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South Korea Might Send Cryptocurrency Exchange AML Offenders to Jail 101
Source: iStock/Rattankun Thongbun

South Korean regulators and parliamentarians are rapidly building up a legal framework that will help them police cryptocurrency exchanges, with non-compliant exchange operators potentially facing jail time.

Per news outlet Ilgan Today, the regulatory Korea Financial Intelligence Unit is seeking to amend the country’s key piece of anti-money laundering (AML) legislation, the Act on Reporting and Using Specified Transaction Information.

The amendment will force “cryptocurrency operators” to comply with AML measures, eliminate anonymous deposits and withdrawals, obtain information security management system (ISMS) certification and prove they are compliant with other police requirements.

The new amendment would force exchanges to produce reports proving their compliance. The amendment would stipulate that offenders could be jailed for up to five years, or pay hefty fines.

Once the amendment passes the plenary session at the National Assembly, it will become effective as of late 2020, and the media outlet states that exchanges will be expected to begin reporting to the regulator within six months.

The amendment also stipulates that if exchanges sense that a customer may be using their platform for money laundering purposes, they must immediately cease doing business with said customer.

The regulator claimed, per Hanguk Kyungjae,

“If the National Assembly approves the amendment, we will be able to implement international standards and enhance the transparency of [cryptocurrency] transactions.”

Regulators are satisfied that the amendment – in addition to a separate amendment made to the Special Financial Transactions Information Act last week – will bring the country closer to meeting Financial Action Task Force (FATF) AML guidelines, and create a comprehensive set of policing measures for the nation’s exchanges.

Tim Alper , 2019-11-26 12:59:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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