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Crypto Regulations in Europe: The Friendliest Place to Register Your Startup

If you’re interested in launching your crypto business but don’t know where to start, look to Europe. Here you’ll find easy ways to register your start-up and a positive regulatory environment designed to encourage innovation in this field, which is experiencing explosive growth. Why Europe? While the crypto business hasn’t been around for very long,

The post Crypto Regulations in Europe: The Friendliest Place to Register Your Startup appeared first on Live Bitcoin News.




If you’re interested in launching your crypto business but don’t know where to start, look to Europe. Here you’ll find easy ways to register your start-up and a positive regulatory environment designed to encourage innovation in this field, which is experiencing explosive growth.

Why Europe? While the crypto business hasn’t been around for very long, several European countries were among the first to recognize the tremendous potential of digital currencies to transform the financial landscape, create new jobs, and contribute to the overall health of their economies. These countries, including Denmark, Estonia, Germany,  Slovenia and Switzerland among others, moved quickly to develop a framework in which entrepreneurs could develop crypto-asset-related businesses and a thriving digital economy.

And while many are looking for ways to capitalize on the rise in awareness and acceptance of crypto by mainstream financial institutions and consumers alike, it’s difficult to navigate the myriad of rules and regulations that are currently in place surrounding coin development and crypto asset management.

To help standardize crypto regulation, the European Union is currently in the process of refining its definitive regulatory framework known as “MICA” or “Markets in Crypto Assets Regulation.”  When adopted, MICA will become the world’s largest and most comprehensive framework for the digital currency industry.

“The lack of an overall Union framework for crypto-assets can lead to a lack of users’ confidence in those assets, which will hinder the development of a market in those assets and can lead to missed opportunities in terms of innovative digital services, alternative payment instruments or new funding sources for Union companies,” MICA developers conclude.

With MICA in place, all 27 countries in the EU will operate within the new regulatory environment.  Yet, each country will continue to manage its crypto business development within its borders that are distinctive and unique.

“Europe has always led the way in the digital currency revolution, which is why its regulatory environment is much more developed,” said Vadym Kurylovych (VK), CEO of STEX, an Estonia-based crypto exchange. “New crypto businesses will find certain countries in the EU have found the perfect balance of innovation and regulation, making it easier to succeed.”

Estonia: EU’s First “Digital Republic” a Leader in Regulatory Framework

Early on, Estonia recognized the value of the digital economy and the drive to currency innovation. Requiring businesses to maintain a physical residence in country was identified as a barrier toward growth as well as counter-intuitive in the virtual age.

In 2014, the Republic launched its e-Residency program, which provides a government-issued digital identity to non-residents. With an e-passport, entrepreneurs have the same access to company formation, banking, payment processing, and taxation processes as physical residents. Documents are signed with a smart card, making the process as seamless and transparent as possible for E-passport holders.

“Branding itself the first “digital republic” in the world, Estonia has digitised 99% of its public services,” reports. “And, in an era when trust in public services are declining across the globe, Estonia persistently achieves one of the highest ratings of trust in government in the EU. The Estonian government claims that this digitisation of public services saves more than 1,400 years of working time and 2% of its GDP annually.”

Crypto businesses based in Estonia must adhere to not only the country’s regulatory requirements but the EU’s AML (Anti-Money Laundering) and the US Financial Crimes Enforcement Network (FinCEN).

The republic also requires crypto companies to adhere to its own regulations designed to support the development of sound crypto asset service providers (CAS).

“Estonia’s regulatory environment is transparent, which makes compliance easier for a company to implement,” VK, of STEX, said.  “In addition, companies such as ours build in added protections, which contribute to building trust and confidence of those on our site.”

Switzerland’s “Blockchain Act” Ushers in “New Era” in crypto industry

Known as one of the world’s largest financial hubs, Switzerland continues to be an innovator in developing the digital currency industry. “Switzerland has the highest rate of crypto ownership in Europe (among the highest in the world),” according to GlobalWebIndex.

Last year, the country passed the Swiss “Blockchain Act, which “covers the exchange of digital securities, sets standards for cryptocurrency exchanges and solves money laundering problems, legitimizing an industry that many fear,” one industry observer noted.

The new laws took effect February 1 and has been heralded as a defining moment in the industry, according to “Switzerland has ushered in a new era for the digital assets industry after the tokenized securities law took effect on February 1. Known as the Blockchain Act, it sets a firm legal basis for digital asset exchange and tokenization while tackling the threat of digital currency money laundering.”

