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Showing posts with label crypto regulations. Show all posts
Showing posts with label crypto regulations. Show all posts
Tripio, where you can book close to 454,531 lodgings through cryptocurrency across the world has made an official announcement of it coming together with Binance to ensure that people involved benefit. You may even be surprised to know about the recent updates revolved by Tripio on its Twitter handle which stated rewards!


Come, Celebrate Binance and Tripio Crypto Hotel Booking

Well, 5 lucky winners stand a chance to win huge rewards selected randomly. Winners shall be receiving 10 $BNB each only after they follow some rules #tripio #cryptoenthusiast! As a matter of fact, this partnership has been done strategically so as to enable millions of Binance Users utilise best options available when it comes to hotel reservations.

Note: This contest ends on the 6th of December 2018, so you all better hurry than miss out on the chances.

Partnership with HKDT

Late in November, Tripio had announced about its strategic partnership with HKDT. Back then as well, Tripio made it very clear that users could put in to use HKDT for Tripio payments. Besides, HKDT is a stable cryptocurrency in Asia and one of the largest stable cryptocurrencies ever seen in a continent like Asia.


Tripio has over the years grown in to full fledged platform featuring numerous aspects such as: Travel Route Planner, Travel Map Generator among others. It was therefore an obvious step for a domain like Tripio to take the next step, coordinating with the all time favourite Binance. Moreover, even the czar of Binance, Changpeng Zhao enthusiastically posted on his Twitter handle: ‘why do not I rebook hotel now with #BNB!’

Cryptocurrency Merchant Adoption: Good or a Bad Decision?

With more and more cryptocurrencies cropping up every now and then, such collaborations were deemed to take place. There has however been a lot of speculations as to what would be the end result of cryptocurrencies stepping in to the world of merchants? Some of us are well aware of the fluctuations that cryptocurrencies go through.

Also, many countries do not accept cryptocurrencies as a mode of payment thereby leaving them (read cryptocurrencies) to look for methods to be accountable for something useful. If we glance at the recent news then you may be aware of the announcements made by United States Securities and Exchange Commission and its recent updates on Cryptocurrency Regulation.

Experts from crypto world feel that if cryptocurrency community strengthens itself then this move would help merchants from different departments. They should take a note of bringing together cryptocurrency and their business. And until then things shall never be able to turn and move forward.

Binance Coin Adopted for Hotel Bookings by Tripio

Usage of #cryptocurrency #binancecoin #BNB #tripio for hotel lodgings across the globe is going to be an efficient method apart from centralized systems that exist in the world today. It is now to see how far would adoption of cryptos for hotel bookings go. Why don’t you share your thoughts and let us know if you would utilise such an opportunity?
Cryptocurrency Regulation is now going to take a new front with G20 Countries coming in to the picture for having ‘cryptocurrencies under the tax radar’. FATF or the Financial Action Task Force’s standards will be considered so as to enable Anti Money Laundering Act to take precedence with the way things work.


G20 Opens Up to the Possibility of Having Cryptocurrencies Regulation

The United States has been at the peak when it comes to cryptocurrency market followed by Japan, and it is due to them that G20 Countries could consider having cryptocurrency regulation; especially after the way it has shot up or rather seen a number of fluctuations over the past few months.


When such a huge set up like G20 Countries come in to the picture for #regulation of #cryptos then it will certainly be in line with FATF or the Financial Action Task Force Standards. These recent developments were seen post signing of a ‘joint declaration’ back in Buenos Aires, capital of Argentina.

There were also reports that stated of having these regulations go along with Anti Money Laundering Acts. Besides, stronger ties lead to stand against financing of terrorism.

Cryptocurrency Regulations would help Regulatory Frameworks

Agreed that there are many countries which have begun regulations in a right manner however, there are others as well who are still far behind due to the obvious reasons related to it. In order to have international standards up in place, regulatory frameworks shall be beneficial.

Establishment of Cryptocurrency Ventures seems to be put on hold due to regulatory clarity not being there. Therefore, it turns out to be necessary for speeding up the regulatory process so as to enable establishment of cryptocurrency ventures. Even Morgan Stanley and Goldman Sachs among other financial institutions are looking forward to have all crypto regulations in place.

