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TOP 5 EXPLOSIVE CRYPTOS TO BUY

The third Bitcoin halving took place in May 2020. But before we delve into the cryptos to buy after the last halving, let’s understand why crypto assets have a bright future as an investment.

Traditionally, Bitcoin halving is associated with bullish trends witnessed across the entire crypto space. Crypto prices, like other commodities, are determined by the market forces of supply and demand. If the supply dips while the demand remains constant, then prices should increase.

During the last Bitcoin halving, the number of miner rewards dropped from 12.5 Bitcoins to 6.25 Bitcoins. According to crypto market analysts, this event catalyzed a bullish trend with supply expected to rise by 2.5% in 2020, as Bloomberg earlier reported. In 2021, supply is expected to rise by less than 2%.

Bitcoin (BTC)

With this in mind, here are the best cryptos to buy after the third Bitcoin halving event.

If you’re wondering whether Bitcoin (BTC) is still a worthy investment in 2020, the answer is, “Yes, it is!”

Bitcoin is still the market leader and a benchmark standard upon which every emerging crypto is judged. Here are three good reasons for buying BTC after the halving event.

Cryptocurrencies are expected to go mainstream, not only on Wall Street. Bitcoin has a limited circulating supply of around 18 million coins. This implies that its price is likely to increase by a significant margin in the future. Its scarcity is one of the factors that drive Bitcoin price higher.

Additionally, BTC has a huge market capitalization, eight times bigger ($121 billion) than Ethereum, the second-best digital currency. Bitcoin still boasts the highest daily trading volume, which makes it more easily tradable.

Besides, when cryptocurrency becomes accepted worldwide, regulation will destroy a big chunk of the crypto community. Many scam tokens will phase out, giving space and demand for more stable digital assets. Bitcoin is the pioneer cryptocurrency and the most trusted in the crypto space. This makes it an ideal investment for 2020 and beyond.

Ripple (XRP)

Ripple’s XRP is one of the altcoins positioned for reaping big gains in 2020. The company utilizes blockchain technology to facilitate money transfer between banks and payment providers. Crypto asset exchanges and corporations can also use XRP to transfer money globally. Ripple is, therefore, a key infrastructure behind cross-border crypto payments.

As cryptocurrencies gain more worldwide acceptance, Ripple is onboarding more customers, including banks. The recent partnership with the National Bank of Egypt is just one example. As more banks and payment providers join the Ripple network, the demand is set to rise. This will eventually boost the XRP price.

Dash (DASH)

Dash cryptocurrency came out as the leading asset after the Coronavirus-instigated market crash in March. As of March 26, the digital asset was up 65.20%. Dash embraces strong fundamentals and a massive technical background. It also has a low circulating supply, which is a crucial factor to consider when investing in cryptocurrency. With just about 9.4 million coins in circulation, Dash ranks 19 as one of the world’s best cryptocurrencies, according to CoinMarketCap.

Basic Attention Token (BAT)

BAT is one of the interesting cryptocurrencies to watch in 2020. This digital asset is expected to reap big gains based on its previous price trends. The driving force behind the BAT coin is quite simple. It focuses on the advertising industry, which, as currently constituted, is quite broken and misaligned.

In the advertising industry, the incentives for both advertisers and users are not properly shared. They seem to run in opposite directions. Advertisers want their ads watched while consumers want to skip the ads.

BAT seeks to align the digital advertising industry so that the incentives will be matched between the advertisers and consumers.

To achieve that goal, users will receive payment in BAT to watch digital ads in the Brave browser, which means that consumers will be incentivized to watch the ads. The goal is to have more users to watch the ads to enable the advertisers to sell more of their products or to achieve brand awareness. This positions BAT as a smart business model that will increase in value.

Besides, as cryptocurrencies head for a mainstream consumer adoption, their demand increases. Dash is likely to gain more traction based on its model for compensating users. This makes it one of the explosive cryptos to buy this year.

