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Topics - MaluWang

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1
On Youtube / How to send Tokens from Metamask to Exchange
« on: December 16, 2018, 02:39:25 AM »
How to send Tokens from Metamask to Exchange

Learn how to add Tokens to Metamask and how to send Tokens to an Exchange so you can sell them!



2
Philippines (Tagalog) / Bittrex Tagalog Tutorial
« on: December 16, 2018, 02:33:42 AM »
Bittrex Tagalog Tutorial


Alam ba ninyo na mas magandang pagkakitaan ang pagti-trade ng crypto at ERC20 tokens basta't may sapat na kaalaman, kaysa sumasali sa mga bounty campaign? Mga kabayan, noong 2017 napakagandang sumali sa mga mga bounty campaigns at mag-invest sa mga ICO projects dahil talagang nagbabayad kahit pa umabot sa over $10,000 ang equivalent ng inyong rewards. Alam ko yan, dahil napakaraming Pinoy sa kabaling forum na kumikita ng over Php30,000 every month, at ang daming naging milyonaryo bago matapos ang 2017, isa na doon ang mod ng Philippines. Kaya mag-aral na kayo ng trading, dahil sa panahon ngayon lubhang napakakahirap ng kumita sa mga bounty campaigns at marahil napapansin ninyo iyan, ewan lang kung meron ng nabayaran sa inyo na mga sumali sa mga bounty campaigns, kung meron, my congratulations! :)

Nais ko sana na i-post ito dito, On Youtube, pero dahil nasa wikang tagalog minarapat ko na dito na lang... nasa ating masipag na mod pagpa-pasya kung nais niyang ilipat.  Merry Christmas sa lahat!

3
On Youtube / Bittrex Tutorial For Beginners
« on: December 16, 2018, 02:06:10 AM »
Bittrex Tutorial For Beginners



4
How to Use IDEX! - IDEX Tutorial - IDEX CryptoCurrency Exchange How To

This video will teach you how to use IDEX. This tutorial will go over creating an account and making a buy order. IDEX CryptoCurrency!


5
On Youtube / Binance Exchange Tutorial: Beginners Guide to Buying Crypto
« on: December 16, 2018, 01:57:16 AM »
Binance Exchange Tutorial: Beginners Guide to Buying Crypto

A beginner’s guide to the Binance Exchange. In this Binance Tutorial, I show you the process of how to buy and trade Bitcoin and AltCoins. I explain the benefits of using Binance and the BNB token, how to deposit and withdraw your funds in/out of the exchange. Then I show you how to buy and sell your first Alt Coins using the different methods within the exchange.

Binance offers a truly staggering number of cryptocurrencies, supporting over 100+ coins with 240 trading pairs. Users can receive a 50% discount on trading fees, by paying with Binance's BNB token.



6

Ang Securities and Exchange Commission (SEC) ng Estados Unidos ay nagbigay ng 'cease and desist order' sa CoinAlpha Advisors LLC bukod pa sa karagdagan $50,000 na multa, ayon sa isang dokumento na inilathala noong Disyembre 7.

Ang CoinAlpha Advisors na nakarehistro sa Delaware ay iniulat na itinatag noong Hulyo 2017 upang kumilos bilang namamahala ng miyembro at manager upang pondohan ang CoinAlpha Falcon LP, na nabuo noong Oktubre 2017.

Sa pamamagitan ng Mayo 2018, ang pondo ay umano'y nakapagtataas ng $ 600,000 mula sa 22 namumuhunan mula sa hindi bababa sa limang estado, na bumili ng limitadong mga interes sa pakikipagsosyo sa pondo bilang kapalit ng proporsyonal na bahagi ng anumang kita na nakuha mula sa pamumuhunan ng pondo sa mga digital na asset. Ang karagdagang file ay bumabasa:

"Noong Oktubre 2018, pagkatapos na makontak ng kawani ng Komisyon tungkol sa mga isyu dito, si CoinAlpha ay hindi sumang-ayon sa Pondo, alinsunod sa awtoridad na ipinagkaloob sa Kasunduan sa Kasunduan sa Pondo ng Limited."

Kahit na ang CoinAlpha Advisors ay nag-file ng Notice of Exempt Offer of Securities sa SEC sa Nobyembre 3, 2017, ang kumpanya ay hindi nakarehistro sa SEC. Samakatuwid, nilabag ng CoinAlpha Advisors ang batas na "ipinagbabawal ang pagbebenta ng mga securities sa pamamagitan ng interstate commerce o ang mga mail maliban kung may pahayag ng pagpaparehistro."

