All posts by Thomas_Prendergast

A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU

A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU

In what is described as the most comprehensive regulatory framework for cryptoassets to date,

a leaked EU draft document reveals that both issuers of cryptoassets and providers of related activities will have to make crucial choices as they face what is described by industry experts as a “wave of regulatory obligations.” The leaked document, titled Markets in Crypto-assets Regulation (MiCA), went into great detail on how the EU wants to regulate cryptoassets, with a particular focus on fiat-pegged stablecoins. A copy of the 167-page draft was obtained by XReg Consulting, a firm that specializes in digital asset regulations, which said in a comment sent to that they expect the new regulations to “shake up the industry” both inside the European Economic Area (EEA)

and around the world.

Affected firms need to “brace themselves for a wave of new regulatory obligations,” and hence make “important strategic decisions that will dictate the future success of their business,” the consulting company said.

Also reporting on the draft document was the EU-focused news outlet EURACTIV, which said that the final version of the document is expected to be presented “in the coming weeks,” making the EU the first major jurisdiction to regulate cryptoassets. And according to EURACTIV’s report, stablecoins, referred to in the document as “asset-referenced tokens” or “e-money tokens,” appear to be an area of particular concern for the EU regulator, with far stricter oversight proposed than for other cryptoassets. Stablecoins that are deemed to be “significant,” will fall under the supervision of the European Banking Authority (EBA). The EBA will, in turn, have powers to conduct investigations, on-site inspections, and impose fines of up to 5% of the issuer’s annual turnover, EURACTIV’s report said.

In terms of its full applicability, however, the proposed rules apply to far more players than just stablecoin issuers. Instead, it refers to a broadly defined group called “crypto-asset service providers” (CASPs) and “issuers of cryptoassets,” which combined covers anyone who offers cryptoassets to third parties. And according to the draft, anyone developing cryptoassets targeted at the EU market must produce a white paper that needs to be approved by both national and EU regulators before the issuer can start operating – a change in policy that undoubtedly will present a major challenge for the industry. Moreover, Xreg Consulting said the proposed rules will harmonize crypto regulations across the entire European Economic Area (EEA), and “replace any national legal and regulatory regimes

for cryptoasset activities.”

“An EEA-wide approach means that CASPs authorised in one Member State will gain access to the Single Market by passporting their services,” the firm added.

Up until now, cryptoasset issuers have largely operated in a regulatory gray area globally, and it remains to be seen if major players in the industry will comply with the new regulations, and if not, what EU regulators will be able to do about it. Meanwhile, as reported in September, Japan’s top financial regulator, the Financial Services Agency (FSA), hinted that companies and organizations dealing with cryptoassets and stablecoins needed to abide by strict anti-money laundering (AML) and anti-terrorism financing compliance protocols and suggested that “new rules” could be introduced later in the year. Meanwhile, a new white paper by international law firm Perkins Coie claims that regulated financial institutions can ensure compliance with AML obligations when supporting privacy tokens.

Article Produced By
Fredrik Vold

Fredrik Vold is a regular contributor to, covering cryptocurrency and blockchain related news on a daily basis. His area of expertise is the cryptocurrency markets, and his portfolio includes cryptocurrency and blockchain related analysis pieces. He's also a trader, financial writer, and technical analysis enthusiast, who closely follows not only cryptocurrencies, but also the stock and forex markets. Fredrik is the founder of LUVO Content Marketing, a finance-focused online marketing agency.


Why Bitcoin is a popular means of payment in Africa

Why Bitcoin is a popular means of payment in Africa

Originally designed as a means of payment, many use Bitcoin only as an object of speculation.

Not so in some countries in Africa.Chainalysis has now observed traffic and trading patterns related to crypto transactions. It turned out that Bitcoin in particular is used as a means of payment in some African countries.

As Chainalysis claims to have found out, the volume of monthly Bitcoin transfers under $ 10,000 to and from the African continent grew to a total of $ 360 million in June 2020. This corresponds to an increase of 55 percent over the previous year. These transactions are typical of individuals and smaller businesses. The pure number of monthly transfers has also almost doubled to 600,700. Chainalysis was able to locate the majority of its activities in Nigeria, South Africa and Kenya.

