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Can 31244 Hold BTC/USD? Sally Ho’s Technical Analysis 26 January 2021 BTC

Can 31244 Hold BTC/USD? Sally Ho's Technical Analysis 26 January 2021 BTC > News > Can 31244 Hold BTC/USD? Sally Ho’s Technical Analysis 26 January 2021 BTC

Bitcoin (BTC/USD) receded early in today’s North American session as the pair weakened to the 31245 area after trading as high as the 33445.90 area during the Asian session, with the intraday high right around the 50-hour simple moving average.  The pair traded as low as the 31116.30 area during the European session and later encountered some technical support around the 31244 area, representing the 50% retracement of the depreciating range from 34810 to 27678.   Additional technical trading was evident when traders encountered technical resistance around the 32446.53 area during a brief move higher, a test of the 76.4% retracement of the appreciating range from 30100 to 40127.66.  BTC/USD this week encountered some technical resistance around the 34810 area, a previous relative high from early January. Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels.  If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels. 

As expected, significant Stops were recently elected below the 33850.03 level, an area around the 38.2% retracement of the appreciating range from 27678 to 37823 and the 61.8% retracement of the appreciating range from 30100 to 40127.66.  Large Stops were also recently triggered below the 32779.10 level, a downside retracement level related to the broader depreciating range from 41452.12 to 30100.  Following this depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 32958.08 and the 100-bar MA (Hourly) at 32563.30.

Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.

Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                                                                                                                                   

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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Unpacking the Trump Presidency's Crypto Legacy

Unpacking the Trump Presidency’s Crypto Legacy

A number of crypto issues are on deck as Joe Biden enters the second week of his presidency. This week’s edition of SoC looks at what now-former President Donald Trump left behind.

Crypto grew rapidly over the four years Trump was in office – despite his own public admission that he is “not a fan” of bitcoin. While he wasn’t directly responsible for this growth, the regulators he appointed and some of the policies his administration pursued undeniably boosted the crypto industry. After four years, here’s what his administration left behind. 

The Trump administration was largely friendly toward the industry (with a few notable exceptions), and ushered in a wave of regulations and products that were welcomed by the crypto community. The Trump administration stopped short of actually setting a policy direction, however. Almost all of the crypto-friendly actions were conducted by the regulators he nominated to various posts, and no significant legislation on the crypto space was passed or signed into law. 

The Securities and Exchange Commission (SEC) hasn’t published a ton of guidance, Commissioner Hester Peirce’s attempts notwithstanding. Mostly it came down to: initial coin offerings (ICO) and cryptocurrencies may violate securities laws, hit up the SEC if you have questions. Also, the SEC rejected like a gazillion bitcoin exchange-traded fund (ETF) applications, though there’s some renewed hope one will be approved in 2021. Here are some other memorable moments from the Trump era:

