New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDs

New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDs

The European Securities and Markets Authority (ESMA) has announced that it will impose restrictions on the leverage offered for contracts-for-difference (CFDs) and binary options offered to European retail investors. Under the new measures, the leverage offered on cryptocurrency CFDs will be limited to no more than 2:1.

Also Read: PBOC to Strengthen Cryptocurrency Regulations in 2018 

European Securities Regulator Imposes Restrictions on Leverage Offered by CFD Providers

New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDsESMA has agreed on what it describes as “temporary product intervention measures on the provision of [CFDs] and binary options to retail investors in the European Union (EU).”

The new measures will see restrictions on the leverage offered on cryptocurrency CFDs to no more than 2:1. The agreements will also mandate that traders provide an initial margin of “50% of the notional value of the CFD when the underlying [asset] is a cryptocurrency” – more than twice the initial margin required of any other CFD.

New Measures See Harshest Rules Imposed on Cryptocurrency CFDs

New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDsESMA has stated that cryptocurrencies CFDs states that “CFDs with cryptocurrencies as an underlying raise separate and significant concerns as CFDs on other underlying” assets.

The regulator stated that “Cryptocurrencies are a relatively immature asset class that pose major risks for investors.” ESMA expressed “concerns about the integrity of the price formation process in underlying cryptocurrency markets,” arguing that such “makes it inherently difficult for retail clients to value these products.”

ESMA concluded that “Due to the specific characteristics of cryptocurrencies as an asset class the market for financial instruments providing exposure to cryptocurrencies, such as CFDs, will be closely monitored.” Based on its findings, ESMA “will assess whether stricter measures are required.”

New Rules to be Formalised in “Coming Weeks”

New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDsThe measures will also see restrictions of 30:1 placed on “major currency pairs;” 20:1 for “non-major currency pairs, gold and major indices;” 10:1 for “commodities other than gold and non-major equity indices;” and 5:1 on “individual equities and other reference values.”

ESMA states that it “intends to adopt these measures in the official languages of the EU in the coming weeks.”

What is your response to the new restriction on the leverage offered by European CFD providers? Share your thoughts in the comments section below!


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Source: bitcoin.com
New ESMA Measures Impose 2:1 Restriction on Leverage for Crypto CFDs

IRS Investigations into Cryptocurrency Holders, a Positive Sign

The Beneficial Impact of Regulatory Scrutiny on Cryptocurrencies.

There has been a crypto gold rush going on and the authorities have taken note. The IRS considers crypto to be an asset and thus should be taxed. Accordingly, it has taken measures to track all crypto holders, which has got many people concerned. However, the IRS actions can actually have a positive effect on cryptocurrencies.

Recently, the IRS ordered Coinbase, one of the biggest exchanges in the US, to furnish it with data on all users trading $20,000 or more. These actions on the government organization’s part have brought Bitcoin and other cryptocurrencies out of the shadows.

For a long time, there has been a misconception that digital currency is mainly used by thugs and rogue states, which has caused some people to shun crypto, out of fear of being entangled in a criminal enterprise.

However, the fact that the IRS is taking a closer look at crypto could help do away with this notion. The scrutiny from authorities will also make people think twice before they embark on using cryptocurrencies for illegal activities. These factors will, in turn, portray digital currencies in a new light and make dealing in cryptocurrencies a government-approved alternative.

For some time now, the IRS has been working with companies that deal with cryptocurrencies to keep an eye on transactions happening on the network. So far, they have been able to track 4% of all wallets to genuine holders. But with legitimate and compliant platforms, these issues would be a thing of the past. Platforms like Saifu are leading the wave to legitimize cryptocurrency usage by offering an easy-to-use solution that’s on par with any banking or mainstream financial platform available today.

About Saifu

Saifu provides customers with a platform that is welcoming to those who are used to the fiat currency system. In fact, the services Saifu offers are similar to those of traditional online banking platforms, and also include cryptocurrencies. However, there are also many other crypto-based companies that offer crypto trading services. So, what makes Saifu different?

Saifu stands out as a licensed payment institution that includes the full range of fiat and crypto services that any modern traditional bank only provides for fiat. This means that while other crypto companies can offer crypto transactions and storage, only Saifu connect to the traditional financial world on its own. Other companies rely on the financial licenses of partners and have little control over how the transactions are processed.

