Authority

The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.

On March 11, the Tokyo Metropolitan Police arrested two people in connection with the $580m hack on cryptocurrency exchange Coincheck. The police revealed that the two men were found in possession of NEM cryptocurrency linked to the cryptocurrency stolen from the exchange in 2018.

The German Federal Financial Supervisory Authority (BaFin)  has declared Bitcoin should be regarded as a financial instrument. The authority issued a guideline that clarifies the status of cryptocurrencies and associated regulations that govern businesses within the cryptocurrency sector.

A British digital payment platform halted operations after the Financial Conduct Authority (FCA) suspended its license, which cost its clients over $128 million.

Blockchain technology and theory start from this point and aims to create an equivalent system, without the existence of a central controller, or intermediary, for example banks or insurance companies.

The government authority of Italy responsible for regulating the securities market, Consob, recently established rules, definitions and criteria for cryptocurrency and initial coin offerings (ICO) in a document that defines the outcome of the public consultation. Consob has published on its official website the final report on the initial offers and exchanges of crypto-activities.

Litecoin is still crawling as market forces seem to be at equilibrium. The bulls and bears have no overwhelming authority over each other. The coin is still trading in a tight range of $42 and $50.

The sideways trend is likely to continue for Bitcoin Cash unless  a possible breakout is achieved. December 11, Bitcoin Cash (BCH) is confined between the levels of $200 and $227.

The emergence of new forms of money, including bitcoin and other digital currencies, has been embraced by various groups of people, businesses and governments across the world and this has triggered global financial regulatory watchdogs to start formulating and amending their rules and regulations concerning cryptocurrencies.