In the past week a lot has happened around the globe in terms of regulation. In the series “Regulation in the Week in Review” we look back at the end of the week and summarize what was said, thought or decided, when, where and by whom.

Japan: Minister of Finance is considering a change in crypto trader taxation

The Japanese finance minister is thinking about changing the way crypto trader currencies are taxed in Japan. However, he doubts that the Japanese public will respond favourably to this crypto trader news, as the new taxation could be seen as unfair. The current tax rate for crypto transactions is a maximum of 55 percent. A change in category would result in a tax rate of 20 percent, similar to that for equities or foreign exchange transactions.

Urkaine: No regulation of cryptomining
The regulatory authorities in Ukraine do not plan to regulate the mining of crypto currencies in the near future. A Russian news portal reports that cryptomining is not seen as an activity requiring licensing. Igor Samokhodski of the crypto-friendly NGO BRDO welcomes the decision.

Australia: No own crypto currency planned
At a briefing of the Australian Business Economists, the Head of Payments Policy Department of the Central Bank of Australia commented on a possible crypto currency of its own. This would be fascinating as an idea, but inefficient for real use. In addition, the issue would not be a priority for the central bank, but work would continue on possible solutions.

Canada: regulatory working group formed

The Investment Industry Regulatory Organization of Canada, an NGO that focuses on self-regulation of the cryptoscene, has formed a working group. In the future, the working group will work on a set of rules for the regulation of blockchain applications. In a document, they set out the organization’s priorities for 2019.

South Korea: Bank control over Exchanges to be extended
The South Korean Financial Supervisory Authority has changed the rules for combating money laundering. In the future, domestic banks will be obliged to tighten the monitoring of bank accounts linked to crypto currencies. According to an announcement by the Financial Services Commission (FSC), the change, which will initially apply for one year, means that domestic banks serving crypto exchanges will now have to monitor all accounts on that exchange.

Hong Kong: Securities regulators closely monitor crypto sector
In its Annual Report 2017/18, the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region announces that it will continue to monitor crypto currencies and ICOs closely in the future. Thus, new technologies often come in combination with risks that occasionally require the intervention of regulators. On the other hand, high-quality projects are something one would like to support.

Malta: Three draft laws on the blockchain in parliament
The Parliament of the island state of Malta has passed three bills on crypto currencies, blockchain and distributed ledger technology (DLT). These are intended to help the Maltese government better understand blockchain and turn the site into an international crypto hub. The initiatives were introduced into parliament by Silvio Schembri, Parliamentary State Secretary for Financial Services.

UK: Bank of England warns again of risks of crypto currencies
Sam Woods, CEO of the Prudential Regulation Authority (PRA), announced in a letter that banks, insurance companies and investment firms should take measures to protect themselves against market volatility and potentially risky investments in crypto. In doing so, he supports the stance of central bank chief Mark Carney, who has repeatedly spoken out in favour of stronger control of the crypto sector.

In the last weeks there had been some rumours about the situation at the Austrian Bitcoin company Cointed. Even a complete bankruptcy of the Cointed GmbH stood in the area. Now the CEO Wolfgang Thaler announces itself in a video message to its customers to word.

Cointed, mainly known in Germany for its business with Bitcoin ATMs, has been in a severe crisis since last month. The ATMs were taken off the server, Exchange paused and rumors spread. Officially, there was no statement at first, the support and secretariat of the company remained unoccupied and the customers were initially groping in the dark. Only a Facebook post dated 18 June informed customers that there had apparently been a hacker attack on Cointed GmbH.

CEO Wolfgang Thaler explains Bitcoin loophole

Now Wolfgang Thaler, the CEO of Cointed GmbH, finally has his say and raises serious accusations against his two partners. They had “left him in the lurch”, which is why he was only now able to inform customers about what was going on in the Bitcoin loophole company as reported on onlinebetrug.de. Thaler reports by video from China, where he negotiates according to own data with investors, in order to save the future of the Cointed GmbH.

Wolfgang Thaler Cointed

Thaler’s main concern is to clear up the rumors of the last days and to describe his view of things. He makes it clear that he has nothing to do with Optioment’s business methods. As BTC-ECHO reported, the premises of Cointed in Kufstein were examined in the course of the investigation. Thaler complains that a large amount of data was confiscated. Also the ATMs of Cointed had to be won by the server for a whole week, which resulted in a financial failure.

