Category Archives: Cryptocurrency
Calm in the cryptocurrency market; "Bitcoin could rise to $36,000" – ShareCast
Theres a relative sense of calm in the cryptocurrency market. Bitcoin (BTC) is below $28,000 (around $27,800) after accumulating a decline of more than 2% on Sunday. Meanwhile, Ethereum (ETH) is at $1,790 after experiencing a similar decline in the last day.
"Bitcoin has remained resilient over the last week or so, resulting in a general improvement in market sentiment," noted Joe DiPasquale, CEO of cryptoasset manager BitBull Capital. The expert highlighted that the reigning cryptocurrency is trading above its 200-day moving average, which is "historically a strong indicator of bullish price action."
However, DiPasquale believes there is some uncertainty in assessing which way Bitcoin will go in the coming weeks. On the one hand, he indicated that there is potential for the world's largest cryptocurrency to rise to the $32,000-$36,000 range, but also enough risk to think about a pullback to $20,000 or $18,000.
The last few weeks showed that cryptocurrencies in general and Bitcoin in particular were resilient to the banking crisis, the regulatory action in the United States and the sharp turn in monetary policy by the Federal Reserve (Fed). So much so that Bitcoin ended the first quarter of the year with a revaluation of almost 70%. However, some analysts point out that it is quite likely that we will see considerable volatility in the market in the coming weeks.
This is because, they point out, market liquidity is dwindling by leaps and bounds, a move that has accelerated following the failures of industry-friendly banks such as Signature or Silvergate.
"Its more indicative of the institutional reluctancy to offer liquidity in the space. A lot of crypto firms dont want to get caught in the middle of a battle between US regulators and exchanges," explained Conor Ryder, an analyst at blockchain analyst firm Kaiko in statements picked up by 'Bloomberg'.
For his part, Mark Connors, director of research at digital asset management firm 3iQ believes that retail investors are "on edge" in the face of a possible increase in market participation. "The tourists are definitely gone. If youre in this, you have to understand that the volatility is there, you dont know where it goes day-to-day, but you understand the trajectory, the adoption, etc," he added.
At the end of March, Binance, the world's largest exchange, recorded spot trading volumes of more than $6 billion with monthly visits from 65 million users. Similarly, Coinbase recorded trading volumes of around $1.3 billion and approximately 33 million monthly visits. On the other hand, a large number of Bitcoins have recently moved off-exchange. According to blockchain data provider CryptoQuant, nearly 46,000 BTC have left the exchange in the last 10 days.
"Bitcoin trading volumes have collapsed, which inevitably makes for a more volatile market. The sharp drop in volumes means that its easier for large orders to move the BTC prices. So sit tight, there could be more wild swings coming. Falling volumes points to waning appetite for Bitcoin at its recent higher levels," explained Fiona Cincotta, market analyst at City Indiex.
In other market news, there have been similar moves for some of the major tokens in the market. Dogecoin (DOGE) trades positive after losing 6% on Sunday, while Cardano (ADA) extends last day's slight gains.
More:
Calm in the cryptocurrency market; "Bitcoin could rise to $36,000" - ShareCast
Seasoned Pro Crypto Trader who cashed out $100M in the crypto … – Analytics Insight
The world of cryptocurrency is a highly volatile and unpredictable one, but it has its fair share of success stories. One such story is that of a seasoned pro-crypto trader who cashed out $100 million during the crypto winter.
Now, the same trader is back in the market, accumulating Bitcoin (BTC) and RenQ Finance (RENQ). In this article, well take a closer look at this traders strategy and the reasons behind the decision to accumulate these particular tokens.
Bitcoin (BTC) needs no introduction, being the first and largest cryptocurrency in terms of market capitalization.
Since its establishment in 2009, Bitcoin has emerged as the most significant cryptocurrency in the market. With a market capitalization of over $424 billion and a daily trading volume exceeding $25 billion, it is undoubtedly the largest digital asset in terms of size and liquidity.
Its no surprise that this trader is also accumulating Bitcoin, as its the most stable and established cryptocurrency in the market. The trader likely recognizes Bitcoins potential for long-term growth and stability, making it a reliable investment option.
Bitcoin is already being adopted by some businesses as a means of payment, making it a smart investment choice. Large banks have also started incorporating Bitcoin transactions into their offerings, further legitimizing cryptocurrency as a viable financial instrument.