The transactions are less about everyday purchases such as groceries. However, traders, who often source their goods from China or the United Arab Emirates, unanimously report to Reuters that their trading partners have asked to switch to cryptocurrencies. The advantages are obvious: Payments can be made faster and more conveniently, there are no exchange fees. However, the practice is far from risk-free; the exchange between the national currency and Bitcoin is carried out via unlicensed brokers. The Nigerian state is also making it clear that this is not a legal tender and that investors are not protected. Nonetheless, Nigeria saw nearly 50 percent more small-scale transactions in June this year, to $ 56 million. The number of all transactions rose by 55 percent to 120,000.

The fact that Bitcoin is enjoying this increasing popularity in African countries of all places is only surprising at first glance. Many countries on the African continent are characterized by an above-average young and tech-savvy population. Hard dollars – the de facto currency in global trade – are hard to come by with weak currencies. And complex bureaucratic structures make financial transactions even more difficult. Frankline Kihiu, a crypto broker from Nairobi, Kenya, knows this too, and in an interview with Reuters she confirms: “People are very quick to adopt technologies that make their lives easier. In most African countries, there are many government restrictions. With Bitcoin you can ignore it. “

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

Article Produced By
The ButCoin News – Bitcoin News source since 2012


The Bahamas will launch a digital central bank ‘Sand Dollar’ in October

The Central Bank of The Bahamas is planning to launch a national cryptocurrency across its entire archipelago next month.

The Bahamas is gunning to become the first country in the world to roll out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency in October.

The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed “Sand Dollars,” is intended to drive greater financial inclusion among the remote islands within the archipelago nation.

“A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really had to customize the effort and the solution to what we need as a sovereign nation.”
Sand Dollar transfers are made by mobile phone, with roughly 90% of the Bahamian population using mobile phones as of 2017.

Chen noted that the central bank digital currency, or CBDC, will be subject to the same regulations as the Bahama dollar, with anti-money laundering and Know Your Customer protections surrounding the creation of accounts to use the virtual currency.

New digital dollars will be created as demand grows, with the CBDC exclusively issued alongside the retirement of Bahamian dollars to mitigate potential impacts on monetary supply.

The Central Bank of the Bahamas first announced its desire to pilot a CBDC in June 2018, noting that many smaller islands had seen “commercial banks downsize and pull out of their communities, leaving them without banking services.”

The government launched the “Project Sand Dollar” pilot last year, trialing its CBDC on the small islands of Exuma and Abaco — representing populations of just 7,314 and 17,224, respectively.

Each Sand Dollar is pegged to the Bahamian dollar, which is, in turn, pegged to the U.S. dollar. While only 48,000 Sand Dollars were issued in the pilot, the project was hailed as a success.


written by Samuel Haig


Blockstack Rises from the Recent Bottom; Trades at $0.203

Blockstack Rises from the Recent Bottom; Trades at $0.203

Blockstack Price Analysis

Today, Blockstack price was seen trading at $0.203 with a volatile movement against the US Dollar after hitting the Month-to-Date lowest at $0.139 on the 24-hour chart. After breaching the lower band, the STX price is currently trading within the range and not hitting any trading extremities. However, as per the formation of Bollinger Bands on the daily chart and the lack of support from MA50 reflects moderate volatility. However, with gradual rise in the price after hitting the bottom at the onset of the month, Blockstack now draws a choppy yet accumulative trend and, in this regard, the MACD line moves in intersection with the signal line. The RSI is at 43.59 and shows no trading extremities.

Article Produced By
Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.


Whales can now use Bitcoin to purchase private jets

One aircraft comes at a cost of roughly 3,750 Bitcoin.

A private aircraft sales company has started allowing customers to purchase any of their multi-million dollar jets using Bitcoin.

According to a Sept. 13 report from news outlet Business Insider, U.S.-based Aviatrade is currently selling an upgraded 2014 Gulfstream G650ER for $40 million — roughly 3,750 Bitcoin (BTC) as of this writing. Billionaires including Amazon’s Jeff Bezos and Tesla CEO Elon Musk reportedly own the same model, which is capable of traveling up to 7,500 nautical miles, or roughly the distance between Los Angeles and Sydney.

"We accept Bitcoin as payment for all bizjet [business jet] purchases,” states Aviatrade’s website.

Aviatrade president Philip Rushton said that using fiat to purchase a private aircraft would be subject to cross-border restrictions in some countries. Cryptocurrencies, it seems, may offer less regulatory oversight for now.

The company does not name specific prices for any of its aircraft, but crypto traders don’t have to “settle” for the Gulfstream. Aviatrade currently lists 13 other private business jets for sale, including two Bombardier Global 7500s. As of June 2019, these were valued at $72.8 million, or more than 6,800 BTC.