Attack on Cointed costs the company a six-figure amount

Much worse, however, was the high six-figure amount which, according to Thaler, was stolen in the course of a fraud case. In order to close the security gap, the Exchange had to be removed from the market and all transactions checked individually. At present, however, legal action has already been taken against the fraudsters.

Smart contracts based on the Bitcoin Blockchain will soon be promoted by a kind of cooperative of Bitcoin startups.

In a memorandum of understanding yesterday, several international Bitcoin companies agreed to form a cooperative to drive the development of a smart contract platform based on the Bitcoin blockchain.

The RSK Federation is based on the RSK Smart Contract Network developed by the Buenos Aires-based startup Rootstock.

The CEO and co-founder of Rootstock, Diego Gutiérrez Zaldívar, describes the founding of the cooperative as an “important signal of the Bitcoin ecosystem”. It also encourages companies to use sidechains that extend the functionality of the Bitcoin network.

So the Bitcoin news say:

Bitcoin news expansion and the implementation of more complex scripts will reduce some of Bitcoin’s deficits in the coming years and contribute to Bitcoin’s value. Read more about it: Is Bitcoin News Trader a Scam? Beware, Read our Review First

Among the 25 companies that have agreed to participate in the cooperative are among others: Bitfinex (Hong Kong), BitGo (San Francisco), BitOasis (Dubai), Bitpay (Atlanta), Bitstamp (Luxembourg), BTCC (Shanghai), JAXX (Toronto), Xapo (Palo Alto).

To operate smart contracts secured by the Bitcoin network, RSK uses a hybrid security model that combines elements of the proof-of-work concept with those of a private network.

“The combination will provide several key elements and services to develop practical smart contract applications,” said the other Rootstock co-founder Gabriel Kurman.

Some of the larger companies that co-signed the agreement intend to provide data to the network and help validate contracts.

RSK already launched a test network called Lotus in May 2016, but it is still at least a year away from a practical application or business solution.

Members support Smart Contract development

In order to close the gap as quickly as possible, some member companies are going far beyond what they promised in the letter of intent.

The founder of Bitcoin Wallet provider Xapo, Wences Casares, believes that the RSK network will one day be able to outperform Ethereum-based smart contracts because the Bitcoin blockchain is much more robust.

In order to advance this vision, Xapo has agreed to support Rootstock to the best of its ability and provide wallets for the RSK tokens, as well as help out with its own staff.

However, not all companies involved are exclusively focused on Bitcoin. JAXX, for example, offers a wallet that should work with all digital currencies and BitGo offers security services for various blockchains.

More than a crypto currency
Regarding the timing, the accusation could easily be made that this is an opportunistic move, since Ethereum has to fight hard for the execution of the Hard Fork and is criticized for it. Kurman emphasizes, however, that timing is detached from this, especially as many participating companies also offer Ethereum services.

“Our goal is to give the poorest people in the world access to financial services… But to benefit from the problems of others is not our thing.

Tumeric is the name of the next version of a test network and is to be launched at the end of September 2016. Until then, a lot of coordination work between the companies will still be necessary.

Black Friday – the black days have already begun for the crypto market this Monday. Not only the industry leader Bitcoin had to accept severe price losses; the entire crypto market has had to struggle with strong losses in the past few days. But the world continues to turn. The situation on Wednesday.

German logistics wants Bitcoin secret

Hardcore Hodlers know that the wheat is now separating from the chaff. While HODL in a bull market can degenerate into an empty word case, the bear again beats meaning into the Bitcoin secret. Quite rightly, the basic tenor in the crypto scene is that the review of the Bitcoin secret is still a long way from being found dead. Whether a large part of Altcoin’s competition can claim this as well, behind it one can – at least a small – put a question mark.

XRP!
An exclamation mark was set by XRP, who got away with a black eye with relatively small price losses so far. And among the blind is the one-eyed… well, you know already. That XRP stands out so well is probably also due to numerous cooperation partners who have announced that they want to make use of the xRapid platform from Ripple. In the unsettled waters of the crypto world, news about cooperation with established major corporations has a similar effect as the exclamation “land in sight” on the high seas.

Jean-Claude Trichet probably thinks he is on the right track at the moment – after all, the former head of the European Central Bank gave his mistrust of BTC-ECHO last week in relation to crypto currencies to the best of his ability. He said he could “not like anything” about this and considered the previous regulatory efforts to be “too cautious”.

