Category: Crypto Mining

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Taiwan proposes new bill requiring crypto companies to apply for licenses

Amid the ongoing global revolution in cryptocurrency regulation, Taiwan has proposed a special law to regulate digital assets. The proposed law will require all cryptocurrency platforms in Taiwan to apply for a license.

According to the official announcement, the Crypto Bill had its first reading today, October 27, in Taiwan’s parliament, the Legislative Yuan.

Taiwan takes steps to establish cryptoasset regulatory framework

Although the new law has already passed its first reading, legislators have not yet set a date for the second. According to Yung-Change Chiang, member of parliament and contributor to the proposed Special Law, the first reading of the bill catalyzed discussions on the regulatory framework for the digital asset industry.

Chiang asked Taiwan’s Financial Supervisory Commission (FSC) to present his version of a crypto bill to the legislature. According to him, the presentation of the project will allow various sectors to unite even more and be on the same page during the legislative process.

In the meantime, remember that the FSC published guidelines for self-monitoring of the crypto industry in September. The guidelines would ensure that local businesses separate customer assets from company assets. This would protect consumers from losses associated with the arrival of assets.

Additionally, the new guidelines establish standards for the inclusion and exclusion of virtual assets on various cryptocurrency trading platforms.

Additionally, the FSC plans to implement and enforce the guidelines through a potential crypto industry association, a move that Chaing condemned. In his latest statement, the legislator noted that such regulatory measures are legally inapplicable.

The special encryption law is the product of a joint effort by Chaing and 16 other lawmakers. This law will force all digital asset platforms in Taiwan to apply for operating licenses. Failure to comply with this obligation will result in sanctions, including a cease and desist order from regulators.

Parliament has not set a specific timetable for the second reading of the bill. However, according to information from Chaing’s office, this could happen before the end of January 2024. The reason for this speculation is that the term of the current Taiwanese legislators ends in January 2024.

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Binance Crypto Exchange Reveals Fears Ahead of MiCA Regulation

Binance may be about to withdraw all stablecoin offerings from its crypto exchange platform for European investors. The news sparked fears about the potential losses the EU crypto market could suffer if Binance validated and followed through with the motion.

Binance will remove all stablecoin offerings in Europe

A prominent executive at Binance, one of the world’s largest crypto exchanges, has revealed a new development that has shaken the crypto community. Marina Parthuisot, head of legal at Binance France, revealed in an online public hearing organized by the EBA that Binance fears it will have to withdraw the majority of its stablecoin offerings for the European market by June 2024.

Parthuisot revealed that the decision was taken to comply with the regulatory restriction that will soon be enacted in Europe by Crypto Asset Markets (MiCA). He stated that European markets could be affected by the loss of stablecoin offerings, which represents a considerable disadvantage for investors when transacting in cryptocurrencies.

“Our goal is to close all stablecoins in Europe on June 30th. This could have a significant impact on the European market compared to the rest of the world,” said Parthuisot.

MiCA, a European regulatory framework and banking authority, implemented a law that would subject stablecoin issuers to strict licensing and compliance regulations.

Elizabeth Noble, MiCA team leader at the European Banking Authority (EBA), stated that the regulatory system has not introduced additional requirements or restrictions on stablecoin offerings in the EU. However, the initial law will be enacted next year.

“There is no transition agreement for these types of tokens [stablecoins]. The rules will apply from the end of June next year,” Noble said.

Regulatory crackdown on cryptocurrency exchange Binance

Binance has been facing several regulatory hurdles since this year. The cryptocurrency exchange was sued by the United States Securities and Exchange Commission (SEC), which filed more than a dozen charges for allegedly misleading investors and operating an unregistered exchange.

In addition to US SEC limitations, Binance has also exited several countries due to regulatory issues.

The cryptocurrency exchange has delisted a significant number of cryptocurrencies from its exchange platform over the years, including major cryptocurrency trading pairs as well as altcoins like Tron, Helium, and others.

As the cryptocurrency industry continues to evolve, regulatory compliance plays a vital role in shaping the cryptocurrency industry and Binance’s proactive response to MiCA regulations is a demonstration of its commitment to maintaining a secure and sustainable crypto ecosystem.

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Coinbase expands in Europe with a new license from the Bank of Spain

Coinbase obtains approval from the Bank of Spain

In a blog post on September 22, Nana Murugesan, Vice President of International and Business Development at Coinbase, described the Bank of Spain’s approval as a significant achievement. Coinbase can now expand its services to retail consumers, institutional clients and developer partners in the region, she explained.

Murugesan further stated that it is worth noting that many countries are providing much-needed clarity and guidance to the crypto industry.

The SEC crypto attack and the MiCA regulation

In June, the US Securities and Exchange Commission (SEC) filed charges against Coinbase, claiming that the exchange operated as an unregistered stock exchange, broker-dealer, and clearing agency.