Sa bawat file, agad na pinatigil ng CoinAlpha Advisors ang pag-aalok sa sandaling ito ay nakipag-ugnay sa SEC at nagsagawa ng pagsusuri ng mga materyal sa marketing at pang-promosyon na nai-post sa social media. Binago din ng kumpanya ang lahat ng mga bayarin na nakolekta na nito, at nagbitiw sa lahat ng karapatan sa pamamahala sa hinaharap at mga bayad sa insentibo.

Ngayon, ang CoinAlpha Advisors ay inulat na kailangang magbayad ng multa na parusa ng pera sa halagang $ 50,000 sa loob ng sampung araw ng pagpasok ng order.

Kahapon, nagtatakda ang SEC ng isang bagong deadline para sa Pebrero 27, 2019 upang higit pang suriin ang mga panukalang pagbabago sa panuntunan upang ilista ang isang pondo sa palitan ng palitan ng Bitcoin (ETF) ng kumpanya ng investment na VanEck at blockchain kumpanya na SolidX sa Chicago Board Options Exchange (CBOE ).

Ang parehong mga kumpanya ng VanEck at SolidX ay nag-file sa SEC upang ilista ang isang ETF na nakabase sa Bitcoin noong Hunyo 6. Kasunod nito noong Agosto, inantala ng komisyon ang desisyon nito sa paglilista ng ETF hanggang Setyembre 30, humihiling ng mga karagdagang komento tungkol sa desisyon. Noong Oktubre, ang SEC ay nagtakda ng isang deadline para sa pagsusumite ng mga komento tungkol sa mga ipinanukalang pagbabago sa alituntunin na may kaugnayan sa isang bilang ng mga application para sa Bitcoin ETFs.


PINAGMULAN

7

Chinese miners are reportedly becoming the biggest short sellers both locally and internationally, following an increased number of hedging operations in the current bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6.

The severe cryptocurrency market decline in the last month has reportedly caused new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC), according to 8BTC.

Jin Xin, a Chinese miner who entered the industry in October 2017, reportedly said that the earnings from mining he made in the first two months are “much more” than the total profits he made in the past three years through other business. Jin said:

“If I mine 30 tokens in the next month, while its price may continue to fall by another 10 percent according to the current trend, I shall place a short order on the exchange to sell them at current price but deliver one month later.”

Jin reportedly developed his own strategy to withstand the bear market. He buys already used graphic processing unit (GPU) miners to boost his machines’ performance. Once the “shutdown price” is reached, Jin power down the equipment, removes GPU chips and sells them to game players.

As Cointelegraph reported in late November, cryptocurrency mining operators in China are reportedly selling mining equipment by weight, as opposed to price per unit, as the market slump had resulted in a large drop in mining profitability. Crypto miners were reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown price.”

Also in November, U.S. technology giant Intel filed a new patent for “energy-efficient high-performance Bitcoin mining.” The patent is dedicated to a “hardware accelerator implementing SHA-256 hash using optimized data paths” and aims to reduce energy for BTC mining by up to 15 percent. The document states that “clusters of SHA engines may consume a lot of power (e.g., at a rate of greater than 200 W).”


SOURCE

8

Cryptocurrency exchange Gemini announced support for Bitcoin Cash (BCH) custody and trading today with a post on its official Medium blog, Dec. 8. Gemini, which is based in the United States, was founded in 2015 by the Winklevoss brothers.

The exchange pointed out that, at the moment, it will “only be providing support for the Bitcoin ABC network” which is identified on the platform as “Bitcoin Cash with ticker: BCH.”

Gemini declared that they “are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.”

In order to ensure legal compliance, the company, which claims to be the world’s most regulated cryptocurrency exchange and custodian, reportedly “worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services.”

Bitcoin SV and Bitcoin ABC are the two blockchains that contended for the Bitcoin Cash name after a controversial hard fork. What was often referred to as a “war” in the crypto community ended when Bitcoin SV backer and billionaire entrepreneur Calvin Ayre declared that the chain no longer wants the Bitcoin Cash name, as Cointelegraph reported Nov. 24.

In October, Gemini gained regulatory approval to offer trading of major cryptocurrency Litecoin (LTC). Gemini’s vice president of engineering Eric Winer noted Gemini’s thoroughgoing “banking compliance and fiduciary obligations” under oversight from NYDFS. He stated that Litecoin trading support came as the result of close cooperation with regulators, and that the exchange is approaching new assets with a “security-first” approach.


