Cryptocurrency Regulations – Where we are now – crypto news



hi guys it's much Deeping here with a financial drive-through where I hope you get an edge in the crypto and financial markets through up-to-date news and information and all the extra stuff that you need to get a heads up in the space so he knew to stick around subscribe and let's drive to our first headline EU finance ministers stall on crypto regulation now EU finance ministers have sidelined a think tank report calling for stricter cryptocurrency regulations within the European Union citing the need for caution in developing a nuanced approach to potential risks presented by the crypto currency market the ask who says that this delay coincide with failed regulatory action in China where authorities have failed to block off access to offshore exchanges we're going to talk about that shortly the art-school goes on to say that the g20 watchdog announced in July that the EU does not consider crypto currency markets at threats to financial stability sites and a limited use for real economy and financial transactions on a small size relative to the traditional financial system now just yesterday we saw this on a headline the SEC temporarily suspends the Bitcoin and it theorem ETN now in each en is an exchange-traded notes and should not be confused with an extra traded fund which is what the entire cryptocurrency community has been routine and expecting for now this is just a temporary postponement and personally I don't think if some people should take too seriously or panic about because in this case they actually do seem to have a very good reason for this now the rationale behind this is that it appears to the SEC that there's lack of current consistent and accurate information concerning the Bitcoin tracker 1 and ETA oo-on financial instruments they actually have a good reason here because they stated that some trading websites characterize ATMs as ETFs and in some other places they are called non equity linked certificates so this can actually be confusing to both investors and regulators alike and this is something one and nip in the bud basically definitely good to point out is that this happened on Sunday right before the Bitcoin futures opened and it did not have any effect on the Bitcoin price but I'm actually curious to see what this holds for September 20th when they actually resumed trading and September 3rd when were expecting the ETF ruling it'll be interesting to see how these things play out and I'll be sure to keep you posted on any information I get now regarding their concern about some websites calling it ETS let's take a look at one of those here we have the article from finance magnets and here they say SEC prohibits trading in two cryptocurrency ETFs so this is kind of where the confusion comes about and they even pointed out that the American regulators is that there's confusion surrounding Bitcoin tracker one and eat the tracker one we know they're part of the problem as far as I'm concerned so that's all we're gonna say about this moron regulations let's take a look at something that just happened we have this headline Winklevoss LED Gemini launch is the first regulated USD peg stable coin so this is definitely trouble for Tara now for those of you I don't know is stable coin is any crypto currency that is pegged to a stable asset so that could either be gold or fiat currencies in this case it's the US dollar Tara is also pegged to the u.s. dollar but the difference here is that this is regulated this has the stamp and seal and approval of the NY DFS that's the New York State Department of Financial Services so this gives it extra credibility and this might definitely be a game changer as far as bringing in the big-time investors is concerned so let's take a look at the article and see what it has to say here according to the announcement the gemini dolla is the first fully regulated stable coin since it to fall under the oversight of US regulators including the NY DFS that we just mentioned the company notes that each gemini dollar corresponds to a US dollar has held at a bank in the united states and is eligible for FDIC pass-through deficits insurance now in an effort to avoid transparency woods that have plagued all the stable coins like Tara Gemini also know that I will conduct monthly audits of its US dollar holdings and publish the results for the public to ensure that you know what's going on so they've linked the first transparency reports and I'm gonna put that in the details section of the video so you can check it out I'm also going to link the white paper as well for those of you who are interested in that kind of stuff now that we've looked at the path that's going towards cryptocurrencies regulation let's look at what happens when regulation makes life hard for crypto uses Chinese crypto industry insiders investors find loopholes despite government ban now recently the crypto community in China was met with the blanket ban on crypto trading in its entirety since that happened Krypton investors and industry insiders have found a loophole in this seemingly ironclad clampdown of what these exchanges have been doing is they style renaming themselves on that different domain names and registering their companies offshore this is basically all to avoid detection and to be able to keep operating right now what's interesting is the Chinese investors actually converts into a fiat currency into Tara USD tea to leverage what is popularly known as client client rates and the way this works is that they're transferring their money through bank accounts or third-party payment services and once the other party receives the data the client-to-client trading starts they also use VPN to avoid government detection and I found this line particularly interested in the reports also stated that Chinese regulators don't possess enough computer knowledge to access VPN so my question of the day to you after we've looked at all this is what are your thoughts on cryptocurrency regulations and do you think it's necessary to fulfill the privacy that the blockchain promised just to be able to operate in this industry so let me know what you think in the comment section of the video if you like this kind of content do smash the like button if you want to be kept up to date on all the happenings in the cryptocurrencies face I do encourage you to subscribe I'd love to have you around and once again my name is Midas TV again this has been another edition of the Financial Drive – I'll see you in the next one Cheers

One thought on “Cryptocurrency Regulations – Where we are now – crypto news”

  1. How do you feel about the pending Crypto regulations and what impact do you see them having on your portfolio?

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