The effect of the new laws has been immediate. “Already, leading Swiss companies are rushing to announce new products as the new law takes effect,” Coingeek reports. “Crypto Broker AG announced February 1 that it had received a securities house license by the watchdog, FINMA. The license will allow it to broaden the scope of its products and services and work with more regulated parties.”

Through its persistence in exploring better ways to govern the digital currency market, Switzerland continues its quest to maintain its leadership position in crypto.

“Switzerland has been actively working towards establishing itself as a crypto haven and hub over the last few years. It saw it as an opportunity to attract crypto firms by actually providing them with clear, accessible, and well laid-out regulations,” observes Offshore Protection. “This is achieved while most other countries were still grappling with the task and trying to wrap their heads around how the industry could be regulated and whether or not it could fit within the existing legal frameworks.” 

Germany: Embracing 5AMLD

With its robust crypto economy, Germany continues to update its digital currency innovation to keep pace with the changing market conditions and updated regulations.

“In 2019, Germany implemented 5AMLD expansively by defining crypto assets in its Banking Act, with crypto assets appearing in the definition of financial instruments (e-money and certain monetary values expressly excluded), introducing a new service called “crypto safekeeping” or “Crypto Custody Business” (the custody, administration and safeguarding of crypto assets), and allowing banks to sell and hold cryptocurrencies for their clients – these new rules became effective on 1 January 2020,” blockchain technology news reports.

5AMLD or the “5th Anti-Money Laundering and Counter Terrorist Financing Directive,” which was effective in January 2020, was adopted by the EU to “contribute to global security, the integrity of the financial system and sustainable growth — and, as was anticipated, widened the regulatory perimeter to capture crypto, and entities dealing with crypto, through new definitions of “virtual currency” and “virtual asset service providers” (or VASPs).”

The legislation identified cryptocurrency businesses as “obliged entities,” a category previously reserved for traditional financial institutions. Under the new law, crypto companies must now comply with AML/CFT (Anti-Money Laundering/ Combating the Financing of Terrorism) and other reporting requirements.

Germany’s move demonstrates the value of coordinated regulatory efforts by the EU and its countries as they move to combat risk issues related to crypto.

“All of us in the industry have an obligation to not only comply with the constantly changing regulations, we need to ensure that compliance is transparent and also seamless for the customer,” VK added.

The Ever-Changing Regulatory Challenge

No doubt, in the last 12 months, digital currencies have moved into the spotlight on the world’s financial stage.  Bitcoin alone has a market capitalization of more than $3 Trillion US.  Institutional investors have jumped into the digital currency market, and many countries are planning on introducing their own Central Bank Digital Currencies (CBDC).  Almost daily, large and distinguished financial institutions around the world are opening digital currency units or are offering digital custody services.

As the digital currency landscape evolves, Europe will continue to lead the way in creating a regulatory environment that protects the consumer without stifling innovation. As the EU states, the whole point of MICA is to address “regulatory uncertainty and positively contributes to the harmonization of crypto-asset requirements across Europe.”

Image by Capri23auto from Pixabay

Coinsmart. Beste Bitcoin-Börse in Europa


Bitcoin Flash Crashes to $48K Amid Panic over Cryptocurrency Taxation




After Bitcoin (BTC) hit its all-time high of $64,895 on April 16, the cryptocurrency retreated downwards, plunging to its lowest level since March. It is trading around $47, 931 at the time of writing.

A tweet by FXHedge attracted widespread attention last weekend, which claimed that the U.S. Treasury Department was cracking down on money laundering with cryptocurrencies. Subsequently, BTC dropped more by than 15% over the weekend. Although there was a rebound in the next few days, the crypto market panic continued.

Affected by U.S. President Biden’s plan to nearly double the capital gains tax on the wealthy class, Bitcoin fell to its lowest level today, since March. It is currently trading at $48,338.

The advent of the U.S. tax season has made American investors in crypto assets panic. For those US investors who have held cryptocurrencies for more than one year, cashing out for selling digital assets will face the risk of high capital gains taxes. Take BTC as an example. In the past year, it has risen as high as 700% from $7,138 to $50,326  The Internal Revenue Service has also increased its taxation on the sale of encrypted assets. This may have caused many long-term investors to quickly sell in order to avoid capital gains tax.

Bitcoin Price Analysis

Source: BTC/USD Daily via TradingView

Judging from the daily candlestick, Bitcoin has fallen below its 50-day moving average price on the daily chart with the bullish momentum has faded.

At the time of writing, the bulls are actively pushing the price above the 100 day-Exponential Moving Average (120-EMA) of $49,286. If today’s closing price does not stand above the 100-EMA, then the bears will push Bitcoin’s price down to the 120-EMA of $46,897. A surge in the number of sell orders will push BTC below the 120-EMA of $46,897 support level and may trigger a more severe correction to the lowest point of this year – $43,273.