SOURCE

9

Earlier today, the Ethereum price temporarily fell to $13 on GDAX, a high performance trading platform operated by Coinbase.

According to former forex trader and cryptocurrency analyst Cole Garner, low orders in the range of $13 to $60 were actually filled on the platform. Garner published screenshots of GDAX that showed successfully filed orders at $55 and $65.

As of December 7, the price of Ethereum (ETH) remains at $85 and at the lowest point of the day, ETH dropped to $83. At $55 and $65, Garner was able to purchase ETH at a rate that is 36 percent lower than the current price of ETH.

What Caused the Flash Crash?

Most flash crashes occur due to mistyped or misfiled trading orders at low prices. On exchanges, investors can easily make a mistake in entering a wrong figure for a buy or a sell order.

For instance, a potential Ethereum buyer may have wanted to file a buy order at $13 to purchase the digital asset at the lowest support level possible, but engaged in a careless mistake and filed a sell order at $13 instead.

It is entirely possible that one individual trader intended to file a buy order at $13 seeing a strong support level in the range of $13 to $14, as several technical analysts have suggested throughout the past week, and mistakenly filed a sell order at the low level.

Even on major stock markets like the New York Stock Exchange (NYSE) and Nasdaq, flash crashes occur quite regularly and because algorithms and bot trading dominate most markets, technical glitches cannot be avoided.

As Investopedia explained:

“As securities trading has become a more heavily computerized industry driven by complicated algorithms across global networks, the propensity for glitches, errors and even flash crashes has risen. That said, global exchanges like the New York Stock Exchange, Nasdaq and the CME have put in place stronger security measures and mechanisms to prevent them and the staggering losses they can lead to. They cannot eliminate them altogether, but they have been able to mitigate the damages they can cause.”

The sudden crash of Ethereum to $13 was a flash crash because a similar movement did not occur in other markets like Europe and South Korea, and the Coinbase ETH-to-USD market recovered almost instantly after the initial crash.

Previous Flash Crash

In June, Coinbase experienced a flash crash on its platform with Ethereum. Similar to the flash crash that occured on December 7, at the time, the price of ETH temporarily fell from $322 to $0.1.

Given the discrepancy between the average price and the price that was achieved during the flash crash, Coinbase decided to reimburse traders affected by it.

“We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement,” Coinbase said on June 26.

It remains unclear whether Coinbase will reimburse traders that lost out on the flash crash but if the company finds that an error on the side of the user led to the flash crash, then it is likely that reimbursements will not be made.


SOURCE

10

After months of waiting, the hopes and dreams of ripple (XRP) investors may finally be realized — at some point in the near future, anyway. Yes, XRP fans, crypto exchange Coinbase has confirmed that it is exploring adding support for the second-largest cryptocurrency to its platform.

The San Francisco-based Coinbase announced the move on Friday when it revealed that its adding support for a “broad range of assets” — more than 30 were explicitly named — including other market heavyweights including cardano (ADA), EOS, NEO, and tezos (XTZ).


XRP investors had long complained that ripple was not listed on Coinbase, the most popular crypto exchange for first-time buyers in the US and many other jurisdictions, even as the company listed smaller cryptocurrencies such as 0x and seemingly more controversial ones such as zcash — which can be used to make anonymous transactions.

The announcement follows Coinbase’s decision to revamp its listing process, which the firm said would allow it to provide support for a much larger range of cryptocurrency assets, though some would not be listed in all jurisdictions due to local regulations.

Of course, “exploring” is not the same thing as “listing,” and Coinbase stressed that the company “cannot guarantee” that every cryptocurrency named in the announcement will make its way onto Coinbase Pro and Coinbase.com. Moreover, some cryptocurrencies may only receive limited support.

From the post:

“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”

Even so, the confirmation that Coinbase is at least evaluating the addition of XRP to its platform is a marked departure from earlier this year when company executives suggested that the firm had listed every asset for which it believed there was regulatory clarity. XRP, like many other cryptocurrencies, has been plagued by accusations that the token is a security and that blockchain startup Ripple — with whom it is closely associated — issued it through an illegal securities offering. Ripple denies those allegations.


SOURCE

11

Brazilian crypto exchange Bitcambio has reportedly sent one of its users a whopping RS $137 million – equivalent to about $35 million – after the user attempted to withdraw 500 reals, worth roughly $127.

