Ukrainian digital assets regulations, a new national crypto, Morgan Stanley’s derivatives exchange, and the new BTC transaction record are this week’s Breaking! Stay current with news from the Cryptoverse by BTCMEX.
Verkhovna Rada of Ukraine finalized the law that recognizes cryptocurrencies as a virtual store of wealth, that should be regulated according to FATF — Financial Action Task Force on Money Laundering — guidelines.
According to the latest version of regulations, published on December 6, verification will be applied to both senders and receivers of digital transactions. The government will collect the private key of the sender if the transaction is less than 1,300 USD. However, once the transaction exceeds that amount, the government will apply verification to both the sender and the receiver. In that case, traders should provide the authorities with information according to anti-money laundering recommendations, when traders are family members or foreigners.
The law was created in collaboration with Binance and CEO Changpeng Zhao (CZ). Konstantin Yarmolenko of Blockchain4Ukraine commented on the new regulations and confirmed that the Ukrainian Government and Binance formed a working group focused on the strategy of blockchain implementations as well as the creation of “new virtual assets and virtual currencies market in Ukraine.”
The central bank of France has officially announced the launch of the digital currency project. The first tests are planned for the first quarter of 2020. The announcement was made by François Villeroy de Galhau — the governor of the Bank of France — and confirmed on Twitter.
He further asserted that this venture, if launched, will not promote widespread anonymity in large transactions: “Thresholds on the amounts of anonymous transactions, as is already done in France for payments in electronic money or cash, could be introduced for this purpose.”
The project will not apply to retail payments and will only target private financial sectors. The aim of the new initiative is to maintain France’s sovereignty over private digital currency projects like Libra.
More and more countries are launching national digital money projects. BTCMEX reported that Tunisia will put its national currency on the blockchain.
KT Corporation — the largest telecommunications provider of South Korea — announced its partnership with China Mobile targeting blockchain technology and 5G roaming.
Blockchain significantly improves mobile technologies by allowing to save time and costs when computing roaming charges for mobile users. According to The Korea Herald, the B.Link system is able to “self-analyze roaming data from the two carriers and can process roaming charges on a real-time basis.”
Microsoft Corporation has introduced Azure Heroes — the reward system using Enjin token (ENJ) to back blockchain assets.
According to the new gaming project, users can get rewards by coaching, creating demos and even blogging about Azure. They will receive special badges — tokenized and wrapped around the ERC1155 protocol. Over 30 games have been built on Enjin. Many other platforms are using Enjin for other businesses too. The use cases for its ERC-1155 tokens are tremendous. The digital collectibles can be obtained by scanning a QR code with the Enjin wallet. The APP is available in the Apple/Google store.
The launch of Azure blockchain tokens was announced a month earlier by the Principal Architect in Azure Blockchain, Marley Gray.
Eight former developers from financial services company Morgan Stanley have announced Phemex, a new cryptocurrency derivatives trading platform, in Singapore.
The exchange currently offers up to 100x Leverage, compatible matching engine speed, and Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading pairs. The main product they offer is cryptocurrencies Perpetual Contract.
The project is already believed to bring “the Wall Street sophistication” into the crypto environment, at least according to the words of Phemex co-founder Jack Tao.
The crypto derivatives market has definitely caught the wave now. According to BitcoinTradeVolume report, Bitcoin derivatives trading is currently at USD 5–10 billion in daily trading volume.
Almost 9 Billion of bitcoin were moved within an hour, setting a new transaction volume record.
On December 4, 8.9 billion US dollars in BTC were moved on the blockchain in a single hour, excluding change volume, which is Bitcoin that returns to the sender.
“It’s the highest hourly USD transaction volume in Bitcoin’s history”, — reported Rafael Schultze-Kraft, the co-founder of the on-chain market intelligence firm Glassnode. Glassnode claimed on Twitter that the spike was caused by cryptocurrency exchange Bittrex moving a large amount of Bitcoin multiple times.
The crypto market remains almost untraceable, so we can only speculate on what caused the spike. Some supposed that the exchange’s cold wallets were moved.
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