This allegation arises from Coinbase’s allegedly unlawful facilitation of the purchase and sale of cryptoasset securities by combining the functions of an exchange, a broker, and a clearing agency without obtaining the necessary records required by the Commission.

However, Coinbase CEO Brian Armstrong has expressed vehement criticism of the SEC, characterizing its regulatory approach as unfair and irrational when applied to digital assets.

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The high difficulty levels of the Bitcoin network are about to drop amid longer block wait times.

Hitting an all-time high on July 11, 2023, reaching a staggering 53.91 trillion, Bitcoin’s difficulty is about to decline to an estimated range of 3.9% to 4.04% on July 26, 2023.

The high level of difficulty of Bitcoin on the verge of halving

The next Bitcoin difficulty recalibration is scheduled for July 26. After a notable increase of 6.45% on July 11, it is projected that there could be a downward adjustment ranging between 3.9% and 4.04%. The generation of Bitcoin blocks occurs approximately every ten minutes and every 2016 blocks, a drop in mining difficulty occurs if the discovery process of these blocks extends for more than two weeks. On the other hand, the difficulty level increases if the mining of the 2016 blocks is completed in less than two weeks.

The lockdown breaks on July 21 and 22 were longer than the usual ten minutes, lasting between 11 and more than 12 minutes. While the hashrate peaked on July 8, it has been lower with an average of 371.1 exhash per second (EH/s) in the last few blocks of 2016. Over the last three days, Foundry USA controlled 30.08% of the global hashrate with 111.75 EH/s, followed by Antpool with 86.92 EH/s or 23.39% of the total hashrate. F2pool, Binance Pool and Viabtc follow the two mining pool leaders.

Currently, as of July 24, block times have shown signs of improvement, falling marginally below the ten minute average, and sometimes leveling off slightly above ten minutes and 24 seconds. Monday at 8:00 a.m. At m. Eastern Standard Time (EST), the order book is filled with 265,000 to 280,000 transactions in a holding pattern, waiting for their turn to be confirmed.

Miners are still struggling with the problem of clearing the backlog that has been bogging down the blockchain for months. To untangle the heap of unconfirmed transactions, 95 blocks need to be removed. An imminent difficulty reduction in a few days should pave the way for mining participants in their quest to discover these blocks.

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Hong Kong authorities encourage major banks to adopt crypto clients

The Hong Kong Monetary Authority (HKMA), the regulatory body that oversees banking activities in the region, reportedly encouraged major banks like HSBC and Standard Chartered to establish relationships with cryptocurrency exchanges.

This effort to embrace the cryptocurrency sector comes despite the increased regulatory scrutiny the industry faces on a global scale. This initiative aims to position Hong Kong as a major global hub for the cryptocurrency industry.

However, the sector still faces challenges stemming from significant collapses in the past. A report dated June 15 revealed that three sources with knowledge of the matter revealed that the Hong Kong Monetary Authority (HKMA) had raised concerns during a May meeting with UK-based companies and the Bank of China.

The HKMA sought explanations from these institutions regarding their reluctance to onboard cryptocurrency exchanges as clients. This indicates the HKMA’s active interest in encouraging banks to participate in the digital asset industry and potentially highlights its commitment to promoting the development of the cryptocurrency sector in Hong Kong.

Just weeks earlier, the Hong Kong Monetary Authority (HKMA) had issued a circular to banking institutions, emphasizing the importance of keeping abreast of developments in emerging markets and urging them to take a more proactive stance in exploring new sectors, including cryptocurrency. market.

Hong Kong Shows Growing Acceptance of Crypto Businesses

With ambitious aspirations to establish itself as a pre-eminent crypto hub in Asia, Hong Kong recently unveiled a regulatory framework legalizing the buying, selling and trading of cryptocurrencies for all its citizens, which will go into effect in June.

Hong Kong’s progressive approach to digital asset laws has instilled confidence in the domestic market, prompting several companies to apply for licences. Among them is Huobi HK, the Hong Kong subsidiary of global trading platform Huobi, which recently announced the launch of spot and managed services for business and retail clients in the region.

In the wake of lawsuits filed by the US Securities and Exchange Commission (SEC) against exchanges Binance and Coinbase, Hong Kong is proactively positioning itself as a hotspot for entities affected by these legal actions.

Hong Kong Legislative Council member Johnny Ng recently took to Twitter to support struggling cryptocurrency company Coinbase. In a show of solidarity, Ng invited Coinbase and urged the company to consider establishing its operations in Hong Kong, where the regulatory environment is perceived to be more favorable for cryptocurrency businesses.

This month, Hong Kong recently introduced a comprehensive set of regulations tailored to the digital asset industry, marking a major milestone. These regulations create a framework that allows locally licensed cryptocurrency companies to start operating.

The highlight of this development is that licensed companies can now provide services to retail investors, allowing them to participate in cryptocurrency trading.