The Securities and Futures Commission (SFC) of Hong Kong has called on the public to provide feedback on its proposed regulation for crypto exchanges seeking to serve retail investors in Hong Kong.
The Hong Kong government received several commendations from the crypto community following its plan to legalize crypto trading for retail investors from June 1.
However, to ensure a safe investment environment, the SFC Chair Julia Leung said that retail investors would only be allowed to trade highly liquid crypto assets.
Exchanges to obtain a license from the SFC
In light of Hong Kong’s plan to legalize crypto trading, the SFC announced on Feb. 20 that it had launched a consultation paper for the public to provide feedback on the commission’s regulatory plan for crypto exchanges.
Under the SFC’s requirements, all crypto exchanges offering trading services in Hong Kong must be licensed by the SFC.
The SFC said it is seeking feedback on whether to allow licensed exchanges to serve retail investors and the measures to be implemented to ensure adequate investor protection.
SFC Chair Julia Leung said the proposed requirements include robust measures to protect investors — following the ‘same business, same risks, same rules’ principles.
The commission has invited all interested crypto market participants to provide feedback on its proposed regulatory requirements on or before March 31.
In addition, the SFC has urged crypto exchanges willing to continue operating in Hong Kong to duly apply for a license, while those who do not intend to apply for a license should close down their operations.
Huobi moves to obtain a Hong Kong license
Tron founder and Huobi adviser Justin Sun announced on Feb. 20 that Huobi will be launched in Hong Kong as it seeks to obtain a crypto trading license from the SFC.
“With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options,” Sun said.
The new exchange- Huobi Hong Kong- will be focused on providing trading services for institutional investors and high-net-worth individuals.
Terraform Labs and its founder, Do Kwon, are in the sights of the United States Securities and Exchange Commission (SEC), which has sparked various reactions from lawyers within the crypto community.
On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for allegedly selling a “suite of crypto asset securities.” While community members are not defending Kwon for his actions, they are questioning the manner in which the SEC is going after Terra and its founder.
Web3 lawyer Mike Selig posted his thoughts on the issue on Twitter. According to Selig, the SEC characterizes the algorithmic stablecoin TerraUSD Classic (USTC) as a security because it could be exchanged for Terra (LUNA), now known as Luna Classic (LUNC), which is also a security according to the SEC. Selig explained that under this theory, “nearly anything can be a security.”
Mike Wawszczak, the general counsel for Alliance DAO, also commented on the topic. According to Wawszczak, SEC Chairperson Gary Gensler may want “complete discretion” in applying securities laws to any transactions. He tweeted:
hard to read the SEC v. TFL complaint and not conclude that Chairman Gensler wants complete discretion to apply securities laws to any transaction he wants.
for that job, he requested $2.2 billion in FY 2023.
Justin Browder, a partner at the law firm Willkie Farr & Gallagher, likened the SEC’s description of USTC’s use to generate returns on another protocol to “depositing fiat in a bank.” The lawyer also questioned whether there is another non-security currency that does not behave like that. In the end, Browder described the SEC’s actions as “wild.”
Apart from the lawyers, other members of the crypto community also added to the conversation. Dylan Daniel believes that if everything becomes a security, the SEC will have to expand and scale itself. The Web3 community member hopes that Gensler has a solid plan.
On Feb. 13, similar sentiments were expressed on Twitter when the SEC decided to go after Paxos, claiming that the Binance USD (BUSD) stablecoin is a security. Many members of the community were confused and argued that users of the stablecoin do not purchase it and expect its price to go up.
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The price action of Tamadoge is moving in a consolidating market pattern. Such market patterns usually precede a decisive market movement. For Tamadoge, it is more likely the trend go to the upside after the ranging market. This is an opportunity for investors to buy this crypto because it will be profitable.
Tamadoge Market Price Analysis From The Indicators’ Point of View
The upper band and the lower band of the Bollinger band are converging; this shows Tamadoge is entering into a price consolidating period. The 15th-hour candlestick and the 16th-hour candlestick are signs pointing to imminent bullish market performance. Those two candles rest on the lower band of the indicator. This increases the probability of a bullish market movement TAMA/USD because the two candles are touching the lower band of the indicator.