2019, a Year to be remembered for Cryptocurrency

The sources went on to state that further discussions shall be carried out somewhere in 2019 because it is then that Japan would become the President of the Summit. (And like stated in the article earlier, Japan is second to the U. S. when it comes to cryptocurrency transactions).

It may be recalled that, Bruno Le Maire, Finance Minister of France, had earlier stated on ‘careful examination of cryptocurrencies and specifically Bitcoins’ post which final decision on having regulation of cryptocurrencies can be made.

Bitcoin Price Today

As some of you are aware of the constant changing aspect of Bitcoins, in recent times, it has not been stable with today’s (the time this article was written) Bitcoin price was close to $3933!
The moment all these questions are answered, it would become clear as to what and how will cryptocurrency regulation go forward. There are also speculations of having a ‘public investment vehicle’ similar to that of an ETF or the Exchange Traded Fund.

Looks like G20 is going to move forward and help create a system that backs ‘sustainable growth’ in ways benefiting many out there! While it is to see what would be the impact of this on cryptocurrencies. 
Crypto exchanges in Taiwan are going to have some more new strict rules targeted to prevent illegal transactions under the garb of digital currency. This news comes forth post new policies being added to ‘AML or the anti-money laundering policies’ that Taiwan has
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It was not until this year that the Government of Taiwan okayed for digital currencies because it was still perplexed with the way regulation of Cryptocurrency market happened in Taiwan along with the Blockchain sector. However, things have changed quite a bit with the latest Money Laundering Control Act and Terrorism Financing Prevention Act coming in to action.

Legislative Yuan approved this recently drafted act and it also has been given the authority to ban transactions in case they are fraud. All of this is possible due to the fact that Legislative Yuan comes under one of the financial branches of the Government of Taiwan known as FSC aka Financial Supervisory Committee.

Regulations of Cryptocurrencies in place

With passing time, it looks like the Taiwanese Government is moving towards an arena wherein they can regulate and have proper control with the way local Cryptocurrency market works. The new system is also inclusive of the Blockchain space because their sole motto is only to prevent frauds related to or having involvement of cryptocurrencies.

Ministry of Justice, Taiwan releases statement

Even the Ministry of Justice, Taiwan has released a statement specifying these recent amendments to the anti-money laundering bill so it does not come as a surprise that the Taiwanese Government is working its way to make a good foothold with the way cryptocurrencies worked.


Related departments from the Government of Taiwan are putting their efforts to work for the better while meeting the standards laid down by International Anti-Money Laundering.

Centre for Blockchain based Businesses

Taiwan has slowly been building itself in to a center for Blockchain based businesses, so, when these things are in line then it is necessary that Taiwan and its government makes itself up to date with all aspects of cryptocurrencies. On the other hand, there were also reports for Taiwan to become one of the centers for Initial Coin Offerings also known as the ICOs!

New Crypto Laws in Taiwan

To ensure that everything is in place, Taiwan, like you read above, has modified the existing AML or the anti-money laundering law apart from CFT or the counter-terrorism financing law. Due to the recent alterations made, it would now become all the more necessary for crypto exchanges to give more information to the Government of Taiwan.

Another aspect to be carefully looked at is the way: compliance rules are to be changed by the crypto exchanges. With the Financial Supervisory Commission coming in to action (as they are responsible for creating laws in Taiwan), it is to see how would these laws impact overall Cryptocurrency Exchanges in Taiwan.

While at present, the only aim for Taiwan is to make itself more aligned with the way cryptocurrencies work besides changing crypto exchange markets for the better.
Ohio seems to be one of the first states to have agreed for business tax payments to be carried out in Bitcoins, a Cryptocurrency which has seen quite some unrest in recent times.


Pay Business Tax in Cryptos

As a matter of fact, a strong reason compelled Josh Mandel, State Treasurer and his department to look in to cryptocurrency payment. One of the reasons here is: crypto payments are not only transparent but also secure. Finally, the cost of these is also at the lower end.

With these and many similar characteristics of Cryptocurrency Payments, it was time for the officials to okay tax payment in bitcoins. Moreover, with cryptocurrencies, none can transfer the amount to third parties, thereby eliminating fraud altogether.