RenQ Finance (RENQ) is a decentralized finance (DeFi) project that aims to revolutionize traditional finance by creating a platform thats accessible to everyone. With RenQ Finance, users can participate in DeFi services like liquidity provision, yield farming, and more. The platform is built on the Ethereum network and utilizes smart contracts to automate transactions.
One of the main reasons why this trader is accumulating RENQ is due to the projects promising features. RenQ Finance has been selling out its presale stages fast, and experts predict the token to have a 50x increase in 2023. Furthermore, RenQ Finance is also backed by a team of experienced professionals who are dedicated to driving the projects success.
Bitcoin and RenQ Finance are two vastly different cryptocurrencies that serve different purposes in the cryptocurrency market. In this section, we will compare the features of Bitcoin and RenQ Finance to help you understand how these two cryptocurrencies differ.
Bitcoin was created as a decentralized digital currency for peer-to-peer transactions, while RenQ Finance was created as a decentralized finance (DeFi) platform that uses AI technology to provide liquidity to the cryptocurrency market.
Bitcoin uses the proof-of-work consensus algorithm, which requires miners to solve complex mathematical problems to validate transactions and secure the network. RenQ Finance, on the other hand, uses a proof-of-stake consensus algorithm that is less energy-intensive and faster than Bitcoins proof-of-work.
Bitcoins transaction speed can be slow, with transactions taking anywhere from 10 minutes to several hours to confirm, while RenQ Finance transactions are faster, with low transaction costs and fast processing times.
Bitcoin has a larger market capitalization than RenQ Finance, with a market cap of over $551 billion, making it the largest cryptocurrency by market cap. RenQ Finance, on the other hand, is in its presale stages and has raised over $4.3 million.
Bitcoin has a fixed supply of 21 million coins, with approximately 19.3 million already in circulation. In contrast, RenQ Finance has a total supply of 1 billion RENQ tokens, with the current circulating supply standing at over 170 million.
Bitcoin is considered a more stable investment, with a long history of price increases and stability in the cryptocurrency market. RenQ Finance, on the other hand, is a newer cryptocurrency with a potentially higher risk but a higher reward for investors who get in early.
This seasoned pro-crypto traders strategy of accumulating Bitcoin and RenQ Finance tokens is based on solid fundamentals.
RenQ Finance is a promising DeFi project with a strong community, innovative platform, and attractive investment opportunities. Meanwhile, Bitcoin is the most established and stable cryptocurrency, with the potential for long-term growth and adoption.
While the crypto market is highly unpredictable and volatile, investors can mitigate their risks by investing in projects with a solid foundation and strong potential for growth.
Its clear that this trader recognizes the potential in both Bitcoin and RenQ Finance and is making informed investment decisions accordingly.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Website:https://renq.ioWhitepaper:https://renq.io/whitepaper.pdf
Read the rest here:
Seasoned Pro Crypto Trader who cashed out $100M in the crypto ... - Analytics Insight
Cryptocurrency Bitcoin Cash’s Price Increased More Than 4% Within … – Investing.com UK
Benzinga - Bitcoin Cash's (CRYPTO: BCH) price has increased 4.98% over the past 24 hours to $129.17. Over the past week, BCH has experienced an uptick of over 6.0%, moving from $119.52 to its current price. As it stands right now, the coin's all-time high is $3,785.82.
The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 34.0% over the past week along with the circulating supply of the coin, which has fallen 0.12%. This brings the circulating supply to 19.35 million, which makes up an estimated 92.17% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #28 at $2.50 billion.
Powered by CoinGecko API
This article was generated by Benzinga's automated content engine and reviewed by an editor.
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now
Read the original post:
Cryptocurrency Bitcoin Cash's Price Increased More Than 4% Within ... - Investing.com UK
Why The Sandbox Cryptocurrency Triumphed on Tuesday – The Motley Fool
What happened
On the surface, what happens with cryptocurrency The Sandbox (SAND -98.09%) has very little to do with events in corporate entertainment. Yet a recent move at TV and movie giant Walt Disney (DIS -0.37%) helped juice the price of the cryptocurrency on Tuesday. As of late afternoon, The Sandox had gained nearly 6% in value over the preceding 24 hours.
An article published Tuesday morning in The Wall Street Journal said that included among Disney's current round of layoffs is the unit responsible for developing metaverse strategies. Citing unnamed "people familiar with the situation," the financial newspaper wrote that the metaverse employees are among the roughly 7,000 Disney workers who are being given pink slips.
Like many other metaverse efforts, it seems The Mouse's bore little or no fruit. This might have been conspicuous in a company like Disney, which prides itself on harnessing the latest technology to enhance films, theme park rides, consumer goods, and many other items and experiences it sells.
