Initially, the rate of the first cryptocurrency was supported by news from El Salvador, where on September 7, the law on the legalization of BTC as a means of payment came into force. Now the country's enterprises are obliged to accept digital assets on a par with USD in the implementation of any transactions, which will help the population significantly save on commissions. BTC conversion is not subject to capital gains tax. Also, citizens who install a special mobile application on their smartphones will receive about $30 in BTC to their digital wallets. The head of IOHK, Charles Hoskinson, believes that the example of El Salvador can be a good starting point for the legalization of "digital gold" in other countries as part of national monetary policy or regular payments. The promotion, in his opinion, will be facilitated by the younger generation, which is actively introducing and applying innovations, including in the field of finance. Galaxy Digital founder Mike Novogratz said the price swings in the market this week were triggered by traders who are sensitive to the volatility of digital assets. He compared cryptocurrencies to the Internet "in terms of value transfer," noting that a new type of investment will soon become dominant among traders. The large payment giants also share this point of view. Thus, MasterCard Inc. announced the purchase of the Cipher Trace crypto service before the end of this year. The service, which currently tracks suspicious activity on the blockchain of more than 900 coins, will help clients work more safely with instruments and increase their volume in their portfolios.
The pressure on the industry continues to be exerted by the policies of the supervisory authorities. Thus, the UK Financial Conduct Authority (FCA) head, Charles Randall, said that crypto assets used in speculative investments carry significant risks for society. According to the official, tokens must undergo mandatory registration with the FCA. Governments must step up efforts to suppress the use of cryptocurrencies for criminal purposes, determine the possibilities for consumers to participate in certain speculative activities, and think over support measures for innovations in the financial sector.
Also, the confrontation between the US Securities and Exchange Commission (SEC) and the American crypto platform Coin base continues. The regulator intends to initiate a new lawsuit in the launch of the Lend lending service. The department classified the loans used in the framework of this project as unregistered securities, but the department refused to provide additional explanations. At the moment, the SEC has asked the crypto exchange for additional information about the project, as well as testimony from specialists.
The pressure on the industry continues to be exerted by the policies of the supervisory authorities. Thus, the UK Financial Conduct Authority (FCA) head, Charles Randall, said that crypto assets used in speculative investments carry significant risks for society. According to the official, tokens must undergo mandatory registration with the FCA. Governments must step up efforts to suppress the use of cryptocurrencies for criminal purposes, determine the possibilities for consumers to participate in certain speculative activities, and think over support measures for innovations in the financial sector.
Also, the confrontation between the US Securities and Exchange Commission (SEC) and the American crypto platform Coin base continues. The regulator intends to initiate a new lawsuit in the launch of the Lend lending service. The department classified the loans used in the framework of this project as unregistered securities, but the department refused to provide additional explanations. At the moment, the SEC has asked the crypto exchange for additional information about the project, as well as testimony from specialists.
