The rundown: Bitcoin and all major currencies were up in the morning; Singapore-based crypto exchange giant Huobi Group opens its first Russian office in Moscow; Blockchain-focused merchant bank Galaxy Digital raises $30 million for customer-owned digital banking platform Good Money; Japanese lawmaker proposes changes to the current taxation system for cryptocurrencies; and a report by the Financial Action Task Force says the U.K. cryptocurrency exchanges pose low money laundering and terrorist financing risks.
Here is what is happening in the cryptocurrency market on Wednesday.
In the News
Singapore-based crypto exchange giant Huobi Group has opened its first Russian office in Moscow. Huobi Russia is a local exchange that is supported by Huobi Cloud in a partnership with the VEB Digital Transformation Center and Russian experts in the field of blockchain and exchange trading. “Huobi Russia will also be looking into providing blockchain and business development services for the local Russian users, such as education, project management, and negotiating deals,” Andrei Grachev, CEO of Huobi Russia, said in a statement.
Good Money, the first digital banking platform to be owned by its customers, announced that it raised $30 million in Series A funding led by blockchain-focused merchant bank Galaxy Digital via the Galaxy EOS VC Fund. Good Money provides values-based banking services including FDIC insured savings accounts that will generate a 2% yield, free ATMs nationally, no-overdraft fees and the lowest consumer loan rates in the country.
Japanese lawmaker Takeshi Fujimaki, a member of Nippon Ishin no Kai political party, is calling for four changes to the current taxation system for cryptocurrencies to “promote the wider adoption of virtual currency” and “encourage the development of blockchain technology”. According to a report by news.bitcoin.com, the former adviser to billionaire investor George Soros has proposed lowering the current tax rate of 55% to 20% and exempting crypto-to-crypto trading and small payments from taxation.
A report by the Financial Action Task Force (FATF) states that the U.K. cryptocurrency exchanges pose low risks of money laundering and terrorist financing activities. However, the report by the global anti-money laundering policymaker suggests British authorities to “develop an understanding of emerging risks (such as virtual currencies) and intelligence gaps, and take appropriate action.”
Cryptocurrency Prices Today (As of 09:02 AM EST)
Bitcoin (BTC) is up 1.45% over the past 24 hours, trading at $3,450.
Ethereum (ETH) is trading at $90.75 , up 3.1% over a 24-hour period.
Bitcoin Cash (BCH) is trading at $97, up 1.4% over the past 24 hours.
Ripple (XRP) is trading at $0.308, up 2.63% over the past 24 hours.
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