According to local news outlet Portal do Bitcoin, the cryptocurrency exchange started calling the user, Kaique Nunes, about the withdrawal shortly after. Speaking to the news outlet Nunes stated:

“Early last month, I issued some normal withdrawal orders. After a while, Bitcambio called to let me know that they issued all this value and that they needed me to recognize a document in a notary’s office. I thought it was a coup.”

Per the report Nunes initially believed a hacker managed to get a hold of his personal information and was now trying to get his signature, or that he was facing a rogue employee trying to scam users.

Believing it was a scam, Nunes initially ignored the crypto exchange, but the exchange insisted the transaction had been canceled, but that “to complete the process it was necessary [for Nunes] to go to the notary, to recognize a signature and a document that they sent by email “.

Looking to learn more about the case Nunes told a Facebook group related to cryptocurrency discussions in Brazil about the ordeal. One of Bitcambio’s suppliers, Rodrigo Souza, is reportedly an administrator in said group, and replying to Nunes recognized the exchange’s error.

Addressing the user on his personal page, he commented that Bitcambio operates within the law, but that mistakes do happen and they aren’t afraid to draw attention to them. Speaking to the local news outlet, he revealed a bug was behind the large error and that given the size of the transaction, it wasn’t possible to cancel it without a letter of agreement.

Now, both parties are seemingly working towards fixing the problem. Notably, Souza noted Nunes’ time would be rewarded, stating “Kaique will be reimbursed for all the costs he has to go to the notary’s office.”

The ordeal comes at a time in which bitcoin exchanges in Brazil are struggling. As CCN covered the country’s Department of Federal Revenue (RFB) has been looking to snoop on exchanges. In October, exchange Bitcoin Max managed to win a standoff against a bank that was forced to reopen its account to avoid fines.

The bear market has taken its toll. This year Brazil’s largest crypto exchange, Mercado Bitcoin, fired “at least” 20 employees amid restructuring efforts. Huobi, which launched this year in the country, dismissed 6 of its 10 employees.


SOURCE

12

The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean cryptocurrency exchange Bithumb may have contributed to the recent sell-off — at least indirectly.

According to the firm’s latest CCCACG (short for CryptoCompare’s Aggregate Pricing Index), Bithumb led all crypto exchanges in daily volume from October to November, averaging about $1.24 billion in daily turnover. That represented a parabolic month-over-month increase of 284 percent, even as global exchange heavyweight Binance endured a 34 percent decline in volume.


Unsurprisingly, Bithumb’s volumes were not entirely organic, which is why CoinMarketCap and other data aggregators still list Binance as the world’s highest volume cryptocurrency exchange. Rather, Bithumb’s increased volumes correlated with several trading promotions, “Super Airdrop Festival” and “Special Gift.” These promotions appear to have enabled Bithumb to ramp up its daily volume — and the prominence of KRW trading in the spot crypto market — even as its number of active traders decreased significantly, according to web analytics.

From the report:

“Bithumb saw a 284% increase in volumes from the previous average of 323 million USD for the Sept/Oct period. This increase in volumes follows after Singapore-based BK Global Consortium bought a controlling share in the exchange in recent months, and later implemented a series of airdrop competitions, raffles, rebates, and other programs designed to incentivize non-Korean users to sign up to the exchange and trade in exchange for rewards. They have also implemented a potential form of trans-fee mining for certain users, where trading beyond a specific volume is rewarded in the form of “Bithumb Cash” at a later date.”

As CCN has noted in the past, higher trading volumes tend to correlate with a strong bitcoin price, while lower volumes tend to accompany gradual downward movements. Consequently, the fact that Bithumb, along with several other lesser-known exchanges, managed to increase daily turnover even as their active user bases shrunk might indicate that these trading promotions helped the bitcoin price remain stable above $6,000 for longer than fundamental and technical factors suggest that it should have.

To wit, bitcoin’s first break below $6,000 occurred shortly after one of Bithumb’s trading promotions ended, at which point the market embarked on a severe downward trajectory from which it has thus far been unable to recover.


Commenting on the report, Mati Greenspan, senior market analyst at eToro, said that while Bithumb should probably not be blamed for the recent bitcoin price collapse, the crypto exchange’s trading promotion may have helped the market remain stable for longer than it would have otherwise.

“If these findings are indeed accurate, I would say that blaming South Korea for the drop wouldn’t exactly be correct,” Greenspan wrote in daily market commentary shared with CCN. “More likely, it appears that the volume promotion by Bithumb caused several months of stabilization in prices, to begin with.”

