Switzerland Restricts Anonymous Crypto Deals to CHF 1,000

Switzerland Restricts Anonymous Crypto Deals to CHF 1,000
February 11, 2020

 

The cryptocurrency market is undergoing minor correction, but the underlying sentiment remains bullish. Bitcoin (BTC) which crossed $10,000 last week has once again declined below the psychological level to trade at $9,770, down 3.2% in the past 24 hours. Ether (ETH) has lost 2.8% to trade at $220.22. Similarly, XRP has declined by 3.7% to trade at $0.2697. Other major altcoins, which has lost in the past 24 hours include IOTA (IOTA-$0.3133, -3.7%), Cardano (ADA-$0.0592, -3.3%), Bitcoin Cash (BCH-$444.81, -0.2%), Monero (XMR-$83.27, -3.6%), Tezos (XTZ-2.58, -1.5%), Dash (DASH-$125.12, -1.7%) , Tron (TRX-$0.0216, -1.3%), Stellar (XLM-$0.0697, -4.6%), EOS (EOS-$4.83, -2.0%), Litecoin (LTC-$72.99, -4.3%), ChainLink (LINK-$3.36, -1.9%). The major (top 20) altcoins which have gained in the past 24 hours are OKB (OKB-$5.81, 45.7%), Huobi (HT-$4.72, 20%), Cosmos (ATOM, $4.76, 1.5%), Binance Coin (BNB-$24.7, 2.6%), Ethereum Classic (ETC-$11.73, 1.8%) and LEO (LEO-$1, 1.9%).

OKB (OKB) cryptocurrency has gained 46% in the 24 hours after the company informed that its blockchain testnet is now live. OKB is the native cryptocurrency of the Malta-based OKEx trade platform.

 

Government level initiatives

FINMA approves new anti-money laundering rule

The Swiss Financial Market Supervisory Authority (FINMA) has approved a new rule related to anti-money laundering. As per the amended law, the regulatory authority, pointing to rising risk, has minimized the monetary limit for anonymous cryptocurrency trades to CHF 1,000, from the earlier level of CHF 5,000.

The rule has been announced soon after the latest Financial Services Act and Financial Institutions Act came into force. FINMA rolled out the amended order as a reaction to these laws and will conduct meetings on additional regulations until April 9th.

One of the major changes in the latest rule is the standardization of Swiss domestic regulations announced by the Financial Action Task Force or FATF’s guidelines in June 2019.  The global institution dictated a maximum trade limit of $1,000 for anonymous cryptocurrency exchange operations.

Furthermore, financial service providers focused on cryptocurrencies will have to obtain info on anyone initiating a deal worth more than $1,000.

 

Japan asks the government to place cryptos in the 2020 G7 program

As China continues to make strides in the digital yuan plan, Japan is feeling the heat. Top legislators in Japan have suggested the government to nudge for placing cryptocurrencies in G7’s program in 2020.

Akira Amari, ex-economy minister and a notable member of the governing Liberal Democratic Party, said the following to legislators assembled to debate on the issue: “Japan should work in close coordination with the United States. As part of such efforts, we should ask the United States to set (digital currency) on the G7 agenda as chair.”

Akari’s worries underline that digital yuan could emerge as a contender to dollar’s dominance, thereby causing issues in the international network of financial and geopolitical relationships created over its function. Notably, the US is heading the G7 meetings this year.

“We live in a stable world led by dollar settlement. How should we respond if such a foundation collapses and if (China’s move) gives rise to a struggle for currency supremacy?”

Japan is worried about digital yuan’s rise because the country is very much dependent on a dollar-denominated settlement. Adoption of digital yuan by emerging economies, Japan believes, will disrupt the prevailing system.

Private sector initiatives

PayStand raises $20 million to rush the development of its commercial payment platform

PayStand, a blockchain-focused startup, has completed raising $20 million through Series B financing round to speed up the development of its blockchain-powered commercial payment platform.

The recent funding round includes investment from Battery Ventures, DNX ventures, Commerce Ventures, Epic Ventures, and Wildcat Ventures. Investors such as BlueRun Ventures and Leap Global Partners, which had taken part in an earlier funding round, also took part in this round of financing.

The company will utilize the funds to increase the strength of its developer team in Scotts Valley, California, and Guadalajara, Mexico, and also financing the development of its range of products. PayStand provides its clients with a blockchain-powered platform that digitizes commercial payments in several industrial sectors.

Jeremy Almond, CEO of PayStand, said to VentureBeat: “It’s like Venmo for complicated transactions for commerce. We are rebooting the financial infrastructure because a lot of it was built pre-internet. It holds companies back. We’re coming in with a new business model, doing payments-as-a-service.”

PayStand mechanizes the payment handling for certain businesses. For illustration, it permits insurance firms to electronically receive premium payments and settle claims.  Manufacturing, pharmaceuticals, and transportation also gain from the digitized cash cycle. The company also utilizes smart contracts to discuss rules between enterprises.

 

Miscellaneous

Bitcoin beat the $10,000 level last week

Aided by institutional investors buying, Bitcoin (BTC) surpassed $10,000 level last week, and the market anticipates Bitcoin to rise further in the days to come. Notably, the price of Bitcoin traded in CME Group’s futures platform also crossed five figures. There is considerable optimism this time that Bitcoin would be able to sustain above the psychological level. The levels seen last week follows the brief breach above $10,000 level seen last September.

Notably, data provided by Blockchain.com indicates that 315,370 transactions were carried on February 6th. Similarly, 368,604 transactions were carried on February 5th.  In May 2019, the blockchain network saw record-high 450,000 transactions in a day.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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