Shedding Light on Regulatory Frameworks of Crypto-Space Across the Globe

Cryptocurrency and its derivatives, including cryptocurrency futures, cryptocurrency CFDs, and cryptocurrency options) have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA). 

US SEC: The SEC commissioner who seemed to be both optimistic on cryptocurrencies so far, but for now, raised caution for investors against lingering optimism on this event, adding stance that it is unwise to blow this event out of the proportion as this could be a long time before a Bitcoin ETF is approved.

The US Securities and Exchange Commission (SEC) has again rescheduled its decision on whether to approve Bitcoin exchange-traded fund proposed by VanEck and SolidX.

The regulator deferred the deadline to make a decision on the proposed ETF to February 27, 2019. A decision was expected no earlier than December 29, 180 days from the time the ETF duo submitted their application for the fund.

US CFTC continued to carry its eagle eye: The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to inform the Commission’s understanding of the technology, mechanics and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.

In a Request for Information (RFI) that would be published in the Federal Register, the CFTC is asking for public feedback on a range of questions related to the underlying technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network. All comments must be received within 60 days of publication in the Federal Register. The RFI also seeks to understand similarities and distinctions between Ether and Bitcoin, as well as Ether-specific opportunities, challenges, and risks. 

The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies.

South Korean efforts: At the official meeting between the government of South Koreaand five of the biggest crypto exchanges, Cumberland Korea CEO Hong Joon-ki said that both the government and local financial institutions have to acknowledge the efforts of Nasdaq, Fidelity, and some of the largest conglomerates in the global market working to strengthen the infrastructure around cryptocurrencies.

Hong, who has been leading the operations of Cumberland, a major over-the-counter (OTC) exchange in South Korea, told government officials including several congressmen, members of the National Assembly, and Financial Services Commission (FSC) authorities that the government has to be aware of the rate at which the cryptocurrency sector is growing with the involvement of major financial firms.

Japanese regulator is no exception:We’ve already reported that in October, the government of Japan intimated its intentions to ease the taxation norms in crypto investments to refrain impractical taxation frameworks from negatively affecting the local market.

We now, reiterate that a committee of tax experts that is tasked to advise the government on taxation matters encouraged the authorities to simplify the complex process of disclosing taxable amounts that occur in investing in the crypto market. 

UK FCA reckons Crypto-Derivatives yet to play with a full deck, ponders to forbid amid skirmish underlying trend: FCA appears to be watching over a probable ban on the cryptocurrency-derivatives, as per report.

Amidst the struggle for price recovery across the board in crypto-pairs, the UK financial watchdog mentioned that it is likely to examine and debate over this matter during Q1 of 2019 on whether it would go ahead with the potential ban on crypto-based derivatives instruments or not. Furthermore, the regulatory agency asserted that cryptocurrencies have still no intrinsic value and investors should be equipped to bear potential loses, if they gamble into the unregulated territory.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -81 levels (which is bearish), hourly USD spot index was at 39 (bullish), while articulating (at 10:02 GMT). For more details on the index, please refer below weblink:

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