SOURCE

13
Philippines (Tagalog) / Patulong Naman sa Pag-gamit ng IDEX Exchange
« on: November 26, 2018, 01:11:07 PM »
Hello mga kabayan, sino sa inyo ang bihasa sa IDEX exchange? Sa official video tutorials nila parang di na kailangan mag-register, pwede ng ilipat ang ERC20 na nasa iyong metamask papunta sa IDEX then pwede ng mag-trade.

Ang tanong, di ba kailangan mag-register muna at gumawa ng account sa IDEX? Kung susundin natin ang official video ng IDEX at nailipat natin ang ating asset from metamask papunta sa IDEX ng hindi muna nag-re-register papaano tayo makaka-login sa susunod? Dapat bang unahin muna ang pag-transfer ng asset mula metamask papunta sa IDEX at pagkatapos saka mag-register?

Salamat sa inyong tulong. 8)

14

Ang Financial Monitor Service (FMS) ng Russia ay naghahanap ng interbensyon ng isang pandaigdigang tagapangasiwa ng pananalapi upang makontrol ang mga cryptocurrency, iniulat ng mga lokal na pinagkukunang media.

Ang Russia Nais ng Mga Pandaigdigang Crypto Regulations

Nakipag-ugnay ang ahensiyang pampinansiyal na regulasyon ng Rusya sa Financial Action Task Force (FATF) upang humiling ng isang inisyatibong intergovernmental na makokontrol sa suplay at daloy ng mga cryptocurrency. Kinumpirma ni Pavel Livadny, ang Deputy Director ng FMS, na sinisikap nilang ma-secure ang pakikilahok ng lahat ng mga bansa ng FATF upang mag-disenyo ng isang pinag-isang legal na parameter para sa maunlad na industriya, na binabanggit ang money laundering bilang pangunahing pag-aalala.

Ang mga desentralisadong mga asset tulad ng bitcoin ay maaaring bilhin, ibenta o palitan ng semi-hindi nagpapakilala nang walang pahintulot ng sentral na awtoridad. Ang isang pandaigdigang crackdown laban sa malisyosong underground ay nagsiwalat ng paggamit nito sa ilang mga kalat na krimen, kabilang ang mga drug trafficking, money laundering at - sa mga limitadong kaso - financing ng terorismo. Ang mga kaso ay nagpapaalala sa mga ahensya sa buong mundo, na pinangungunahan sila na bumuo ng mga pansamantala na legal na probisyon upang makontrol ang industriya ng crypto.

Ang FATF, isang pandaigdigang pinansiyal na regulasyon ng katawan, noong Hunyo ay inihayag na ito ay magtatayo ng mga patakaran sa global na pagbubuklod para sa mga palitan ng cryptocurrency. Ang Rusya ay kabilang sa mga 36 miyembro ng FATF na nagtatayo ng mga framework ng regulasyon para sa kanilang lokal na industriya ng crypto, kasama ang ilan sa komunidad ng crypto na pinupuna ang kanilang mga pagsisikap bilang walang anuman kundi ang mga reaksyon ng tuhod sa biglaang bitcoin boom.

IGO-level Monitoring and Licensing

Ang mga panukalang tuntunin ng FMS ay maglalagay ng isang matitigas na takip sa kung magkano ang cryptocurrency na maaaring ipadala ng isang tao sa isang taon ng kalendaryo.

Ang isang hangganan-free na teknolohiya tulad ng bitcoin ay hindi maaaring ma-tamed maliban kung ang mga pamahalaan handa upang pamahalaan ang mga regulasyon ay hindi magtagpo, ang FMS ay naniniwala. Ang pagdaragdag sa kung anong regulasyon ng FATF ay nagtatayo na, ang Ruso na ahensiya ay nag-aalok ng opinyon sa kung paano ang mga cryptos ay maaaring legalized, kinokontrol at tinukoy sa hinaharap. Ang mga isinalin na mga sipi mula sa pahayag ni Livadny sa lokal na media read:

"Dapat baguhin ng lahat ng miyembro ng FATF ang batas upang isama ang mga bagong ecosystem ng crypto. Dapat nilang ipakilala ang mga parameter ng pagpaparehistro at lisensya para sa mga kumpanya na umuunlad sa espasyo, na kinabibilangan ng mga palitan, mga proyektong nag-aalok ng unang barya, at mga tagapangasiwa ng cryptographic. Dapat ding subaybayan ng FATF ang mga aktibidad at pamantayan ng mga kumpanya para sa anti-money laundering. "

"Kung pinapayagan ng mga regulasyon ng FATF, ang isang cryptocurrency ay maaaring mapangasiwaan ng digital at ililipat sa kaso ng mga pagbabayad at pamumuhunan." Idinagdag ng kinatawan. "Ngunit, sa parehong oras, hindi ito dapat gawin sa mga mahalagang papel, mainstream at virtual na pera, mga barya o iba pang mga pinansyal na ari-arian."

