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Virtual asset service providers in the country will not be allowed to deal with „dark currencies“.

According to a November 3 announcement by the South Korean Financial Services Commission (FSC), virtual asset service providers within the country will no longer be able to deal with any digital assets that present a high risk of money laundering. These updates were made as part of the Special Payments Act guidelines – regulations that specifically cover the legality of cryptomorphs in South Korea. The Financial Intelligence Unit specifically criticized the „dark currencies,“ which would be privacy-focused cryptomorphs, for having records of transactions that are supposedly difficult for the group to track. This could potentially affect the use of privacy currencies such as Zcash (ZEC), Monero (XMR) and Dash (DASH).

The Financial Supervisory Authority’s amendments to the Special Payment Act are expected to apply from March 2021. The project requires existing exchanges to employ sufficient Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. The exchanges must also report their operations within six months of the implementation of the law. In addition to not dealing with privacy currencies, virtual asset service providers are required to confirm the real names of their customers by comparing them with personal data, such as national identity numbers.

Many crypto currency exchanges in the country no longer list privacy currencies due to existing international regulations. In September 2019, the South Korean branch of the OKEx crypto exchange removed the ZEC, XMR, DASH, Horizen (ZEN) and Super Bitcoin (SBTC), citing the guidelines set by the Financial Action Task Force. The local Upbit cryptomode exchange announced in the same month that it would no longer support the three privacy-focused cryptomodes.

Dutch Bitcoin companies that are not registered with De Nederlandsche Bank (DNB) as of 21 November are no longer allowed to offer their services to Dutch people. A number of platforms have now passed the supervisory authority’s inspection.

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Register of DNB
In order to facilitate the trade in bitcoin in the Netherlands in accordance with the rules, you have to go through a selection procedure by the regulator, among other things. Directors and other important persons within the organisation are screened. You also have to comply with the anti-money laundering rules.

In practice, this means that parties have to play an open card with DNB and also collect much more customer data. Parties must share this data with, for example, the tax authorities or the police on request.

At the moment there are 5 known companies in the register of De Nederlandsche Bank:

AMDAX
Anycoin Direct
Blox
Coinmerce
LiteBit
New names will undoubtedly be added before 21 November. But not everyone will pass the inspection on time or at all. 25 Bitcoin companies jointly spoke out against the hard demands of DNB.

Consequences of stricter rules
Procedures and measures of this kind cost the industry as a whole a great deal of money. There are also entrepreneurs who, in principle, do not want to participate in the collection of (even) more customer data. Several companies have stopped or moved because of the new rules.

Two prominent Dutch examples are BitKassa and Bittr. Both platforms were trendsetters in the Netherlands in their own way.

BitKassa still facilitates bitcoin payments for entrepreneurs, especially in Arnhem, but in a stripped-down form. You could also buy and sell bitcoin directly at BitKassa; these services have been discontinued. Supervision costs and objections of principle caused them to throw in the towel.

Bittr was a service with which you could buy BTC with a simple automatic bank transfer. Ideal and easy to use, but DNB wants companies to collect more data from their customers. Founder Ruben Waterman indicated that as a one-man business it was impossible for him to meet the strict requirements of the regulator.

Bitcoin derivatives exchange Deribit officially left the Netherlands in February. All trading activities are now part of a company in Panama.

It can have major consequences for your company if you don’t comply with the rules in countries where you offer your services. An example of this is derivatives exchange BitMEX.

The companies and individuals behind the exchange are prosecuted by the US Department of Justice and the Commodity Futures Trading Commission (CFTC). Tens of thousands of Americans are said to have used the platform when they were not using the correct procedures.

Digital currency is the great highlight of the investments in the year, according to a survey.

Many stocks, fixed income, among other investments, occupy the idea of investors in Brazil. Bitcoin lives then another month of prominence in October, when reaching an important high mark in the month.

In fact, Bitcoin is one of the highlights in emerging countries, not only in Brazil today. This is because, with the US Dollar being a strong currency in several countries, local currencies lose strength.

At the end of August, Bitcoin was the valorization champion, returning in October.
In a year of high inflation, Bitcoin reaches an important mark in October after a great price increase

Brazilian investors have had an extended weekend and can reflect on 2020 so far. With a year of great uncertainty in the global economy and health, protecting capital is an arduous task.

