12 months," says Theresa Morrison, a financial planner in Tucson, Arizona in the US. "Don't underestimate systemic shocks to the market".

Morrison recommends saving up six months of living expenses if you're single, or around three months if you share expenses with a working spouse or partner. But stashing away even a few hundred dollars can be helpful when you're faced with an unexpected expense. And if you have any high-interest debt, like credit card debt, paying this down can further strengthen your financial position.

Review your insurance coverage, too, because these policies can provide much-needed money during difficult times. Life insurance can be especially important if you have dependents.

Once you have money set aside for emergencies, begin thinking about your short, medium and long-term financial goals. Retirement is, of course, a big thing to save for, so contribute to retirement accounts (especially if you have access to a plan with an employer match). But set specific savings goals for other major life steps.

"Most people want to travel every year, buy a house in 10 years, get married in 10 years. These things cost money," Morrison says.

"Put down how much it'll cost in today's terms and figure out how much to save out of your paycheck every month. From my experience, that alone can be $1,000 (1,164) a month".

You've got the money and you're ready to jump on the crypto bandwagon, only you have no idea how someone even buys crypto. Or how it will fit into your overall financial plan. Or if it's too risky for you.

Time out. Don't do anything with your money that you don't understand. Dedicate some time to learning everything you can about crypto.

Understanding the mechanics is important, but so is learning what kind of investor you are, because that also affects the kinds of investments that would be a good fit for you.

"There's a process you have to go through to determine if this new asset class is right for you. What's your plan? How old are you? What are your goals? How tech-savvy are you? Do you understand what it means to hold these assets and have them not be insured? If something happens to you, who in your family knows about this stuff to retrieve it?" Ross says.

"People don't do the right due diligence before dumping money into something. I know that's not the sexy answer, but it's the truth".

Once you have a grasp on how it all works, you can begin to think about allocating some of your excess cash (after you pay your bills and meet your monthly savings goals) toward crypto. But keep your investment totals small and manageable. Ross recommends investing up to $500 (582) or so. This way, even if you lose it all, it's an amount you specifically budgeted.

"If you invest in crypto, think of it as dead money. Money you'll never get back," says Danny Lee, a financial planner in Denver.

"At the end of the day, it's going to be a speculative investment".

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These are the three things you need to know before investing in cryptocurrency - Euronews

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The US has one of the lowest cryptocurrency adoption rates, according to Finders global cryptocurrency adoption report, which compares ownership rates across 27 countries.

A survey of over 42,000 people across the 27 countries reveals that just 9% of Americans report owning cryptocurrency, which is 10% less than the global average of 19%. In fact, the only other country with a lower adoption rate than the US is the United Kingdom at 8%.

How do these low numbers compare to the rest of the world? Lets take a look at some major markets.

Countries in Asia took the top five spots in the adoption rankings list:

Of the European countries included in the study, Belgium had the highest percentage of adults who reported owning cryptocurrency (26%). Italy and the Netherlands are the only two other European countries to have an above-average adoption rate. Germany, on the other hand, is far below average with an 11% reported adoption rate.

The three North American countries surveyed the US, Canada and Mexico all have below-average cryptocurrency adoption rates. Canada and Mexico are both sitting at 14%, which is lower than the global average but higher than the USs rate.

In line with global trends, men in the US are much more likely to own cryptocurrency than US women, with 12% of US men having reported owning cryptocurrency compared to just 6% of women, according to the report.

Of all the coins included in the study, the gender gap is most pronounced for Bitcoin (7% for men versus 2% for women). This is similar to a trend that can be seen across tech, but hopefully a push for more women in STEM fields will balance this over time.

Younger Americans are the most likely to own cryptocurrency, according to the report. Those between 25-34 years of age reported the highest ownership rates at 14%, followed by those aged 18-24 and those aged 35-44 (13% each).