Saifu has developed its own accounting practices for cryptocurrencies and these have been approved by regulators. This means that when transactions are made with crypto or fiat, Saifu customers don’t have to wait or go through tedious approval processes to get their crypto to fiat or use it in everyday transactions.

As part of its integration with the traditional financial world, Saifu offers customers with the ability to make wire transfers, transfers to and from external wallets, provides customers with Saifu cards for PoS and ATMs, and allows transfers to and from external accounts through card transactions. All of this is offered alongside exchange services at the best market rates between fiat and cryptocurrencies. This integration may seem natural, but it’s more complicated than most think, which is the reason Saifu currently has no competitors that can offer all of those services for both fiat and crypto.

Additionally, Saifu provides market-leading security that was developed in partnership with Thales, the leader in fiat currency cybersecurity for banks. The technology developed by Saifu brings bank-grade security to the cryptocurrency world. The technology is superior to competitors in the cryptocurrency world because it’s designed to keep customers cryptocurrency safe even in the event of a hacking, which will happen to any crypto service once it gets big enough. The Saifu security system is also unique in that it also allows for full functionality of cryptocurrency use, which hot and cold vaults, an inferior security solution, are unable to do because they are not designed to keep customers keys separately.

Find out more about Saifu at – https://saifu.ai/

What do you think about the Saifu platform? Leave us your thoughts in the comments section below.

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Source: newsbtc
IRS Investigations into Cryptocurrency Holders, a Positive Sign

China May Follow Global Cryptocurrency Regulations, Central Bank Report Suggests

China’s central bank states that the country is willing to support a global regulatory framework for cryptocurrency established by G20.

China’s Central Bank Supports Global Regulatory Framework

The Institute of International Finance, a part of The People’s Bank of China (PBOC), offered new insight to the country’s cryptocurrency policy on its “Global Banking Industry Outlook Report” released this week. The central bank and government are already deeply invested in blockchain technology, but it may well expand R&D further, especially as it plans to launch its own national cryptocurrency.

According to the report, the PBoC maintains its view that massification of cryptocurrencies as a retail investment could produce systemic risks to the CNY, but the Institute of International Finance is in favor of establishing a global regulatory framework. Supporting a global regulation on cryptocurrencies means that China is willing to eventually legalize trading and usage of cryptocurrencies.

The potential for extreme price fluctuations as a risk for financial stability, anonymity as an encouragement for money laundering, and lack of security against hacking, are a few of the arguments against cryptocurrencies shared in the report.

The document states that lack of effective coordination between countries leads to a regulatory vacuum. As such, the institution proposes to strengthen regulatory supervision, cooperation, and coordination. Earlier in 2018, the German and French finance ministers called for a global regulatory framework for digital currencies. The FSC, South Korea’s financial watchdog, has proposed to cooperate with China and Japan.

According to the report, China’s central bank expects various governments to improve their supervision over digital currencies, and an increased use of cryptocurrencies as a means of exchange and payments. “China should actively participate in the global governance of digital currencies” in order to influence the formulation of the regulatory rules for digital currencies. 

While China recognizes the value of blockchain and cryptocurrencies despite the criminal use and lack of customer and investor protection, the country is worried by the threat over the Yuan. To tackle this, the PBoC aims to develop its own digital currency and control the unofficial ones.

The Asian superpower remains a top country in cryptocurrency mining as the government cracks down on the activity, as well as initial coin offerings (ICOs), exchanges, chats and digital trading websites. Opening up to a global regulatory framework established by the twenty most powerful nations in the world is a strategic move to exercise influence, but it is also a new hope for cryptocurrency traders and users in China.

Image Courtesy of Shutterstock

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Source: newsbtc
China May Follow Global Cryptocurrency Regulations, Central Bank Report Suggests

Kazakhstan Preparing to Prohibit Crypto Trading and Mining, Says Central Bank

Kazakhstan Preparing to Prohibit Crypto Trading and Mining, Says Central Bank

The chairman of the central bank of Kazakhstan said that the bank has prepared legislation to prohibit the sale and purchase of cryptocurrencies in the country as well as any kind of crypto mining, citing several risks he sees.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

National Bank’s Crackdown on Crypto

Kazakhstan Preparing to Prohibit Crypto Trading and Mining, Says Central BankThe chairman of the National Bank of Kazakhstan Daniyar Akishev said on Friday that “Kazakhstan intends to prohibit the purchase and sale of cryptocurrencies and any kind of mining of cryptocurrencies” in an interview with Ria Novosti.

