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The Regulatory/Legal Environment

Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article.
Cryptocurrency Regulations across Major Countries
Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble.
This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry.
Canada
Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA)
There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test).
The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well.
If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan
Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies.
China
The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading.
China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework.
“ “The United Kingdom & European Union
Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders.
The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money.
This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries
Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies:
-Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore.
Countries with the most stringent and negative cryptocurrency regulation:
-Venezuela. -South Korea. -India. -Russia.
Did you know?
It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan.
Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA
Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement.
The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law.
On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain.
Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe
The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways:
-Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved.
-Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state.
This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws.
The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””.
The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2
Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association.
The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home.
Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets.
There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain.
Country-by-Country Cryptocurrency Adoption
Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption
Estonia
Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”.
As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange.
This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world.
Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment.
This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption
The United States of America
The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs.
Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape.
Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology.
For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption
Denmark
When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies.
Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark.
With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption
Sweden
Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time.
Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations.
Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption
The Netherlands
The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City.
There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands).
The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay.
The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption
Finland
Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin?
Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy.
Canada
Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”.
Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences.
There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption
United Kingdom
The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment.
It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US.
In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption
Australia
The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts.
The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”.
The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency
Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return.
Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations.
Belarus
Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley.
The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry.
“ “Taxation and Cryptocurrency
Portugal
Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains.
The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation.
From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal.
China
China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment.
But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency
Netherlands
Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime.
Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective.
Germany
Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too.
Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product.
Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO
Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed.
Estonia
This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem.
The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO
Singapore
Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO.
The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system.
Where to Base Your ICO
Slovenia
Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business.
Switzerland
Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general.
Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co
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Bitcoin Trading Intelligence [09.01.15]

Hope all is well guys. Our third Intelligence report is out. Again, thank you all very much for the feedback on our last Bitcoin Trading Intelligence newsletter. We hope we were able to address some of the issues from last time. Feedback and any other comments are welcome.
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Bitcoin in August
August has witnessed the rapid devaluation of Bitcoin, accelerated by fundamental data and augmented by technical glitches. The possible forking on the minds of the Bitcoin community, the repeated blows following the Mt Gox disaster and the effects of the BitLicense have cast a bearish shadow over the market which resulted in a month that managed to breach significant lows.
“After the stunning price action of the last couple weeks we have seen BTCUSD grind up the traders seeing patterns that aren’t there, complete chopfest. Rather than whittling away hard earned profits remember NO position IS a position — just need to know when them time is. Just like me, many other traders in the Whaleclub believe that sometimes not trading is a right decision and people should appreciate that.” BTCVIX, Professional Bitcoin Trader
Post the flash crash last week, the market has tested 200 and has been on a correction curve ever since. With many countries calling for increased regulation, let’s see how market emotions fared last week.
Nigeria’s central bank has called for Bitcoin regulation in order to stop money laundering and avoid international penalties. Dr. Okwu Nnanna the governor of the financial system at Nigeria’s Central Bank has cited that cryptocurrencies have no borders and hence are an easy channel for money laundering and thus there is a need to monitor them. AB 1236, a proposed California law to regulate virtual currencies has faced lot of opposition from industry lawyers.
It has now been amended saying companies that take ‘full custody’ of the currency are to be licensed and the bill is being backed by other major companies who are mostly made up of software developers. Another important country to look out for whose ecommerce demographic can play a pivotal role in the development of bitcoin system would be India.
With major companies like Microsoft and IBM backing bitcoin based startups, the Governor of RBI has made it clear that cryptocurrencies are being observed for now and would be regulated in the future.
The collapse of Mt Gox has racked up many controversies and the latest one, the arrest of Mark Karpeles, is over the issue of a fresh warrant for allegations that he has pocketed over $2.6 million from the company funds of Mt Gox. While Japan’s cryptocurrency scenario is restructuring for the best after the impact of Mt Gox, the Japanese Government has decided to regulate cryptocurrencies so as to avoid the risk of money laundering and terrorist funding.
How these coordinated regulations among different countries would affect/aid the growth and development of bitcoin is to be seen. While the ‘one-off’ depreciation of the Chinese Yuan has beaten the stock markets down in the USA and China, BTC China’s Greg Wolfson has remarked that the corresponding dip in prices in bitcoin is not devastating and in the times of uncertainty just like Gold, people are turning towards bitcoin as their safe haven.