Monero (XRM)

Monero (XRM) is another promising digital asset to buy after the third Bitcoin halving. Monero is special for three main reasons. Firstly, it embraces privacy, which is the sole intent of the crypto invention. XRM is the world’s most established privacy coin, which you can use to make anonymous transactions.

Its non-traceability feature attracts many users who would like to transact without any third-party intervention. Secondly, Monero has a low supply of around 17 million coins. This means it is scarce, and its demand is likely to increase. Thirdly, its current double-digit price of around $50 makes it an established model for investment.

Final Thoughts

Ultimately, this is our list for the most promising cryptos to buy this year, especially after the third Bitcoin halving. As usual, the crypto market remains volatile, so you should expect some up or down swings in the assets. It’s advisable to read the whitepaper, verify the circulating supply, and analyze price trends before you buy any digital asset.

Source: https://coindoo.com/top-5-explosive-cryptos-to-buy-after-the-third-bitcoin/

Jun-17-2020 03:02:09 PM

BLOCKCHAIN AIDS IN THE FIGHT AGAINST COVID19

Blockchain’s role in the fight against COVID-19 comes down largely to it being a powerful tool for data management. In short, by drastically improving data management, blockchain offers huge potential for dealing with COVID-19 and the litany of crises both directly and indirectly associated with it.

On the one hand, data is key in the fight against COVID-19 and the crises surrounding and exacerbated by it. We need more data to effectively contract trace. We need more data to track the spread of the virus and its effects on various populations. We need more data to determine the efficacy of potential treatments. We need more data to improve supply chain resilience and to track sensitive items like personal protective equipment and medicines in order to ensure their quality and authenticity.

On the other hand, data collection is a tricky business, and it’s one that has a variety of extremely negative potential outcomes. When data falls into the wrong hands, lives can be destroyed, intellectual property can be stolen, and companies can be wiped off the map.

How do we protect personal information while collecting the data needed to effectively contact trace? How can research organizations protect their intellectual property while sharing data in the search for medical treatments? How can participants in global supply chains share enough data to improve supply-chain resiliency while protecting the proprietary data that allows them to retain their competitive advantages?

The challenges associated with securely and ethically collecting and managing data are the reason this most valuable asset in the 21st century (data is the new oil) remains alarmingly underutilized. The data we desperately need to solve COVID-19 and adjacent crises is hopelessly siloed. Due to the inability to safely share and analyze it, the data we need sits largely idle. In short, there is huge missed opportunity.

By solving the critical data management challenges inherent to legacy digital systems, blockchain offers a way out. With blockchain-supported data management, we can securely but transparently collect, share, and analyze data like never before. This will speed up the advancement of digitalization and supercharge its effects. Let’s look at a few emerging examples of how this is happening already:

Data Sharing For Research

A year ago, 10 of the world’s largest pharmaceutical companies made an historic agreement to pool their data on antibiotics, providing the needed data volume to unleash the power of AI in the fight against antibiotic-resistant bacteria. That agreement was only possible because the technology behind it leveraged blockchain, a technology that changes the way data is stored and managed. This allowed each pharma in the consortium to maintain their IP while simultaneously meeting regulatory requirements.

Supply Chain Management

Sudden high demand for previously marginal products like personal protective equipment has combined with local lockdowns and import/export restrictions to result in the widespread collapse of supply chains. The consequence has been shortages of critical products, leading to over-reliance on sources of products whose origin and quality are unknown and unreliable.

Blockchain is well-suited to supply chain management because it ensures transparency and guarantees security while also enabling nodes in the supply chain to protect their competitive advantages. The result is the capacity to connect all stakeholders in a given supply chain, providing the single source of truth and universal real-time visibility needed to make the coordination improvements that dramatically improve supply chain resiliency and efficiency.

Blockchain solution provider TYMLEZ is an example of an entity that has developed a blockchain-based solution to match supply and demand in the medical products ecosystem. Pilots are currently being deployed in Holland. Other blockchain-based solutions, like the in-production solution developed by SAP, focus on track and trace systems that eliminate counterfeiting and adhere to increasingly strict regulatory protocols.