The publication quoted the central banker stating:

In Kazakhstan, the National Bank is very conservative about this issue [cryptocurrency]. I welcome only rather stringent restrictions, that is, we want to prohibit the purchase and sale of the national currency for cryptocurrency. We want to prohibit the activity of exchanges on this segment and any kinds of mining.

Risks the Central Bank Sees

Akishev claims to see a lot of problems concerning cryptocurrencies, especially pertaining to the protection of customers’ rights.

Kazakhstan Preparing to Prohibit Crypto Trading and Mining, Says Central Bank
Daniyar Akishev.

He was quoted by the news outlet declaring his intention to “minimize the risks associated with the national market,” adding that “but for sure, not one central bank has full functionality to administer this market [cryptocurrency] in a cross-border market, so at the very least, we must stop this risk through the national currency.”

Another major risk, he described, “is the possibility of [using] cryptocurrency to commit illegal activities,” the publication noted, and quoted Akishev asserting, “Cryptocurrency is an ideal tool for money laundering and for avoiding taxation.” He noted that the central bank’s position on crypto “is supported by the majority of state bodies of Kazakhstan,” and was quoted by Ria Novosti saying:

We have prepared amendments to the legislation that should lead to this tightening.

In October of last year, Akishev said that the central bank proposed to restrict some activities relating to cryptocurrency in the country “to protect the public from speculative risks.” He said at the time, “we sent our proposals to the government, in which we suggest carrying out a series of tougher measures, including prohibiting the exchange of the national currency for cryptocurrencies, prohibiting the activities of some companies that generate cryptocurrencies and so on.”

Meanwhile, interest in cryptocurrency in the country has jumped 15-fold early this year compared to the previous year, according to Yandex. Citizens are also searching 10 times more for terms related to video cards, crypto mining, as well as how to mine.

What do you think of the central bank of Kazakhstan’s action? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Source: bitcoin.com
Kazakhstan Preparing to Prohibit Crypto Trading and Mining, Says Central Bank

Zeroedge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time!

March 31st – A unique blockchain based gambling platform Zerocoin.bet is launching their Pre-ICO part 2. The presale event will last until April 27th, 2018 or until the hard cap is reached which is set at only 1500 ETH. During the presale, investors will be able to purchase ZERO tokens with a 58% bonus for a very limited time.


ZERO token owners will be able to use it on the ZeroEdge.Bet platform to play 0% house edge games such as Blackjack, Video Poker and many others. ZERO tokens will also be used to place bets on the platform’s decentralized sports betting exchange which is expected to be launched in Q4,2018. Project’s development roadmap also includes a poker room and an open-source platform for building and operating your own customized games for which ZERO tokens will be required.

One thing that really makes ZeroEdge.Bet stand out from other gambling-related ICO’s is their team which has a strong background in the gambling/gaming industries. To supplement the team and make ZeroEdge.Bet a huge success, the advisory board consists of numerous well-known & accomplished professionals with an extensive knowledge and experience in their respective fields.

Adrian Casey, CEO of  Zerocoin.bet, said:

We can see why other blockchain-based gambling project haven’t really penetrated the market, so we want to come in well-prepared to be among the first to do this. We believe the experienced team and accomplished advisors are the key here.

He added:

Zero Edge offers a unique gambling model which potentially could revolutionize the $70 Billion gambling industry. Players won’t be losing money but instead earning from the increasing Zerocoin value. Our ultimate goal is to become a leading gambling platform in the online gambling industry where thousands of different games are played each day using Zerocoin and where players have the best chance of winning.