The indication that younger adults are the most likely to own cryptocurrency is also reasonably consistent with global trends.Whether that is driven by a distrust of traditional systems, a quicker adaptability to new tech or something else entirely is currently unknown.

Zak Killermann is a writer atFinderwhos been specializing in cryptocurrencies and blockchain technology for four years, covering everything from ICO booms to crypto winters, memecoins and more. Hes mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zaks focus is on breaking down technical concepts (like yellow papers) for average folks to digest on their morning commutes. Before diving into all things crypto, Zak contributed to Finders money transfers vertical.

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America Is Behind on Cryptocurrency Adoption: Report - The Daily Hodl

With demand for cryptocurrency, there also began a surge over cryptocurrency hacking. And since Bitcoin and Ethereum are gaining popularity, hackers are targeting these currencies to take advantage of the valuable assets. But how to keep your cryptos safe is the point here. So, the article discloses quick 10 ways to protect cryptocurrency investments. Lets quickly dive into the article to know more.

As online wallets are growing day by day, the chances of hacking your digital wallet also tend to grow. So using offline wallets should be used to store the majority of the users cryptocurrency by just placing a bit of currency in the online wallet.

Most people reuse passwords across their accounts, this method can put you at risk since the hackers may take advantage of your vulnerability. So setting a strong and unique password that is unlike the passwords of other accounts can secure your cryptocurrency account to a great extent. Also, it is vital to use two-factor authentication to be enabled for reducing the risk of getting hacked. This is one of the ways to protect cryptocurrency investments safely.

Before directly investing in cryptocurrency platforms, investors should also take a look at the security features that the platform is offering to secure their data. Choose a notable cryptocurrency wallet that has multifactor authentication and encryptions before making transactions.

Several investors of the cryptocurrency use mobile apps to manage it, and here your account can be hacked due to mobile phishing stealing your mobile credentials. So using antivirus software for their smartphones and tablets has been increasing due to people realizing its importance.

A crypto wallet is just not data and code but holds great value in terms of assets and money. So be aware of how you use it for the transactions and ensure that the networks and systems are not compromised in any case. This is one of the ways to protect cryptocurrency safely.

As most people investing in cryptocurrency have no firm technical background in the field, it is your responsibility to protect your money since banks are not at all responsible for it. The three most vital components to learn regarding cryptocurrency are secret key protection, recovery seed protection, and crypto-miner malware protection. These components can help you to a great extent.

The secret keys are personal, at any cost, this must not be disclosed to any people. The safe way to store your private key is through cold storage. It is printing your keys and erasing all the traces of the digital ways.

The other means of stirring bitcoin are through wallets on either laptops or desktops. Avoid using wallets hosted by the providers this can sometimes result in hacking by taking control of your cryptocurrency account. So rather use a hardware wallet to store private keys and details.

As cold wallets are entirely offline, they are required to write down the private address on the paper to which the owner has access to secure stored cryptocurrency. Here the drawback of a cold wallet is constantly transferring funds between exchanges and this can incur repetitive withdrawal fees too.

Retail investors using hot wallets can make things easier but this also resulted in the loss of significant funds following the successful breach of an exchange. The number of funds they need access to should also be closely monitored and evaluated. As hackers targets will always be retail investors, they should use proper storage processes to avoid hacking threats.

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Quick 10 Ways to Protect Cryptocurrency Investments from Hacks - Analytics Insight

Theres one question on the lips of every cyber surfer trying to gauge the crypto wave: does anyone actually know what a blockchain is? Shit You Should Care About tries to answer this question and many others.

On January 3rd 2009 the genesis block the first ever block of bitcoin was born. Just a few days later Captain Chesley Sullenburger would land a plane on the Hudson River. In a few months the swine flu pandemic would begin. That makes bitcoin 12 years old, Gen Z, and a Capricorn.

Ah, Bitcoin. The technology, the philosophy, the ecological nightmare. Over the past couple of weeks the Instagram wunderkinds at Shit You Should Care About have taken us Extremely Online to explain the mysteries behind cryptocurrency specifically, bitcoin. Here, we condense their findings.