Contact Tracing

German tech startup MYNXG created a blockchain-supported solution that enables mobile phone-based tracking while guaranteeing user privacy. Governments and healthcare organizations gain critically important COVID-19 tracking information while citizens rest assured that their personal information cannot be leaked or otherwise shared.

Clinical Trials Research

In the clinical trials research space, where the cost of developing a prescription drug that gets marketing approval sits at a colossal $2.558 billion, and the time needed from the conception of a drug to its approval averages no less than 10 years, blockchain has the potential to have truly revolutionary impact. In a world where the development of effective treatments (or indeed a vaccine) for increasingly prevalent pandemics are essential to the renormalization of the global economy, 10 years from conception to completion is simply unacceptable.

Data collected in clinical trials is extremely sensitive yet, for a trial to be effective, the data must be shared transparently, securely, and – ideally - in real-time. The problem is that the status quo tools used in clinical trials are simply unable to provide anything near that capacity. Blockchain-support clinical trials research, by contrast, provides the data management capacity needed to coordinate between the many stakeholders. From clinical research organizations, to trial-sponsoring pharmas, vendors, regulators, and the patients themselves, all stakeholders can rest assured that data is secure and immutable.

UK-based ClinTex has already made significant progress in developing a blockchain-supported clinical trials intelligence solution that unlocks the data collected in clinical trials, empowering coordination between stakeholders like never before. With solutions like the one developed by ClinTex at their disposal, researchers will be able to develop medicines faster and at drastically reduced cost.

Source: https://cryptodaily.co.uk/2020/06/blockchain-aids-fight-19

Jun-17-2020 03:01:29 PM

HOW’S THIS FOR A BITCOIN USE CASE PAYMENTS

Using Bitcoin to pay for purchases—how’s that for an idea? Somewhere, in all the noise about price movements, ideological differences and the race to find the most novel use case, we forgot that Bitcoin is suppose to be a digital electronic cash system. But even though it could one day be possible to have the entire internet running on the blockchain, it’s important to remember that you can actually use Bitcoin to send and receive money, and make purchases.

Even the payments use case is more complicated now. It’s not just about walking into a store and scanning a QR code with your phone. Bitcoin, at least since Bitcoin SV (BSV) developers restored its original protocol rules, once again enables low-fee micropayments to create an entirely new digital economy. A new breed of “wallets” is emerging that connect to novel online content and gaming platforms that actually make money for their users.

Remember, that’s the way it was always supposed to be: new money and new ways to earn and spend money. And yes, you can still use Bitcoin to buy a cup of coffee. It’s digital cash after all, and there’s no reason you shouldn’t use it for that.

How we got here

In the early days of Bitcoin, most of the conversation was about who was accepting Bitcoin for payments. Every new merchant or site was celebrated, and there were too few users to worry much about scaling. (The scaling debate was happening even then, but mainly hypothetically and in the developer channels.) Price talk was secondary.

That changed over time. Other than small businesses owned by Bitcoiners plus a few marquee names like Overstock and Bic Camera, not enough merchants were jumping on board. One reason for this was the vocal resistance to Bitcoin from governments and central bankers, who saw Bitcoin as either a challenger hell-bent on dismantling the financial status quo, or a crime-enabler. Admittedly, many of Bitcoin’s earlier fans didn’t use language or optics that would win their opponents over.

In-store and online payments with Bitcoin also became mundane once the novelty wore off. After all, to the user it’s much the same as paying with Apple Pay or a card. A few massive price spikes and the conversation shifted from “who’s accepting Bitcoin now?” to “how many millions have you made from Bitcoin?” Actually spending Bitcoin became something to be ashamed off, as if you were robbing yourself of future millions.