ZeroEdge.Bet - Revolutionary Online Gambling Platform with 0% House Edge Games

ZeroEdge.Bet – Revolutionary Online Gambling Platform with 0% House Edge Games

Zerocoin.bet is a unique concept set to revolutionize the way you gamble online. Currently, all online casino games come with a house edge, i.e. the advantage that the casino has over you, which varies between 1% to 10% or more, depending on the game. ZeroEdge’s solution – offer games with 0% house edge and give players a completely fair chance of winning. In other words, playing at ZeroEdge.Bet is literally free, you don’t have to pay anything to the casino like it’s with traditional online casino sites.

The most amazing part is that Zerocoin value increases as more people join the world first 0% edge gambling platform. It is all achieved by creating a closed-loop economy in which high demand for 0% games drives Zerocoin’s value up. This model is also known as Metcalfe’s law which was originally invented in 1993 and can be seen in the actual Bitcoin’s price growth. Zero Edge offers a unique gambling model which potentially could revolutionize the $70 Billion gambling industry. Players won’t be losing money but instead earning from the increasing Zerocoin value.

We have made a survey & asked hundreds of people about their gambling preferences and experiences. The main finding was that 99% of them stated that they would choose 0% house edge games to play if such games were available. High demand for the world’s first 0% house edge games will increase the Zerocoin value exponentially. An important task for us will be to educate the players and raise their attention on this beneficial concept.

Zerocoins (ZERO) will be available to investors during an upcoming ICO. Visit Zerocoin.bet.


Images courtesy of ZeroEdge.Bet

The post Zeroedge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time! appeared first on Bitcoinist.com.


Source: bitcoinist
Zeroedge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time!

Whitney Tilson: My Advice To Tesla, ‘Odds At 10-20%’ Buffett Buying GE

Whitney Tilson on GE, Buffett, Tesla Inc. (NASDAQ:TSLA) and more from his latest email to investors Happy Easter/Passover! ‘); } Get The Full Warren Buffett Series in PDF Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues 1) Earlier […]
Source: bitcoinwarrior
Whitney Tilson: My Advice To Tesla, ‘Odds At 10-20%’ Buffett Buying GE

How return on investment can impact your retirement savings

Ever wondered the difference return on investment (ROI) can make to your total retirement savings when you retire? Let’s assume Mr. A and Mr. B started remitting N11, 000 into their retirement savings accounts (RSAs) in different pension fund administrators (PFAs) at the same time. If Mr. A is using PFA-A with 20 per cent […]
Source: bitcoinwarrior
How return on investment can impact your retirement savings

Crypto Investors in Thailand Will Get Taxed

After the Bank of Thailand ordered the country’s financial institutions to steer clear of cryptocurrency, its military government has now advised that cryptocurrency taxes are on the cards.


Thailand has previously been hesitant to take decisive action against cryptocurrencies. However, 2018 has seen this on-the-fence stance change.

February saw the country’s financial institutions put an end to offering crypto-related services, while earlier this month saw authorities suggest that virtual currencies would soon be subjected to tax regulations.

Bangkok, Thailand

Thailand to Issue Crypto Tax

According to Nikkei Asian Review, the latter is definitely happening. Thailand’s Finance Minister, Apisak Tantivorawong, made the announcement on the 27th of March. Authorities cite the prevention of money laundering, tax evasion, and aiding in criminal activities as the reasons for the introduction of these cryptocurrency taxes.

Crypto investors will be liable to pay a 7% value added tax (VAT) on all of their cryptocurrency trades as well as a 15% capital gains tax on their returns.

Cryptocurrency taxes

Protecting the Status Quo

The February ban and this latest tax development appear to show that the country’s government could be feeling wary of the impact that the disruptive nature of virtual currencies could have on their well-established processes.

Former finance minister and chairman of the Thai Fintech Association, Korn Chatikavanij, gave this warning:

But they have to be cautious not to allow their conservative instincts to result in draconian regulations.

Crypto Popularity Was on the Increase

Thailand has a growing and enthusiastic cryptocurrency community. In the last few months of 2016, weekly Bitcoin transactions were sitting at 12 million baht, while last year saw that number quadruple to 48 million baht during the same time period. Some retailers in the country even accept Bitcoin as payment.

Uncertain Regulations a Cause for Concern

Startups also found success in Thailand last year. OmiseGo, a decentralized financial services platform, managed to raise $25 million during its ICO. However, the country’s delay in providing a clear regulatory framework has left startups registering their platforms, as well as their ICOs, in Singapore, which has long been seen as a crypto-friendly country.

