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Latest FCA guidance is prompted by Libra and hints that crypto is here to stay

George Miller

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Latest FCA guidance is prompted by Libra and hints that crypto is here to stay
Reading Time: 2 minutes

 

The introduction of Facebook Libra has increased the pressure on regulators to take a closer look at cryptocurrencies, according to an industry expert.

The Financial Conduct Authority has moved to “provide clarity” on crypto with the publication of its latest guidelines on cryptoassets.

Nick Wright is a director at SolutionsHub, a company specialising in blockchain regulation and licensing. He said the latest FCA update was a sign that digital technology is increasingly being taken seriously by the authorities.

He said: “My personal opinion is that the recent announcement by Facebook regarding the introduction of Libra is putting pressure on regulators to examine, review and form positions on their own appetite to regulate (or not) digital assets and tokens.

“There is an argument to say that the additional clarity offered by the UK FCA should be considered as an acceptance that digital assets are here to stay and that regulation will at some point try to adapt to market sentiment and new technologies.”

When is a token not a token?

Christopher Woolard, executive director of Strategy and Competition at the FCA, said the guidance “will help clarify which cryptoasset activities fall inside our regulatory perimeter.”

The latest guidance (PS19/22) deems Bitcoin and Etherum ‘exchange’ tokens, meaning they do not fall within the FCA’s remit. However, other forms of tokens do.

Mr Wright said: “Whilst Bitcoin and Ethereum have been classified as ‘exchange tokens’, and therefore outside their remit and scope, other digital tokens/assets have not been so lucky. 

“Security and utility tokens will be captured and regulated in some form with the former considered ‘digital assets that provide rights and obligations akin to shares or debt instruments’.

“The issuance of utility tokens, depending on their nature and structure, may meet the definition of e-money in certain circumstances. These tokens will also likely fall under the umbrella of the European Union’s 5th AML Directive which is being merged into UKL law in the latter stages of 2019.

“PS19/22 also provides recommendations for wallet providers, exchanges and trading platforms and that an updated e-money token category, falling within the E-Money Regulations, should be created.

“Despite the recent publication of PS19/22 the UK FCA have already conceded that further clarity will be required for actors and operators within the sector so as to ensure that regulations are clear and that no laws are being contravened.”

 

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Cryptocurrency

Unikrn Wallet 2.0 Brings New Cryptocurrency Compatibility to World’s Most Robust Crypto Wagering Platform

Vlad Poptamas

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Unikrn, a global leader at the intersection of blockchain, entertainment and wagering, is opening its crypto wallet and platform accessibility to Bitcoin, Ethereum, Dogecoin and many others, pushing the boundaries of how cryptocurrency is traded, stored and utilized. New crypto users can deposit in Unikrn wallet 2.0 for a 300% deposit bonus with code WALLET (T&C’s apply).

The wallet functionality is powered by Bittrex International, one of the world’s most trusted cryptocurrency exchanges, and is expected to lead the charge of a shift toward crypto functionality with real products.

Crypto enthusiasts will now be able to directly trade and store a wide variety of cryptocurrencies on Unikrn, and easily make conversions into platform tokens called UnikoinGold (UKG). With thousands of esports betting markets, streamer betting, traditional sports betting, 24/7 virtual markets, an online casino, a gaming store and other partners, the new Unikrn Wallet will become one of crypto’s first mainstream platforms for using crypto for more than holding and trading.“We’re excited for Unikrn to be a Bittrex Enterprise Wallet customer,” said Bill Shihara, of Bittrex International, “I believe in cryptocurrency’s power to revolutionize commerce. Platforms like Unikrn are leading the way for a future where you don’t just buy cryptocurrency, you use it for anything you want to do. As a Bittrex Enterprise Wallet customer, they can give their users secure access to hundreds of cryptocurrencies without needing to build their own wallet infrastructure.”

Unikrn UMode is also the international home of skill-betting for popular online games such as Fortnite, League of Legends, CS:GO, Halo 5 and Dota 2. These bets, along with store purchases, prize drawing entry and all other Unikrn functionality can be seamlessly financed with deposited or held Bitcoin, Ethereum or other major cryptos.

“Finding a zero-friction way to let our fans leverage their favorite cryptocurrencies on the Unikrn platform is one of the biggest requests we get from customers,” said Rahul Sood, Unikrn CEO. “We’re also happy to allow TRON users to easily deposit in, where all TRON users get higher deposit limits, and can now seamlessly convert their TRON into UKG and back directly on the Unikrn platform.”

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Cryptocurrency

Apple Card Bans the Purchase of Cryptocurrencies

Niji Narayan

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Apple Card Bans the Purchase of Cryptocurrencies
Photo Source: macrumors.com
Reading Time: 1 minute

 

Apple Card, a new credit card partnership between Goldman Sachs and Apple Inc., is going to launch soon.

The customer agreement of Apple Card said that the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.

The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12% in the most recent quarter.

Apple and Goldman are not alone in banning the purchase of cryptocurrencies. Major American and British banks Lloyds Banking Group Plc and Virgin Money VM.L also banned such purchases. The banks were concerned that volatile prices could leave consumers saddled with debts they could not repay.

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Cryptocurrency

$14 million of TRON gambled every day

George Miller

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$14 million of TRON gambled every day
Reading Time: 1 minute

 

More than $14 million worth of TRON (TRX) is gambled in decentralized casinos every day, as the cryptocurrency emerges as one of the world’s most popular gambling tokens.

According to research from bestTRONcasino.com, an average of US$14 million has been gambled in TRON across dozens of casinos throughout 2019.

This makes TRON the second most gambled cryptocurrency in the world, after Bitcoin but ahead of more established coins such as Ethereum, with more than $5 billion worth of TRON set to be gambled in 2019 alone.

At time of writing, TRON is the world’s 12th most valuable cryptocurrency, with a market capitalisation of around $1.5 billion.

A spokesperson for bestTRONcasino.com said: “TRON-based gambling has really taken off this year, with thousands of players wagering millions of dollars’ worth of TRON every single day.

“Most TRON casinos reward players with tokens, which pay out a percentage of the casino’s profits in the form of a dividend. This has created an active market for those looking to trade the most successful tokens.

“The wider gambling industry has not paid much attention to TRON gambling so far, but with annual betting volumes in the billions of dollars, it will not be long before we see some established names making moves into the TRON casino space.”

bestTRONcasino.com is a recently-launched portal featuring news, reviews and bonuses from the world’s leading TRON casinos.

For more information, please visit: www.bestTRONcasino.com.

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