Tamadoge From the 5-Minute Chart Outlook
In this timeframe of, we can see how the bulls are pushing the price to the upper price level as more people are beginning to buy. The RSI line is now above the 50% midpoint of the Relative Strength Index. Soon, this price advancement will reflect in bigger timeframes. We also observe the price action taking support near the lower band of the Bollinger band indicator. As a result of this, the price action has moved up to a higher price level.
The Securities and Exchange Commission (SEC) has filed a suit against Chicago Crypto Capital (CCC) for allegedly defrauding investors of $1.5 million by issuing unregistered BXY tokens during the 2018 ICO boom.
The lawsuit filed onSept. 14 also named Chicago Crypto Capital (CCC)‘s owner, Brian Amoah, and two salesmen — Oliver Young and Elbert Elliot — unregistered broker-dealers.
CCC had offered to sell BXY tokens to investors between August 2018 and November 2019. According to the SEC, none of the defendants was duly registered as a broker.
The defendants allegedly sold BXY tokens to approximately 100 individuals, which helped the team raise over $1.5 million. Some investors claimed they never received the tokens and a few who received them incurred markup fees.
Young has pleaded guilty to the charge after paying a settlement fee to the SEC.
SEC out against unregistered securities
The SEC is investigating Coinbase for allegedly issuing unregistered tokens to U.S. investors. Coinbase came under the SEC’s radar following an insider trading case that identified some of the assets involved as securities.
Bloom protocol reportedly raised $30.9 million from the sale of its BLT token during the ICO boom of 2018. As a result, the protocol has moved to register its BLT token with the SEC to evade a $31 million fine.
Exchanges need to register to offer securities
According to SEC Chair Gary Gensler, crypto exchanges dealing with securities tokens would have to register with the SEC.
Gensler added that the issuance and sale of most crypto assets fall under securities law. As a result, token issuers must register with the commission before selling their tokens.
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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that Bitcoin was the only cryptocurrency he was prepared to publicly label a commodity.
Gensler made the comments on CNBC’s Squawk Box, where he discussed the implications of labeling particular cryptocurrencies commodities rather than securities.
Distinguishing commodities from securities
Speaking to CNBC’s Jim Cramer, Gensler addressed his earlier calls to introduce more regulatory clarity to the crypto market.
He said that all of the main market regulators in the U.S. agreed that cryptocurrencies were a highly speculative asset class. Both the SEC and the Commodities Futures Trading Commission (CFTC) have been following the ups and downs of this asset class for a long time, focusing not just on Bitcoin but on hundreds of other tokens on the market.
Observing the market has led the SEC to conclude that the investing public was hoping for a return from most of those tokens, just like when they invest in securities. Gensler said that many tokens on the market have the “key attributes” of securities, which puts them under the jurisdiction of the SEC.
Bitcoin, on the other hand, falls into a different category.
Gensler said that “some like Bitcoin” are commodities.
While he was careful when choosing his words to avoid hinting at any other tokens or revealing potential moves from the SEC, he was clear that Bitcoin was the only cryptocurrency he was ready to publicly label a commodity.
Later on, he said that market regulators in the U.S., which include the SEC, the CFTC, and various other banking regulators, have a lot of work to do in order to introduce comprehensive laws that would protect the investing public.
Gensler called for full and fair disclosures in the crypto market, saying that the U.S. is open to having hundreds, if not thousands of tokens on its market if they complied with SEC laws.
When asked whether the public was already too comfortable with investing in Bitcoin, especially now that the SEC has called it a commodity, Gensler said it was no different from investing in traditional markets.
“There’s a lot of risk in crypto, but there’s also risk in classic securities markets,” he told CNBC.
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The most recent crash ofTerra was one of the most significant cryptocurrency catastrophes in history, taking out billions of dollars in value (approximately $45billion). The downfall of UST, which happened majorly between May 7- May 10, sent tremors through the cryptocurrency markets. Janet Yellen (an American economist serving as the 78th United States secretary of the treasury since January 26, 2021) stated the incident demonstrated the dangers of tokens ostensibly pegged to the US dollar, and Acting US Comptroller of the Currency Michael Hsu termed it a “wake-up call” in the aftermath.