  • An SEC staffer asked the general public to “please stop asking” about bitcoin ahead of a decision on whether it will approve a bitcoin ETF in March 2017 (the SEC later rejected the ETF application).
  • The SEC published the DAO Report, arguably its most consequential guidance as far as the crypto industry is concerned. The report, which examines the DAO, an Ethereum-based funding vehicle, concluded federal securities laws might apply to certain cryptocurrencies and sales involving crypto. 
  • The SEC spun up a new cyber unit to focus on crimes committed using cryptocurrencies and the dark web in September 2017.
  • The SEC announced in November 2017 that celebrity endorsements of ICOs might violate the law if the celebrities don’t disclose they’re being paid for their endorsements. In a stunning turn of events, it later filed charges against celebrities who didn’t disclose they were being paid for their ICO endorsements.
  • In January 2018, several companies withdrew their bitcoin ETF applications at the SEC’s request.
  • Dalia Blass, the SEC’s director of Investment Management, says valuation, liquidity, custody, arbitrage and market manipulation concerns all need to be addressed before the agency will approve a bitcoin ETF.
  • Also in January 2018, the SEC shared that it’s taking a look at companies that announced blockchain pivots. In an entirely predictable sequence of events, it later suspended trading in three companies that made such announcements.
  • The SEC appointed Valerie Sczcepanik, the previous head of its distributed ledger working group, as its senior adviser for digital assets and innovation in June 2018.
  • SEC Director of Corporation Finance William Hinman says that, in his view, ether doesn’t look like a security. While this isn’t formal guidance, SEC Chair Jay Clayton later endorsed Hinman’s view, opening the door for Commodity Futures Trading Commission Chair Heath Tarbert to invite and approve companies looking to create an ether futures product. 
  • In August 2018 the SEC rejected nine bitcoin ETF applications at once before announcing it was reviewing those rejections. Despite asking for public input on the applications in October, nothing more was said about them.
  • The SEC created FinHub, a division specifically focused on distributed ledger technology and other financial technology products. Valerie Sczcepanik was tapped to lead it.
  • The SEC charged decentralized trading platform EtherDelta’s founder Zachary Coburn with operating an unregistered securities platform, showing that decentralized exchanges (DEX) aren’t necessarily beyond the agency’s reach.
  • In April 2019, the SEC published a token framework explaining when a cryptocurrency might be a security in its view. Industry participants say it leaves many questions unanswered.
  • Also in April, the SEC published its first no-action letter allowing a company to legally sell tokens.
  • The SEC sued Kik over its 2017 kin token sale in June 2019. A judge ruled the sale violated U.S. law, and Kik later settled, paying a $5 million fine.
  • The SEC also sued Telegram over a $1.7 billion gram token pre-sale (it later won this case).
  • The SEC said some stablecoins may not be securities, but issuers should work with the federal regulator to ensure it isn’t in violation of any U.S. laws in September 2020.
  • In short, almost all of the SEC’s actionable guidance came via enforcement actions and informal warnings. What is clear is a) token sales may violate securities laws and b) the SEC will go after entities if it thinks there’s a violation.

    During the Trump era, the Commodity Futures Trading Commission approved the entrance of crypto derivatives products in the U.S., creating a regulated trading market in which institutions could participate. Here are the key points:

  • Cash-settled bitcoin futures (where traders receive the fiat equivalent to the contract’s value when it settles) launched in December 2017 (under the oversight of former Chair Chris Giancarlo).
  • CFTC General Counsel Daniel Davis authorized agency staff to hold and trade cryptocurrencies in February 2018.
  • A federal judge ruled bitcoin is a commodity and therefore subject to the CFTC’s enforcement supervision in a case brought by the agency against an alleged crypto scammer.
  • Physically settled bitcoin futures (where traders receive bitcoin when the contract settles) launched in September 2019 (under the oversight of former Chair Heath Tarbert).
  • The CFTC defined “actual delivery” for cryptocurrency contracts in March 2020, answering a long-running question about what it means for a customer to receive bitcoin earned through margin trading (the definition is later cited as Coinbase’s reason for ending margin contracts).
  • Physically settled ether futures launched in May 2020 (Tarbert).
  • The former regulator now spends his time advocating for a U.S.-issued central bank digital currency (CBDC) as part of the Digital Dollar Foundation. His successor, Tarbert, gave the industry a shot of hope by explicitly calling ether a commodity, opening the door for derivatives products around the cryptocurrency.

    The Office of the Comptroller of the Currency wasn’t hugely involved in the crypto space for most of Trump’s term, outside of a legal fight over a fintech charter. It wasn’t until Brian Brooks got to the agency by way of an appointment by Treasury Secretary Steven Mnuchin that the OCC really began making public moves relevant to the industry.

  • As First Deputy Comptroller, Brooks raised the idea of a nationwide charter for fintech firms, allowing them to bypass individual states’ money transmitter license requirements.
  • In July 2020, the OCC made waves by publishing an interpretative letter saying banks can provide custody services for cryptocurrencies. 
  • The OCC published stablecoin guidance for banks, giving them cover to work with stablecoin issuers in a legally-compliant fashion in September 2020. 
  • Fintech lender SoFi, which has a digital assets wing, received a conditional charter from the OCC in October 2020.
  • Brooks said banks may be looking to partner with or acquire custodians to enter the crypto market in October 2020.
  • The OCC began a rulemaking process to prohibit banks from not serving certain industries, including the cryptocurrency industry in November 2020 (this rule was finalized in January 2021). 
  • The OCC published additional guidance in the form of an interpretative letter saying banks can use stablecoins for payments, as well as operate nodes on public blockchains at the beginning of January 2021.
  • Anchorage, a South Dakota-based crypto custodian, became the first federal crypto bank after the OCC granted it a conditional trust charter in January 2021.
  • The OCC moved so quickly under Brooks that several members of Congress felt the need to ask him to focus on other issues such as the coronavirus pandemic. Rep. Maxine Waters (D-Calif.) also included all of the OCC interpretive guidance in a letter to incoming President Joe Biden listing Trump administration actions Biden should undo. Trump nominated Brooks to a full term running the OCC.