The aircraft sales company is not the first to accept crypto. In June, Kaizen Aerospace chairman Fabrizio Poli announced in an interview with Bitcoin educator Andreas Antonopoulos that Kaizen would “take payments in Bitcoin and other cryptocurrencies” for its charter and cargo services or to purchase a private jet.

Antonopoulos compared the sales of multi-million dollar aircraft to the time he sold a Mini Cooper for crypto:

“They did a quick test drive,” said the Bitcoin educator. “By the time they came back, I signed the title and had perfect certainty that the money I received was real, unforgeable, and that it was fully mine and could not be taken back, so it made that kind of transaction very easy. I can see that easily translating into the purchase or sale of an aircraft.”


written by Turner Wright


Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Bitcoin is up 0.68% today after losing 1.04% in price yesterday.

The first cryptocurrency still remains bearish as the Dollar Index is gaining and the S&P Volatility Index is falling sharply since September 3. Currently, on a 4-hour chart BTC/USD has formed an ending diagonal and retraced from the dynamic support and is about to test the upper edge of the ending diagonal at $10 600. If bulls are able to push the price above $10 600, Bitcoin might continue the uptrend move towards 200MA at $11 120 – $11 200, these levels also are considered as an important support and resistance. If Bitcoin closes below the dynamic resistance (lower edge of the diagonal), we might see a drop to $9 982 – $9 887.

Ethereum lost 6.81% yesterday – the day it launched the Phase 0 of Ethereum 2.0 update, though was able to gain 3.04% today. Unlike an ending diagonal formed by Bitcoin on 4H chart, Ethereum has formed a bearish flag below the lower edge of which might push bears to drag the price to the nearest support at $324. In order to show another uptrend, bulls should get the price above EMA20 and a static resistance of $372. Closest MA resistances are at $386 and $395.

Euro started the week with 0.25% gain against the US Dollar as EU stocks open higher amid new coronavirus vaccine hopes. On a 4H chart, the pair is still trading within ranges of the expanding diagonal, testing higher dynamic resistances and lower dynamic supports. Euro is currently testing the intermediate dynamic resistance which it was able to break previously. The pair is still above MA100 and MA200, hence bulls might consider it a good signal for pushing the price higher. Important resistance ahead is $1.18780, above which the price might continue towards 1.19000. Another stimulus for bulls is the recent quote from Goldman Sacks which states that the fair rate for EUR/USD is $1.30.

Article Produced By
Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.


Binance CEO CZ Wants More DeFi Projects on Smart Chain

Binance CEO CZ Wants More DeFi Projects on Smart Chain

4 hours ago by Chuks Chukwuka ·

2 min readTo justify his stance on the suitability of the Binance chain for projects,

CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage.The CEO of Binance Changpeng Zhao wants more smart contract projects to move to the Binance Smart Chain platform. This can be deduced from a tweet made by the man fondly known as CZ within the crypto circle. He made the tweet while discussing with another user, adding that the Binance chain is not really a competitor but could reduce the load on the Ethereum network. Ethereum gas price has soared in recent weeks as the platform has continued to be the favorite of smart contract developers.

CZ noted:

“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees.”

Apparently, to justify his stance on the suitability of the Binance chain for projects, CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage. The Binance smart contract platform called the Binance Smart Chain was launched on September 1. The platform also announced a $100 million funding for projects that would be built on the platform. Obviously, the Binance team is interested in DeFi projects which have continued to grow in popularity. Recently, the platform listed BurgerSwap which pulled thousands of investors at launch, almost reminiscent of the Ethereum hosted CryptoKitties. CZ said that he avoids commenting on specific projects to avoid passing the wrong impression that they have been endorsed by Binance. He said that going forward, that would change as the CEO seems determined to promote projects built on the BSC.

Commenting on DeFi projects, he wrote:

“Some may offer short term gains, but they come with super high risks too. Don’t invest money that you can’t lose.”

If you want to learn more about cryptocurrencies, follow the link.

Article Produced By
Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.




Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend

Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend 

Bitcoin remains dormant awaiting major price movement.

Bitcoin seems to have entered a consolidation period following the 17% downswing it experienced at the beginning of the month. Its price appears to be contained within a narrow trading range, waiting for volatility to strike back. The ongoing stagnation phase forced the Bollinger bands to squeeze within BTC’s 4-hour chart, which is indicative of a major price movement about to take place. In the meantime, the flagship cryptocurrency continues to trade mostly between the $9,900 support and the $10,400 resistance level. Such a narrow trading pocket was visible throughout the week of August 7th.