Investors clearly see the Disney chops as benefiting metaverse coins and tokens, and The Sandbox is one of the more prominent titles in this group. According to data compiled by CoinMarketCap.com, The Sandbox's nearly $918 million market capitalization is the seventh-highest among metaverse names.
Compounding this is the generally favorable environment for cryptocurrencies at the moment.
The recent failures in the banking sector have bolstered the case for assets that aren't tied to the traditional, centralized national/global financial system. Additionally, increased regulatory scrutiny has -- somewhat surprisingly -- made cryptocurrencies more attractive. Potentially greater oversight, it seems, is boosting confidence and trust in these investments.
Eric Volkman has positions in Walt Disney. The Motley Fool has positions in and recommends Walt Disney. The Motley Fool recommends the following options: long January 2024 $145 calls on Walt Disney and short January 2024 $155 calls on Walt Disney. The Motley Fool has a disclosure policy.
Link:
Why The Sandbox Cryptocurrency Triumphed on Tuesday - The Motley Fool
Uniswap price analysis: Cryptocurrency faces repulsion above … – Cryptopolitan
The Uniswap price analysis shows that, since yesterday, the price has been falling as the bears have battled to maintain the upper hand. The price has dropped to the $5.89 mark as the bears have regained strength, confirming the downtrend that was seen yesterday. As a result, chances of recovery have been delayed, which has proven to be quite detrimental to the total value of the coin. Further drops are anticipated to occur in the following hours as well.
The price has dropped as low as $5.89 today, according to the one-day Uniswap price analysis, which confirms a downward price trend for today. Without any significant breaks from the bulls, the price has been falling since the previous day. Following their successful exploitation of the circumstances, the bears were able to lower the price to $5.89 over the past 24 hours. The moving average (MA) number is $5.90, and the price has also fallen below the MA.
Because of the days elevated level of volatility, the bears currently have the upper hand. As a consequence, the upper Bollinger band value has now increased to $6.56, which represents resistance, while the lower Bollinger band value has decreased to $5.53, which represents support. A certain amount of reduction has occurred in the Relative Strength Index (RSI) number, which is now 46.
Given that the price has been steadily declining, the four-hour Uniswap price analysis has declared a bearish advantage. Since the last few hours, a downward pattern has been discernible as the price decreased to $5.89. Since the last four hours, the price has fallen considerably as the bearish momentum has gotten stronger. On the four-hour price indicator, the moving average is currently at $5.98.
Today also saw a crossing between SMA 50 and SMA 20, which is a bearish sign. The upper and lower Bollinger bands now have values of $6.18 and $5.86, respectively, due to the drop in volatility. Due to the sharp decline in the UNI/USD value, the RSI number has dropped to 40.
The one-day and four-hour Uniswap price analysis has verified that the price has decreased today. Even though the price increased earlier, the bears have managed to bring it down to $5.89 in the past 24 hours, putting them back on course. The hourly forecast has also been on the unfavorable side, so the cryptocurrency will likely suffer further losses in the future.
Continued here:
Uniswap price analysis: Cryptocurrency faces repulsion above ... - Cryptopolitan
Fmytex Global Emerges as a Reliable Platform for Cryptocurrency Trading and Revenue Growth – Yahoo Finance
CITY OF INDUSTRY, CA / ACCESSWIRE / March 27, 2023 / In the latest development, Fmytex Global emerges as a reliable platform for cryptocurrency trading and revenue growth. Fmytex increased over 1,000,000 verified users, a number that has continued to grow steadily over time. This substantial increase in the number of users is a testament to the trust that customers have placed in Fmytex as a reliable platform for cryptocurrency trading and investment.
Fmytex Global, Monday, March 27, 2023, Press release picture
In Q4 of 2022, the exchange saw a 34% increase in transaction volume, reaching $6.43 billion. This growth continued into January and February of 2023, with a notable increase in the exchange's average daily volume to $95 million. According to Fmytex's Chief Financial Officer, "Looking back on 2022, we're proud of our ability to execute and position our business as a regulated and legitimate market leader." Fmytex's focus on regulation and legitimacy has paid off, as evidenced by the significant increase in trading volume.
A number of venture capital firms have invested in Fmytex Global, reflecting the investors' confidence in the company's potential for growth and profitability. The company received a $500,000 Series A investment in 2019, followed by a $5 million Series B investment in 2019. In 2021, the company received a massive investment total of $497 million from a consortium of venture capital firms. In conclusion, the increased interest and investment from venture capital firms for Fmytex highlight the immense potential of the company.