Exchanges and price speculators jumped in, bringing all their dollars, yuan, yen, and scandals. Blockchain traffic became congested—not from people making purchases, but from traders sending Bitcoin to exchanges and pulling out fiat. BTC hit its capacity and fees rose. Those who’d actually built interesting use-case businesses that depended on high-volume microtransactions went out of business. Ordinary merchants quietly put away the point-of-sale Bitcoin devices, since hardly anyone used them and the fees were getting too expensive anyway.

Bitcoin Core (BTC) developers and their supporters fought bitterly against moves to increase the 1MB block size limit, something added in the very early days to defend against “spam transactions” deployed as DOS attacks. We can find other ways to still use Bitcoin as digital cash, they said, as long as we alter the protocol and fundamentally change the way Bitcoin works. In mid-2017 they did exactly that, forking the software with changes to enable “payment layers” that would move most transactions to off-chain, third-party networks.

Fortunately, enough people still remembered what Bitcoin was supposed to be about, and continued to build it. It took until early 2020 to complete that vision, but we now have Bitcoin back again as it was originally intended.

All that means it’s time to get back to basics, and start talking about payments and digital cash again.

Micropayments and Money Button

BSV has no set block size limit. Low-fees, micropayments and new use-cases are back in vogue. And guess what? Bitcoin still works. You can still send $1,000 or $0.00001 to the other side of the world instantly, for a miniscule fee.

Micropayments are one major area where Bitcoin beats card payments. Thanks to the huge commercial and technical infrastructure supporting digital fiat money payments, it’s uneconomical to make payments lower than $5 or even $10 in large amounts. Merchants deal with this by forcing users to “fund your account” with large payments in advance, or by “bundling” payments to charge cards at the end of each month. Both these solutions are inconvenient for users.

Why can’t you just make a payment when you buy something, whatever the price? With cards you can’t, but with Bitcoin you can.

That opens up a whole new world of new use cases. Ryan X. Charles has promoted micropayments for years, and was one of the first to complain about BTC’s limited block size killing innovation. He switched to BSV and created Money Button, finally able to create a service that practically applies Bitcoin’s original promise.

Developers can add a Money Button widget to their sites, letting users pay tiny amounts for individual pieces of content. The Money Button wallet connects to services like Twetch, a Twitter-like social network where you pay a few cents to post and like, and receive micropayments when someone interacts with your own content.

Money Button competitor Relay does the same with its RelayX wallet and RelayONE button, as does HandCash. The race to make payments as fast and easy as possible has created a healthy competition for new features. Both can also be used in physical shops or added to “regular” online stores to make Bitcoin payments as simple as pushing a button, rather than scanning QR codes or copy-pasting key strings.

Wallet integration with online services means users need not even push a button, but have payments made automatically as they interact with site features. This removes the psychological barrier to paying for content that has been a hurdle for online micropayment attempts in the past.

Charles says Money Button currently employs “about half” of the features Bitcoin provides, but it can do much more. In the future, it will have the ability to serve businesses of any size with smart contracts and other data-processing functionalities, simplifying blockchain use for providers and consumers.

Some might say it’s sad that it took a decade for people to understand what Bitcoin’s original vision was for, and build those basic services again. On the other hand, though, often it does take time and vision to understand a new technology’s real promise (we had the web for over a decade before Facebook, YouTube and Twitter came along, and even they took a while to go mainstream).

The good news is that it’s all entirely possible with BSV, and development is happening at a rapid pace. The industry is making up for lost time, pent-up frustrations with BTC in the past creating energy to get new services to market as soon as possible. The better news is that it works, and works well—as long as you’re building on the original Bitcoin, BSV. Forget the price, it’s time to start making (and spending) money on real things of value.

Source: https://coingeek.com/hows-this-for-a-bitcoin-use-case-payments/

Jun-17-2020 03:00:31 PM

BELARUSIAN BANKS TO ISSUE DIGITAL TOKENS IN CENTRAL BANK PILOT

Belarus’ central bank will allow 12 commercial and state-owned banks to launch tokens and conduct business using their digital offerings in an ambitious new pilot. The central National Bank’s plans, per Sputnik Belarus, will involve a pilot that will run from January 1, 2021, to January 1, 2024 – after which the initiative may be extended further or legalized for wider use within the country.