    Looking ahead, here’s what the regulator landscape looks like as of right now. Most of President Biden’s nominees still need confirmation hearings and votes, so a lot of these departments have acting heads, particularly after several Trump-nominated heads stepped down. Fed Reserve Chair Jerome Powell’s term doesn’t expire until next year. A few of the smaller Treasury Department agencies, including the Office of Foreign Assets Control (OFAC) and the lFinancial Crimes Enforcement Network (FinCEN), seem set to continue with their incumbent directors. Janet Yellen was confirmed yesterday as Treasury Secretarty and sworn in late last night.

  • Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing: Yellen’s comments raised a stir last week, with much of the industry indignantly pointing out that not a lot of crime is conducted using crypto and only a tiny fraction of crypto is used to conduct crime. Yellen’s written remarks, published two days later, showed a bit more nuance. Honestly, I don’t think we can draw any conclusions from her remarks last week because they were her first crypto comments in over two years. On the plus side: She has said she’ll review the FinCEN rulemaking Mnuchin tried to rush through.
  • Japan Rallies Behind XRP as Ripple Faces US Litigation: An interesting conflict inherent in crypto is that it’s supposed to be borderless and stateless, but it exists in a world that still has borders and states. We’re seeing what that actually means now, with the SEC suing Ripple on allegations it sold XRP in unregistered securities transactions. While the SEC might believe XRP is a security, that doesn’t mean other nations do. My colleague Sandali Handagama found that investors in Japan are (understandably) still fairly confident in XRP, particularly after an endorsement by local financial services giant SBI. 
  • The Relationship Between US Government Debt and Bitcoin, Explained: So one of the tenets of the crypto twitterati is that inflation is bad, money printing is bad, sound money is good and deflationary currencies like bitcoin are very good. As it turns out, inflation in the U.S. has been pretty low. My colleague Nathan DiCamillo spoke to some economists, and while it’s entirely possible that inflation will rise in future “we’re not seeing it yet,” at least one told him. Nate’s conclusion: Bitcoin’s role as a hedge might not be imminent. 
  • SEC Chair nominee Gary Gensler is likely to take the regulator in a sharply different direction than predecessor Jay Clayton did on a number of issues, including a rule on prohibiting conflict of interest for investment advisors and climate change, Politico reports. 
  • If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at or find me on Twitter @nikhileshde. 

    You can also join the group conversation on Telegram. 


    Author: CNC


    See author’s posts

    Signal Reportedly Developing Stellar-Based Crypto Payment

    Signal Reportedly Developing Stellar-Based Crypto Payment

    Signal is developing payment features to enable the use of MobileCoin, a ” privacy-focused cryptocurrency” built on the Stellar network.

    Private messaging app Signal is said to be in the process of developing features related to usernames and crypto payments.

    The San Francisco based encrypted messaging app has, in the past few weeks, seen a surge in the number of users. This has largely been attributed to the recent widespread backlash towards WhatsApp. The reaction was motivated by a revision of WhatsApp’s privacy policy that was set to come into effect on February 8.

    The policy contained updates on how ‘WhatsApp processes user data, how businesses can use Facebook hosted services to store and manage their WhatsApp chats and how the company partners with Facebook to offer integrations across its products.’ Opting for “more secure alternatives”, users turned to Signal and Telegram. The fast-growing app now has over 40 million users from 20 million just last month. It was reported to have gained 2 million followers in a 12-hour period a day after WhatsApp’s announcement.

