UK cryptocurrency regulations may soon extend to monitor user wallets

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor …

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor user wallets.

To ensure money laundering is curbed, the Financial Conduct Authority (FCA) of the United Kingdom (UK) has proposed certain limitations for software programs that are built by crypto developers.

The Anti-Money Laundering and Counter-Terrorism Financing regulations are expected to be extended for entities or institutions that are concerned with digital transactions and cryptocurrencies. These requirements will be enforced in the upcoming year.

The regulations will also apply to companies that produce open-source software and those that produce light wallet software.

UK cryptocurrency regulations: Tracking transactions

The requirements were initially proposed as a decision of her Majesty’s Treasury. The decision aimed to widen the approach of Anti-Monday Laundering and Counter-Terrorism Financing regulations for companies that deal with cryptocurrencies.

This proposal is expected to be approved and enacted into United Kingdom’s Law by Q1 2020.

Coin Center; a research institute for cryptocurrency that is based in the United States, has spoken against the extension of these regulations, exclaiming that such proposals violate the rights of freedom of speech and privacy.

Conclusively, the authorities are striving to have control over cryptocurrency and crypto technology. The newly proposed regulations aim to track user transactions, especially those that are unlawfully performed.

Imposing Restrictions

The proposed extension of UK cryptocurrency regulations aim to impose more control over the crypto space. Previously, the FCA also imposed restrictions on cryptocurrency investors. The authority implied that conventional buyers of cryptocurrencies have inadequate knowledge of the crypto space, which makes them unable to make informed decisions.

Since late June 2019, the cryptocurrency industry is now required to share user data with the Financial Action Task Force (FATF).

UK’s Financial Conduct Authority has not yet provided any explicit information regarding the subject; thus, it is not certain if open-source software code will be exempt from the extended regulations.

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Chinese Authorities Plan Crackdown on Crypto Mining in Inner Mongolia

“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported.” …

Regulators in the Chinese autonomous province of Inner Mongolia have issued a notice demanding a clean-up of the province’s crypto mining enterprises.

Terms of notice

As local crypto outlet ChainNews reported on Sept. 14, five departments within Inner Mongolia have determined the need to rectify the mining industry within the province. The organizations named were the Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, The Financial Office and the Big Data Bureau.

According to the report, the regulators’ position is that

“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported.”

Impact?

China’s regulatory approach to cryptocurrency mining has been somewhat inconsistent, leaving it unclear exactly what this recent notice will mean for miners operating in Inner Mongolia.

In a tweet reacting to ChainNews’ report, partner at Primitive Ventures and crypto commentator Dovey Wan wrote “I doubt this will have any impact.”

Chinese arithmetic

As of the end of May, China was reportedly responsible for 70% of global BTC mining. At the time, reports emerged that Chinese regulators were investigating illegal mining operations in Sichuan — a province responsible for 70% of China’s Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin.

Back in April, Cointelegraph reported that China’s National Development and Reform Commission was considering a ban on crypto mining throughout the country.

The tentative ban led to speculation that mining would be forced to leave the country or go underground — a troubling proposition for the country that houses the majority of the world’s hash power. To date, no such ban has entered into law.

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Bobby Lee Believes Bitcoin Will Hit $200K In Cycles To Come

… China’s quest affected his crypto exchange, BTCC, Lee was confident that bitcoin’s price could not be brought down. Not even by Satoshi Nakamoto, …
BTC At $11k, Hear From Industry Leaders On What's Next For Bitcoin: Exclusive

Bobby Lee, the founder of China’s first cryptocurrency exchange, assures the community that BTC will hit $200K. In his words, bitcoin will see more “boom and bust” days, and in one of those, the crypto asset will make its way to the $200K mark.

Bitcoin Will Hit $200K Someday

What has kept the faith among crypto holders this long is the fact that bitcoin will be worth a fortune someday. A couple of analysts in the past have given their views on the direction of bitcoin, some giving short-term and others predicting long-term.

Bobby Lee joins these growing list of enthusiastic analysts as he speaks in an interview with Yahoo! Finance recently. In his opinion, there was no reason for people to feel “doom and gloom” as he says there will be many of such to come. In his words, Lee says;

“We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.”

He further added, “When I say a short time, I don’t mean minutes or hours, I mean maybe months, if not a few years.”

Bobby Lee is Certain That Bitcoin’s Price Cannot Crash

Sometime in 2017, while speaking to a group of audience, Bobby Lee exposed China’s secret plan to tank bitcoin’s price. This was the era when China banned ICOs and later, cryptocurrency exchanges in the country.

Though China’s quest affected his crypto exchange, BTCC, Lee was confident that bitcoin’s price could not be brought down. Not even by Satoshi Nakamoto, he says.

What Lee’s Been Up To

Since Lee sold BTCC, he’s spent most of his time “giving speeches, traveling, taking some vacation, and spending time with family,” he says.

However, he’s also found some interesting to do; making secure unhackable hardware wallets. This idea, he reveals, was born as people came to him to store their bitcoin investments for them.

The best way he thought, would be to come up with something super easy to use and also which will keep their crypto assets secure.

What’s Your Thought On This?, Let Us Know In the Comment Section Below.


