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Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries – Regulation Bitcoin News

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Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries – Regulation Bitcoin News


The Spanish government doesn’t stop imposing its tough stance on cryptocurrencies, as another rule comes to strengthen the existing ones. A royal decree recently enacted aligns current regulations with the European Union’s directives regarding anti-money laundering (AML).

Rule Aligns With the European AMLD5 Policies

According to the decree published in the state official newsletter, Spanish laws now follow the directive 2018/843, commonly known as AMLD5. Specifically, crypto exchanges and custodial firms must share customers’ data with the whole European bloc.

That said, domestic crypto businesses should be registered with Spain’s authorities as “new obligated subjects” to comply with the rule. An excerpt of the decree reads:

The creation of this registry is accompanied by the establishment of an obligation for legal persons and entities without legal personality to obtain, keep and update this beneficially owned information and provide it to authorities and obligated subjects. In this context, both the data and information must be kept in this registry and the specific people responsible for its maintenance and updating are clarified.

Cryptocurrency’s Definition in the Royal Decree

Furthermore, crypto hedge funds are also required to follow the new procedure, which also asks all involved firms to report “suspicious transactions” to the authorities.

Interestingly, another requirement of the rule enacted seeks to cross-collect data with other ones across Europe and then open it to “public access.”

The decree also defines the cryptocurrencies that should abide by the law:

The virtual currency will be understood as digital representation of value not issued or guaranteed by a central bank or public authority, not necessarily associated with a legally established currency and that does not have the legal status of currency or money, but that is accepted as a means of exchange, and it can be transferred, stored or traded electronically.

What do you think about the new royal decree published by the Spanish government? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report – Altcoins Bitcoin News

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Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report – Altcoins Bitcoin News


With digital yuan pilots underway in China, it seems the currency is not meeting government expectations. A recent report highlighted a series of interviews from people in the hotspot, reflecting a lackluster reception among the participants.

Privacy Concerns Reported

According to Bloomberg, residents in Shenzhen, the Chinese analog to Silicon Valley, have shown little interest in the central bank’s digital currency (CBDC), primarily citing privacy and surveillance concerns.

The People’s Bank of China (PBoC), the country’s central bank, has been accelerating the pilots to prepare the digital yuan for the 2022 Winter Olympic Games. People have been hesitant to switch from existing mobile payment solutions, showing an attachment to WeChat and Alipay. One participant in the 500,000 person pilot sample told Bloomberg she was “not at all excited” to be included. Another worried the pilot would allow authorities to “trace every payment”, and called the currency “a little scary”.

Will the Digital Yuan Settle for Domestic-Only Acceptance?

Li Bo, the PBoC governor, pointed out that the digital yuan isn’t aimed to replace the US dollar. Instead, the government targets to make it widely used for domestic purposes.

Bo’s statements are a departure from the generally optimistic tone taken towards the currency’s global potential. However, it is now clear that the government faces steep challenges to attracting even domestic users. Prying them from an entrenched Tencent and Antgroup financial infrastructure, regardless of the currency’s international reception, may be more difficult than originally thought.

 

What are your thoughts on Bloomberg’s report about digital yuan? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Dogelon Mars, Shiba Inu and Dogecoin take the lead as Bitcoin consolidates

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Dogelon Mars, Shiba Inu and Dogecoin take the lead as Bitcoin consolidates


Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (BTC) price slowly recovers to the $57,000 level. 

The biggest event generating conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (DOGE). The more than 20,000% rally from DOGE has shocked value investors across the world and many Bitcoin maximalist and equities traders are scratching their heads in confusion, given that DOGE was originally created as a simple joke.

While DOGE has experienced a 40% pullback since reaching an all-time high at $0.74 on May 8, other canine-themed tokens have jumped out ahead of the pack to take the lead while Dogecoin takes a breather.

SHIB/USDT vs. ELON/USDT 4-hour chart. Source: TradingView

Demand for Shiba Inu (SHIB) has been so intense that buyers overwhelmed the Binance system with deposits, causing the top exchange to run out of deposit addresses, while the Binance Smart Chain-based Australian Safe Shepherd (ASS) token has gained more than 400% in 24-hours. The Elon Musk-inspired Dogelon Mars (ELON) has al rallied 170%.

While Ether (ETH) continues to hold the $4,000 level as bulls successfully defend against any significant move to the downside, EOS, the once touted ‘Ethereum Killer’, has seen its price spike more than 40% after Block.one announced that it had secured $10 billion in funding for the creation of an EOS-based cryptocurrency exchange called Bullish Global.

Daily cryptocurrency market performance. Source: Coin360

Other notable altcoin gains include a 35% rally in the price of Yearn.finance (YFI) to establish a new record high at $77,041 and a 20% spike in the price of Reef (REEF) to an intraday high of $0.508.

The overall cryptocurrency market cap now stands at $2.449 trillion and Bitcoin’s dominance rate is 42.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.