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NY Regulator Proposes Relaxing New Coin Listing Requirements

NY Regulator Proposes Relaxing New Coin Listing Requirements

NY Regulator Proposes Relaxing New Coin Listing Requirements

The New York State Department of Financial Services, the Bitlicense regulator, has published a proposed framework for licensed companies seeking to list new coins. This is the first time the regulator has proposed changes to its crypto regulation in five years. Among the changes, licensees will be able to self-certify the compliance of their new coins without having to obtain prior approval from the regulator.

Also read: SEC Approves Bitcoin Futures Fund

First Regulatory Changes in 5 Years

The New York State Department of Financial Services (DFS) published “proposed guidance regarding the adoption or listing of virtual currencies” on Wednesday. “To provide regulatory clarity and efficiency, and to ensure that our approach to regulating virtual currency businesses reflects the realities of an evolving market,” the DFS announced:

We are reviewing our virtual currency regulations and the manner in which they are implemented.

NY Regulator Proposes Relaxing New Coin Listing Requirements

The department started regulating the crypto industry in July 2014. So far, two dozen Bitlicenses or trust charters have been granted to crypto companies to operate in the state of New York. The regulator explained that some of its licensees have asked to list new coins in addition to those listed in their initial applications with the DFS. The department is now seeking comments from all interested parties and the general public regarding two proposed coin adoption or listing options it wants to make available to licensees. Comments should be submitted by Jan. 27, 2020.

The Proposed Framework

Firstly, the DFS proposes creating a webpage listing all of the coins it has pre-approved for all licensees to list without having to obtain prior approval. The list “may be updated from time to time, as long as such listed coins have not been subject to any modification, division, or change after their listing on the DFS web-page,” the regulator detailed, adding:

Coins currently contemplated for the list include bitcoin, bitcoin cash, ether, ether classic, litecoin, ripple, paxos standard, and Gemini dollar.

NY Regulator Proposes Relaxing New Coin Listing Requirements

Secondly, the regulator is proposing a framework that allows the listing policy to be tailored to a licensee’s specific business model and risk profile to create a firm-specific listing policy. The DFS clarified:

Upon approval, the company may self-certify the listing of new coins on an ongoing basis, consistent with the company’s approved policy, with prior notice to the department and without the need for prior approval.

The DFS reiterated that licensees that do not have DFS-approved company coin-listing policies are required to seek its prior approval in order to offer coins that are not on its approved list. Furthermore, all licensees “are required to keep DFS informed, no later than at the time of their next quarterly filing, of all coins to be used or offered in connection with their Virtual Currency Business Activities.”

A licensee’s coin-listing policy “should consist of robust procedures that comprehensively address all steps involved in the review and approval of virtual currencies in connection with the Virtual Currency Business Activities of the licensee,” the DFS described. The policy must be tailored to the licensee’s “specific business model, operations, customers and counterparties, geographies of operations, service providers, and the use, purpose and specific features of the coins being considered. It should also include procedures for notifying DFS of new coin listings.”

What do you think of the New York regulator’s proposed coin listing policy? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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approval, approved, BCH, Bitcoin, bitcoin cash, BitLicense, BTC, DFS, ETH, ether, ether classic, Gemini Dollar, litecoin, LTC, new coin listing, new regulation, ny regulator, NYDFS, Paxos, Ripple, self-certify
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Ethereum Could Be the Defining Factor That Guides Other Altcoins, Claims Analyst