Times in which the investment aspect of crypto currencies has a deterrent rather than an attractive effect (which is a matter of debate, of course) invite us to focus more on the technology and possible areas of application for blockchain and other distributed ledger technologies again. There is a never-ending stream of reports from the logistics sector in particular about pilot projects in which the still young technology is being tested. The interest of German entrepreneurs in Blockchain & Co. has now been expressed by Hermes in figures.

A survey conducted by the German postal competitor showed that more than a third of German logistics companies have recognised the potential of the blockchain. According to the tenor of the interviewees, it enables “enormous changes in logistics” that go far beyond the consequences of digitalization.

A plucked BCH

The tenor of a BCH-Hodler could have turned into a shrill soprano. Even though the crypto market as a whole is still a bit feathery, the BCH price has been plucked particularly thoroughly. With a weekly minus of around 55 percent (at the editorial deadline), the Bitcoin epigone is the biggest loser among the top 60(!) on Coinmarketcap for this period. This is mainly due to the trench warfare between Bitcoin SV and Bitcoin ABC – the Hard Fork was held on 15 November.

While the crypto market is knee-deep in the red, Switzerland’s first crypto ETP has received the green light from the regulatory authorities. This is intended to facilitate institutional investors’ access to the crypto market. The prices of Bitcoin, XRP, Ether, Bitcoin Cash and Litecoin are to serve as the underlying, with a decreasing weighting.

Waiting for the Bitcoin ETF
For a genuine Bitcoin ETF, which many see as a messiah, others as apocalyptic riders, the crypto community still has to be patient. In recent weeks it has become quiet in this respect around the US regulatory authority SEC. However, the ICO hunting community is very busy. The authority has been punishing companies that sold their tokens illegally as securities for a long time. These include Paragon and AirFox, who have been fined by the SEC. This was announced by the authority on 16 November.

The much-quoted regulatory mills are known to grind slowly. If the SEC takes its time much longer, it might be possible to bridge the waiting time with the first Playstation game using a blockchain. The game Plague Hunter will be released next year. For the first time, non-fungible tokens will be used in the turn-based PVP role-playing game – including an optional blockchain marketplace.

“At the last Central European Bitcoin Expo in Vienna, we tried to raise awareness of the digital currency ecosystem and unite the Bitcoin community around the world,” the organisers said. “This is our philosophy and we want to maintain it at all future events.” The conference in Vienna was a complete success, not least because the organisers managed to create a very personal atmosphere. The capital of the European Union.

How does this event differ from other Bitcoin formula events?

“At the last Central European Bitcoin formula Expo in Vienna, we tried to raise awareness of the digital currency ecosystem and unite the Bitcoin formula community around the world,” the organisers said. “That’s our philosophy and we want to maintain it at all future events.” The conference in Vienna was a complete success, not least because the organisers managed to create a very personal atmosphere.

The Bitcoin 2 Business Congress is exclusively for companies interested in developing, growing, connecting with key players in the Bitcoin scene from around the world, looking for ways to integrate the fast-growing Bitcoin into their business or just curious to learn more about the Bitcoin industry.

The concept is very innovative, new and progressive. The B2B Congress will begin with some speeches from well-known personalities, including Vitalik Buterin, Moe Lewin, Lutz Auffenberg, Stanislav Wolf, Adam Vaziri or Martin Westhead; each speech will be followed by a short discussion. Everyone who has a ticket will have the opportunity to participate in the discussions. Speakers and moderators will coordinate and lead the debates. Professional issues will be discussed first, followed by interesting discussions. Everyone will have the opportunity to express their opinions, as this is the only way to determine the general point of view.

Who can participate?

The afternoon will be dedicated to B2B (Business to Business refers more to business done between two companies than to business done by private customers) and will give visitors the opportunity to make contacts. The companies or business people can then arrange individual meetings and discuss the future of digital currencies. The meeting rooms can be reserved individually and subject to availability. Companies thus get a good opportunity to define the future of crypto currencies, enrich their company with information and get to know their future business partners.

Anyone who is interested in hearing the latest news from the crypto world, wants to help shape the future of Bitcoin or wants to represent their company in order to maintain a good media presence. Investors, businessmen, start-ups, venture capitalists, small and large companies are welcome.