    This is a major win for the company that refused to go the popular ad-based revenue route of its Silicon Valley peers. CEO Moxie Marlinspike told Platformer’s Casey Newton:

    “We’re organized as a nonprofit because we feel like the way the internet currently works is insane. And a lot of that insanity, to us, is the result of bad business models that produce bad technology. And they have bad societal outcomes.”

    Signal is developing payment features to enable the use of MobileCoin, a ” privacy-focused cryptocurrency” built on the Stellar network. The coin is expected to make holding and spending easier in developing countries. The company is also looking into allowing users to create unique usernames for their accounts as opposed to the current use of phone numbers.

    In recent weeks, however, employees are reportedly worried that the addition of certain features will lead to abuse by unsavory individuals or groups. They claim that such concerns have been largely ignored as the company is focused on reaching 100 million active users to secure sufficient donations to operate long term.

    One such individual is said Gregg Bernstein, a former user researcher who left the company earlier this month. He asserts that Signal refuses to even consider putting in place a policy to counter such a possibility. He said:

    What future awaits cryptocurrencies?

    “The world needs products like Signal – but they also need Signal to be thoughtful. It’s not only that Signal doesn’t have these policies in place. But they’ve been resistant to even considering what a policy might look like.”

    Employees are said to be concerned that the addition of a payment feature may attract criminals hoping to avoid their transactions being traced and unique usernames could result in scammers pretending to be certain prominent figures or groups and defrauding users. Such negative use could result in more scrutiny by regulators.

    The challenge for Signal will be to put in place policies that address such concerns before launching the new features.

    next Altcoin News, Blockchain News, Cryptocurrency news, FinTech News, News


    Author: CNC


    See author’s posts

    Technical Resistance at 1345 Pressures ETH/USD: Sally Ho's Technical Analysis 26 January 2021 ETH

    Technical Resistance at 1345 Pressures ETH/USD: Sally Ho’s Technical Analysis 26 January 2021 ETH > News > Technical Resistance at 1345 Pressures ETH/USD: Sally Ho’s Technical Analysis 26 January 2021 ETH

    Ethereum (ETH/USD) slumped early in today’s North American session as the pair depreciated to the 1261.30 area after trading as high as the 1378.12 area during the Asian session.  The 50-bar, 4-hourly simple moving average provided technical support during the Asian session, but this eventually gave way and ETH/USD tested technical support around the 50% retracement of the appreciating range from 1039.62 to 1477.30.  The next downside retracement levels in this appreciating range include 1206.81, 1142.91, and 1133.28.   ETH/USD this week traded at a fresh multi-year high around the 1477.30 level after Stops were elected above many significant upside price objectives, including the 1351.18, 1381.03, 1412.74, 1427.89, 1439.98, and 1447.83 areas.  These levels are technically significant as they directly related to buying pressure that emerged around levels including the 370.50, 176.43, 148.08, 439.77, 123.72, and 310.79 areas.  If ETH/USD is able to extend its recent comeback further, some areas of potential technical resistance include the 1477.71, 1582.86, and 1665.31 areas.  Some Stops were recently elected above the 1256.15, 1307.31, and 1315.02 areas, upside retracement levels related to the recent depreciating range from 1390 to 1039.62. 

    During ETH/USD’s recent move higher to multi-year highs, Stops were recently elected above the 1072.78, 1133.44, 1163.93, 1176.28, 1225.30, and 1230.73 areas, and selling pressure intensified below these areas during the pullback. Notably, these levels represented technically significant upside price objectives related to historical buying pressure around the 215.16, 625.01, 370.50, 480.08, 530.32, and 310.79 areas.   If ETH/USD reverses recent gains and the psychologically-important 1000 figure cannot be held, technical traders will eye additional downside retracement areas including the 976.37, 954.16, 941.22, 917.03, 915.48, 902.24, 895.33, 869.22, 860.69, 856.83, 844.44, 831.94, 828.97, 812.73, 783.02, 770.03, 763.66, 750.28, 745.01, and 723.97 areas. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

    Price activity is nearest the 50-bar MA (4-hourly) at 1299.11 and the 200-bar MA (Hourly) at 1297.82.

    Technical Support is expected around 792.40/ 766.54/ 729.88 with Stops expected below.

    Technical Resistance is expected around 1447.83/ 1477.71/ 1582.86 with Stops expected above.