Some have observed traditional hedge assets, such as gold, for example. Others have looked at innovative assets such as Bitcoin. Living a unique moment in its history, digital currency sees an important price movement.

In Brazil, the price of Bitcoin is up 166% in 2020, according to Valor Econômico. With the close of October, the price of the digital Bitcoin registered an increase of 28%, that is, a giant appreciation. This comparison was in relation to the Brazilian Real.

The move up is one of the most important of Bitcoin, which reduced its inflation by half in May 2020. With the process called halving, the emission of Bitcoin in the world saw a drastic reduction.

On the other hand, central banks have increased money issuance in several countries. The so-called economic stimuli are still seen as dangerous by many attentive investors.

In Brazil, rental inflation, the IGP-M, rose 3% in October, up 18% in the year. The IPCA already rose 2.1% in 2020, surpassing the current Selic rate, set at 2% by Brazil’s Central Bank. In addition, the Ibovespa registers a drop of 18% in the year, at the close of last month.
Higher value at Bitcoin monthly closing since December 2017

With Bitcoin currently quoted at around U$ 13500, or R$ 77600, the currency operates in drop this second (2). Nevertheless, last Saturday (31), Bitcoin made history with last month’s high.

However, with the Bitcoin being worth over U$ 13 thousand, this was the first time that the currency ended a month above the value. According to analyst Joseph Young, the Bitcoin mark in October is important for the history of the currency.

In addition, throughout the history of the Bitcoin, almost 12 years old today, it is worth noting that a few days the price of the currency was worth over $ 13 thousand. According to a graphic survey published by analyst Travis Kling, on October 31st, Bitcoin was only traded above U$ 13 thousand for 48 days (50 today).

Anyway, Bitcoin is experiencing an interesting time for investments in the year. In Brazil and in the world the currency valuation is noteworthy and attracts more and more companies to the ecosystem. PayPal entered the market of cryptomoedas in October and may have helped in the movement of high

La più grande banca della Mongolia che offre servizi di criptaggio

Il paese continua a fare passi lenti ma sicuri sulla strada per diventare una nazione criptica

La più grande banca della Mongolia inizierà presto ad offrire servizi di criptaggio, tra cui custodia, rimesse, depositi, prestiti e gestione di cripto-asset.

Secondo DDaily, la blockchain Hexland – fondata da ex sviluppatori Samsung – e la white label tech company Delio hanno accettato di iniziare a lavorare con Bitcoin Trader la Trade & Development Bank of Mongolia, o TDB Bank, con sede a Ulaanbaatar. È una delle banche più antiche della Mongolia, con 50 filiali in tutta la nazione, al secondo posto su 17 banche mongole in termini di attivo totale.

Ma l’accordo non si limita alle tre parti sopra menzionate. La stampa ha specificato che nell’accordo è stata inclusa anche la MDKI, una società mongola di risorse minerarie e blockchain i cui partner includono il gigante minerario crittografico Bitfury.

In primo luogo, TDB Bank lavora con clienti industriali. Il suo portafoglio comprende oltre 400 aziende mongole, offrendo loro servizi come prestiti per progetti, prestiti commerciali, consulenza finanziaria, tra gli altri.

Hexland, tra le altre soluzioni, fornisce servizi come lo sviluppo e la verifica di contratti intelligenti a catena di blocco, nonché lo sviluppo di portafogli.

Un funzionario senza nome di Delio ha detto a DDaily che grazie a questa partnership, „siamo in pieno movimento per entrare nel mercato finanziario globale delle attività virtuali“, con il maggior numero di risorse possibili. Tuttavia, non è stata fissata una data di lancio ufficiale per offrire tali servizi crittografici ai mongoli.

Nel 2019, l’amministrazione di Ulaanbaatar City ha accettato di collaborare con una società sudcoreana a catena, denominata Terra, al fine di sostituire i metodi di pagamento delle bollette e dei sussidi governativi con lo stablecoin Terra.

Dal 2018 la Mongolia sta compiendo passi nella sfera criptica. In quell’anno, il Cointelegraph ha riferito che il più grande operatore di telecomunicazioni mobili del Paese è diventato la prima entità mongola ad emettere la propria valuta digitale.