It is in the nature of Bitcoin not to be influenced by such external influences. The absence of a central regulator keeps Bitcoin away from interest rate fluctuations. It is also very unlikely that the tensions in Russia, America, Israel or the Middle East will affect the Bitcoin in any way.

Volatility shrank from a healthy cryptosoft level in 2013 to a new 25-year low in May and July

Several factors are likely to have caused the cryptosoft market’s prolonged drought. However, the main reasons appear to be the prolonged low interest rates by central banks, growing geographical risks and a slowdown in cryptosoft growth in large nations.

Average volatility USD, EUR, GBP, AUD and JPY. Source: IG forex charts
It is in the nature of Bitcoin not to be influenced by such external influences. The absence of a central regulator keeps Bitcoin away from interest rate fluctuations. It is also very unlikely that the tensions in Russia, America, Israel or the Middle East will affect the Bitcoin in any way.

Bitcoin has experienced many highs and lows in the last 12 months. After a high of over 1,000 USD per Bitcoin, the Bitcoin price has settled somewhere between 550-650 USD in recent months. The fall in volatility is comparable, but still very unstable compared to other currency markets.

BTC/USD rate the last 12 months

Bitcoin price fluctuations are mostly due to reasons directly related to the digital currency. The strong Bitcoin growth at the end of 2013, for example, was based on various positive impulses from the market. The same applies to the catastrophic fall in prices caused by the Mt Gox bankruptcy in February of this year.

But there are also various reasons why the currency volatility and the Bitcoin boom are related. Bitcoin is outside the political and economic sphere of influence and this is exactly what makes it increasingly interesting for investors who have been “driven” by low interest rates in the USA, England and Europe. Thus Bitcoin could be seen as a highly volatile commodity: Interesting for investors in times of low market movements.

As long as the so-called questions and fears about Bitcoin’s legitimacy remain unanswered, there will be unpredictable price volatility. The longer this situation lasts, the better for Bitcoin. Traders are virtually forced to diversify their portfolios and their risk appetite is growing as economies recover even without liquid currency markets.

At the moment, however, the optimistic sentiment in many major indices is attracting a lot of investor attention. In addition, too many negative Bitcoin headlines are deterring investors looking for a Forex alternative.

The outlook for both assets could turn 180 degrees from now to now. An index correction was predicted some time ago. So Bitcoin could only be one big step away from another positive development. Should this happen, the lull in Forex volatility could bring the Bitcoin to a new big price.

Road Sign 29 – FactsAs a groundbreaking innovation, Bitcoin attracts supporters and skeptics alike. The technical and theoretical complexity of the digital currency can be confusing for some who have not yet been deeply involved with the technology.

The result is that many skeptics hang themselves up on one or two statements about Bitcoin. One often hears “Bitcoin cannot succeed” or “Bitcoin is a snowball system”. These statements do not correctly understand the characteristics of the digital currency and do not all too rarely cast a false light on the digital currency.

In the following we will refute known Bitcoin myths like the news spy

Bitcoin is only a speculative investment as in the review about the news spy. Many people heard about Bitcoin for the first time in connection with the high price. Either in connection with the bubble in 2013 or in connection with the recent fall in prices. People therefore associate Bitcoin with a very volatile currency in which it the news spy worth investing or not precisely because of the volatility.

But the truth is that Bitcoin is much more than just an asset. The decentralised peer-to-peer payment network is just one example of why Bitcoin will tear down old barriers. If the Bitcoin price would theoretically always remain the same, the digital currency would still have an enormous benefit, far from a speculative investment.

2. the blockchain is the true breakthrough and not Bitcoin
That’s true – the blockchain is truly the ingenious invention of Satoshi Nakamoto. The public register and security of the blockchain give Bitcoin its uniqueness. Once people have realized this, they often only see a use case of the blockchain in Bitcoin.

In reality, however, mining is the bread and butter of the Bitcoin protocol and without miners there would be no blockchain. The consequence of this is that the miners have to be rewarded for their work, because otherwise they would have no incentive to do their job and keep the blockchain alive. The reward is paid out in the form of Bitcoins.

Bitcoins are therefore essential for a functioning blockchain

3. the government will ban Bitcoin one day
While governments around the globe are thinking about how to take care of Bitcoin, many people mistakenly think that governments can simply ban Bitcoin when they feel like it. That’s exactly what people are used to from governments.