    On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

    On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

    Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.


    Bitcoin and How Crypto will Transform the Financial World

    Bitcoin and How Crypto will Transform the Financial World

    On January 13, 2021, the US Office of the Comptroller of the Currency (OCC) announced that it had given conditional approval to Anchorage Trust Company, a chartered trust firm, to become Anchorage Digital Bank. This has made Anchorage the first cryptocurrency services provider to have received the national bank charter in the United States. The company was quick to announce that it intended to launch innovative digital currency-based financial products in the near future.

    Such recognition for the use cases of cryptocurrency in the financial sector has been pouring in over the past couple of years. In 2019, Visa, in partnership with Coinbase, released a debit card backed by cryptocurrency, which lets users convert digital currency into fiat currency to make payments. In 2020, JPMorgan and PayPal joined in, to permit crypto-based payments on their platforms.

    Institutional acceptance of cryptocurrencies has also come in the form of an explosion of DeFi projects. DeFi or Decentralised Finance refers to financial products that are created on a decentralised network, not controlled by any large corporation or government. It is being viewed as a worldwide move to open financial systems. These projects have also received an endorsement from large financial institutions. On December 1, 2020, Visa announced that it had entered into a partnership with BlockFi, a DeFi startup, to offer credit cards that would reward users in Bitcoin.

    So, the question is no longer whether blockchain and cryptocurrencies can disrupt the financial sector, but when and how.

    “The financial services sector has already made significant investments in decentralised applications to overcome challenges such as security breaches, transaction delays, collateral costs and transparency. The decentralisation, immutability and transparency that cryptocurrencies offer will be the way forward,” states Jean-Yves Sireau, Founder and Chief Executive Officer, Deriv.

    The traditional banking sector, consisting of centralised institutions, has long been plagued by problems typical of such centralised networks. Cumbersome regulatory environments or the huge fees customers have to bear, whilst having limited control of their account being a few. Traditional banking is inefficient and time-consuming, while also being vulnerable to data threats.

    Cryptocurrencies, on the other hand, offer a much more secure, transparent, efficient and inexpensive way to complete banking processes. They also eliminate the need to share the personal information of customers with a third party or intermediary. Data integrity is ensured by the immutable nature of all data on the network. No one can change the information, not even the bank.

    Even when it comes to bank granting loans, not only can the process of disbursal of funds be expedited, banks can trace where their loaned funds are being used since every transaction will be recorded on blocks in the blockchain ecosystem.

    While domestic fund transfers can take just minutes, cross-border ones can take up to several days through the traditional payment routes. In addition, issues like inadequate infrastructure raise concerns regarding the security of international payments, leaving them vulnerable to cyberattacks.

    Cryptocurrencies have emerged as the most efficient means to conduct cross-border transactions. They lower operational costs, while also eliminating cyber theft and human error. Since no intermediaries are required for crypto transactions, the costs of processing such payments are significantly reduced for both the financial institution and the customer. The lack of intermediaries also makes it a much simpler process.

    KYC is not just done for regulatory compliance, verifying the identity ensures greater security, by weeding out fraud and money laundering. While digital verification has simplified this process to a great extent, customers need to go through the entire process for every new service provider. Some also require physical authentication of documents.

    With a blockchain network, once the KYC process has been completed by one service provider, the verification information can be shared or re-used by other providers. The customer can choose to give permission for their identification information to be shared over blockchain, so they do not need to go through the entire registration process every time they seek services from a new financial provider.

    Smart contracts have the potential to disrupt the way any business is conducted across the world. In the financial arena, it can completely change how money and information are exchanged. Smart contracts can automate processes in a completely decentralised manner, enabling the implementation of shared rules of conduct, engagement and operations.

    Being self-executing, smart contracts take cryptocurrencies much further than efficient means of transactions and record keeping. One way in which smart contracts have made quite a splash is through decentralised finance or DeFi projects. With DeFi, not only are multi-party agreements automated, these agreements no longer require intermediaries, such as lawyers or banks, to ensure enforcement.

    In the three years from September 2017 and August 2020, DeFi contracts surged in value from $2.1 million to $6.9 billion. This also led to the skyrocketing of the value of tokens associated with these projects. Tradable native tokens of DeFi smart contracts almost doubled in value through just the month of August 2020.

