Crypto Weekly – March 22, 2018

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ETH (and XRP) were down on this week, while the other top 8 cryptocurrencies/assets gained over last week.  

Data source: www.coinmarketcap.com as of March 21, 2018 (UTC, EOD)

Regulation:
  • The Thai regulator will  reportedly announce separate regulations for cryptocurrency companies  and for ICOs at the end of March. The former will have to conduct appropriate KYC checks and the latter will be subject to taxation.
  • The Russian Ministry of Finance filed a Digital Financial Assets bill which allows users to convert crypto-assets to rubles or foreign currency only through entities that are licensed under the Securities Market law.
    • Mining will be treated as a business activity if it exceeds the power consumption for three days in a row.
    • Cryptocurrencies will not be treated as legal tender in Russia.
    • ICOs can only receive funds from retail investors if each individual investment is less than 50,000 rubles ($900). In addition, a public offer document needs to be lodged with details.
  • Israeli Security Authority is looking into the ICO regulation and assessing a clear definition for utility and security tokens. Simultaneously the regulator wants to create a temporary sandbox for the evolving cryptocurrency market.
  • Bermuda regulators are trying to have favorable regulation for ICOs to become a global fintech leader. The island authorities are looking to classify ICOs as restricted business activities functioning under some amendments to the existing  regulation.
  • The French regulator blacklisted 15 cryptocurrency and crypto-asset websites as they  advertised investment gains to the public, which is not allowed post the new regulation.
  • Seoul Southern District Prosecutor’s Office raided three cryptocurrency exchanges for illegally using customer money to purchase cryptocurrencies from other exchanges.
Prohibition:
  • Payza, an online payment platform,  has added Dash as a payment option for its 13 million users. At the moment the only other cryptocurrency it supports is Bitcoin. The payment platform has 100,00 e-commerce retailers using its service.
    • However, the founders of the company have also been charged with running an unlicensed money exchange and for facilitating $250 million in money laundering for Ponzi schemes.
  • Mastercard would be open to provide services  for virtual currencies as long as they are issued by central banks
  • Twitter joins Google and Facebook in banning cryptocurrency adds for ICOs, exchanges and wallets, but will continue to advertise for legitimate businesses. The ban will take place in two weeks.
  • The U.S. Executive branch has prohibited American citizens from owning any cryptocurrencies issued by the Government of Venezuela  after Jan 9, 2018. This has but obviously led to direct impacts on the Petro.
Last 12 months Charts:

Data source: www.coinmarketcap.com

 

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