What is bitcoin?

Its money. At the time of writing, one bitcoin is currently worth about NZ$70,500. You do not have to buy or sell one whole bitcoin. If a dollar is a bitcoin, a cent is a Satoshi one Satoshi is currently worth NZ$0.00071072.

What is the blockchain?

OK, youve got me there. Bitcoin isnt just money, its also technology blockchain technology. Basically, every time you send a bitcoin, that transaction is recorded. Its recorded as a block which becomes part of a chain of blocks. You can follow this chain of blocks all the way along and see every transaction that bitcoin has ever been involved in. This is the blockchain, a public ledger of transactions.

Although the ledger is public, what youve done with the bitcoin is private. If you bought an apple, that wont appear on the ledger. Instead you would see code in its place. Thats why bitcoin is used on the dark web people can see that youre buying, but they cant see what youre buying.

Who invented it?

The mysterious person or persons known only as Satoshi Nakamoto. Was it economic sociologist Vili Lehdonvirta? Award-winning mathematician Shinichi Mochizuki? Inventor of the Silk Road (and subsequent convicted felon) Ross Ulbricht? Cryptographer Nick Szabo? Were they all in some kind of tech supergroup together?

It could be a systems engineer actually called Satoshi Nakamoto, or the guy who lived a few blocks down the road who happened to receive the first ever bitcoin.

Long story short: we dont know, and we might never know.

Why was bitcoin invented?

Embedded inside the genesis block was a recent news headline: The Times Jan/03/2009 Chancellor on brink of second bailout for banks. This has been interpreted as a criticism of the current banking system.

Bitcoin and other currencies like it known as cryptocurrencies because the technology is born from a field of work known as cryptography are part of something called cypherpunk. Its like cyberpunk but less cool. Think more Dan Brown than Johnny Mnemonic.

Cypherpunks believe currencies like bitcoin will return power to the people by taking finance out of the hands of central banks and governments. With bitcoin, you dont need to send money to someone via Kiwibank or BNZ you can just type their wallet address right into your phone. This is called decentralisation.

Some people see crypto as a safe haven because fiat currency (what we normies use) is subject to endless inflation.

But its not a safe haven for the roughly 40% of people that dont have access to the internet; and its not able to be spent in many places. We dont even know how to properly tax it yet. Maybe one day the decentralised dream will be realised, but now is not that time.

How do bitcoins come into existence?

Bitcoins are mined using computers, with a process called proof-of-work. The computers try to guess what a mysterious number is, and the first one to guess it receives the bitcoin reward block. They did some work, and got a coin.

Using technology means, obviously, using power. Thats why in one year, worldwide bitcoin mining operations use the same amount of energy as the entire electricity consumption of Sweden.

The reward block contains multiple bitcoins, and these are usually spread out amongst many miners whove chosen to pool their efforts and combine computer power. The genesis block, also known as block zero, was the first block to be mined. It had a reward of 50 bitcoins. This would now be worth over NZ$2.6 million.

Every 210,000 blocks mined, or roughly every four years, the block reward is cut in half. This is called the halvening, and there have been three so far: one on 28 November 2012 (25 bitcoins per block), one on 9 July 2016 (12.5 bitcoins per block), and one on May 11 2020 (6.25 bitcoins per block). There are 21 million bitcoins in total, and the final one will most likely be mined around 2140.

What does all this have to do with that dog I keep seeing on coins?

Meme coins, sometimes called shitcoins, are cryptocurrencies too. Theyre kind of like bitcoin but shit. Well, thats subjective. Elon Musk can tweet and send dogecoin skyrocketing in value, but hes also done the same with bitcoin.

Some cryptocurrency users arent in it to stick it to the man. For some its a get-rich-quick scheme by buying into volatile coins like dogecoin as though theyre stocks and shares. For others, taking the crypto plunge is an acknowledgment that, really, no money is real. Its all ridiculous.