Ethereum Could Be the Defining Factor That Guides Other Altcoins, Claims Analyst

Ethereum has had a turbulent week, with much of its recent price action favoring sellers as the crypto has faced a steady stream of downwards pressure in the time following ETH’s recent visit to over $150 earlier this past week.Although all eyes are closely watching Bitcoin’s near-term price action, it is important to note that one analyst believes that where Ethereum heads in the coming days could provide significant guidance to other major altcoins, regardless of BTC.Ethereum Stuck in Firm Short-Term DowntrendAt the time of writing, Ethereum is trading down just under 2% at its current price of $143, which marks a notable decline from its weekly highs of $153 that were set just a few days ago.ETH’s climb above $150 was fleeting, as it appears that this is a resistance region for the crypto, with each visit to this level slowing any momentum and invalidating any signs of bullishness.Currently, ETH is trading at its lowest price of the week, and the lower-$140 region has been an important support level for ETH in the time following its recent drop down to lows of $134 in late-November.Nik Patel, a popular cryptocurrency analyst, shared his thoughts on Ethereum’s price action in a recent blog post, in which he notes that its market structure currently remains bearish as it struggles to break above $150.“For ETH/USD, market structure remains bearish with support turned resistance at $150 capping price. The next area of support is $130. I expect that Ethereum is awaiting Bitcoin’s next major move before picking a direction,” he said.Will ETH’s Next Move Guide the Entire Altcoin Market?Although Patel believes that Ethereum’s next notable movement will come about as a result of Bitcoin’s price action, The Cryptomist – another popular crypto analyst – explained in a recent tweet that she believes that ETH may soon make a bullish movement independent of BTC.She further noted that this upwards movement could spark some bullish momentum across other major altcoins.“$ETH: You can see the stop hunts below support of this 3 day falling wedge, but support stands. 1D – Heikin Ashi displays possibility of reversal. Only hint of bearish I can see is the double top on RSI. Am monitoring this -could be rewarding move up, which will push alts also.”$EthYou can see the stop hunts below support of this 3 day falling wedge, but support stands1D – Heikin Ashi displays possibility of reversalOnly hint of bearish I can see is the double top on RSIAm monitoring this -could be rewarding move up, which will push alts also pic.twitter.com/uxdDAZlYFa— The Cryptomist (@TheCryptomist) December 10, 2019It is highly probable that the coming few hours and days will help shine a light on whether or not altcoins like Ethereum will be able to begin gaining any momentum independent of Bitcoin.Featured image from Shutterstock.Source

Sweden’s Financial Authority Approves Swiss Crypto ETP Provider Amun

Sweden’s Financial Authority Approves Swiss Crypto ETP Provider Amun

Sweden's Financial Authority Approves Swiss Crypto ETP Provider Amun

On December 10, Switzerland-based firm Amun AG announced the company’s base prospectus has been approved by the Swedish Financial Supervisory Authority (SFSA). The ETP provider said it has extensive plans to expand its digital asset ETPs throughout Europe, while Sweden shows “strong demand” for these products.

Also read: Wisdomtree’s Physically Backed Bitcoin ETP Goes Live on SIX Stock Exchange

The digital currency-based ETP provider Amun AG gained headway in Sweden this week when the Swedish Financial Supervisory Authority (SFSA) approved its base prospectus. A base prospectus essentially describes an offering so a firm can file for registration similarly to traditional security-based ETPs currently traded on the regulated market. Amun said in a press statement after the SFSA approval, the company is pleased to confirm its plans for expanding its digital currency-based ETPs. Amun already provides exchange-traded products (ETP) that track digital currencies and a variety of Amun’s crypto ETPs are traded on Swiss Bourse.

Sweden's Financial Authority Approves Swiss Crypto ETP Provider Amun

“Our mission is clear and that is to help investors more safely, cost-effectively and easily invest in crypto asset classes through our crypto ETPs. We are very fortunate to have finished this process within four months of its consultancy period” Amun’s President Ms. Ophelia Snyder remarked during the announcement. Snyder added:

We recognise that the regulatory framework in Sweden has been supportive of such initiatives and we welcome its deliberation.

Sweden's Financial Authority Approves Swiss Crypto ETP Provider Amun

Right now Amun manages a slew of crypto ETPs that are traded on Switzerland’s principal stock exchange SIX. Amun recently partnered with Bitcoin Suisse in October to offer the Amun Bitcoin Suisse ETP (ticker: ABBA) a fund that tracks prices for both ETH and BTC. Then Amun also offers the ‘HODL’ ETP which consists of a basket of five different digital currencies.

Sweden's Financial Authority Approves Swiss Crypto ETP Provider AmunAmun’s Index ETPs.

It also offers an ETP for the Bitwise Select 10, Amun’s Sygnum Platform Winners Index, and six single tracker ETPs that use ETH, BNB, XRP, BCH, XTZ, and BTC. However, Amun’s SFSA approval announcement does not disclose what ETPs the firm will list or which exchanges it will use in Europe. Amun is working with regulators across the EU and the firm says there’s a lot of demand in Sweden for crypto-based investment vehicles.

“The combination of strong demand for ETPs in Sweden – especially in crypto assets – among private investors and institutional clients and our strong expertise in these product categories create ideal conditions for Amun’s entry into the Swedish and European Union markets for ETPs,” Snyder further stated.

Sweden's Financial Authority Approves Swiss Crypto ETP Provider AmunAmun’s Single-Tracker ETPs.

Amun’s Swedish EU approved prospectus will help the firm gain a foothold in Europe. The SFSA’s approval shows that investment funds tethered to digital assets continue to enter the world of mainstream finance. During the first week of December, Amun’s cash-settled ETP’s got some competition on the Swiss exchange SIX when the New York-based Wisdom Tree listed its physically-settled bitcoin ETP.

