South Korea to begin directly regulating crypto exchanges – August 7

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Current Bitcoin Price$12,052

Bitcoin was trading sideways with a brief dip to $11,200 but has just picked up steam and is over $12,000. Ethereum, Bitcoin Cash, and EOS are all up less than 1%, while XRP has remained almost unchanged. The biggest movers in the top-20 are Monero and Tezos, which are up 2.7% and down 2.5%, respectively.

Top Stories for 7th August 2019 🔥

👉 South Korea to begin directly regulating crypto exchanges

Plans have been revealed by South Korea’s Financial Intelligence Unit (FIU) to directly regulate cryptocurrency exchanges.

The government aims to improve the visibility of cryptocurrency transactions and reduce money laundering activity by introducing a new cryptocurrency exchange licensing system.

Recent reports have mentioned a handful of South Korean Cryptocurrency exchanges already experiencing more stringent regulation upon renewal of their bank accounts.

👉 British tax authority pressuring crypto exchanges for customer data

British tax authorities and pressing down on cryptocurrency exchanges to reveal the names and transaction histories of customers.

Sources claim that Coinbase, eToro, and CEX.io have all received correspondence from Britain’s HM Revenue and Customs.

The move has followed in the footsteps of the United States’ IRS, who recently sent out warning letters to over 10,000 people regarding payment of taxes on crypto.

👉 Lending platform BlockFi raises $18.3 Million in Series-A funding

Lending start-up BlockFi has successfully raised over $18 Million in funding today, with participation from Winklevoss Capital.

BlockFi is a lending platform which allows borrowers to lock up cryptocurrency as collateral for fiat money loans.

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