The media outlet says it has seen documentation from the National Bank that suggests that banks will be allowed to raise funds for their token offerings in Belarusian rubles from domestic companies or individuals.

But the central bank added that non-citizens could buy tokens using either the national fiat or overseas fiats – although banks would not be allowed to receive cryptocurrencies as part of the pilot.

However, the document reportedly allows banks to “acquire third-party tokens.”

Banks will not be allowed to invest more than 10% of their total capital holdings in token issuance projects. And only companies or individuals who are registered residents of the Hi-Tech Park complex will be allowed to conduct transactions using the new tokens.

Jun-17-2020 02:59:25 PM

Jun-17-2020 02:58:23 PM

MICROSOFT AZURE CLOUD HACKED TO MINE MONERO

According to news earlier this morning, hackers have attacked the Microsoft Azure cloud computing network to mine Monero (XMR).

The hackers were said to have gotten into the computers after it was discovered that a number of them were badly configured. Even though the hackers left no trace whatsoever, investigations are ongoing to check if they might leave a digital footprint that can be traced back to them which will aid their arrest.

“After discovering the hack, we swung into action with the aid of our developers to try and salvage what was left of the situation. We are currently hoping they are brought to book,” an official of the company said.

The hack was said to have been discovered on June 10 but might have been going on for a time longer than that according to the statement. The company noted that some of their customer bases had little misconfigured nodes which the hackers were able to exploit and mine the crypto tokens. They further stated that the hackers might have discovered the high mining power of the machine before setting out to achieve their aim.

Hackers exploited the modified nodes

Microsoft noted that it had discovered about a dozen machines affected by the hack which originally attacked a machine learning toolkit, Kubeflow because of its open-source Kubernates platform. By default settings, the dashboard that controls Kubeflow is only accessible internally with the nodes so the majority of their users use the Kubernate API. Some of the users were said to have modified the setting for their convenience which automatically means the dashboard is exposed to the internet. As a result of the loophole, the hackers were able to get in via a few vectors that compromised the network.

Hackers target machines because of high mining ability

The possibility is to set up or modify a jupyter notebook server in the cluster with a malicious image and all the security will be exposed. The Azure security center said they discovered an image on the Azure network on a cluster of the machines affected. According to the research run on the image, they discovered that it was used to mine Monero. Machine learning clusters contain GPU and have high power ability hence, they are being targeted by cryptojackers for mining. This is not new as hackers have previously breached the Microsoft SQL server to mine Monero sometimes ago

Jun-17-2020 02:58:11 PM

BLOCKCHAIN TO FACILITATE INTERNATIONAL COLLABORATION IN BANKING

The use of distributed ledger technology (DLT) and blockchain began to be a pivotal thing in businesses and this pushed many institutions and businesses to start focusing on this ground-breaking tool.

Blockchain is highly being used in commercial applications such as the transfer of digital currencies, digital file storage, logistics network management, and digital identity services. The big advantage of this innovation is that it can be easily managed across borders. Therefore, the technology has the capacity to promote international cooperation among countries.

If duly developed, blockchain holds a significant promise to address the fundamental cooperation challenges. Thus, the tech challenges the superiority of international organizations.

DLTs can work as distributed programmable platforms. DLT-based platforms like Ethereum enable the encoding of smart contracts, that is fully executable decentralized programs functioning on the DLT. Smart contracts help contracting parties to carry out their businesses as agreed by naturally allowing for the validation of processes on a blockchain.

Using DLT to improve intercontinental trade networks

The international collaborations on blockchain-related projects are increasing significantly. For instance, last month, Turkey and Germany carried out the first trade finance transaction (TFT) using DLT. Turkey’s İşbank and Germany’s Commerzbank AG conducted the first DLT-powered TFT between the two nations.