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Revain (R) targets $0.06987194368 while having -0.81% decline during a day

This mechanism also allows saving part of a review in an RSS smart contract (Review snapshots storage) making reviews immutable. The Revain …

Revain (R) had a bad 24 hours as the cryptocurrency declined $-0.000515583999999999 or -0.81% trading at $0.0635199488. According to Top Cryptocoin Experts, Revain (R) eyes $0.06987194368 target on the road to $0.1597317975984. R last traded at HitBTC exchange. It had high of $0.0656854016 and low of $0.0626950144 for September 13-14. The open was $0.0640355328. About 705,419 R worth $44,808 traded hands.

Revain (R) is down -24.77% in the last 30 days from $0.08443 per coin. Its down -42.57% in the last 100 days since when traded at $0.1106 and the annual trend is down. 200 days ago R traded at $0.1302. R has 1000.00 million coins mined giving it $63.52 million market cap. Revain maximum coins available are 1000.00 million. R uses algorithm and proof type. It was started on 04/08/2017.

Revain is a platform that will leverage the Ethereum blockchain to implement a review mechanism that doesn’t require a third-party to be involved. In order to avoid the third-party involvement while keeping track of the review’s quality, the Revain review mechanism will be composed of two phases. In the first phase there is a filtering layer which is applied by a machine using AI (RAF & Tone Analyzer utilities), and then a second layer is applied by the company to either decide if the review is accepted or not. This mechanism also allows saving part of a review in an RSS smart contract (Review snapshots storage) making reviews immutable.

The Revain platform, differently from other blockchains will have two tokens, the R token, and the RVN token. The R token will be used to gather funds during the ICO and to exchange it for other cryptocurrencies. On the other hand, the RVN token will be used exclusively inside Revain platform, to reward users/companies for quality reviews and to penalize those who write unconstructive reviews. A fixed value of 0,0001 Bitcoin is attributed to the RVN token, enabling RVN tokens to be converted for the R tokens within the platform. The conversion is calculated by dividing the actual price of the R token (in BTC) for 0,0001 Bitcoin and then multiplying that value by the number of RVN tokens that a certain user possess.

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And Satoshi’s True Identity is…

Who is Satoshi Nakamoto? The identity of the enigmatic person (or people) who created bitcoin remains as mysterious as Jack the Ripper.
who is bitcoin inventor satoshi nakamotowho is bitcoin inventor satoshi nakamoto

Who is Satoshi Nakamoto? More importantly, does it really matter? | Source: Pixabay

Who is Satoshi Nakamoto?

The identity of the enigmatic person (or people) who created bitcoin remains as mysterious as Jack the Ripper.

Pundits and experts all over the world have put forth their assertions as to who Satoshi truly is. It is the subject of much debate in the bitcoin and cryptocurrencies world.

A Legend In Bitcoin Bulls’ Minds

Satoshi is regarded as a legendary figure, a mystery of such gigantic proportions that one may soon find him enshrined alongside Bigfoot and the Loch Ness Monster.

That is why it will shock readers to know that I know the true identity of Satoshi.

I will reveal his identity at the end of this article!

Yet there is something even more compelling than knowing the true identity of Satoshi. It is the fact that nobody should care who or what Satoshi’s true identity is, because it doesn’t matter, and never will.

Satoshi Is Nobody, Just Like Bitcoin Is Nothing

There is an unsurprising correlation between the hype surrounding bitcoin and the hype surrounding the identity of Satoshi. Both are composed entirely of vapor. Just as there is nothing to support the value of bitcoin above zero, the value of knowing Satoshi’s identity is also zero.

Ed Butowsky, Managing Partner of Chapwood Capital Investment Management in Dallas, tells CCN:

“Has it ever mattered to anyone who invented paper currency in the United States, or anywhere else for that matter? Has it ever mattered that the Treasury Secretary invented paper currency for United States in 1861? Has it changed, or will it ever change, how people spend their currency? No. The only reason anyone will want to know who his identity is so they can blame someone when bitcoin collapses”

Nor should it matter whether Satoshi is a man living with his mother in her basement, the Abominable Snowman, Donald Trump, Mickey Mouse, or the man behind the counter at the corner 7-11.

None of this changes what bitcoin is, how it is been used in the past, or how it will be used in the future, or how much money will be lost when bitcoin goes to zero.

Bitcoin Is One Big Scam

Bitcoin is based entirely on speculation. Its value is simply determined by what one person thinks he can sell it for, and what another person will pay for it.

There is no asset to back it.

No matter how many bitcoin bull tell me that there is nothing to back other assets either, I will always tell them that they are not only wrong, but that is not an affirmative argument for bitcoin.

That is why I will also tell them that bitcoin is simply one big scam being perpetrated by the very believers in it. It is the closest thing to the Dutch Tulip Craze of the 1600s that we have ever seen.

So it shouldn’t surprise anyone that believes in bitcoin and its potential that they should be equally invested in another ghost named Satoshi. The whole thing is so off-the-rails that even impostors are trying to gain notoriety for pretending to be him!

But I promised you I would reveal the true identity of Satoshi, and now I will.

Look in the mirror. He’s right there.

Disclaimer: The views expressed in this op-ed are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.

Last modified (UTC): September 14, 2019 12:01 PM

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