Additionally, the company's strong global expansion plan and acquisition of innovative technologies have helped position Fmytex as a stronger player in the cryptocurrency exchange industry. The company's strong overseas expansion plan includes laying out pivot points in Europe, East Asia, Southeast Asia, and Africa.
Fmytex has already established a physical office in the United States and is operational in more than 37 countries around the world. The company is committed to providing its services to a wider audience and is expanding its services for retail users in Malta, where it has also opened a physical office. Furthermore, Fmytex has completed the establishment of its organizational structure in Japan and has made its first acquisition in the country, demonstrating its commitment to the East Asian market.
Story continues
The company is registered with FinCEN in the US and holds further licenses in Malta, and Japan, ensuring compliance with regulatory requirements in the jurisdictions in which it operates. With a commitment to using new technology to automate customer experience tools, Fmytex is poised to continue expanding its operations and providing its services to a wider audience around the world.
Fmytex Global is quickly becoming a household name in the crypto space.
Contact:
ELIEZER LANDA BARTOLOCompany Name: Fmytex Co., LTDWebsite:https://fmytex.com/Email: service@fmytex.com
SOURCE: Fmytex Global
View source version on accesswire.com: https://www.accesswire.com/745996/Fmytex-Global-Emerges-as-a-Reliable-Platform-for-Cryptocurrency-Trading-and-Revenue-Growth
Read more here:
Fmytex Global Emerges as a Reliable Platform for Cryptocurrency Trading and Revenue Growth - Yahoo Finance
G7 nations set to push for stricter cryptocurrency regulations at Japan summit in May – Yahoo Finance
Officials from the Group of Seven (G7) leading industrial countries will discuss regulations on cryptocurrencies to improve transparency and consumer protection as part of preparations for the next meeting of the group in Hiroshima, Japan, in May, Kyodo News reported on Sunday. The group aims to take the lead in setting global standards for emerging digital asset industries, the report said.
See related article: Over 80 Web3 firms in line to set up shop in HK, ahead of crypto regulations taking effect in June
The members Japan, the U.S., U.K., Canada, France, Germany and Italy make up the group along with the European Union plan to include cryptocurrency regulation in the leaders declaration that typically follows a G7 meeting, Kyodo News reported citing unnamed officials with knowledge of the plan.
Cryptocurrency related issues will also be a part of the upcoming G20 meeting of financial ministers and central bank governors set to take place in Washington D.C this April, according to Kyodo.
Since last year, Japan has announced relaxed restrictions on the crypto sector, such as plans to allow domestic investors to trade certain stablecoins issued overseas on local platforms.
Other Asian regions, such as Hong Kong and South Korea, have also announced new approaches to the crypto and digital asset industry, as well as metaverse initiatives, to promote the efficiencies and benefits of the new asset class.
In contrast, U.S. financial regulators have cracked down on local crypto trading platforms, imposing fines and threatening legal action against digital asset staking services, alleging they violate the countrys securities laws.
However, the state of Texas is introducing legislation to attract crypto investment and protect the interests of such companies, illustrating the divide over how to treat the emerging industry and its potential disruption of traditional financial interests.
The International Monetary Fund (IMF) released an action plan in February which said countries should not grant cryptocurrencies official currency or legal tender status, citing risks to monetary stability.
See related article: Internal Revenue Service in U.S. solicits public opinions on proposed NFT taxes
See the article here:
G7 nations set to push for stricter cryptocurrency regulations at Japan summit in May - Yahoo Finance
Cryptocurrency and its Role in International Trade – Baltic Times
Cryptocurrency has become a global phenomenon over the past decade. It has made significant strides in the world of finance, presenting itself as a viable alternative to traditional banking systems. But how does it affect international trade? In this article, we will explore the impact of cryptocurrency on international trade and its potential as a tool for facilitating international transactions. Bitcoin Code will help you get started with bitcoin trading.
Cryptocurrency as a Payment Method for International Trade
Cryptocurrency has the potential to revolutionize the way international trade is conducted. The use of cryptocurrency as a payment method offers numerous benefits to both buyers and sellers. One of the most significant benefits of cryptocurrency is that it allows for near-instantaneous transactions. This is particularly important in international trade, where transactions can take days or even weeks to process through traditional banking channels. Cryptocurrency can also help to reduce transaction costs by eliminating the need for intermediaries such as banks and payment processors.