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WTF is cryptocurrency? - The Spinoff

There is no dearth of technical terms in cryptocurrency trading. One of the reasons for this is the relatively new nature of the market. However, in many ways, trading in cryptocurrency is similar to trading in equities or stocks. Both are speculative with a varying degree of risks and investors in both markets often depend on their reading of a few parameters to gauge the overall trend. One of these parameters is pivot points. Investors calculate these points based on the high, low, and closing prices of previous trading sessions to see whether they should stop or double down on their investments.

A pivot point is found through technical analysis and is an indicator of the overall trend of the market. It is simply the average of the high, low, and closing prices from the previous trading day or session. If the market the next day runs above the pivot point, it is considered that the market is showing bullish sentiment. If not, it could be time to stop and rethink your investment strategy.

When pivot points are combined with other technical tools, they throw up a broad picture about an asset, as well as the support and resistance levels during a short-term trading session.

Pivot points can be calculated in several ways. But the most common of them is a five-point system. This method uses the previous session's high, low, and close data along with two support levels and two resistance levels. Using these price points, a pivot point is calculated. The equation for calculating a pivot point is given below.

Pivot Point = (Previous High + Previous Low + Previous Close) divided by 3

Support 1 = (Pivot Point x 2) Previous HighSupport 2 = Pivot Point (Previous High Previous Low)

Resistance 1 = (Pivot Point x 2) Previous LowResistance 2 = Pivot Point + (Previous High Previous Low)

These results are used to plot a course for five levels: two resistance levels, two support levels, and a pivot point. Collectively, the method is known as the five-point system. This system allows traders to define an area where the price seems most sensitive and is likely to cause a shift in the market sentiment.

The common practice is to use pivot points for smaller time frames at most for 4-hour charts and for as small as 15-minute charts.

There are five types of pivot points. Apart from the pivot point finding method discussed above (Standard Pivot Point), there are Camarilla Pivot Point, Denmark Pivot Point, Fibonacci Pivot Point, and Woodies Pivot Point.

Instead of relying on the current price movement, the pivot point system makes use of the previous day/ session's price data. This approach provides traders with an early signal of the things to come so they can plan accordingly. The pivot points remain static until the start of the next trading session.

Experts say pivot points are suited only for intra-day trading as they are based on simple calculations and may not hold true during swing trading. Also at times, volatile price movements can completely disregard pivot point predictions. When volatility is high, experts say it's best not to depend on pivot points as price fluctuations are rapid and wide for any predetermined calculation strategy.

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Cryptocurrency Predictions: What Is Pivot Point and How Is It Calculated - Gadgets 360

RANDY HUTCHINSON| Better Business Bureau

You can hardly pick up the financial section of the newspaper or visit a financial website without seeing a headline about Bitcoin or another cryptocurrency. As I write this column, these articles are on one website:

The FTC says theres a Wild West vibe to the crypto culture, and an element of mystery too. Investopedia says some people compare cryptocurrencies to the fad for Beanie Babies in the 1980s. It says others draw analogies to Tulipmania, a 17th century speculative bubble in which the average price of a single tulip exceeded the annual income of a skilled worker.

Crooks exploit the headlines to make their scams more believable. According to a new FTC report titled Cryptocurrency buzz drives investment scam losses, nearly 7,000 people reported losses of more than $80 million to the FTC in cryptocurrency scams from October 2020 to May 2021. That was about twelve times the number of reports and almost 1,000 percent more in losses compared to the same time period a year earlier. Only a small percentage of scam victims report their experience, so the actual numbers are much higher.

Some victims were lured to bogus websites offering the opportunity to invest in cryptocurrencies or in mining them. The websites used fake testimonials and cryptocurrency jargon to appear legitimate. Some even made it seem like the persons investment was growing, but when they tried to withdraw their money, they couldnt.

