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Trading Bots: Are They a Force for Good?

While some trading bots have gained popularity among crypto enthusiasts, others have been used by unregulated exchanges for nefarious means. Trading bots have become a staple of today’s markets — especially in the 24-hour cryptocurrency industry. But while some have gained popularity by enabling enthusiasts to execute their strategies automatically and keep on top of the latest trends, others have caused controversy by manipulating prices using methods that would break the law on regulated exchanges. For everyday crypto consumers, knowing the difference can be crucial. Bad bots are often involved in a practice known as “wash trading,” which sees buy and sell orders being placed simultaneously in order to distort true levels of activity in the market. As reported by Cointelegraph in March, one alarming study by Bitwise Asset Management suggested that 95% of reported volumes on unregulated exchanges appears to be fake or noneconomic in nature. Wash trading is the type of unethical behav..

US Lawmakers Form Fintech Task Force to Examine Industry

The U.S. House Financial Services Committee has passed a resolution to form the Task Force on Financial Technology. The United States House of Representatives Financial Services Committee has passed a resolution to form the Task Force on Financial Technology, according to a press release by the committee on May 9. The new task force purports to “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech.” Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on Financial Technology, commented in a press release on the need for the committee to reevaluate how to best protect consumers using new fintech: “The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards.” Some noted crypto-friendly representatives such as Warren Davidson (R) and Tom Emmer (R) will be joining the ..

South Korea Establishes Special Task Force to Prevent Cryptocurrency-Related Crimes

The South Korean Supreme Prosecutors' Office has announced the establishment of a task force to fight crypto-related crimes. The South Korean Supreme Prosecutors' Office (SPO) has announced the establishment of a task force to fight cryptocurrency-related fraud and crimes. The development was reported by the Korean Broadcasting System (KBS), one of the largest national public broadcasters, in an article published on Tuesday, March 5. The new task force will be responsible for the investigation — under the SPO’s authority — of fraud, illegal money laundering, crimes and other illegal activities within the fields of fintech and cryptocurrency. The decision to create a special task force is a response to the significantly increasing number of fraud cases and crimes related to the cryptocurrency industry, KBS reports. According to the country’s Financial Supervisory Service, the number of reported fraud cases and counterclaims related to cryptocurrency investments has increased ..

Utah Senate to Debate Blockchain Task Force Creation and Business Incentives

State senators have the option to remove some blockchain businesses from money transmitter requirements. Utah became the latest United States state to consider special treatment for blockchain in a bill set to be heard today, March 4, concerning the definition of the technology. First presented by Republican senator Daniel Hemmert on Feb. 25, the “Blockchain Technology Act,” also known as Bill 0213, aims to exclude blockchain businesses from money transmitter compliance obligations. “This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads. The plans are currently before the Senate Transportation, Public Utilities, Energy, and Technology Committee. In addition to altering the law regarding blockchain firms, Hemmert also wishes to create a dedicated task force focu..

Enterprise-Focused Ethereum Standards Consortium EEA to Form ‘Token Task Force’

The Enterprise Ethereum Alliance will form a “token task force” in the first half of 2019 to contribute to entreprise tokenization. The Enterprise Ethereum Alliance (EEA), global blockchain community with over 500 members, will launch a “token task force” in 2019, EEA confirmed to Cointelegraph in correspondence on Feb. 13. The executive director of the EEA, Ron Resnick, said that the task force is still at the design stage and is scheduled to launch in the first half of this year. “We are creating a token task force; we will do that first half of this year,” Resnick stated, adding: “It’s going to be focused on support for fungible ERC-20 and non-fungible, ERC-721 tokens.” Resnick hopes that the new initiative will contribute to entreprise tokenization and build public confidence in crypto. Moreover, the group will reportedly focus on the issue of interoperability between different blockchains. The EEA, according to its website, is a organization focused on creating standards to help ..