Singapore

Singapore

Six.network, which is another decentralized financial services platform, is one such company. However, Natavudh Pungcharoenpong, a co-founder of the platform, has said that the startup is working with the Office of the Securities and Exchange Commission (SEC), a Thai regulator, stating:

The company has already approached the office to constantly clarify the operation to ensure transparency.

Another Thai startup, JFin, has also cited regulation indecision as the reason for the postponement of listing their tokens on digital exchanges.

The ban in February, the tax directive, and possible new regulations could push potentially lucrative Thai startups into the waiting arms of Singapore, Hong Kong, and even Switzerland.

What do you think of Thailand’s crypto tax regulations? Will it drive these startups to greener pastures? Let us know in the comments below!


Images courtesy of Pexels and Pixabay.

The post Crypto Investors in Thailand Will Get Taxed appeared first on Bitcoinist.com.


Source: bitcoinist
Crypto Investors in Thailand Will Get Taxed

ZeroEdge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time!

March 27th, a unique blockchain based gambling platform Zerocoin.Bet is launching the second part of its Pre-ICO. The presale event will last until April 27th, 2018 or until the hard cap is reached which is set at only 1500 ETH. During the presale, investors will be able to purchase ZERO tokens with a 58% bonus for a very limited time.

ZERO token owners will be able to use it on the ZeroEdge.Bet platform to play 0% house edge games such as Blackjack, Video Poker and many others. ZERO tokens will also be used to place bets on the platform’s decentralized sports betting exchange which is expected to be launched in Q4 2018. Project’s development roadmap also includes a poker room and an open-source platform for building and operating your own customized games for which ZERO tokens will be required.

One thing that really makes ZeroEdge.Bet stand out from other gambling-related ICO’s is their team which has a strong background in the gambling/gaming industries. To supplement the team and make ZeroEdge.Bet a huge success, the advisory board consists of numerous well-known & accomplished professionals with an extensive knowledge and experience in their respective fields.

“We can see why other blockchain-based gambling projects haven’t really penetrated the market, so we want to come in well-prepared to be among the first to do this. We believe the experienced team and accomplished advisors are the key here,” said Adrian Casey, CEO of  Zerocoin.Bet

“Zero Edge offers a unique gambling model which potentially could revolutionize the $70 Billion gambling industry. Players won’t be losing money but instead earning from the increasing Zerocoin value. Our ultimate goal is to become a leading gambling platform in the online gambling industry where thousands of different games are played each day using Zerocoin and where players have the best chance of winning,” – added Adrian.

ZeroEdge.Bet – Revolutionary Online Gambling Platform with 0% House Edge Games

zeroedge casino, zeroedge.bet

Zerocoin.Bet is a unique concept set to revolutionize the way you gamble online. Currently, all online casino games come with a house edge, i.e. the advantage that the casino has over you, which varies between 1% to 10% or more, depending on the game. ZeroEdge’s solution – offer games with 0% house edge and give players a completely fair chance of winning. In other words, playing at ZeroEdge.Bet is literally free, you don’t have to pay anything to the casino like it’s with traditional online casino sites.

The most amazing part is that Zerocoin value increases as more people join the world first 0% edge gambling platform. It is all achieved by creating a closed-loop economy in which high demand for 0% games drives Zerocoin’s value up. This model is also known as Metcalfe’s law which was originally invented in 1993 and can be seen in the actual Bitcoin’s price growth. Zero Edge offers a unique gambling model which potentially could revolutionize the $70 Billion gambling industry. Players won’t be losing money but instead earning from the increasing Zerocoin value.

We have made a survey & asked hundreds of people about their gambling preferences & experiences.  The main finding was that 99 % of them stated that they would choose 0% house edge games to play if such games were available. High demand for the world’s first 0% house edge games will increase the Zerocoin value exponentially. An important task for us will be to educate the players and raise their attention to this beneficial concept.

Zerocoins (ZERO) will be available to investors during an upcoming ICO. Visit  Zerocoin.Bet

The post ZeroEdge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time! appeared first on NewsBTC.


Source: newsbtc
ZeroEdge.Bet Casino Launched Its Pre-ICO Round 2 and Offers 58% Bonus for a Very Limited Time!