According to a source familiar with the situation, theUS Securities and Exchange Commission (SEC) is looking into whether the promotion of the TerraUSD stable coin before it fell last month violated federal investor protection requirements.
It was also gathered from a source familiar with the investigation that SEC enforcement attorneys are looking into whether Terraform Labs, the company behind the coin known as UST, violated securities and investment product rules. The stable coin was planned to trade in a related token called Luna and maintain a 1-to-1 peg to the US dollar through an algorithm.
Stablecoins are important in the cryptocurrency space because their generally stable value might provide a safe harbor for many investors in an unstable market. Unlike others who claim to be backed by cash and other assets, UST relied on algorithms and trading incentives to keep its price stable.
Every time a UST token was created, a dollar’s worth of Luna was destroyed (the value of which was set by the market), and vice versa. Traders were enticed to swap UST for Luna if the price fell below $1, reducing the amount of the former in circulation and driving up its price. To achieve the same result, a computer program would be used in conjunction. If the value of UST rose beyond $1, the opposite happened.
By theSEC rules, If Americans buy a virtual currency to fund a firm or project with the aim of benefitting from the efforts of the people involved, the virtual currency may fall under the SEC’s jurisdiction. This conclusion is based on a1946 US Supreme Court ruling that defined investment contracts. The government has also said that if a crypto corporation owns assets, it may be subject to investment-company regulations.
Bitcoin is a protocol and also the name of the token and the unit in which accounts are denominated. “BTC”, “XBT”, or “bitcoin” refers to the unit and the protocol and its associated ecosystem, and is used interchangeably with “Bitcoin”.
Bitcoin uses public-key cryptography to ensure that Bitcoins cannot be double-spent. The network is peer-to-peer, and business concludes home between users instantly, without an intermediary. These transactions are verified by network nodes and recorded in a publicly administered record called a blockchain.
The legitimacy of each transaction is protected by digital signatures corresponding to the sending addresses, biding all users have a full hold over sending Bitcoins from their own Bitcoin addresses.
What is Bitcoin?
It’s a decentralized virtual currency for which no government or bank is required and it can be used for online trading so if you want to purchase something from any e-commerce website then instead of using your credit cards you can use Bitcoins for payment purposes because it’s secure and fast means if you want to know more about
Bitcoin then just visit our site we will provide you complete details about Bitcoin such as how to earn Bitcoin free, how to exchange Bitcoin, how to use Bitcoin on your website.
A Bitcoin credit card also has a rather interesting history. In the beginning, there was a lot of excitement over the concept of a Bitcoin credit card. A bitcoin credit card would allow you to buy goods and services with your Bitcoins at any place that accepted credit cards.
Bitcoins accepted credit cards
Since Bitcoins are a bit technical for newbies, you may want to consider accepting credit cards. You can use Paypal or Stripe or Braintree to process credit cards. But if you accept Bitcoins, you will make the following things easier:
Asking your customers for their email addresses (so you can send them receipts)
Tracking your sales by country, so that you can tell where the biggest market is for your products
Tracking your sales by state, so that you can plug into local events and advertise locally
Selling products that people buy regularly (such as coffee beans), so you can offer discounts or loyalty rewards, or other incentives for people who do business with you more often.
Doing business with people in other countries, so they will prefer to use payment methods they are more familiar with than PayPal or bank wire transfers.
You don’t need to know how to program computers. There are only about 20 lines of code needed to accept Bitcoins on a website, and about a minute to copy and paste them into your site.
You can pay for things with Bitcoins, and you can make money by “mining” them (that is, putting your computer to work verifying and recording Bitcoin transactions). But the striking thing about Bitcoin is how little it feels like a real currency.
The dollar or euro or pound or yen is an abstraction, but it’s still a physical thing: there’s a piece of paper in your wallet and when you go to buy something, you hand that paper over. Bitcoin is much weirder.
