Tax Agencies Step Up Efforts to Hone in on Crypto Tax Evasion By Cointelegraph



The year 2019, for a short while, raised expectations that stablecoins would bring about mass adoption of cryptocurrencies. 2020, however, seems to be dousing those hopes with ever-tightening regulation that is putting pressure on investors and companies alike.

The first complication came only 10 days into the year. In early January, the European Union’s landmark Fifth Anti-Money Laundering Directive, or 5AMLD, was signed into law. The law is the latest evolution of the EU’s response to the Panama Papers scandal, in which a leak of over 11 million documents uncovered the opaque financial networks used by the world’s richest and most prominent individuals to divert wealth overseas.

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Elon Musk Reveals His True Opinion on Bitcoin and Crypto By Cointelegraph



After a long and cryptic series of tweets on (BTC), SpaceX and Tesla (NASDAQ:) CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that he’s “neither here nor there on Bitcoin,” Musk focused on its use for illegal transactions.

The billionaire has recently been in the spotlight for several short and cryptic tweets related to cryptocurrency. On Jan. 10 he published a tweet saying “Bitcoin is *not* my safe word.”

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Keeping Your Assets Safe — Crypto Insurance May Soon Become the Norm By Cointelegraph



If the crypto sector is to attract more institutional investors, it will need to provide more insurance solutions. This point was driven home anew with the recent news that the Gemini crypto exchange has launched a captive insurance company, Nakamoto Ltd., to insure its Gemini Custody business for up to $200 million — reportedly the largest amount for any crypto custody service in the world.

This new insurer will help Gemini’s institutional clients to meet their regulatory requirements, Gemini’s head of risk, Yusuf Hussain, explained to Cointelegraph in a Jan. 16 story, and this “is consistent with Gemini’s approach of being a security-first, compliance-first, and regulatory friendly exchange and custodian.”

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Chiliz Launches Crypto Exchange for Trading Sports Fan Tokens By Cointelegraph



Malta-based sports blockchain venture Chiliz is launching a cryptocurrency exchange for sports and entertainment tokens.

In a press release shared with Cointelegraph on Jan. 23, Chiliz detailed that the new exchange — Chiliz.net — will roll out in February after the beginning of Fan Token Offerings​ ​for all of the ​Socios.com​ partner teams​. Socios.com is a tokenized fan-voting platform for sports powered by Chiliz tokens (CHZ).

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



How Real World Use Cases Will Drive Crypto Growth in 2020 By Cointelegraph



As enters its twelfth year, the past eleven offer a meaningful amount of time to identify key trends that have emerged around cryptocurrencies and blockchain technology. These trends provide insights that are helpful in projecting the future of the digital asset space and how it will take shape over the next decade.

In reflecting on the history of cryptocurrencies over their lifetime, there’s one pattern that immediately jumps out. Each successive wave of interest in the cryptocurrency space has been galvanized by new developments in the ecosystem. In particular, two significant catalysts were the rise of crypto exchanges and the initial coin offerings craze.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Is Central Asia the New Safe Haven for Crypto Mining Amid Iran-US Crisis? By Cointelegraph



Recently, the cryptocurrency mining community has been shaken with rumors of Chinese miners leaving Iran — where crypto mining is authorized as an industrial activity — for Central Asia. The move has ostensibly been taken in an attempt to find a new safe haven amid the tensions between the United States and Iran, as well as rising oil and energy prices.

Iran’s attraction for crypto mining operations lies in subsidized electricity rates — as of July, 0.7 cent per kilowatt-hour (kWh), — which had purportedly even prompted miners from mining centers such as China to relocate their operations to the country.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Three Days of Hearings Before India’s Supreme Court on Crypto Ban By Cointelegraph



The Supreme Court of India has wrapped up the first three days in a hearing on a landmark case brought against the country’s central bank against its ban on banks’ dealings with cryptocurrency-related businesses.