Yes, governments have the power to make it very difficult for people to use Bitcoin and government regulation is inevitable and welcome. However, if a government were to ban the global Bitcoin network, it would be very time-consuming and costly, if not impossible.

4. you can’t buy anything useful with Bitcoin
Many people are surprised when they hear that Bitcoin is not only a speculative investment but also a currency with which they can buy everyday things.

Below are the largest Bitcoin Accepting Companies, sorted by annual turnover:

bitcoin accepting merchants
Source: CoinDesk State of Bitcoin Q3 2014 Report
In addition to the companies already mentioned, PayPal has announced a partnership with Bitcoin companies and Microsoft is already accepting Bitcoin for online games and other digital media. In addition, hundreds of small shops around the world already accept Bitcoin as a means of payment.

Is the Donald nervous he’s missing out on something lucrative? Well yes, yes he is. Which is why he has been forming partnerships with online affiliates to start up an online casino when legislation is passed? Online casinos which offer a no download option are the best.

Trump Entertainment Resort sees the value in doing business online, and is growing impatient with New Jersey government that is being rather slow with pushing legislation through the house.

The company is still preparing for legislation and is making all of the right moves to make sure they are ready when the proper bills are passed. Trump Casinos have: “determined that such a joint venture represents the most advantageous for the company to participate in opportunities in online gaming at minimal cost to the company.”

As for New Jersey governor, Chris Christie, he feels that passing this bill could possibly lead to an explosion of betting parlors throughout the state.

Trump Casinos argue that millions of Americans are spending so much time and money at off-shore virtual casinos that it is detrimental to the US economy, and could actually help mend our “cash-strapped government.”

Atlantic City, where Trump has a large presence, has had an ongoing slump for the past five years, and cannot seem to pull them out of it, bringing the online aspect in would be great news for the town.

New Jersey legalizing online betting could greatly increase a passion for the industry, as well as provide much needed tax dollars and job.

The Donald is no stranger to bankruptcy but I’m sure he is going to do everything in his power to make sure this legislation is passed.

A lot goes into find the best place to play games online. You have to know that money you may be wagering is going into honest hands and that the games you are playing are completely fair. There are also the secondary factors including entertainment value and game quality. Overview of casinos which accept PayPal and other Methodes.

This leads me to my first factor when choosing an online casino to wager my money. I like to scroll down to the very bottom of the home screen and check out which software they use. If it is not a reputable brand I keep moving. Brands like RealTime Gaming, PlayTech, and Microgamming are at the top of my list.

Secondly I like to make sure they use Random Number Generation. The aforementioned software companies always include RNG but I just like the reassurance. If you are unaware what RNG it is a special computer chip inserted into the software to generate completely randomized numbers. In an online casino it is in the computational form but in an actual casino it is in the physical form; think a dice roll or a wheel spin.

Finally I like to look at the payout percentage. This number should be in the mid to upper 90s, if it’s not, keep mobbing. The best casinos know that they have to compete for your business and they will raise the payout percentage as high as they possibly can to gain your business.

So whether you’re playing online roulette, online blackjack or online poker real money is involved, and you do not want to wager it somewhere you don’t trust.

 

The rumors are true; Slots.lv will no longer be accepting wagers from US players. By the end of 2011 their contract will have expired with Morris Mohawk Gaming, based out of Canada, and they will start a new licensing agreement with The UK Gambling Commission. Bodog will change their name to “Bodog.eu” from “Bodog.com.”

Founder Calvin Ayre is very excited about the prestige and added trust that comes with a licensing agreement from UK Gambling Commission. He is working on expanding the brand in many ways; they have even started distributing coffee. Their aim is produce a brand “not unlike Virgin.”

They are currently ranking 13th among online casinos and 2nd among online casinos still accepting US players.

The decision to change licenses was made due to a lot of factors. The main one being the indictment on April 15th with various US poker sites. Bodog is expanding in many areas, including Asia, and they do not want to risk being associated with and controversy.

The cutoff has nothing to do with Morris Mohawk Gaming, who have decided to start their own Online casino USA players can definitely make wagers at.

What I wonder is how many other casino will follow suit. The US government is certainly taking their time making up their minds about legislation, what if they wait too long? This seems to be a trend, not allowing US players to wager at casinos due to an increased amount of risk. Americans love to gamble too, especially in poker.