Blockchain network enables for a tracking system in a second to second basis thus making it transparent to the core. One may wonder as to when was it that Bitcoins in particular and cryptocurrencies in general became a favourite of Mandel; and so, for the record, Mandel has been keeping a track of the way cryptocurrencies work and he showed keen interest in bitcoins right from the time he was appointed way back in 2011.

Views of Jerry Brito on Bitcoin as Mode of Payment

As per the Director of Coin Center, Jerry Brito, bitcoin technology is advanced in every manner and this is why people from both sides, government and the bad guys look forward to use it for their means. However, there are only two common aspects here: one is Bitcoin and second is Blockchain.
When we look at the news, we understand that there has been quite a downfall in terms of Bitcoin’s graph in the past few days, however, the end has not arrived yet.

By adopting Bitcoin, a cryptocurrency as a mode of payment, Government is ensuring that payments are more secure, more efficient and of course are transparent. Thus, taking technology to the next level.

There have been other states as well who tried bringing in cryptocurrency payment and making it official still luck has not been on their side as at the higher levels, the legislative levels, things were stalled.

Ohio: First State in the US to Accept Bitcoin Payments

Yes, with other states backing off, Ohio became the first state as well as the first government in the United States to make an official announcement regarding acceptance of tax payments in cryptocurrencies and in Bitcoins at present! Thus, beginning from the 26th of November, Ohio shall accept Bitcoins for tax payments.



Currently there are about 23 kinds of business taxes which can be paid in Bitcoins. To pay taxes one can utilize BitPay, the payment service and end up paying taxes.

Note:

Currently only businesses are permitted to pay (business) taxes through BitPay (in bitcoins) there are plans to make it available for individuals as well. But for this to happen, a lot more thought process is to be done.

Till then let us see how the world of cryptos would work about and what shall be the status of bitcoins in the future.
Authorities seemed to have taken a liking of sorts towards unauthorized crypto companies in a way that they started to terminate operations of these unlicensed crypto firms.

To begin with, CONSOB or the Commissione Nazionale per le Societa e la Borsa is a Government Authority in Italy, which keeps track of Italian Securities Market. It was this: Italian Companies and Exchange Commission that was responsible for discontinuation of some crypto businesses in the state of Italy.


Crypto Business of 3 Companies come to a Stand Still

Companies whose operations have been detested are all related to cryptos in one way or the other hence it was time for someone to take a note of deeds carried out by them before taking a final decision.

Companies such as Richmond Investing, Finatex Ltd. and CryptoForce have violated rules laid down by authorities and hence CONSOB decided to correct their wrongs.

11)  Richmond Investing is a trading platform which did not go on to register under ‘financial intermediary’ thereby breaking the law governing the Italian Financial Markets known as ‘Consolidated Law on Finance’.

22)  In a similar incident, German based Financial Regulatory Organization, BaFin took action against the authorities of Finatex Ltd. This company is based in the U. K. apart from having ties in crypto world. As per the statements released by the authority in charge, Finatex Ltd. worked without following any of the rules laid down by the German Financial Legislation.

      Moreover, this is inclusive of the German Banking Act, so, it became a necessity for the officials to set right companies who opposed to the system to be followed.
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  3) Third in the list is CryptoForce and its crypto coin (read currency) named ‘Crypton’ had to be sacked according to the new laws put forth by the authorities from the E. U. Ministry.
      
      For the uninitiated, CryptoForce is a company dealing for the most part in ‘PoS or Proof of Stake Mining’; it is also responsible for promoting its (own) Cryptocurrency that goes by the name: Crypton.
      
       Advertisement of CryptoForce was carried out by Brizzi on social networking site Facebook whereas on the other hand, it was Eagle Bit Trade responsible for offering ‘trading packages to the Italian Investors’!

How Did CONSOB Deal with These Crypto World Discrepancies?

Back in E. U., things have begun to fall in place with strict rules and regulations being passed around. It was also a requirement of the hour that stood out because authorities from the think tank (called Bruegel) felt careful and an in-depth examination in to the working of crypto related firms is necessary that can never be given second thoughts.

Due to this, all digital currencies came under the radar especially of their aspect on how were these digital currencies got distributed among the investors!

A Plus Point: Good News for Cryptocurrencies in Italy

It comes as a shock for some but the Government of Italy seems to have not prohibited any of the financial institutions from using cryptocurrencies, however, they have asked them to wait a little more before Formal Rules and Regulations are put up!