Connect with us

Altcoins

15 insights on cryptocurrency regulations in Europe

Published

on

15 insights into cryptocurrency regulations in Europe. Countries and financial regulators from all over the world are trying to take cryptocurrencies.

15 insights into cryptocurrency regulations in Europe

 

Opening remarks

2018 is citing to be one of the most reckoning years in the currency space for its regulations. The anonymity provided by the cryptocurrencies is the main characteristic feature which is blamed for the usage in all the illicit activities. Countries and financial regulators from all over the world are trying to take cryptocurrencies into under their control.

 

World take

Countries like Japan and Australia have realized crypto to be dangerous and are speculative about the money laundering schemes that have been undertaken in the name of cryptocurrencies and hence have categorized them as an asset which is basically used nothing but for Capital Tax Gains. The financial regulators from Australia were very open-minded towards cryptocurrencies and had even suggested the Reserve Bank of Australia accept cryptocurrencies in the official form.

On similar lines at the Securities And Exchange Commission from the United States have expressed their doubt and have warned investors to invest on their own risk. Many Initial Coin Offerings in the state were also truncated. Many cryptocurrency exchanges in Japan as well as the United States have been cooperating with their respective financial regulators and are compiled to provide customer personal data to the financial authorities which might create a point of conflict between customers and the exchanges.

 

Cryptocurrency regulations in Europe are quite confusing due to the differences in the opinion of the European Union and personal opinion of the independent members of the Union

  1. The cryptocurrency regulations in the European Union is a complex mixture of the European Union legislation and the national laws.
  2. The cryptocurrency market in European Union is seeking to gain some kind of maturity as the cryptocurrency exchanges from London and Austria have come forward in order to join hands with regulators for a better security for investments.
  3. In order to avoid any kind of knee-jerk reaction from the regulator, the brokers find it better to cooperate with the financial regulators in order to sustain their business.
  4. The European Union’s Fifth Anti Money Laundering Directive (5AMLD) was launched on June 19th, 2018. All the members of the European Union are directed to enforce the rules and regulations in this directive prior to 20th January 2020.
  5. The Fifth Anti Money Laundering Directive is one of the major steps in the cryptocurrency domain among the European Union members. Prior to which the cryptocurrency space was unregulated.
  6. According to 5AMLD, cryptocurrency coins, as well as tokens, have been defined in such a way, that most of the coins and tokens wouldn’t fall under its region.
  7. The Crypto to Crypto exchanges in European Union is lesser concentrated upon by the directive, which may lead to lesser regulations and hence security among them.
  8. The Crypto to Crypto exchanges offers not just exchange service but also a number of additional services such as custodian wallet, Gateway services, etc.
  9. Currently, the European Union along with the United Kingdom doesn’t seem to have a full-fledged regulation in this domain and are yet to finalize it.
  10. One of the obliged entities for Fifth Anti Money Laundering Directive is the custodian wallet providers as they effectively store the investments of people.
  11. The cryptocurrency exchange platforms, as well as the custodian wallet providers, were some of the platforms which became an obliged entity under the 5AMLD.
  12. Many cryptocurrency organizations among the European Union are seeking clear-cut regulations for increased transparency with their users otherwise are forced to have restricted as well as inefficient functioning.
  13. According to the authorities, it would be easier for them to curb the organizations which consistently use cryptocurrencies for their functioning then regulating the cryptocurrencies itself.
  14. All the Crypto to Fiat exchanges is forced to follow the European Union legislation.
  15. The cryptocurrency organizations are burdened with huge expenses due to the compliance of 5AMLDs. Even the British Prime Minister Theresa May expressed her distaste regarding the cryptocurrencies by the way they can be used for illegal activities.

Conclusive remarks

The cryptocurrency market among the members of the European Union lacks some kind of maturity due to the repulsion of the institutional investors due to the lack of regulations and increased speculations. Whereas the countries across South Africa have taken bold moves in the field of cryptocurrency regulation. Switzerland is the only country which doesn’t seem to be a part of European Union and has a completely open mindset towards it.

Continue Reading
Advertisement Cryptocurrency & Blockchain Domain Names
12 Comments

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

Published

on

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

Continue Reading

Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

Published

on

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

Continue Reading

#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

Published

on

Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.