The immediate correction after the dip is being seen as people hedge their positions in bitcoin.
Meanwhile on the Korean front, things are looking bright with a new exchange traded fund (ETF) tracking the value of bitcoin planned for launch on Korea Exchange next year.
This news coupled with Korean Bitcoin Exchange ‘Korbit’ announcing the launch of Bitwire, which allows people to send money using Bitcoin to any Korean bank account in less than two hours, the bitcoin ecosystem in Korea is trending towards a positive position.
On the European continent, the sentiment is consolidating with the launch of Mycelium Gear with Cashila’s API being integrated, this enables merchants to accept bitcoins that are automatically converted to Euros.
The financial crisis in Greece is here to stay for some time and bitcoin services providers like Cubit are trying to do what they can to help. Cubit in coordination with BTC-Greece is helping Greek citizens move their money out of the country to business partners and suppliers.
The aim is to try and work around the various capital controls that have been enforced in Greece in the hope that some private businesses can get back up and running once more. They have plans to install 1000 ATMS in order to make the this work. Even in the Black Sea Basin there are more than 13,600 locations where you can access bitcoin related stores, ATM and service providers.
On a corporate front, things have been picking up pace with Intel expressing its intention to unify the Internet of Things with bitcoin transactions. World Wide Web creator Tim-Berners-Lee leads the W3C to establish online payment standards, including Bitcoin, another sign of positive acceptance.
UBS’s Alex Batlin’s statements about Blockchain, saying that the technology will be an opportunity or threat to companies like UBS basing on how quick they act on it, has once again clarified that the technology is here to stay and is slowly gaining traction.
Patrick Byrne, the founder of Overstock.com, has acquired a broker-dealer firm built deep into the DNA of Wall Street. When the technology at the center of the acquisition is switched on, Byrne said, it will mark the first time the decentralized ledger behind bitcoin is plugged directly into Wall Street. This way it will be possible to bridge the gap between bitcoin technology and the blockchain.
With Coinbase reaching a valuation of $1 billion, it is listed as one of the top 50 tech startups in the USA. Fortifying their market share, they have launched services to purchase bitcoins through debit cards and credit cards and most recently launched in Canada.
While the service providing companies are doing well, the exchanges have taken a back step last week. The Bitfinex trade engine was blamed for the flash crash and many people experienced problems with exiting their positions during the crash, Australian Exchange, iGot, halted their trading activity and this has led to angst among its traders and customers.
So in conclusion, it is fair to say this past week of has seen lots turmoil in bitcoin trading with loads of negative factors contributing to the market sentiment bearish.
Long Term Technical Analysis
On a weekly scale, the market has tested its long term support level at 200 and retraced quickly to 227. The bearish arc of this swing was a strong move ranging over a month, driven by fundamental factors. The Bollinger bands in the weekly chart still remain parallel showing that the market is in bounds and judging by the regression lines, is setting up for a bull trend after consolidation.
On a long term scale, RSI is approaching oversold region while MACD just took a bearish turn crossing the signal line. Since the market is yet to consolidate, taking a long term position right as of now wouldn’t be feasible. Short term trades around 224 region with stop loss around the lows of previous week’s candle, targeting 5 SMA would be feasible. Long term trades can be planned on basis of consolidation. As soon as both Bollinger and 5 SMA become trending in the upward direction after significant consolidation, entering into trades with a long term plan would be profitable. Proper entry points for such trades would be around 220 region with stops below 217. With Market trending, possible exit points could be 266, 300 and 317.
If the market breaks out on the downside, breaking the support zone at 200, possible targets can be 157 and further drop in prices would seem likely.
Midterm Technical Analysis
In the daily chart, the support encountered around 217 region was breached and market has now found long term support at 200. With the Bollinger bands and SMA’s pointing downwards, the setup is going to remain bearish for some time until a base of consolidation is formed. The descending triangle as shown in the daily chart between the downward trend line and support line at 200 might possibly see good number of volumes being traded in the coming days. In which direction the break out would be or the setup would change will depend on how the market approaches the vertex of the triangle.
If the Bollinger bands and short term SMA’s don’t straighten out or change direction, the break out might as well be in the downward direction, continuing the set trend. The MACD is about to cross the signal line and turn bullish, RSI has crossed 30 from the downside indicating impending bullishness in the market but when the bull run takes off is to be seen.