What do you think about Amun getting regulatory approval from the Swedish Financial Supervisory Authority (SFSA)? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Amun AG, Pixabay, Finansinspektionen, Wiki Commons, and Fair Use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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ABBA, Amun, Amun AG, BCH, bitcoin suisse, bnb, BTC, crypto ETP, Digital Currency ETP, ETH, ETP, Europe, Finansinspektionen, HODL ETP, Ophelia Snyder, SFSA, six, Sweden, Swiss Bourse, Swiss ETP Providers, XRP, xtz
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

On December 8, the U.S.-based coffee firm that uses cannabidiol (CBD) in its product, Crazy Calm, launched a promotion that aims to send $5 per order to the charity EatBCH. The founder of Crazy Calm, Matt Aaron, also detailed that the startup wanted to leverage the payment processor Shopify but the company closed their account because they sell CBD infused goods. Aaron notes that bitcoin cash is quite helpful because of its censorship-resistant benefits by removing the middleman from the equation.

Also Read: The Coolest Jobs in Crypto

When CBD Businesses Suffer from Banking Censorship Crypto Comes to the Rescue

Over the last five years, cannabis and cannabidiol (CBD) products have become extremely popular. CBD products are a bit more mainstream because they are legal in most jurisdictions and they can help people suffering from anxiety and pain. In addition to this, CBD oils do not have the same psychoactivity that can be found in tetrahydrocannabinol (THC). The startup Crazy Calm uses CBD in its coffee products from a blend of organic, fair-trade coffee and CBD derived from organic compliant hemp.

CBD Coffee Company Leverages Censorship-Resistant Nature of Crypto

Crazy Calm was founded by Bitcoin.com’s podcast host Matt Aaron and he’s been steadily preparing for offering CBD-infused coffee products. Of course, Aaron accepts BCH for his Crazy Calm coffee, but the startup attempted to utilize the payment processor Shopify in order to accept fiat as well. Shopify is not the only payment processor that gives CBD startups issues. Aaron told news.Bitcoin.com on Tuesday that it’s common for CBD companies to have banking issues in the U.S.

“The banking issue makes it very difficult to find a bank that’s willing to work with a CBD company even though CBD is legal in all 50 states due to the 2018 farm bill. Finding a credit card processor was even more difficult and we are grateful to both of them for accepting us.”

CBD Coffee Company Leverages Censorship-Resistant Nature of CryptoCrazy Calm’s coffee product.

Highlighting the Power of Cryptocurrency

In order to drive more cryptocurrency spending, Aaron told news.Bitcoin.com that Crazy Calm offers a 10% discount on orders paid with cryptocurrency. Moreover, Crazy Calm is donating $5 per order to the well known food drive charity Eatbch. The charitable organization is one of the BCH community’s most popular nonprofits as it feeds people in Venezuela and South Sudan using BCH payments. The Crazy Calm team considers Eatbch “family,” Aaron remarked, explaining that the startup has committed to giving $5 in BCH to Eatbch for the first 100 orders for a few reasons. “[The first is] we love what Jose, Lizzie, John Bior and the entire Eatbch family does and it’s a great cause,” Aaron told news.Bitcoin.com. The podcast host added:

We want to highlight the power of cryptocurrency so we are offering 10% off to end users and wholesaler customers (stores like CBD vape shops) because of the uncertainty that we face. We could have banking and payment processing interruption at any moment.

CBD Coffee Company Leverages Censorship-Resistant Nature of CryptoCrazy Calm’s checkout cart shows that BTC, LTC, BCH, and ETH will give customers 10% off their order.

Crazy Calm’s founder wholeheartedly believes that just like the wide variety of health benefits CBD offers, cryptocurrencies offer financial sovereignty from banks and third parties who don’t approve the medicine. Crazy Calm’s website highlights that the freeze-dried organic coffee infused with CBD gives a profound combination of “relaxing energy.” Since initiating the latest 10% offer with digital currencies, Aaron noted that three potential wholesale CBD shops have contacted Crazy Calm about the crypto discount.

