Ukrainian Watchdog to Track Cryptocurrency Transactions Over $1,200 For AML

Authorities in Ukraine are planning to track all crypto transactions that exceed $1,200, says Oksana Makarova, the Ministry of Finance’s head in the country.

The matter was discussed in an interview with MC Today, a local news outlet. It was also mentioned the law for anti-money laundering in crypto transactions, the law that President Volodymyr Zelensky signed just last month. It’s a first for the anti-money laundering law in Ukraine to address crypto too.

Operations Considered Suspicious to Be Reported to the SFCM

In case a payment service provider finds an operation to be suspicious, it needs to report it to the State Financial Monitoring Service (SCFM), the agency that can block any transaction and even confiscate the cryptocurrencies that are obtained illegally. Makarova said,

“SCFM has access to an analytical product that allows investigations into the origins of crypto-assets and their uses. It is impossible to stop operations now, but it is possible to block crypto wallets and remove illegally obtained crypto assets. This can be done by accessing the crypto’s private keys as a result of complex investigations.”

Cryptocurrency Not Yet Defined as an Asset Class by the Ukrainian Law

The Ukrainian law doesn’t yet define cryptocurrency as an asset class. Makarova mentioned that a few national agencies are working together to make a new virtual asset regulation, which regulation is supposed to be revealed to the public in the next 4 months. The Ukrainian parliament already has under consideration a bill that proposes a 5% tax for crypto revenue.

While it’s not yet known just how much crypto is now circulating in the country, Makarova thinks the volume is high but that money laundering is still mostly conducted with cash. She also said the legalization of cryptocurrencies brings new opportunities for the crypto industry to develop in the country.

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Author: Joseph Kibe

Bitcoin Longs Making an All-Time High, What’s Incoming $5,000 or $10,000?

  • BTC/USD shorts meanwhile nearing lowest levels
  • BitMEX funding rate for Dec on track for the lowest high since March
  • Open interest on CME Bitcoin futures registers an uptick but it’s “negative for potential realized volatility”
  • Bitcoin can go to either $6,000 or test 10,000 level on a 3-month time horizon

Bitcoin is the best performing asset of not only 2019 but of the decade. If you would have invested $1 in Bitcoin in 2010, that would have been worth $100,000 today.

As such it makes sense that Bitcoin must be part of everyone’s portfolio as pointed by Weiss Crypto Ratings,

“Many Wall Street veterans are in agreement. The returns from stocks and bonds will be sluggish over the next decade. Time to add crypto to your savings plans.”

However, this is just starting. BTC/USD is currently trading at $7,069 on extremely low trading volume of just $150 million and is down 65% from its all-time high of $20,000.

And this is why traders are long on the world’s leading cryptocurrency. BTC/USD longs has actually climbed to its all-time high on Bitfinex.

BTCUSD Longs, Source: TradingView

However, crypto trader Josh Rager says people are over-focusing on this chart and giving it way more credit than it actually needs.

Because Bitfinex allows users to trade up to 3.3x leverage, this means BTC price would have to move down to mid to low 5ks minimal in order to liquidate these longs.

But Rager says it is “highly unlikely” that price will nose dive straight to $5k right now. On its way down, there would be several bounces in between.

To get an understanding of the sentiment and interest in the Bitcoin market, we need to pay attention to the BitMEX funding rate and open interest which he says are better indicators.

The Bitcoin funding rate on BitMEX for December is on track for the lowest high since March and in the tightest range since February.

In stark contrast to Bitfinex’s longs, the BTC funding rate on BitMEX is pinned at 0.03%. The number of times the rate has been pinned at 0.03% on a daily basis continues to rise still and in Q4 of 2019 it represented about 40.5% of observed periods, notes analyst Rptr45.

BTC/USD shorts, on the other hand, have reached almost to its lowest level. The has the Bitfinex L/S ratio also at an ATH but as Rptr45 points out without an obvious funding justification which was the case in previous break-outs as well.

BTCUSD Shorts, Source: TradingView

Meanwhile, there has been an uptick in open interest from the last few weeks on CME Bitcoin futures.

As per the Commitment of Traders (CT) report, the OI as of Dec. 12th has been only 116 million and on the lower end of the spectrum.

Digital asset advisory firm BitOoda views this as “negative for potential realized volatility in the short term.”

“Assuming the COT as OI for institutional investors and BitMex OI for retail and high net worth individuals, we could potentially see a set up to buy vol in the new year if the CME/Bakkt OI grows.”

This could help the futures market and further lead the way for realized volatility just like it has in the past. With the retail market already having a lot of exposure, the firm expects Bitcoin to either go back to $6,000 or test the 10,000 level on a 3-month time horizon.

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Author: AnTy

JPMorgan Tests Blockchain Solution To Track Automobile Inventory

  • JPMorgan is testing a new blockchain solution that it would allow it to track auto dealer inventory. In this way, it would be possible for companies to avoid linking the same cars for different loans.
  • The information was unveiled in a recent patent filed by the car financing arm.

JPMorgan Develops Blockchain Solution For The Automotive Industry

The patent describes a blockchain lending system that would allow car companies to handle car loans and their inventories.

It is worth mentioning that each of the cars in the market has an individual vehicle identity number (VIN). In this way and with the help of a blockchain system, it is possible to reduce inefficiencies in the industry and improve loans, services and solutions.

According to the head of research and development at Chase Auto, there is a responsible person that identifies each of the vehicles and reconciles the inventory on the dealer’s and the bank’s systems.

Clearly, this is an inefficient way of handling loans and inventories. This is why JPMorgan, with several years of blockchain experience, is trying to offer improved solutions in the industry.

Christine Moy, blockchain lead at JP Morgan, mentioned that the pilot is being tested with some partners but it is not ready to be released to the market as of yet.

Blockchain technology has been expanding during the last few years and several companies, including JPMorgan, are offering solutions to clients and other firms.

The automotive industry is also very important for the U.S. economy and it is clearly a large market for it to have old financial and tracking systems.

This is not the first time that JPMorgan is working with distributed ledger technology. The firm has also been developing its own permissioned blockchain network that would allow the bank to improve its presence in the market and offer better services.

It is possible for dealerships to pledge the same vehicle as collateral for one floor plan with one bank and using the same car for another floor plan and with another bank. With this new blockchain system that is currently being tested, this problem is solved and the whole system becomes much more efficient and fast.

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Author: Carl T

Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

Aeternity DApp Blockchain to Help Monitor Medical Cannabis In Uruguay

Aeternity, a blockchain application, is set to be used in order to track the supply chain of legal cannabis in Uruguay. Both medical and recreational drugs from the producer Uruguay Can, will be tracked. The company will also combine blockchain with the internet of things technology to track the product.

According to Pablo Coirolo, the CEO of Aeternity Americas, the goal of the company is to be the first business to offer this solution for cannabis producers in the region. He affirmed that Aeternity technology is ideal to be used in these situations, as it can track the cannabis from the seeds to when they arrive at the store.

Now, the service will start to be implemented. Initially, the expectation is that implementation will be concluded by January 2020. During the middle of 2021 the process is expected to be optimized and completed.

This is a pretty important to the business of cannabis in Uruguay. In fact, the country was the first one in the world to completely legalize the production and sale of cannabis-based products, starting at the end of 2013.

The CEO of Uruguay Can, Eduardo Blasina, affirmed that the company is proud to be the first company to completely track their supply of cannabis. No other company in the local industry has done the same and this can benefit the consumer, as they will feel more secure about the products that they using. Tracking supplies is becoming a trend in the world and they are dedicated to using it.

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Author: Hank Klinger