The bearish MACD index indicates that the bears are currently dominating the market. The Relative Strength Index reversed its direction towards the overselling zone, close to the zero axes. The stochastic Relative Strength Index may translate to a sharp declining trend toward the $43K level, as seen in late February this year, and it may consolidate around the zero axes for a period of time before the next segment takes off, which suggests that Bitcoin will likely experience a relative pullback.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/bitcoin-flash-crashes-48k-amid-panic-cryptocurrency-taxation

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U.S. House of Representatives to Create Crypto Task Force Joining SEC and CFTC Members




The US House of Representatives passed a bill dubbed “Eliminate Barrier to Innovation Act of 2021” (H.R. 1602). The bill aims to create an entity predominantly made up of employees from two regulatory bodies, the US Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC), with the goal of overseeing cryptocurrencies together.

It has currently made its way to the Senate for approval, and if passed by the Senate, the bill will therefore effectively establish a digital asset working task force.

The bill is co-sponsored by Majority Leader Patrick McHenry (R-NC) from the House Financial Services Committee and Chairman Stephen Lynch (D-MA) of the FinTech Task Force. Republican leader McHenry said:

“What we need is a conversation between those two entities (SEC and CFTC) about the nature of digital assets and cryptocurrencies.”

McHenry remarked that often, with each agency separately ruling cryptocurrencies as either securities or commodities, a huge regulatory gap is often left for this emerging asset class, which is problematic and can be a hindrance to innovation. “American citizens are missing out on innovation and the upside of those innovations. This one of the few pieces of tech in the last 100 years that the U.S. has not been the drivers of,” remarked McHenry.

If passed by President Biden, the bill will be one of its kind, as a crypto-focused task force has yet to be erected in the United States.

In addition to being made up of SEC and CFTC members, the task force will also include at least one representative from each of these six categories, according to Forbes: Financial technology companies providing digital assets; Financial firms under the jurisdiction of the SEC or CFTC; Institutions or organizations engaged in academic research or advocacy on digital assets; small businesses engaged in financial technology; investor protection organizations, and institutions and organizations that support investment in historically-underserved businesses.

The crypto-centered task force will need to assemble a report on the regulatory frameworks for digital assets, and assess how a lack of regulatory clarity for cryptocurrencies has impacted primary and secondary markets. Additionally, the task force will need to measure the regulatory framework for cryptocurrencies established in the US against that established in other countries.

The crypto task force will then need to provide recommendations on how to improve the situations of digital asset markets as well as establish strategies to reduce fraud and cash manipulation. it would also need to evaluate whether digital assets are compliant with the Bank Secrecy Act policies. The report will then be sent to House and Senate Committees, as well as the SEC and the CFTC to help them in making regulatory decisions regarding crypto.

Safe Harbor proposal for crypto  

Currently, with the cryptocurrency market estimated at over $2 trillion dollars, many financial and banking institutions worldwide have re-evaluated the potential of this nascent asset class. Recently, SEC Commissioner Hester Peirce, also known as ‘Crypto Mom’ for her active and welcoming stance regarding blockchain technology and crypto, released a safe harbor proposal designed to accommodate and encourage digital innovation.

The proposal suggests a three-year “grace period” where blockchain developers will be allowed to prove the extent to which the network they built is decentralized. Additionally, this will enable a more careful approach in considering whether their proposed token offering is in violation of US securities laws.

China ramps up CBDC efforts

This is a step forward and may be beneficial for the crypto economy to thrive in the US. Although many US-based firms have scrambled to enable cryptocurrency payments and integrate them into their business model, their deployment of digital payments still appear delayed in comparison with China.

Recently, China appears to have sped up the pilot phase of its digital yuan. On behalf of the People’s Bank of China, deputy governor Li Bo revealed that the country’s proposed central bank digital currency (CBDC), dubbed the “digital currency electronic payment (DCEP),” will be made available at the 2022 Beijing Winter Olympics as part of its pilot phase.

The deputy governor has mentioned that China’s goal with the DCEP is not to “replace the US dollar or any other international currency,” but to “allow the market to choose.”

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/us-house-representatives-create-crypto-task-force-joining-sec-cftc-members

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Which crypto exchange platform is faster, coin transfer or Godex?