    Most importantly, turning to a cryptocurrency ecosystem to provide financial services can lead to significantly better customer experiences. Not only would it fuel innovation, but it would also lead to secure financial products and services. New products and services could be introduced much faster and in a much more cost-efficient way.

    “With blockchain technology, delays due to duplication of information, as well as confusion and conflict regarding service provision can be eliminated. Also, transparency and seamless customer services will become much easier to achieve for financial and fintech firms,” added Sireau.

    Blockchain and cryptocurrencies have the power to transform the financial world by helping to bridge the gap that exists between financial institutions, regulators and customers. The future financial ecosystem could be one that is characterised by collaboration, innovation, partnerships between traditional entities and fintech start-ups and increased competition. In the end, everyone will have the potential to benefit from such transformation.

    It might be very refreshing to see traditional financial institutions transition from the lumbering behemoths they have been known to be in the past to agile and responsive entities. is an online trading service provider offering a comprehensive suite of products with flexible pricing, where its customers can trade currencies, indices, commodities, and volatility indices 24/7. Committed to customer satisfaction and high ethical standards, the company delivers quality products and services with integrity.

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    Author: cm_team

    Philippine Central Bank Widens Cryptocurrency Regulation — Sees 'Accelerated Growth' in Crypto Activity – Regulation Bitcoin News

    Philippine Central Bank Widens Cryptocurrency Regulation — Sees ‘Accelerated Growth’ in Crypto Activity – Regulation Bitcoin News

    Philippine Central Bank Widens Cryptocurrency Regulation — Sees 'Accelerated Growth' in Crypto Activity

    The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has expanded the country’s cryptocurrency regulation after seeing “accelerated growth” in the use of crypto exchanges. The new regulatory framework is in line with the guidelines recommended by the Financial Action Task Force (FATF), according to the central bank.

    The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, announced Tuesday that it has established new guidelines on virtual asset service providers.

    “​The Monetary Board (MB) approved the guidelines on virtual asset service providers (VASP), or entities that facilitate financial services through the conduct of virtual asset (VA) activities, to cover new business models and activities,” the central bank explained.

    BSP Governor Benjamin E. Diokno commented:

    We have seen accelerated growth in the use VCEs in the past three (3) years and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations.

    The new guidelines amend the existing regulations on cryptocurrency exchanges that were issued in 2017. The central bank says that the new regulatory framework “is aligned with fintech industry’s best practices and is consistent with risk management standards set by international standard-setting bodies such as the Financial Action Task Force (FATF)” on anti-money laundering (AML), combating the financing of terrorism (CFT), and proliferation financing (PF).

    “The MB-approved framework expanded the activities subject to the licensing regime of the Bangko Sentral from initially covering those involved in facilitating the exchange of fiat and VA,” the central bank described.

    The added activities are exchanging between one or more cryptocurrencies, transferring of cryptocurrencies, and the “safekeeping and/or administration of VAs or instruments enabling control over VAs.” Entities engaged in these activities will now be “subject to the BSP’s licensing requirements, regulatory expectations for money service businesses (MSB)” as well as AML, CFT, and PF obligations.

    Governor Diokno added:

    This will ensure that activities relating to VASP are executed within an unbroken chain of regulated entities.

    The new framework also emphasizes that all transactions involving the transfer of cryptocurrencies “shall be treated as cross-border wire transfer” and crypto service providers “are expected to comply with corresponding BSP rules governing wire transfer, particularly on the obligation to provide immediate and secure transmittal of originator and beneficiary information from one VASP to another for certain transactions.”

    Furthermore, BSP-approved virtual asset service providers must also comply with other existing rules for money service businesses, including rules on “outsourcing, liquidity risk management, operational risk management, information technology risk management, and financial consumer protection.”

    What do you think about the BSP expanding crypto regulation? Let us know in the comments section below.

    BSP, bsp bitcoin, bsp crypto, crypto exchanges, Crypto regulation, Cryptocurrency regulation, fatf, philippine bitcoin regulation, philippine central bank, philippine crypto regulation, The Philippines

    Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


    Author: Regulation

    Kevin Helms

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