It’s not a piece of paper with a dead president on it; it is just numbered in a big ledger kept by a network of computers. Like other kinds of money, you can use it to buy real goods and services and make real investments and pay taxes to real governments. But unlike those others, there are no physical Bitcoins.
How to Accept Bitcoin Payments with WordPress
A few months ago, a new WordPress plugin (WP) was launched, which made it possible for anyone to host a digital currency trading platform. Through this application, WP website owners can earn fees from various cryptocurrencies. The developer of the plugin named “Wpcryptoexchange” tweeted on June 19 that his Crypto Exchange WordPress plugin now has 300 active installations. In order for people to take advantage of the Greens Crypto Exchange WordPress plugin, they just need to download the zip file and grant plugin privileges from the WP administrator. After activating the plug-in, anyone can have their own “own cryptocurrency exchange, which will dominate all decentralized exchange transactions”, ie the developer’s website information.
cryptocurrency WordPress theme designed
This is really amazing. I think the bigger Bitcoin, the angry the big companies are. I hope this is the dominant thing! Possible For blogs related to encryption, you can also consider a WordPress theme designed specifically for this purpose. I will create a dedicated post for this in the near future. But for now, it’s these two themes that have caught my attention, and you might like them too: Blockonomics is the only Bitcoin payment portal that can be completely decentralized in e-commerce. Purchases made on your website will be sent directly to your wallet instead of the payment portal. This not only saves the cost of withdrawing coins but also allows you to own the income without intermediaries. Never Lose Income From A Payment Portal Wallet Hack – Become Your Own Bank!
WordPress cryptocurrency payment method easier
If you have used Bitcoin, you will find this payment method easier than paying by credit card. The checkout area in our store has a Bitcoin section that shows the amount of BTC and the wallet address created for your transaction. Once we have received the transaction notification, your purchase will be completed. It usually takes only a few seconds to complete the processing, which is less than the time required to complete the credit card form. With the help of digital payment processor services, you can make bitcoin payments on your WordPress site. While not critical, this is the easiest way to accept Bitcoin and other altcoins.
Start accepting Bitcoin payments
The fastest and easiest way to start accepting Bitcoin payments is in Woocommerce online store. Since 2015, Blockonomics has helped thousands of e-commerce websites increase sales by using Bitcoin, Ethereum, and Litecoin as payment options for customers.
WP website owners can customize transaction fees and even set the fees to zero when needed. The application is supported by Draper Goren Holm, a “blockchain venture studio” related to the well-known venture capitalist Tim Draper.
Goren’s Crypto Exchange WordPress plugin with Title API can be used with many digital currency wallets that support the Ethereum chain and ERC20 tokens. When we reviewed the top e-commerce payment gateways for WordPress, we called Stripe the easiest platform to develop.
If you are excited about plugins that are flexible, easy to use, and can be used with WooCommerce websites, you might as well consider this Stripe Payment Gateway plugin. In addition to credit cards, it also accepts Bitcoin payments.
Bitcoin As A Payment System Peer-To-Peer Electronic Cash
To provide real incentives, the system compensates the miners for their efforts by rewarding the miners who are selected to break the barrier. The reward includes newly minted coins and transaction fees paid for transactions processed in the block.
The protocol indicates how many newly minted coins are awarded in each block. This number is halved approximately every four years. However, the agreement does not specify transaction fees. Users choose the transaction fees they pay. Summary Unlike traditional payment systems, Bitcoin has no owner and is controlled by computer protocols.
This article models Bitcoin as a platform that interacts with users and computer servers (“miners”) running the Bitcoin Payment System (BPS) and studies the new market design for this unfamiliar platform. We found that BPS can eliminate the inefficiencies caused by market forces, but it will incur other costs.
Due to its fixed transaction processing capabilities, BPS will experience service delays, prompting users to pay for service priority. Free entry means that miners cannot influence the level of fees that users pay in the form of profit.
Bitcoin Payment System (BPS)
The dissertation receives the closing cost and waiting time and studies their nature. Compare the price in BPS with the price under the traditional payment system operated by the for-profit company and propose to modify the protocol design to improve the efficiency of the platform.