The coin transfer exchange works in a semi-automatic mode. The exchange takes place from morning to evening with the participation of the operator. All switching processes are carried out with the help of a support person. This way of working has its advantages.
A lot of people these days use automatic exchanges because it’s quick and easy. However, a semi-automatic service offers the possibility of a safe change.
This option is particularly recommended for beginners who do not yet know how to correctly fill in the fields in trades, how to find out the amount of the commission and when to complete the operation.
Most important steps in currency exchange
The change works in 3 steps:

Step 1: Select a currency pair to swap in the cryptocurrency converter. Check the box that you agree to the tariff, service fees, and fees for the cryptocurrency network.
• Step 2: Fill out the exchange form and check the entered data, as in most cases cryptocurrency transactions cannot be canceled.
• Step 3: Send the amount specified in the application to the address provided by the exchange operator and receive the cryptocurrency on your wallet within 5-30 minutes.
Cointransfer has been active since 2016 and offers 219 currency pairs.
The swap board has over 1,760 reviews, most of which are positive. If you have already changed the currency on this service, you can leave your feedback and add to the collection of comments on this exchange service.
The Godex crypto exchange is an excellent example of a website that allows you to exchange one type of cryptocurrency for another online. Dynamic price changes, complete absence of transaction limits (the transaction time can increase with large amounts), a clear user interface – everything is done here to ensure that investors feel comfortable. There is also a dedicated affiliate loyalty program so you can get a quick entry into the cryptocurrency market. It is time to look into the subject of such an investment.
You should understand right away that it is impossible to completely eliminate the risks involved in buying a cryptocurrency. Even most stable coins can lead to a complete loss of the money invested; even if the likelihood of such a course of events is extremely low. Only after you have considered all the advantages and disadvantages of each model, familiarized yourself with the market indicators over a period of time and analyzed the opinions of experts, should you make an informed decision.
When you are ready to buy cryptocurrency, you should do so strictly in accordance with certain rules. Investments need to be planned and made wisely. Creating a wallet with an address is necessary and does not take much time. You can buy the cryptocurrency you are interested in after registering with a specialized exchange – just select a popular currency to buy. After buying, many advise transferring the coins to offline storage to eliminate the possibility of hacking and theft of investments. By investing in one with a view to market capitalization, the risks of a currency can be significantly reduced. The three cryptocurrencies that currently meet these requirements are:
Litecoin. currently serves thousands of customers with over 10,000 transactions daily. So if you are looking to swap one coin for another, you should try and enjoy fast transactions at good exchange rates.

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Maker Hits a New All-Time High Close to the $5,000 Mark




Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform. 

Maker provides the first decentralized basic stable currency Dai (which can be compared and analyzed as the U.S. dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).

Dai is issued through a full mortgage guarantee of digital assets. Since its launch in 2017, Dai has always remained anchored to the U.S. dollar with a 1:1 ratio.

On April 19, members of the MakerDAO community began to vote on MIP45, a proposal aimed at upgrading the liquidation system of the Maker protocol and maintaining the stability of Dai pegged to the U.S. dollar.

If approved, the liquidation 2.0 system will provide higher security, predictability, and decentralization, and provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the participation of the Maker community and the entire DeFi department.

According to data from DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $965 million, dominates 16.44% of the entire DeFi market.

The holders of the Maker (MKR) tokens of the project have received a 64.23% price increase reward in the past week. According to CoinMarketCap, Maker with a market cap of $4,817,105,553, ranks as the 30th largest cryptocurrency.

The token has grown nearly eight-fold since the beginning of this year, rising from $587 to $4,652,  It hit a record high of $4,995 today, breaking the $4,500 marks in one clean swoop.

Maker (MKR) Price Analysis

Source: MKR/USD 4-hour via TradingView

Judging from the 4-hour candlestick chart, MKR has successfully broken through its previous high of $4,118, and the rapidly expanding trading volume has resulted in $4,118 being flipped from a resistance to a support level.

The transaction price of MKR/USD is higher than the Exponential Moving Average (EMA) ribbon. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

However, the Relative Strength Index stepping into the overbought zone is gradually levelling off, which suggests that MKR is encountering relatively strong selling pressure after touching its all-time high of $4,995 today. The MKR’s price will therefore experience a slight retracement, and it is likely to trade sideways for a period of time around $4,400-$4,600 before resuming its upward momentum.

If MKR’s price can stabilize above $4,200, then the upward trend of Maker may open a faster upward channel. As Maker hit a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire crypto market emerges from its current slump, it is highly likely that Maker breaks through $5,500 in the short term.

Conversely, a surge in the number of sell orders will push MKR below the $4118 support level and may trigger a more severe correction to the 20-day Exponential Moving Average of $3,795.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/maker-hits-new-all-time-high-close-5000-mark

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