In the medium term, it appears that it is going to be bearish/sideways for some time. Shorting opportunities at the trend line and retracement trades with 5 SMA as support hold good potential.
Short term Technical Analysis
On a short term scale, the market has retraced over 220 levels and is expected to trade in this range for some time before either consolidating and going for a reversal or crashing down further more.
We can observe that 100 SMA is offering good support and market has not been able to go beyond 34 SMA. Picking longs over 100 SMA with 34 SMA as target would be a good short term trade. With the Bollinger bands and SMA’s still pointing downwards and higher time frame charts supporting, shorting around 34 SMA would be a good option.
The possible targets for such trades would be 100 SMA and if the market gets further trendy, a crash down back to 200 levels can also be expected, although these trades have to be done with tight stop loss. The MACD and RSI don’t give much indication as the market is sideways in the short term and retracing.
Sentiment Analysis
This week saw a lot of action with countries announcing regulation moves and unveiling of technologies which ease bitcoin and blockchain adoption. While the sentiment was bearish majorly, let’s take a look at what happened in the market:
The Bank of England has announced that Bitcoin is ‘harder money’ than Gold because of Deflation. During a presentation on digital currencies, Andy Haldane, Chief Economist and the Executive Director of Monetary Analysis and Statistics of the Bank of England stated the above statement explaining that sustained adoption would see ongoing deflation.
An article from ibtimes has given a thorough analysis of how adopting blockchain technology to the existing banking system would be difficult and how Deutsche bank’s economist sees blockchain as a threat because of the lack of the IT infrastructure to support the technology involved. On educational front, Stanford has joined NYU and Duke University in offering bitcoin course, Princeton has launched its own bitcoin course on Coursera, strengthening the sentiment that cryptocurrencies are here to stay and further studies and research in these fields embedded into the course work is a strong possibility.
On the technological front, with e-coin launching Bitcoin Debit card affiliate program, which aims at bridging the gap between traditional financial services and bitcoin, it’s now possible to load bitcoins into debit cards and make payments for the transactions. With Coinbase also enabling purchase of bitcoin through debit-card/credit-card, we are now in a transformative phase where the traditional financial services are being used to develop and adopt systems that would be framework for the future bitcoin usage.
How the technology will evolve to accommodate or change the traditional banking system is to be seen.
Developments in Blockchain
On August 20th, Nasdaq revealed its plans with the underlying technology of Bitcoin and Blockchain. In an interview with efinancialnews Fredrik Voss, Vice President and head of Blockchain strategy at Nasdaq answered questions about how the program is progressing and what other applications Nasdaq is thinking of.
Nasdaq is planning to launch the private market initiative later this year and is clearly looking at commercial uses for the Blockchain now. The application of distributed ledgers in financial markets for things like settlement and custody, to create efficiency in back-office processes is the primary aim.
Another application of Blockchain this week would be the launch of John McAfee SwiftMail which is a new free peer-to-peer, proof-of-work, encrypted mail system that uses the technology underlying Bitcoin to replace email. The system is said to have very high encryption as privacy is one of the key aspects of SwiftMail.
Technocorner
On the techspace, what has been hogging all the limelight is the new chip for Antminer S7 by Bitmain that is believed to be more powerful than its predecessor. Bitmain, the bitcoin mining ASIC provider, announced on August 20th it is launching its fourth-generation ASIC, the BM1385. This chip is claimed to generate a 45 percent increase in hashrate while needing 50 percent less electricity than its former chip, the BM1384.
Another interesting development would be Netcoins which can supposedly turn any device (iPad, Android devices) into a bitcoin ATM. It is ideally designed for retailers to enable transactions in bitcoin and attract tech savvy customers.
News that’s also been doing rounds is about the Mike Tyson ATM. While initially the prospect was heralded to be a scam, the ATM was launched in Las Vegas with Bitcoin Direct backing the launch.
While security threats in Windows 10 has put the wallet developers in a tight situation, the iOS space is now crowded with launch of new wallets everyday making it hard for the users to choose from the many apps. Most people believe that the advanced bitcoin demographic belongs to iOS users and this is the primary reason for the competition while some say that the lack of a secure wallet in Android and security issues with Windows has led to this development.
For the same report with the Technical Graphs please see the original post: Bitcoin Trading Intelligence: September 1st, 2015
submitted by blockstreet_ceo to BitcoinMarkets [link] [comments]

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BITCOIN ON THE NASDAQ - Ebang Crypto IPO

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