Cryptocurrency can also offer a level of security that traditional payment methods cannot. The use of blockchain technology ensures that transactions are secure and tamper-proof. This makes it particularly attractive to buyers and sellers who are concerned about the risk of fraud or chargebacks.
Potential for Reducing Currency Risk in International Trade
Another benefit of cryptocurrency is its potential to reduce currency risk in international trade. When conducting international transactions, buyers and sellers are often exposed to currency fluctuations, which can impact the value of the transaction. Cryptocurrency can potentially reduce this risk by allowing for transactions to be conducted in a single, stable currency, such as Bitcoin or Ethereum. This can help to reduce the risk of fluctuations in the value of the transaction due to changes in exchange rates.
Cryptocurrency can also help to eliminate the need for foreign currency exchanges. This can be particularly beneficial for smaller businesses that may not have the resources to navigate the complex world of foreign currency exchanges. By eliminating the need for these exchanges, businesses can potentially save money and reduce the risk of currency fluctuations impacting their transactions.
Challenges of Cryptocurrency in International Trade
Despite the potential benefits of cryptocurrency in international trade, there are also several challenges that need to be addressed. One of the most significant challenges is the lack of regulation surrounding cryptocurrency. This can create uncertainty for businesses that are considering using cryptocurrency as a payment method for international trade. The lack of clear rules and regulations can make it difficult to assess the risks associated with using cryptocurrency, which can deter businesses from using it altogether.
Another challenge is the volatility of cryptocurrency. While cryptocurrency has the potential to reduce currency risk in international trade, it is also subject to significant fluctuations in value. This can create uncertainty for both buyers and sellers, who may be hesitant to use cryptocurrency as a payment method if they are concerned about the value of their transaction changing rapidly.
Finally, there is the issue of acceptance. While cryptocurrency is becoming more mainstream, it is still not widely accepted as a payment method for international trade. This can limit the usefulness of cryptocurrency in international transactions, particularly for businesses that operate in industries that are not as familiar with the technology.
The Future of Cryptocurrency in International Trade
Despite these challenges, there is no denying the potential of cryptocurrency in international trade. As the technology continues to develop and mature, we can expect to see more businesses exploring its use as a payment method for international transactions. With the benefits of reduced transaction costs, increased security, and the potential for reduced currency risk, there is a strong incentive for businesses to consider using cryptocurrency as a tool for facilitating international trade.
As more businesses begin to adopt cryptocurrency as a payment method, we can expect to see greater acceptance of the technology in the international trade community. This, in turn, will help to reduce some of the uncertainty and risk associated with using cryptocurrency, making it a more viable option for businesses of all sizes.
Conclusion
Cryptocurrency has the potential to revolutionize the world of international trade. While there are certainly challenges that need to be addressed, the benefits of using cryptocurrency as a payment method are undeniable. From reduced transaction costs and increased security to the potential for reduced currency risk, there is a strong case to be made for the use of cryptocurrency in international trade.
Original post:
Cryptocurrency and its Role in International Trade - Baltic Times
Cryptocurrency and the Concept of Digital Identity – Exploring the … – Baltic Times
Cryptocurrency and digital identity are two concepts that have been gaining traction in recent years. Cryptocurrency has revolutionized the way we conduct transactions, while digital identity has transformed the way we interact with online services. As these two concepts continue to evolve, they are becoming increasingly intertwined, with digital identity playing a critical role in the adoption and proliferation of cryptocurrency. The https://bit-qt.app/ is the greatest way to start mining bitcoin.
Cryptocurrency: A Brief Overview
Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions and to control the creation of new units. Unlike traditional currencies, which are issued by governments or financial institutions, cryptocurrencies operate on a decentralized network, with transactions recorded on a public ledger known as the blockchain.
The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Since then, thousands of other cryptocurrencies have emerged, each with its own unique features and characteristics.
The Rise of Digital Identity
Digital identity, on the other hand, refers to the digital representation of an individual's identity or attributes. This can include personal information such as name, address, date of birth, and social security number, as well as other data such as biometric information and online activity.
With the proliferation of online services, digital identity has become increasingly important. It is used to authenticate users, enable secure access to online resources, and facilitate online transactions. However, the centralized nature of many digital identity systems has raised concerns about privacy and security, leading to the emergence of decentralized identity solutions.