From Jan. 14 through 16, proceedings were focused on arguments presented by Ashim Sood, the legal counsel for the the Internet & Mobile Association of India (IAMAI).

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Venezuela’s Demand for Payments in Crypto Pauses on Some Oil Purchases By Bloomberg


© Reuters. Venezuela’s Demand for Payments in Crypto Pauses on Some Oil Purchases

(Bloomberg) — Some buyers of Venezuelan have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency.

Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid in euros, must be paid in Petros starting Monday, according to people with knowledge of the situation. Buyers worry the payment may be in violation of sanctions after the U.S. targeted the cryptocurrency, calling it a “scam.”

The oil-rich nation launched the Petro two years ago as a way to navigate wide-reaching U.S. sanctions that have cut off Venezuela from international capital markets. Although banners with the Petro symbol adorn government buildings in downtown Caracas, it’s largely ignored by Venezuelans who don’t know how or where to buy it. It’s backed by the country’s oil reserves, the world’s largest.

The move to require payments in Petros is an attempt to boost the crypto and help Venezuelan President Nicolas Maduro’s reduce his country’s dependence on foreign currencies. It comes as crude exports are starting to recover from U.S. sanctions on Venezuela and its oil company, Petroleos de Venezuela SA. Oil exports rebounded in December, surpassing the 1 million-barrel-a-day mark for the first time since February.

Crude buyers typically use shipping agencies based in Venezuela to pay port fees. Although buyers are not directly involved, at least one company last year included a clause prohibiting shipping agents from using money transfers to buy digital currencies in Venezuela after the Petro was sanctioned in March 2018, according to a document seen by Bloomberg.

Most companies taking Venezuelan crude no longer pay cash. Instead, they engage in swap transactions, where they take crude oil in exchange for gasoline or diesel. Others, like Eni SpA and Repsol (MC:) SA, get oil in payment for old debts.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gemini launches in-house insurer to boost coverage for crypto assets By Reuters


© Reuters. Gemini launches in-house insurer to boost coverage for crypto assets

By Suzanne Barlyn

NEW YORK (Reuters) – U.S. virtual currency firm Gemini Trust Company announced on Thursday that it has launched its own insurance unit to boost coverage against theft of crypto assets.

Gemini’s new in-house insurer, Bermuda-based Nakamoto Ltd, provides a total of $200 million in coverage for virtual currency that Gemini holds on behalf of customers, Gemini said.

Gemini is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

The company sees a robust insurance program as a means for the use of virtual currency to become more mainstream, said Yusuf Hussain, Gemini’s head of risk.

“Insurance is one of the last hurdles,” Hussain said in an interview. “In order for there to be mass adoption, the path forward is a regulated, compliant exchange system that clients have become accustomed to in traditional finance.”

Many types of companies form their own insurers as a way to help cover business risks that can be impossible or too expensive to insure. These in-house insurers are known in the industry as “captive insurers.”

The formation of a captive insurer for protecting digital currency held on behalf of customers is a relatively new strategy.

Only a few traditional insurers sell insurance for companies that handle virtual currencies like bitcoin and ether, which trade between anonymous parties. (https://reut.rs/2RjtARV)

Even then, insurers have typically avoided coverage for coins kept online, or in “hot storage,” because of a high risk of hacking. They tend to only cover offline “cold storage,” which is also generally preferred by cryptocurrency companies.

Gemini customers can buy additional coverage through a combination of its captive and traditional insurer, said Hussain.

As a registered New York trust company, Gemini also carries state-mandated insurance against employee theft, computer fraud, and fund transfer fraud.

Aon (NYSE:), an insurance broker and professional services firm, is managing Gemini’s insurance unit.

(This story corrects typo in paragraph 5 to say “regulated”. Earlier version said “regular”.)

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US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes By Cointelegraph



The House Financial Services Committee has raised concerns over the use of cryptocurrencies to fund domestic terrorism in the United States.

In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial institutions can combat domestic terrorism, extremism and acts of hate.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.