Bitcoin kicked off the week at a high of $10,258 and quickly took a 3.69% nosedive to $9,880. This price hurdle served as strong resistance, allowing prices to rebound towards the overhead resistance. By Tuesday, September 8th, at 0:00 UTC, BTC was trading at a high of $10,444, but this supply barrier rejected the upward price action. The rejection was followed by a 5.76% correction that saw the pioneer cryptocurrency move a few dollars below the $9,900 support level. Regardless, this price point was able to hold again. What followed was a 6.53% upswing that extended throughout the next two days. Indeed, Bitcoin reached a weekly high of $10,484 on Thursday, September 10th, at 14:00 UTC. Just like it happened throughout the week, this resistance level rejected BTC from advancing further, triggering a 2.71% correction. Although Bitcoin was able to partially recover, it closed Friday, September 11th, at $10,388, providing investors a weekly return of 1.26%.

Ethereum Breaks Out of Consolidation Pattern Providing 6% in Weekly Returns

Like Bitcoin, Ethereum also entered a consolidation period after the massive 36% nosedive it took between September 2nd and September 5th. While its price was making a series of higher lows and lower highs, it seemed that a symmetrical triangle developed within ETH’s 1-hour chart. This type of technical formation provides an intriguing outlook since an asset can break out in any direction. Nonetheless, several on-chain metrics indicated that as prices were plummeting during the first five days of September, large investors were taking advantage of it. Data reveals that roughly 68 new addresses holding between 1,000 to 10,000 ETH joined the network during the market-wide correction. The spike in buying pressure suggested that there was a high probability that Ether was going to break out of the symmetrical triangle in an upward direction.

While the smart contracts giant spent the first two days of the week consolidating within the aforementioned technical pattern, it was not until September 9th that the breakout took place. On this day, at around 12:00 UTC, several cryptocurrency exchanges recorded an increase in the number of buy orders behind Ethereum. The spike in demand led to an 8.56% upswing that allowed ETH to slice through the overhead resistance to make a weekly high of $377.79 approximately 24 hours later. Following the upward price action, Ether suffered a small correction throughout the end of the week. But it was able to recover and close Friday, September 11th, trading at a high of $373.93. Due to the break out of the symmetrical triangle, ETH provided investors a weekly return of nearly 6%.

Make-or-Break Point on BTC and ETH’s Trend

Despite the upward price action that Ethereum went through over the week, Bitcoin’s price action suggests that the cryptocurrency market sits at a make-or-break point. If the buying pressure behind the flagship cryptocurrency does not increase, its price could slice through support and head towards $9,000. Such a downswing could affect the rest of the market. For this reason, investors seem hopeful that Bitcoin would instead turn the $10,400 into support, which would signal the resumption of the bull rally. While the DeFi market sector continues to attract the attention of most market participants, it remains to be seen what will happen to the top two cryptocurrencies by market capitalization.

Article Produced By
Konstantin Anissimov

Executive Director at CEX.IO. His area of responsibility includes customer relationships with institutional and VIP-clients, overseeing the creation of the company’s development strategy, new products, markets and partnerships. As a member of the board of directors, Konstantin is also responsible for corporate governance.


No one can refuse China’s digital currency, says central bank exec

The digital renminbi is legally compensatory to China’s fiat currency.

China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank.

In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People's Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China.

According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor outlined that the digital RMB is “mainly positioned” as M0, which means that the digital currency is part of the supply of paper notes and coins. As such, the digital RMB “needs to comply with laws and regulations related to cash management”, Fan said.

The deputy governor went on to say that according to the renminbi's indemnity provisions, the digital renminbi could be used to pay “all public and private debts within the territory of our country.” Fan emphasized that the digital currency should be accepted everywhere in the country, and “no unit or individual may refuse to accept it if the conditions are met.”

Fan also said that the digital renminbi must comply with laws and regulations on cash management, Anti-Money Laundering and combatting terrorist financing.

The digital yuan is reportedly being piloted in a number of regions in China including Beijing, Tianjin, Hebei, as well as the Hong Kong Greater Bay area. In late August, Reuters reported that the PBoC is planning to use the digital currency at the 2022 Winter Olympic Games.


written by Helen Partz


These Are the Most Rewarding Dogecoin Faucets in September 2020

Article Produced By

Lavinia C.

Lavinia is an editor who takes care of the accuracy and veracity of the texts on the website. She plays a creative role in the company and brings general content ideas to provide more relevant and engaging articles. So, just keep calm and enjoy reading.