The appendix describes and explains the key attributes of Bitcoin and the underlying blockchain technology. And how to implement and promote these payments. But there is still a long way to go. But as Marszalek explained, the digital access bridge is already made up of cards.
When it comes to payments, there will definitely be major changes in the crypto area
Cryptocurrency has attracted the attention of the industry, academia, and the general public. This column will analyze the economic model of the cryptocurrency system based on user-generated transaction fees focusing on Bitcoin. In the long run, the Bitcoin system needs a lot of congestion to increase revenue and financing infrastructure, otherwise, there is a risk of collapse. In addition, the current design of the system – especially the handling of large but rare transaction blocks – makes it less efficient to increase revenue.
Without a Bitcoin control organization, neither of these two issues is trivial. The model provides a single answer to both questions: the system is congested due to limited system throughput, which causes users to pay transaction fees to get processing priority. These fees provide financing for miners. This answer raises follow-up questions about social efficiency, stability, robustness, and choice of parameters.
Bitcoin payment system peer-to-peer electronic cash
In a recently published article, we transformed the above description into an economic model that can analyze the long-term behavior of the system while miners are only compensated from transaction fees (Huberman et al. 2017). The analysis aims to answer two sets of seemingly different questions:
However, this smooth flow of the Bitcoin name is likely to go against functioning as a “peer-to-peer electronic cash register system” as it has been highlighted in its own White Paper.
The latest news from Visa, PayPal, and Venmo has led many to hope that Bitcoin (or should be cryptocurrency, blockchain, and the entire token ecosystem) has payment potential.
Bitcoin’s Emergence: The Genesis Block and Early Adoption
Bitcoin’s emergence began with the creation of the Genesis Block, the first block in the Bitcoin blockchain, on January 3, 2009. This block was mined by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and contained the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This text was a reference to a headline in the Times of London and was intended to prove that the block had been mined on or after that date.
The Genesis Block marked the beginning of the Bitcoin network and the first entry in the blockchain, the public ledger of Bitcoin transactions. The block contained a single transaction, which was the reward for mining the block. This reward was 50 bitcoins, the first ever created.
Since the creation of the Genesis Block, Bitcoin has grown to become one of the most popular and widely used digital currencies in the world. It has been adopted by individuals, businesses, and governments alike.
The early days of Bitcoin saw a small but passionate group of users who were excited about the potential for a decentralized digital currency. This group of early adopters helped to spread the word about Bitcoin and its potential. They also helped to build the infrastructure needed for Bitcoin to become a global phenomenon.
Today, Bitcoin is used for a variety of purposes, from buying goods and services to investing and trading. It is also used as a store of value, as it is not subject to the same volatility as other currencies.
Bitcoin’s Expansion: Growing Interest and Increased Usage
The expansion of Bitcoin is an exciting development in the world of digital currency, and it is one that has been growing steadily over the past few years. Bitcoin, which was first introduced in 2009, is a decentralized digital currency that operates on a peer-to-peer network. It is not controlled by any government or central bank, and it is not backed by any physical asset.
The expansion of Bitcoin has been driven by increasing interest in the cryptocurrency, as well as its growing usage. As more people become aware of Bitcoin, its value and utility have been increasingly recognized. This has led to an increase in the number of businesses and individuals who are using Bitcoin, as well as a rise in the number of exchanges and wallets that support it.
The increasing popularity of Bitcoin has also led to an increase in the number of services and products that are available for purchase with the cryptocurrency. This includes everything from online stores to travel services, and even real estate. This expansion has been fueled by the increasing acceptance of Bitcoin by mainstream businesses, as well as the growing number of individuals who are using the cryptocurrency for their everyday transactions.
The expansion of Bitcoin has also been fueled by the development of new technologies that make it easier to use cryptocurrency. This includes the Lightning Network, which is a second-layer protocol that allows users to send and receive Bitcoin transactions more quickly and securely. Additionally, new wallets and exchanges have been developed that make it easier for users to store and send.