Philippines Central Bank To Soon Certify Crypto Financial Service Providers
The Philippines Central Bank, aka the Bangko Sentral ng Pilipinas (BSP), has issued a broader licensing regime that will include all cryptocurrency financial service providers within its regulatory purview.
Filipino virtual asset service providers (VASPs) will have to obtain a “certificate of authority” from the monetary regulator. Crypto services offering custodian services will require a minimum capital requirement of 50 million Philippine pesos (around $1 million). On the other hand, businesses without custody will need 10 million pesos ($208,000).
New Framework Designed To Curb Dishonest Practices
The BSP approved this new framework to strike against money laundering and terror financing practices using digital currencies. The documents mentioned in the document have been enacted in line with the Financial Action Task Force (FATF). Benjamin Diokno, the BSP head, said in a statement:
“We have seen accelerated growth in the use virtual currency exchanges in the past three years. 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.”
What Else Does The Regulation Specify?
Along with complying with existing risk management rules imposed upon traditional financial services providers, the VASPs will also have to maintain due diligence on their customers. The companies will closely monitor parties that conduct transactions over 50,000 pesos ($1,000). Plus, single transactions that exceed 50,000 pesos will require extra diligence. According to the governor, this will “ensure that activities relating to virtual asset service providers are executed within an unbroken chain of regulated entities.”
BSP And CBDC – So Close Yet So Far
Last year, the BSP was closely researching central bank digital currencies (CBDC). Southeast Asia, in general, has been heavily researching digital and open finance. Singapore and Thailand, in particular, have a sophisticated electronic payment ecosystem in place. However, the BSP concluded from their studies that the Philippines still isn’t ready for CBDC implementation. According to them, further research is required on this subject.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Title: Philippines Central Bank To Soon License Crypto Financial Service Providers
Sourced From: cryptodaily.co.uk/2021/01/philippines-crypto-regulation-license
Published Date: Tue, 26 Jan 2021 12:56:37 +0000
Did you miss our previous article…
https://naminco.ca/ternity-community-conserves-network-from-51-attack/
Æternity Community Conserves Network From 51% Attack
Æternity have today released a medium post which acknowledged their community as being responsible for thwarting off various attacks on the Æternity network, and helping to recuperate 29 million stolen Æ tokens in the process.
As of now, their development team is working hard to implement hyperchains and use Bitcoin as a parent chain to prevent future attacks.
Æternity Network And The Attacks Attacks
Æternity Network suffered from three major attacks in less than two months.
First attack: The first attack happened in the evening of December 5, when a group of miners began mining blocks for an unknown entity that controlled more than 51% of the hashrate. Clear communication and coordination between the miners and exchanges led to the entity getting blacklisted.
Second attack: On January 3, 2021, an attack was launched at the æternity Community Telegram group. The group became compromised and over 6.900 members were deleted. The community leaders analyzed the attacks and took the necessary security precautions. Less than two weeks later, 10% of the original 6,900 members have rejoined
Third attack: On January 8, there was a third attack wherein an unknown miner began to mine a secret chain and started to use the 29 million Æ that were stolen from the December attack. Their intention was to attempt a double-spend attack against exchanges. The community again coordinated with the exchanges, which eventually recuperated the 29 million tokens.
Æternity Community Comes Through In The Clutch
Not only has the community responded quickly to the issue, but they even rented out a substantial amount of their hashing power to neutralize the effect of the 51% attack and force the hacker to abandon the stolen tokens. The developers immediately informed the exchanges and mining pools of the attack to foster a spirit of direct, honest, and open communication.
Æternity To Implement Hyperchains Anchored To Bitcoin
Even before the attacks, the æternity Foundation started an initiative to implement hyperchains. Founder Yanislav Malahov believes that hyperchains will be critical in evolving the network’s privacy since they are proof-of-stake systems relying on proof-of-work networks for security.
“In this way, we can leverage the mainnet for PoW while also using PoS to improve privacy and scalability for the entire network.’’
Hyperchains are a simple way to prevent 51% attacks. The first version of the æternity hyperchains will be anchored to the Bitcoin network, which is the most secure PoW network in the world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Title: Æternity Community Saves Network From 51% Attack
Sourced From: cryptodaily.co.uk/2021/01/aeternity-community-attack
Published Date: Tue, 26 Jan 2021 12:56:33 +0000
Bitcoin Cost Analysis: Another Retest, Will Support Break and Press BTC Back To $26,000?
Another Black Monday: Bitcoin dropped by a steep 9% after failing to overcome resistance at $34K – $35. As of writing these lines, the drop recorded a daily low at $31,130 earlier this morning, according to Bitstamp.
This doesn’t happen for the first time – the primary cryptocurrency found support, provided by a short-term rising trend line that dated back to late-December 2020. Since then, BTC had seen a rebound back to the $32K price area, where it is trading as of writing these lines.
So far in January, the coin has bounced three times from this support line over the past five days. Will it continue to hold? We have yet to see.
Looking at the bigger picture, Bitcoin price remains inside the boundaries of a descending bearish triangle pattern and has mainly been rangebound between $33,000 and $30,750 over the last five days of trading. One of these boundaries will need to break, on a daily timeframe, to dictate the next direction for Bitcoin.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $31,400, $31,000, $30,760, $30,000, $29,630.
Key Resistance Levels: $32,500, $33,100, $34,000,$34,450, $35,000.
Looking ahead, the first level of resistance now lies at $32,500. This is followed by $33,110 (bearish .382 Fib), $34,000, and $34,450 (bearish .5 Fib). Additional resistance lies at $35,000 (upper angle of triangle and yesterday’s high) and $35,800 (bearish .618 Fib).
