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G-20 & IMF Discuss Global Standards of Crypto Regulation

James Dendson

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Image credit PASAI ,FMsystems,CCN.com.

24 countries and the IMF have discussed the global standards of crypto regulation.

In a meeting held in New York, the Chairman of South Korea’s top financial regulator Choi Jong-Ku, stated that “it is important to consistently implement international standards”.

The meeting which took place at the Federal Reserve Bank of New York had The Financial Stability Board (FSB) plenary in attendance, they discussed the vulnerabilities in the global financial system and the reports to be delivered in the upcoming G20 meetings about to happen in Japan.
The FSB is an international body that monitors and makes recommendations about the global financial systems. Its members include Australia, Brazil, Canada, China,France,Germany,India,Indoesia,Italy,Japan,South Korea, Mexico, Russia, Singapore,Spain, Switzerland,Turkey,United Kingdom, United States of America, The EU, The Bank of International Settlements(BIS), The IMF and The World Bank


Various topics were discussed but the discussion of the global standards for crypto regulation relates more to us.
The Board stated that its work on crypto assets has focused on two areas majorly namely: monitoring of the financial stability implications and a directory of crypto assets regulators.


The Board promised that it will publish an update on “the work of thee standard setting bodies and it will deliver it to the meeting in June which would have the G20 finance ministers and Central Bank Governors”.
The Board further added:
“Members took note of the continued rapid evolution of crypto assets markets and the need for continued monitoring of developments… the FSB is exploring financial stability, regulatory and governance implications of decentralized financial technologies”.
The G20 has confirmed its support for the FATF stating that it would help in countering terrorist financing and proliferation financing standard setting body.
Currently the FATF is updating its recommendations for crypto regulation countries such as India are working with the organization on global standards concerning the crypto assets.

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Bitcoin Price

Turkey’s Demand for Crypto

James Dendson

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Hurriyetdailynews, Dreamstime and Bankster.

 

“Turkey is, without doubt, the only country that boasts of a huge percentage of independent crypto ownership in Europe and the Middle East, it has one of the most robust and promising crypto communities anywhere in the entire world

 

stated Andy Cheng, Head of Operations at the global crypto exchange, OKEx. He, however, stated that over 30,000 Turkish users have signed up for the bitcoin platform since its expansion to Turkey in March.
Turkey’s growth as a top bitcoin market is fully backed by other data as well.
According to BtcTurk CEO Ozgur Guneri, he said that inflation is slowly, yet consistently driving Turkish demand for bitcoin.

He further added that his crypto exchange has also had more than 30,000 New users so far in 2019.
These sign-ups are the reasons for the relatively high crypto adoption rates in Turkey.
A survey carried out in April 2018 by the media unit of ING Bank, it found that Turkey already had the highest percentage of bitcoin holders in all of Europe with about 18% Turkish respondents saying they own cryptocurrencies.

 


Guneri stated:” we have never seen a declining number of users, just the pace of growth might go down a little bit. Even on a bloody day, we’re still signing up new users”, he further added that BtcTurk’s retail arm has already seen several days in April with 14 million dollars worth of volume.

Meanwhile, Istanbul based exchange launched its services for foreign investors for the first time in Istanbul month, BtcTurk Pro, it was launched in order to capitalize on Crypto -to-fiat arbitrage opportunities.

 


Guneri said while the Turkish lira is fluctuating coupled with the high price of bitcoin, he explains that the market is illiquid enough that there are some inadequacies that one can benefit from.
He stated that some users can increase during periods of the Turkish lira.

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Bitcoin Price

Tom Lee talks about new “high records” of Bitcoin for 2020

James Dendson

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The known bull from Wall Street affirmed Bitcoin will surpass its top value for next year during an interview with CNBC.

Tom Lee was very clear with his statements, ensuring that the Bitcoin has not yet reached its maximum potential and that there is still much to see of this cryptocurrency. The founder of Fundstrat Global Advisors relied on 11 signals that according to him point to a value never before reached by the BTC. It should be noted that Lee had forecast the beginning of a bullish period earlier this month, just before the price rose 20% in value.

According to Lee, Blockchain, technical indicators and trading volumes will return some volatility to the cryptocurrencies, allowing them to reach higher points than those seen during the last 5 months. Earlier this year, Tom Lee’s team noticed a change in the volume of operations, which would bring very positive reactions within the behavior of the crypto market and also, the BTC ended April over what had been its regular price.

Lee said:

“I think they’re seeing signs that the fundamentals are improving, the technical is improving, and now there’s real activity, essentially, cryptocurrency hodlers. […] Then, I think […] a movement of 2.5 deviation standard for bitcoin would take it to USD 14,000, I’m not saying it’s where it’s going to go, but that’s the magnitude of the move that would be an update. “

The importance in the volume of operations lies in its relationship with over-the-counter brokers, which are fundamental for the cryptocurrency negotiations by institutional investors, in addition to the increase in the number of clients of 10%, Tom Lee explained in a very enthusiastic way.

A couple months ago Fundstrat announced improvements that would support a rise in cryptocurrencies and clarified that this spontaneous interest in them could be due to the decision made by Binance to support credit card purchases. In Definitive, Lee believes that the Bitcoin bear market came to an end reaching $ 3,000.

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Finland regulates Crypto service providers.

James Dendson

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The government of Finland has approved a law to regulate Crypto currency service providers.

The ministry of finance announced that the President of the country has approved the Act on Virtual Currency Providers.

In a statement released, it states that :

“The Act on Virtual currency providers enters into force on May 1st,  in accordance with the act ,the Financial Supervisory Authority (Fin-FSA)  will act as the registration authority and supervisory authority for virtual currency providers”.

The Finnish watchdog added:

“Going forward, only virtual currency providers meeting statutory requirements are able to carry in their activities in Finland.  Virtual currency providers which do not comply with statutory requirements will be prohibited from continuing their business activities, enforced by a conditional fine”.7

The Fin-FSA noted that these new requirements are based on the May 2018 amendments to the EU anti money laundering directive.

Now do you think Finland should go ahead to regulate Crypto service providers?

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