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Bitcoin slump takes pressure off Britain’s regulators

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© Reuters. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration© Reuters. FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration

By Huw Jones

LONDON (Reuters) – A plunge in the value of bitcoin and other cryptoassets has eased the pressure on Britain’s financial watchdog to take radical action that could deter investment and financial innovation, government officials and regulators said on Tuesday.

The rapid growth in bitcoin and other initial coin offerings last year prompted regulators and central bankers around the world to take a closer look at the sector.

But a fall in the value of cryptoassets over the past year as investors lose interest, and a drop in bitcoin, which fell as much as 10 percent on Tuesday to below $4,500, has eased the pressure to issue tough new rules.

British regulators and government officials told a conference they were focused on how 2,000 or more cryptoassets slot into existing rules before considering reforms.

“We want to take the time to look at that in a bit more depth and make sure we take a proportionate approach,” Gillian Dorner, deputy director for financial services at Britain’s finance ministry, told a City & Financial conference.

Britain faces the challenge of balancing an innovative economy with maintaining consumer protection, stable markets and thwarting financial crime, she said.

Christopher Woolard, executive director for strategy and competition at the Financial Conduct Authority, said there is a need to clarify “grey edges” around the existing regulatory perimeter.

The FCA will consult by the end of this year on where the perimeter lies for cryptoassets, he said.

“This will help clarify which cryptoassets fall within the FCA’s existing regulatory perimeter, and those cryptoassets that fall outside.”

The finance ministry would then consult on whether the perimeter itself needed shifting, he added.

A task force of the finance ministry, FCA and Bank of England last month recommended a ban on the sale to retail customers of derivatives products linked to cryptoassets.

But Woolard said unilateral action by just one country had its limits, and the FCA will seek to work collaboratively with international counterparts.

Global regulatory bodies have so far been unable to reach a consensus on rule changes and have instead opted to monitor the sector more closely.

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.

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New Zealand Police Keeping ‘Open Mind’ on Cryptotopia Hack

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© Reuters.  © Reuters.

New Zealand Police has said the investigation into this week’s hack of crypto exchange Cryptopia is complex and it is keeping an “open mind” on all possibilities.

The police force said in a news update Wednesday that the inquiry is still in its “very early stages” and that they cannot yet tell how much cryptocurrency is involved in the hack, “other than it is a significant amount.”

“We are dealing with a complex situation and we are unable to put a timeframe on how long the investigation may take,” according to the police.

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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.

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Genesis, BitGo Team Up to Enable High-Frequency Crypto Trading

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Cryptocurrency custodian BitGo and over-the-counter (OTC) specialist Genesis Global Trading have teamed up on a service designed to make Wall Street feel more comfortable dipping a toe in the market.

Announced today, the tie-up means institutional investors storing digital assets with BitGo can use Genesis’ platform to execute trades at the speed they are accustomed to in the traditional financial markets.

For example, if a client holds 100 bitcoin in their BitGo cold storage wallet, they can get a quote via Genesis and sell those bitcoins immediately. The moment the client agrees on the trade, BitGo locks up the 100 bitcoin and holds them to give to Genesis, which initiates a U.S. dollar bank wire to BitGo.

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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.

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Bitwage Now Lets Firms Pay Salaried Staff in Crypto

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© Reuters.  © Reuters.

Bitwage is partnering with a payroll company to give more firms the ability to pay their workers in cryptocurrency.

Revealed exclusively to CoinDesk, Bitwage CEO Jonathan Chester says the partnership will let more U.S. employers fund payroll, payroll taxes and benefits with bitcoin or ether.

“This is a lifeline for companies to pay their people compliantly,” Chester told CoinDesk.

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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.

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New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack

Nino Team

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© Reuters.  © Reuters.

New Zealand Police has said the investigation into this week’s hack of crypto exchange Cryptopia is complex and it is keeping an “open mind” on all possibilities.

The police force said in a news update Wednesday that the inquiry is still in its “very early stages” and that they cannot yet tell how much cryptocurrency is involved in the hack, “other than it is a significant amount.”

“We are dealing with a complex situation and we are unable to put a timeframe on how long the investigation may take,” according to the police.

Continue Reading on CoinDesk

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.

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Bitcoin Inches Down as Chevron, Total Join Oil Blockchain Platform

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© Reuters.  © Reuters.

Ninomag.com – Cryptocurrency prices fell slightly on Wednesday, while oil giants Chevron (NYSE:) and Total joined blockchain-based platform Vakt.

The company is one of the first blockchain schemes for commodities, as businesses look for ways to harness the technology behind and other digital coins.

Bitcoin slipped 0.42% to $3,622.40 on the Ninomag.com Index, as of 8:41 AM ET (13:41 GMT).

Cryptocurrencies overall were flat with the total coin market capitalization at $122 billion at the time of writing.

,or Ether, slipped 3.6% to $124.06 and was at $31.51, down 1.6%, while decreased 0.5% to $0.3293.

Vakt, created in 2017, already includes major companies including BP (LON:), Royal Dutch Shell (LON:) and Mercuria Energy Group, among others. The platform os a post-trade processing site for commodities that promises to decrease risk and reduce costs through the elimination of paper contracts.

“Total has been supporting industry initiatives to digitize cargo post-trade processes for some time,” Thomas Waymel, President Trading & Shipping at Total, said in a press release. “We view them as a major step forward towards safer, faster and cheaper logistical operations.”

Meanwhile, global blockchain company The Bitfury Group, is launching an open-source music platform secured using blockchain. While it’s not the first company to venture into the music industry, it’s the first time a major player has aimed to change the music industry.

The platform will streamline the transfer of copyrighted assets, by creating a digital system to share and monetize intellectual property, Bitfury said.

The London-based company was recently valued at $1 billion and sells digital coin mining equipment and develops blockchain technology, including for the Ukrainian government.

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.

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