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Bitdigest March 19 · Issue #618

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Bitdigest March 19 · Issue #618 This document is being provided publicly in the following form. Please subscribe to FSInsight.com for more. Members Area Crypto Daily BitDigest March 19 · Issue #618 Crypto Daily BitDigest March 19 · Issue #618 March 19, 2020 Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER BitDigest March 19 · Issue #618 Crypto markets are late to celebrate St. Patrick’s Day, but shining green this morning. Excluding dollar pegged stable coins, the top 50 digital currencies on Coinmarketcap.com are all in positive territory over 24-hours Singapore’s financial watchdog has released updated AML guidelines covering virtual assets South Korea and Canada are preparing own oversight regimes ahead of the G7’s upcoming FATF implementation deadlines Every few days I ending up talking about one of the North American public companies participating in the digital currency ecosystem. While I will continue to report on their respective corporate announcements, I am going to start providing the following basic chart every week to show key market data. I am happy to consider adding names to this list. The Headlines Singapore Updates AML Crypto Guidelines WWW.MAS.GOV.SG The Monetary Authority of Singapore has released new guidelines on prevention of money laundering and countering the finance of terrorism. The updated framework highlights the risks arriving from the use of continually evolving virtual assets including its potential abuse due to its pseudonymous nature, the convenience they provide as a near-instantaneous value transfer medium, and the cross-border nature of its transactions. Canada to Increase Crypto Oversight and Surveillance WWW.COINDESK.COM Canada’s financial watchdog is preparing to increase oversight of digital currencies as part of its adherence to the G7’s Financial Action Task Force’s June deadline. Companies with over $10,000 CAD in crypto business activity will be forced to register as a Canadian money service business and any transaction over $1,000 will required detailed KYC documentation on both the sender and receiver. South Korea Preparing for FATF Crypto Framework WWW.DECRYPT.CO South Korea is working with local crypto firms to activate the country’s Special Financial Information Law (SPIL) a regulation requiring businesses to register with financial authorities and adhere to the Financial Action Task Force (FATF) guidelines. “The Special Financial Information Law prevents money laundering and criminal activities using digital assets, and it complies with international standards for digital asset regulation,” the Financial Intelligence Unit explained. Hawaii Launched Digital Currency Innovation Lab WWW.GOVERNOR.HAWAII.GOV The State of Hawaii launched a “Digital Currency Innovation Lab,” a pilot initiative allowing approved digital currency issuers to do business in the fiftieth state without the requirement of a state money transmitter license. Insights gained during this two-year test will be used to guide the development of legislation and determine the future of digital currency activities in Hawaii. Gemini Growing European Team WWW.LINKEDIN.COM It looks like Gemini Trust is looking to expand its presence in the European market. A new job posting has appeared on LinkedIn looking for a “Director, European Sales” who can help grow the exchange’s business activities including Gemini Custody across Europe. Market Data Bitcoin Activity Increasing WWW.DAILYHODL.COM According to Whale Alert, a tracking app following activity on major digital currency exchanges, over $560 million of bitcoin (107,209 BTC) has moved between unknown wallets and exchanges signifying the potential of large upcoming trades. Competition Among Miners Increasing as Pool Dominance Subsides WWW.DAILYHODL.COM According to Whale Alert, a tracking app following activity on major digital currency exchanges, over $560 million of bitcoin (107,209 BTC) has moved between unknown wallets and exchanges signifying the potential of large upcoming trades. Exchange, Custody and Product News Huobi to Eliminate Sudden Liquidations of Leveraged Positions WWW.PRNEWSWIRE.COM In what may be a crypto first, Singapore-based Huobi is introducing a process to systematically minimize user exposure during times of severe market volatility. Huobi’s deriavtives exchange will implement a partial liquidation mechanism that gradually reduces a user’s positions rather than liquidating them in full in a single event. BitGo Increasing Insurance Coverage Over $100M WWW.FINANCEMAGNATES.COM Crypto custodian Bitgo announced it has obtained excess specie insurance allowing users to selectively purchase their own dedicated excess limits above BitGo’s $100 million policy. Binance Introduces Peer-to-Peer Trading for South American Currencies WWW.BINANCE.COM Binance has announced the launch of peer-to-peer (P2P) trading South America. Users can now buy and sell bitcoin (BTC), ether (ETH), tether (USDT), and Binance’s native token (BNB) and dollar pegged stablecoin (BUSD) against the Brazilian real (BRL), Argentine peso (ARS), Colombian peso (COP), Mexican peso (MXN) and Peruvian sol (PEN). Thoughts on the Ecosystem BitMEX Questions Regulatory Approval of Central Bank Digital Currencies WWW.BLOG.BITMEX.COM BitMEX research expects that a central bank digital currency (CBDC) replacement for paper money would increase credit expansion while it believes allowing retail customers to have deposits directly with the central bank would casue contraction. BitMex does not believe financial regulators are likely to allow either of these CBDC schemes to succeed in any meaningful way. Bitcoin Will Still 'Moon' WWW.MOBILE.TWITTER.COM Crypto analyst Will Woo says the market is still “looking for its bottom” as investors are experiencing a “flight to safety,” but looking forward he remains positive tweeting that “once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for.” BitDigest is a weekday news update on digital currencies and blockchain technology distributed by Parsons & Whittemore, a single-family oce based in Rye Brook, New York. It is being distributed to subscribers of FSInsight Digital Assets under agreement with the Author. The commentary, analysis, opinions and recommendations in this newsletter represent the personal and subjective views of the Author, and are subject to change at anytime without notice. The information provided in this newsletter is obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. Neither the Author, FSInsight nor any of their respective aliates make any guarantee or other promise as to any results that may be obtained from reading this newsletter. While past performance may be analyzed in this newsletter, past performance should not be considered indicative of future performance. No reader should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. BitDigest is not making a solicitation or oer to buy or sell any securities of any kind. Gregory Landegger AUTHOR OF BITDIGEST, DAILY CRYPTO NEWSLETTER Disclosures (show).
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