In giveaway scams supposedly sponsored by celebrities, people sent in cryptocurrency based on the promise that the celebrity would multiply it. Elon Musk, the CEO of Tesla, has been tweeting about Bitcoin and other cryptocurrencies a lot lately, causing their values to go up or down depending on whether his comments were favorable or unfavorable. People reported losing over $2 million to crooks impersonating Musk.

Romance scams in which crooks establish a relationship with a victim online and then request money for some reason have taken on a cryptocurrency twist. Many people reported to the FTC that their new love started chatting about a hot cryptocurrency investment opportunity in which the victim ended up being defrauded.

The FTC report found that people ages 20 to 49 were five times more likely than older age groups to report losing money in a cryptocurrency scam; those in their 20s and 30s were the most vulnerable. But when people older than 50 lost money, the median loss was much higher - $3,250 vs. $1,900 for all victims.

The FTC and BBB offer these tips to avoid becoming the victim of a cryptocurrency investment scam:

Scams of all kinds in which victims are instructed to pay using Bitcoin are also on the rise. If youre asked to pay using Bitcoin to claim a prize, pay back taxes, get a government grant, or for any other strange reason, its a scam.

Randy Hutchinson is the president of the Better Business Bureau of the Mid-South. Reach the BBB at 800-222-8754.

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Cryptocurrency investment scams are exploding - The Jackson Sun

As older Americans worry about the size of their nest eggs, some may eye riskier assets, such as cryptocurrency, to cover their shortfall with the possibility of higher returns.

"It's a tough predicament, and I think a lot of people will find themselves in that space," said certified financial planner Ivory Johnson, founder of Delancey Wealth Management in Washington.

About 75% of non-retired U.S. adults have some retirement savings, according to the Federal Reserve's 2020 Report on the Economic Well-Being of U.S. Households. However, only 36% of non-retired adults said their nest egg is "on track," the report said.

With low interest rates and climbing inflation, some older Americans are feeling pressure to boost returns by increasing portfolio risk, Johnson said.

However, some advisors say assets like cryptocurrency may not match a retiree's risk tolerance and investing timeline.

"I'm never a fan of cranking up the risk on a portfolio to try and make back lost time," said financial planner Zechariah Schaefer, founder of Ascent Personal Finance in Lynchburg, Virginia.

I'm never a fan of cranking up the risk on a portfolio to try and make back lost time.

Zechariah Schaefer

Founder of Ascent Personal Finance

Cryptocurrency has been particularly volatile, performing in exaggerated boom and bust cycles, in relatively small periods of time, compared to the traditional stock market, he added.

Instead, older Americans may explore other ways to bring in more income and boost savings.

A couple of options may be working longer or semi-retirement. If someone is healthy enough to work part-time through their 60s and 70s, the extra income may make a difference, Johnson said.

If a client lacks sufficient retirement savings, advisors aren't likely to suggest cryptocurrency as the solution. However, guidance may change if retirees have a sizable nest egg and more than enough income, said Johnson.

For example, let's say a retired couple easily covers their living expenses with a pension and Social Security income. If they don't need the funds from their individual retirement account, and they plan to give it to their children, there may be more wiggle room, he said.

"We're going to manage it as if it's your children's money," Johnson said.

Here's a look at other stories impacting portfolio planning and retirement saving:

With a longer investing timeline, those retirees may consider small amounts of cryptocurrency, assuming it aligns with their risk tolerance.

"If you have money lying around, and it's not going to detract from the lifestyle you want to live in retirement, I say go for it if they want to," said Schaefer.

Someone eager to invest in cryptocurrency also needs to consider the possibility of security issues.

For example, digital currency exchanges may be susceptible to hackers, or investors may lose their hard wallets, which store private keys to access their funds, said Schaefer.

Those who want to keep currency on an exchange may opt for U.S.-based companies with a longer history, such as Coinbase or Gemini.