The Intersection of Cryptocurrency and Digital Identity
The intersection of cryptocurrency and digital identity is an area of growing interest, as digital identity is seen as a key enabler of cryptocurrency adoption. One of the key challenges facing the cryptocurrency industry is the issue of trust. Unlike traditional financial systems, which are backed by government guarantees and regulated by financial authorities, cryptocurrency operates on a decentralized network with no central authority or oversight.
This lack of trust has been a major barrier to widespread adoption, as users are hesitant to trust their financial transactions to a system that is not backed by a trusted authority. However, digital identity has the potential to address this challenge by enabling the creation of trusted identities on the blockchain.
Blockchain-based Identity Systems
Blockchain-based identity systems have emerged as a potential solution to the challenges of digital identity. These systems use the blockchain to create decentralized identity networks, where users can control their own identity information and share it with others as needed.
One example of a blockchain-based identity system is uPort, a self-sovereign identity system built on the Ethereum blockchain. uPort enables users to create their own digital identity, which is stored on the blockchain and can be used to authenticate their identity to third-party services.
Another example is Civic, a blockchain-based identity verification system that enables users to verify their identity without sharing their personal information. Civic uses biometric authentication and other data to verify users' identities, while keeping their personal information secure and private.
Benefits of Decentralized Identity for Cryptocurrency
Decentralized identity solutions have several potential benefits for the cryptocurrency industry. First, they can help to build trust by enabling users to establish trusted identities on the blockchain. This can help to overcome one of the key barriers to adoption and make cryptocurrency more accessible to a wider range of users.
Second, decentralized identity solutions can enable more secure and efficient transactions. By enabling users to control their own identity information and share it as needed, these systems can reduce the risk of fraud and other types of malicious activity.
Finally, decentralized identity solutions can enable new use cases for cryptocurrency. For example, they can enable secure and transparent voting systems, or enable users to prove ownership of digital assets without relying on centralized authorities.
While decentralized identity solutions have the potential to bring significant benefits to the cryptocurrency industry, there are also several challenges and risks that must be considered.
Conclusion
The intersection of cryptocurrency and digital identity is an area of significant interest and innovation. Decentralized identity solutions have the potential to address some of the key challenges facing the cryptocurrency industry, by enabling the creation of trusted identities on the blockchain, improving transaction security and efficiency, and enabling new use cases for cryptocurrency.
Visit link:
Cryptocurrency and the Concept of Digital Identity - Exploring the ... - Baltic Times
Understanding The Legalities Of Cryptocurrency – Chadwick Lawrence
Cryptocurrency has become increasingly popular in recent years and is quickly becoming an important part of the global financial market. However, many people are unsure about what laws apply to cryptocurrencies and how they can be used. In this blog post, we will briefly discuss the legalities of cryptocurrency.
What is cryptocurrency?
Cryptocurrency is a currency which only exists in digital form and uses cryptography to secure it. Cryptocurrencies are generally decentralised and are therefore perceived to be not subject to UK laws and regulations in the same way as other currencies. The first, and arguably most popular cryptocurrency is Bitcoin, but there are currently more than 10,000 different types of cryptocurrencies available on the market.
Cryptocurrency regulations
The regulations surrounding cryptocurrencies vary from country to country and the UK government has adopted a wait-and-see approach when it comes to regulating cryptocurrencies. As such, there is no overarching legal framework governing their use in England and Wales.
Taxation rules
Whilst there is no specific cryptocurrency tax in the UK, they are subject to either Capital Gains Tax or Income Tax, just like any other asset or investment. The onus is on investors to familiarise themselves with the applicable tax laws and take advice in respect of any transaction involving cryptocurrency.
Anti-money laundering and know your customer laws
To try and prevent money laundering and other criminal activities associated with cryptocurrencies, the Anti-Money Laundering and Know Your Customer regulations require verification of the identity of customers before engaging in transactions with them.
Cryptocurrency has grown rapidly over the past few years and is now an important part of the global financial system. While its potential applications are exciting, clients need to understand the legalities of using virtual currencies.
The Dispute Resolution team at Chadwick Lawrence are coming across more and more people who are being tricked into investing in cryptocurrency, stocks & shares, and other unregulated investments. Please be careful no matter how tempting it may be because if something sounds too good to be true then it probably is.
If you have been tricked into investing or require any legal advice in respect of cryptocurrency, stocks & shares, and other unregulated investments including the associated rules and regulations the Dispute Resolution team at Chadwick Lawrence might be able to help. Email us at newenquiries-litigation@chadlaw.co.uk or phone us on 0113 225 8811.
View post:
Understanding The Legalities Of Cryptocurrency - Chadwick Lawrence