The two banks dealt with a financial transaction related to a trade contract that exports laminated glass panels from Germany to Turkey. Security, speed, and operational efficiency of trade finance operations were greatly improved by supporting stable and convenient data sharing through blockchain technology. The transaction showed that blockchain allows transactions to be managed in a fast, safe and reliable environment.

However, this is not the first collaboration between different countries on DLT-related projects. In April 2018, around 30 countries in Europe formed the European Blockchain Partnership (EBP) and decided to join forces in the launch of a European Blockchain Services Infrastructure (EBSI), an initiative that enables the delivery of transborder digital public services, as indicated by the European Commission.

Banking institutions adopt DLT innovations

In order to improve the transparency and security level of transactions, HSBC, a British multinational bank also conducted a blockchain-based letter-of-credit transaction between South Korea and Vietnam in July 2019. According to coinidol.com, a world blockchain news outlet, this was the first-ever DLT LC operation between the two nations.

Through teamwork, HSBC, the Bank of America Merrill Lynch (BofAML) and the Infocomm Dev’t Authority of Singapore (IDA), also use paper-intensive LC transactions onto the DLT to allow exporters, importers, intermediaries and their personal banking institutions to share data on a private blockchain.

Generally, blockchain partnerships and the adoption of decentralized ledger tools and novelties can play a bigger role in metamorphosing the finance and banking industry. The technology helps banks to allocate money from savers to borrowers in an effective way. The financial services will use DLT, smart contracts, and other innovations to make the entire economy more efficient.

Therefore, if the countries, companies and organisations continue using blockchain in their operations and projects, they will increase the security, speed, transparency, and efficiency of their systems hence serving their users better and effectively, and help to change the market positively by letting the customers attain maximum utility.

Source: https://coinidol.com/blockchain-international-collaboration/

Jun-17-2020 02:57:19 PM

Indian government banning cryptocurrencies

India continues to oscillate over its stance toward cryptocurrencies as according to a report by The Economic Times, the country is now considering introducing a federal law to put a lasting ban on digital currencies.

Back to Square One?

After the Supreme Court of India’s landmark ruling in March 2020 that quashed the then-existing Reserve Bank of India (RBI) diktat, prohibiting banks from providing financial services to crypto firms, the Indian government is now mulling introducing a formal law to put a blanket ban on cryptocurrencies.

A senior government official told The Economic Times that rather than a circular from the RBI, this time, the government is considering developing a legal framework to impose a law banning cryptocurrencies in the country. The official said that the Indian Finance Ministry has already moved a note for inter-ministerial consultations.

Per sources close to the matter, after due consultation, the note will be sent to the cabinet, and subsequently, to Parliament. Assuming the note is along the same lines as an earlier proposal, it could spell doom for the Indian cryptocurrency ecosystem that was just learning to stand on its feet after having its growth stunted by years of draconian regulations.

For the uninitiated, in July 2019, a high-level government panel prepared a draft law suggesting a ban on all cryptocurrencies. The draft law recommended a fine of approximately $330,000 and imprisonment of up to 10 years for anyone dealing in digital currencies.

Amit Maheshwari, partner, AKM Global dubbed the draft rules in the July 2019 proposal as being “too harsh.” He said that such a proposed legislation would make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies and, if passed in the current form, would completely decimate the crypto-industry in India.”


Crypto Twitter Reacts

Several influential people from the Indian crypto space took to Twitter to separate facts from fiction regarding the latest development which could stunt the growth of the local crypto space once again.

Nischal Shetty, the CEO of one of the leading Indian cryptocurrency exchanges, WazirX, said he’s confident that India’s Prime Minister “will not stop a booming sector.”

Jun-17-2020 02:56:05 PM

TOP 5 CRYPTOCURRENCY FRIENDLY EUROPEAN NATIONS

Innovative technology giant countries such as Malta, Italy, Switzerland, Denmark, and Estonia, are in the top 5 European nations which are friendly to blockchain, Bitcoin and other cryptocurrencies, and have acknowledged the importance of creating a cryptocurrency focused economy. Nevertheless, forming, registering and operating a cryptocurrency firm, how much good the ground is levelled, the crypto businesses in the continent still experience serious problems.