However, investors still need to guard their accounts with strong passwords and two-factor authentication, preferably with an app vs. text message, Schaefer said.

"If you use an authenticator app, it adds another layer of protection," he said.

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Facing a retirement shortfall? What to know before adding cryptocurrency to your portfolio - CNBC

Bitcoin's price is currently $30,665.66 and its dominance is currently 47.31 percent, an increase of 1.24 percent over the day.

July 26, 2021 / 08:07 AM IST

Cryptocurrency prices continue to be mostly in green on July 26. The global cryptocurrency market cap is $1.52 trillion, a 9.81 percent increase over the last day while the total crypto market volume over the last 24 hours is $83.97 billion, which makes a 19.32 percent increase.

The volume of all stable coins is now $67.44 billion 80.31 percent of the total crypto market 24-hour volume. Bitcoin's price is currently $30,665.66 and its dominance is currently 47.31 percent, an increase of 1.24 percent over the day.

This comes after Britain's Financial Conduct Authority (FCA) said onJuly 25 in the latest crack down on crypto trading that Crypto broker CoinBurp has no authorisation for a planned launch of its $BURP token and initial exchange offering on July 26.

CoinBurp said last week it had raised $6 million to build a platform for buying and selling non-fungible tokens (NFTs), digital assets that are attracting interest from some investors but also scrutiny from regulators worried about the risks.

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Cryptocurrency Prices Today on July 26: Bitcoin, Ethereum surge more than 20% in a week - Moneycontrol.com

SAN FRANCISCO, July 28, 2021 /PRNewswire/ -- Okcoin, one of the world's fastest-growing cryptocurrency platforms, today announced it has secured "In Principle" approval from the Malta Financial Services Authority and formal registration from the Netherlands Central Bank. The two cryptocurrency (DABA) licenses will enable Okcoin to further honor their commitment to build a more inclusive future of finance by providing easy access to cryptocurrency for European customers.

"Europe is a big focus for our global growth plans, and we have added almost 25 team members in 2021 to better serve our customers in this region," said Hong Fang, CEO at Okcoin. "We're seeing an increasing trend of European Neobanks looking to provide yield on their deposits, and a PwC report highlighted that 42% of global crypto hedge funds are involved in staking; our APIs and Earn product will provide them with this capability. With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships to further establish ourselves as a trusted partner for retail and institutional clients."

Upon formal approval from the Malta Financial Services Authority, Okcoin will be the only US-headquartered exchange to receive a Class 4 license, enabling cryptocurrency trading in addition to more commonly available wallet cryptocurrency services. This registration with the Dutch Central Bank will enable greater banking partnerships and payment rail integrations across Europe. Okcoin will be maintaining best practice compliance and ethical standards to create greater connections between the financial and banking system and the proliferating crypto ecosystem.

The licenses enable Okcoin to service customers across Europe as a regulated exchange, opening the door to partnerships with local banks and payments providers to further facilitate easy transactions in these markets, simplify the Euro-to-cryptocurrency transmission, and minimize regulation risks. Okcoin has served Netherlands customers with crypto-to-crypto trading since 2018. In May 2020, Okcoin registered with the Dutch Central Bank (DNB) as a crypto service provider offering crypto-to-fiat trading and exchange services.

With the addition of these licenses and global customers in more than 185 countries, Okcoin now serves more countries than any other US-headquartered cryptocurrency exchange in the world. To learn more about Okcoin, please visit Okcoin.com or follow Okcoin on Twitter and LinkedIn.

About OkcoinEstablished in 2013, Okcoin is one of the world's fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees. Okcoin supports millions of customers across more than 185 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 25 other crypto assets. Headquartered in San Francisco, Okcoin has a remote, globally-distributed team and offices in Hong Kong, Singapore, Malta, Japan and Korea.

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https://www.okcoin.com/us

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Okcoin Announces Cryptocurrency (DABA) Licensing in Malta and the Netherlands - PRNewswire