The cryptocurrency landscape continues to change every day as new rules and regulations are put in place. More countries across the globe are being cautious with how cryptocurrencies are being used and how it can change the way they live. Within the last week, our attention has turned to new regulations and policies created for cryptocurrencies like Bitcoin.
Here’s a snapshot of key stories we’ve been following:
- After the SEC’s announcement of fake ICO’s, a website called Dead Coins was created to help track ICO’s across the globe. Recently, the website found more than 800 cryptocurrencies were worth less than a cent. The reason for this is because most of them were fake, known as scams or did not have the bandwidth to materialize.
- The U.S. News World Report shed light on the purpose of regulations towards cryptocurrencies like Bitcoin and how the regulations will make them safer. Investors believe that the regulations will help Bitcoin grow, as it was traded up 4% since Monday of last week, which compares to their 50% decline from the year so far.
- The Maltese parliament became the first in the world to set a series of laws that determined a regulatory framework for blockchain, cryptocurrency and Distributed Ledger Technology (DLT). This may lend itself to become a more desirable location for companies to invest within the blockchain space.
- Bitcoin Bull Tom Lee expressed that he did not cut back on his year-end forecast for Bitcoin. Earlier, the Wall Street strategist told CNBC that he saw the price of cryptocurrencies as more than $20,000 per unit, which is 20% less than his original forecast. After evaluating the costs to mine for cryptocurrencies like Bitcoin, Lee explained that the price would reach to $25,000 per unit.
- South Korea announced that their Financial Services Commission (FSC) has revised the guidelines for crytocurrency exchange operators. The reason behind these revisions is to strengthen their policies and help them detect and prevent illegal activities or money laundering issues with cryptocurrencies.
Stay tuned for more news stemming from the crypto world next week!