$9,000 Cap sa Crypto Flow

Ipinahayag rin ni Livadny na ang FMS ay malamang na magpapataw ng higit sa $ 9,000 sa mga transaksyong crypto. Iyon ay isama ang bawat transaksyon na ginawa sa labas at sa loob ng Russian Federation. Ang pagkakaloob, gayunpaman, ay hindi pa napatunayan maliban kung ito ay gumagawa sa huling draft na regulasyon sa mga asset ng cryptocurrency.

Kung ito ay magkakabisa pa rin, ang mga awtoridad ay malamang na mahirap ipatupad, isinasaalang-alang ang pseudonymous na likas na katangian ng crypto-transaksyon, bagaman posible sa tulong ng blockchain na guhit ng mga kumpanya, na marami sa kanila ay may inked na mga kontrata ng pamahalaan sa ibang lugar. Ang paglitaw ng mga barya sa pagkapribado na tulad ng monero ay naging mas mahirap para sa mga ahensya na kilalanin ang mga kalahok sa isang transaksyong crypto.

Samantala, ang FMS ay nagtatayo ng crypto transaction monitoring tool upang matugunan ang mga hamong ito.

PINAGMULAN

15

Russia’s Financial Monitor Service (FMS) is seeking the intervention of a global financial watchdog to regulate cryptocurrencies, local media sources have reported.

Russia Wants Global Crypto Regulations

The Russian financial regulatory agency contacted the Financial Action Task Force (FATF) to request an intergovernmental initiative that could control the supply and flow of cryptocurrencies. Pavel Livadny, the Deputy Director of FMS, confirmed that they are endeavoring to secure the participation of all the FATF member countries to design a unified legal parameter for the thriving industry, citing money laundering as the primary concern.

Decentralized assets like bitcoin can be purchased, sold or exchanged semi-anonymously without a central authority’s approval. A  global crackdown against malicious underground revealed its use in some widespread crimes, including drugs trafficking, money laundering and — in limited cases — terrorism financing. The cases alerted agencies across the world, leading them to develop tentative legal provisions to regulate the crypto industry.

FATF, a global financial regulatory body, in June announced that it would build global-binding policies for cryptocurrency exchanges. Russia is among those 36 FATF members that are building regulatory frameworks for their local crypto industries, with some in the crypto community criticizing their efforts as nothing but knee-jerk reactions to the sudden bitcoin boom.

IGO-level Monitoring and Licensing

The FMS’ proposed rules would place a hard cap on how much cryptocurrency a person can send during a calendar year.

A boundary-free technology such as bitcoin cannot be tamed unless the governments willing to oversee the regulations do not come together, the FMS believes. Adding to what FATF regulation is already building, the Russian agency offered its opinion on how cryptos can be legalized, regulated and defined in the future. Translated excerpts from Livadny’s statement to the local media read:

“All FATF members must change the legislation to include new crypto ecosystems. They should introduce registration and license parameters for the companies developing in the space, which include exchanges, initial coin offering projects, and cryptographic administrators. FATF should also monitor the companies’ activities and standards for anti-money laundering.”

“If FATF regulations allow, a cryptocurrency can be digitally handled and transferred in the case of payments and investments.” the deputy added. “But, at the same time, it should not be made into securities, mainstream and virtual money, coins or other financial assets.”

$9,000 Cap on Crypto Flow

Livadny also revealed that FMS would likely impose a restriction of over $9,000 on crypto transactions. That would include every transaction made outside and inside the Russian Federation. The provision, however, stands unconfirmed unless it makes into the final regulatory draft on cryptocurrency assets.

If it comes into effect anyway, authorities would likely find it difficult to enforce, considering the pseudonymous nature of crypto-transactions, though it would be possible with the help of blockchain tracing firms, many of whom have inked government contracts elsewhere. The emergence of privacy-conscious coins like monero has already made it more difficult for agencies to identify participants in a crypto transaction.

Meanwhile, FMS is also building a crypto transaction monitoring tool to address these challenges.


SOURCE





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