What do you think about the issues companies like Crazy Calm face when selling products that contain CBD? Do you think digital currencies like bitcoin cash can help CBD merchants? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Crazy Calm, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Banking Issues, banks, BCH, bitcoin cash, Bitcoin.com’s podcast host, BTC, cannabidiol, cannabidiol products, CBD, CBD Infused Coffee, CBD products, Censorship Resistant, Crazy Calm, Cryptocurrencies, Digital Assets, ETH, fair-trade coffee, LTC, matt aaron, organic, organic compliant hemp, Payment Processors, Shopify
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Ethereum Price Prediction: The Bears May Dominate as ETH/USD Bulls Fight against Market Control; Price Hovers Around $148

Ethereum Price Prediction: The Bears May Dominate as ETH/USD Bulls Fight against Market Control; Price Hovers Around $148

Last Updated on December 7, 2019

ETH Price Prediction – December 7

The price of Ethereum seems to be showing more bearish signs throughout the short-term consolidation phase seen in recent days

ETH/USD Market

Key Levels:

Resistance levels: $158, $163, $168

Support levels: $136, $131, $126

ETHUSD – Daily Chart

ETH/USD has been dropping with a bearish bias for the better part of the day. The coin opened at $148.86 today and initially dropped below $148 before striking a surge above $148.86 touching $149. It gradually pulled back to $148.5 and kept trading around $147 but yesterday; ETH/USD broke below $147 and touched $146.43.

The price of the ETH/USD is currently experiencing a price drop as the coin is been bitten by the bears. Traders were expecting a lot from the crypto, although December 5 and 6 reflected an improvement in ETH prices. The daily chart reveals that both the Ethereum and the Bitcoin started with a fall today. More so, the price is currently moving under the 9-day moving average but very far from the 21-day moving average while exchanging hands at $148.36 which is yet to break the lower boundary of the channel.

In addition, a bearish drop may likely roll the market down to $136, $131 and $126 support levels while possible bullish surge may drive the market to $155 level, testing the 21-day moving average. Above this, $158, $163 and $168 may further provide resistance levels for the market. Meanwhile, the RSI (14) is moving below 40 and staying there may cause the coin to remain below the $150 level.

When compared with Bitcoin, the market price remained in the descending channel and the bears have already taken over the market. ETH/BTC is currently trading at 0.0196 BTC and the bulls couldn’t push the price upward. Looking at the chart, if the market continues to drop, the next key supports may likely be at 0.0190 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement could push the market towards the 9-day moving average around the upper boundary of the channel, when this is done, the resistance level of 0.0204 BTC and above could be visited but the RSI (14) is moving below 40 and this indicates that the market may continue to fall.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted

Will Ethereum’s Fundamentals Propel it Higher? Analysts are Conflicted

Ethereum has been closely tracking Bitcoin’s price action over the past several days and weeks, with BTC leading ETH to put some significant distance between its current price levels and recent lows, but the aggregated crypto markets now appear to be at risk of incurring further near-term downside.Analysts are now debating whether or not Ethereum’s robust fundamentals will be enough to help propel the cryptocurrency higher, or if it will post further losses as Bitcoin’s recently incurred momentum begins stalling.Ethereum Drops 2% as Analysts Target Further LossesAt the time of writing, Ethereum is trading down 2% at its current price of $152, which marks a notable decline from its daily highs of $157 that were set yesterday when bulls attempted to spark another rally.In the near-term, ETH has been able to find some support in the lower-$150 region, as it has bounced multiple times this morning after visiting these levels.It is important to note that Ethereum is currently trading significantly off of its recent lows of $130 that were set during the recent sell-off concurrently with Bitcoin’s downwards movement towards $6,500.Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Ethereum will drop slightly lower to $150 in the near-term, which could come about as a result of further BTC downside.“Send $ETH to 150 posthaste,” he concisely noted in a tweet while referencing the chart seen below.Send $ETH to 150 posthaste. pic.twitter.com/oNT5BbKylj— Hsaka (@HsakaTrades) November 30, 2019Will Fundamental Strength Help Propel ETH Higher?One factor that analysts and ETH bulls alike have been closely watching is the DeFi trend’s impact on Ethereum, with a significant amount of the cryptocurrency being locked up as more individuals utilize DeFi initiatives.Spencer Noon, a popular figure within the crypto industry, spoke about this in a recent tweet, noting that Ethereum’s year-over-year price gains do not match the amount of ETH that has been locked up in DeFi over the past year.“Thanksgiving Price of $ETH: 2018: $121. 2019: $154 (+27%). The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer,” he explained in reference to a previous tweet that shows the meteoric growth of DeFi.Thanksgiving Price of $ETH2018: $121
2019: $154 (+27%)
The market can stay irrational longer than you can remain solvent, but I’m personally betting that price won’t lag fundamentals this good for much longer.— Spencer Noon (@spencernoon) November 28, 2019The coming months will likely offer the markets significant insight into whether or not Ethereum’s strong fundamentals will help propel it higher in the mid-term.Featured image from Shutterstock.Source