On the other side, the first level of support lies at the short term rising trend line at $31,400. This is followed by support at $31,000 – along with today’s low, $30,760 (short term .786 Fib), $30,000 (base of descending triangle), and $29,630. Further below lies $28,800 (last week’s low), followed by further support of $26K.
The daily RSI remains in the bearish territory as the buyers fail to establish any momentum since breaking the previous symmetrical triangle pattern on January 21st.
Bitstamp BTC/USD Daily Chart
BTC/USD Daily Chart. Source: TradingView
Bitstamp BTC/USD 4-Hour Chart
BTC/USD 4-Hour Chart. Source: TradingViewTitle: Bitcoin Price Analysis: Another Retest, Will Support Break and Push BTC Back To $26,000?
Sourced From: cryptopotato.com/bitcoin-price-analysis-another-retest-will-support-break-and-push-btc-back-to-26000/
Published Date: Tue, 26 Jan 2021 12:56:20 +0000
Reason For Bitcoin’s Dump? Miners Recognize Revenues Since BTC Hit $42K.
Bitcoin has been in somewhat of a slump over the past few days as the price doesn’t seem to be able to kick-off and reclaim the previous highs.
One possible reason for this could be the fact that bitcoin miners have been realizing profits since the price hit its all-time high at $42,000, according to the CEO of cryptocurrency analytics company CryptoQuant. Data also shows that there are many investors sitting on the sidelines, waiting for a clearer market direction.
Bitcoin in a Slump as Price Fails to Recover
Things are not looking very good for Bitcoin’s price at this point in time. It appears that its dollar value is unable to recover. The cryptocurrency crashed on January 21nd, dipping below $30K and even though it attempted to reclaim some of the previous resistance levels, it doesn’t seem able right now.
One possible reason for this could be the fact that BTC miners have been realizing profits ever since the cryptocurrency reached its ATH at $42,000. That’s according to the CEO of CryptoQuant – a crypto analytics company.
Speaking on the matter, Ki Young Ju said:
BTC Miners’ Position Index hit the 8-year high.
They’ve been moving an unusual amount of Bitcoins lately. It seems they’re continuously realizing profits since 42K.
This is one of the reasons why I keep my bearish bias.
Miners Position Index. Source: CryptoQuant
Indeed, looking at the above chart, we can see that the index is at a high that we didn’t even see when Bitcoin had its parabolic run back in 2017.
People Sitting on the Sidelines
On another note, it also appears that the amount of stablecoins sitting on exchanges right now is at an all-time high. According to CryptoQuant, there’s around $4.16 billion in stablecoins that’s on the sidelines.
All #Stablecoins reserve for all exchanges just hit the all-time high.
Chart ? https://t.co/o6brPZy1eI pic.twitter.com/JsSygVyU8L
— CryptoQuant.com (@cryptoquant_com) January 26, 2021
As CryptoPotato reported earlier today, this was yet another black Monday on the cryptocurrency market as almost all large-cap coins are painted in red. When it comes to Bitcoin, the first level of resistance at the current rate lies at around $32,500, followed by the bearish .382 Fibonacci level of $33,100. On the other hand, if the price starts to trend towards the downside, the first level of support would be $31,000.
Title: Reason For Bitcoin’s Dump? Miners Realize Profits Since BTC Hit $42K
Sourced From: cryptopotato.com/reason-for-bitcoins-dump-miners-realize-profits-since-btc-hit-42k/
Published Date: Tue, 26 Jan 2021 12:56:10 +0000
Bitmain Saga Over: Jihan Wu Steps Down as CEO
Bitmain co-founder Jihan Wu officially announced his resignation in a signed statement published on Tuesday.An excerpt from Wu’s cryptographic message reads: “The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner.”As part of the settlement, fellow co-founder and rival Micree Zhan bought out Wu’s ownership equity valued at $600 million.According to Wu’s statement, two-third of that sum ($400 million) was raised via a loan from the company. The development confirms earlier reports from news sources in China saying the Bitmain power tussle saga was close to its conclusion in an amicable settlement between the parties.The Bitmain saga began in 2019, with the co-founders initially forced to step down. Wu later returned to the scene and attempted to boot Zhan from the company.At the zenith of the squabble, Zhan reportedly stormed Bitmain’s office in Beijing with private guards.Wu’s exit also sees him gain full control of Bitmain’s mining establishments outside China. Bitdeer now becomes a separate entity from the popular crypto mining maker and oversees mining interests in Norway and the U.S.Zhan will be left in charge of the Antpool mining pool as well as Bitmain’s mining activities in China. Zhan also heads Bitmain’s artificial intelligence (AI) enterprise.Despite his exit, Wu will still have powers to nominate two people into Bitmain’s five-person board in the lead up to the company’s latest attempt at an initial public offering.Commenting on Bitmain’s structure moving forward, Wu noted: “Through the above-mentioned arrangement, Bitmain’s business model will be highly streamlined, which will make it much easier to go for an IPO.”Bitmain’s first initial public offering (IPO) filing in Hong Kong fell through in 2018 following disapproval from the Hong Kong Exchanges and Clearing Limited (HKEX). The bitcoin mining giant revived plans for another IPO later in 2019 in the U.S.Wu’s official exit is also coming at the time of severe miner scarcity occasioned by the global semiconductor shortage. The company’s line of crypto mining rigs is currently sold out through August 2021.Title: Bitmain Saga Over: Jihan Wu Steps Down as CEO
Sourced From: cryptopotato.com/bitmain-saga-over-jihan-wu-steps-down-as-ceo/
Published Date: Tue, 26 Jan 2021 12:56:07 +0000
Did you miss our previous article…
https://naminco.ca/4-countries-where-bitcoin-searches-struck-ath-in-early-2021/
