Crypto Corner: Hong Kong’s SFC Warns Against Crypto, Russia Clarifies Exchange Regulation and Market Remains Stable
Point Roberts, WA and Delta, BC - April 16, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.
Crypto Corner - April 16, 2018
By Samuel Mowers at Investorideas.com
Hong Kong’s SFC Warns Against Crypto, Russia Clarifies Exchange Regulation and Market Remains Stable
Julia Leung, deputy head of the Hong Kong Securities and Futures Commission (SFC), warned against ICOs and crypto trading in a speech at the Hong Kong Investment Funds Association Luncheon on April 13. Leung discussed the uncertainties of cryptoasset trading and how they may pose a risk to investors:
"The high volatility of crypto assets and serious hacking incidents in Japan and Korea in the past few months resulting in hundreds of millions in US dollar losses should serve as a sharp reminder of the risks associated with such trading."
Leung also cautioned that many ICOs can take advantage of blockchain technology to mislead investors without legal consequence:
"Further complicating matters, many of these fundraisings are dubious, if not downright frauds. The issuers escape the scrutiny of the police or securities regulators because of their cross- border nature and the way the crypto assets are structured to fall outside any regulator's perimeter."
According to Russian cryptocurrency journal ForkLog, the Russian government has formulated a response to a draft bill "On Digital Financial Assets", wherein they detail exchange between fiat and cryptocurrencies. The piece reports that exchanges equalling or exceeding 600 thousand rubles, or roughly $9600 USD, will be subject to regulation:
"... the bill "On Digital Financial Assets," which states that "the exchange of crypto-currencies for monetary units in the amount of 600 thousand rubles or more must be subject to mandatory exchange control.""
The crypto market appears to be holding on to its modest recovery from late last week. Bitcoin (BTC) is staying at around $8000 USD at press time, after reaching a peak of about $8400 USD earlier today. Some speculate that the market will rally after U.S. tax day tomorrow, as investors have been selling off crypto to pay their taxes and will once again be able to buy afterwards.
Get the Crypto Corner News by email Get Crypto Corner News
Crypto Corner Sponsors:
Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
Investorideas.com is a leader in Blockchain content with its Bitcoin and Blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com
View our growing Bitcoin, Blockchain and Digital Currency Stocks Directory
Join our LinkedIn Group Blockchain and Digital Currency Stocks and ICO's - Latest News and Commentary https://www.linkedin.com/groups/13560073
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. Disclosure: this newsletter is sponsored content by featured companies NXt-ID (NASDAQ: NXTD) on behalf of Flip and GoverMedia Plus Canada Corp. (CSE: MPLS). More info: http://www.investorideas.com/About/News/Clientspecifics.asp
Investorideas.com news content is not meant to be a solicitation to buy or sell cryptocurrencies and Investorideas.com does not directly sell cryptocurrencies; but acts as a news and research resource for interested investors following the blockchain sector.