Currently, there are over 375 cryptocurrency companies with more than 420 founders in the European Union (EU), dealing in different areas including financial services, payments and software. Examples of the companies include Binance Labs located in Valletta, Malta; FinLab based in Frankfurt, Germany; Ledger located in Paris, France; Bitstamp and Cashaa, which are based in London, U.K; and others.

Below are the Top 10 European countries favourable for setting up a blockchain-related business, according to the findings by BlockShow Europe 2018. The study considered 48 countries and dependencies in Europe.


1 Malta Binance, OKEx
2 Switzerland Ethereum Foundation. shapeShift, Tezos, Bancor, and Dfinity
3 Italy Industry 4.0, smart city, made in Italy
4 Estonia CoinMetro, crypto capital
5 Denmark ITU research, OpenLedger


Italy Attracting Cryptocurrency Businesses

Recently, the tax authorities in Italy came out to revise some important articles concerning tax obligations as well as AML, within the crypto regulatory framework, and provided some promising signs to the industry. The authorities want to level the ground such that they can attract more and more crypto businesses in the country.

Italy is also carrying out mass sensitization about the benefits of blockchain and cryptoassets. Even, according to the recent survey, it shows that the majority of Italians have knowledge about blockchain, Bitcoin and smart contracts. If the country maintains this pace, it will even become a leader of crypto and distributed ledger technology in Europe, especially after Brexit. Last month, Italy joined Malta on blockchain tech and cryptoasset regulation, as the two legal experts (Egitto and Busuttil) revealed.

Denmark is Gaining Traction in Crypto & Blockchain Industry

In a study conducted by BlockShow Europe 2018, a blockchain conference, Denmark was among the top 10 cryptocurrency-friendly EU countries and the country has the best environment for beginning a blockchain-related business.

In January this year, Skattestyrelsen, the Danish Tax Agency, started collecting data and every important info about digital currency exchanges and traders, to make sure that users are paying the correct tax amounts. At the time, the director of Skattestyrelsen in charge of personal income tax collection, Karin Bergen, noted:

“With the permission of the Skatterådet, we will for the first time gain access to the trades made through Danish exchanges. This gives us new opportunities with respect to exercising control in the sector.”

Malta: A Crypto and Blockchain Hub

The financial watchdogs in Malta, a blockchain island, finished approving 14 entities which will be the first Virtual Financial Asset (VFA) agents in the entire nation – to work as intermediaries between digital currencies firms and the Malta Financial Services Authority (MFSA) which drafted the approvals.

The agents will further offer guidance and assistance especially with legal and accounting issues to entrepreneurs in the best interests of the regulator including token issuers and service providers under the VFA Act. All approved agents will be evaluating business plans and carrying out due diligence especially under anti-money laundering (AML) regulations.

Estonia & Switzerland Continue to Embrace Bitcoin

Estonia also provides the best climate for cryptocurrency trading platforms such as Binance, Coinbase, Localbitcoins and others. It charges low initial capital, and its licensing process is very quick, and the taxation policy is favorable.

In December 2017, the government of Estonia developed an official market for “cryptocurrency capital” and assets. An agency to operate the market was also established. TokenEST was given the authority to operate the market while TokenEST SA was to oversee and further regulate the market.

Towards the end of last year, the finance ministry of Estonia made arrangements for amending the financial bill in order to reinforce the cryptoasset sector by adding new effective amendments to the regulations.

Also, many companies, financial institutions and organisations in Switzerland have been seen adopting and using Bitcoin. For instance, in 2017, the Swiss giant in online banking Swissquote declared the rollout of a Bitcoin trading service. The online banking service provider bull partnered with Bitstamp crypto exchange to provide Bitcoin trading with fiat currencies especially USD and EUR.

Jun-17-2020 02:54:46 PM

Jun-17-2020 02:53:58 PM