Venezuela: New Crypto Legal Framework Comes Into Force

Venezuela releases new rules on crypto assets, which include obligatory registration for all crypto exchanges and miners. Venezuela’s new crypto bill, which establishes а legal framework for the industry, officially came into force on Jan. 31. The decree was published in the government’s official media outlet, Gaceta Oficial. The set of rules for miners, crypto entrepreneurs and regular traders was initially approved by Constituent National Assembly — an alternative to the country’s Parliament, created in 2017 — in November, 2018. The document titled “Constituent Decree on the Integral System of Crypto Assets” contains 63 articles. It gives short definitions of key crypto terms, such as crypto assets, blockchain, mining, cryptography, etc. It introduces the concept of a sovereign crypto asset — any currency issued in Venezuela and authorized by the government. The decree also establishes obligatory licenses for mining entities and crypto exchanges, and introduces fines for unlicensed ..

New York Assemblyman Announces Creation of ‘First’ US Cryptocurrency Task Force

New York state assemblyman Clyde Vanel has announced the creation of a crypto task force aimed at studying how to properly regulate, use, and define digital currency. An assemblyman of the New York state (NYS) legislature announced in a Facebook post on Jan. 3 that the state will have the nation’s “first” cryptocurrency task force. In the post, Clyde Vanel, an NYS assemblyman and Chair of Subcommittee on Internet and New Technologies, stated that New York became the first state in the United States (U.S.) to create a cryptocurrency task force aimed at studying the regulation, use, and definition of digital currency. The governor Andrew Cuomo signed the bill dubbed “The Digital Currency Study Bill” into law on Dec. 21, 2018. Back in June, the banks committee of the NYS legislature voted to progress the bill to create a digital currency task force. The members of the task force — including technologists, consumers, investors, blockchain companies and academics — appointed by the governo..

Financial Action Task Force Urges UK to Improve AML Activities in...

The Financial Action Task Force wants the United Kingdom to “progress” with measures to formalize its domestic crypto economy. The Financial Action Task Force (FATF), an intergovernmental financial security body, has demanded the United Kingdom step up its cryptocurrency monitoring. According to a new report released Dec. 7, the country needs increased measures to prevent money laundering and combat terrorist financing (CFT). As part of its dedicated “mutual evaluation” on the U.K.’s Anti-Money Laundering (AML) and CFT efforts, the FATF identified the need to give its mechanisms for reporting suspicious activity a “significant overhaul.” In addition, certain sectors of the economy — specifically real estate agents and high value dealers — do not show sufficient “understanding of their risks” vis-a-vis cryptocurrency-based money laundering or “how to effectively mitigate them.” “Virtual currency exchange providers are not yet covered by AML/CFT requirements,” the report notes, continui..

U.S. Air Force Grad School Issues ‘Blockchain for Supply Chain’ Primer

The U.S. Air Force graduate school has published a live blockchain application and a set of tutorials to educate defense professionals in the use of blockchain for supply chains. The graduate school for the U.S. Air Force has developed a educational tool on blockchain for supply chain management, U.S. business journal Modern Materials Handling (MMH) reported Dec. 3. The move comes in the form of a live application, together with a set of tutorial videos to educate defense professionals, released by the U.S. Air Force Institute of Technology (AFIT). The report proposes that “blockchain will revolutionize [...] the digital infrastructure for future supply chains,” which it suggests, in particular, can translate into “better visibility” for the military’s “extremely complex logistics network.” AFIT states that blockchain’s “potential opportunities” can be “huge” – including, but not limited to, giving supply chain participants greater confidence in the digital records of their products, ..

Russian Regulator Tells Financial Action Task Force Members To Control Crypto...

The vice president of Russia’s financial monitoring service supports wide-reaching regulatory oversight of cryptocurrency circulation. All member states of the Financial Action Task Force (FATF) should adopt its recommendation to control the exchange of cryptocurrency, their storage and more, Russian daily news outlet Izvestia quoted a government regulator as saying Monday, Oct. 29. The Paris-based FATF is an intergovernmental organization established in 1989 with the aim of developing standards to fight money laundering and other illicit forms of financing. Earlier in October, the FATF announced changes to its standards in regards to digital currencies and businesses involved with crypto-related activities. In its updated guidelines, the FATF notes that virtual asset service providers should be subject to anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, as well as registered and monitored for due diligence compliance. Speaking to Izvestia, Pavel Livadny,..
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