Limited Bitcoin movement over the past week with more regulatory action

Bitcoin and other major digital currencies witnessed limited trading during the past week, as the bitcoin moved in a narrow range between a limited rise and a limited decline to trade between the ranges of $3500-3600, amid the difficulty of reaching and sticking to the next psychological support level of $4,000. Amidst the anticipation of investors for more positive developments that will attract many to buy and support prices

Some financial market analysts believe that digital currency prices will not recover in a strong and sustainable manner during 2019, because the general trend is focused on the foundational, regulatory and security aspects of digital currencies, which are the problems facing the crypto industry.

Several reports emerged over the past week that many countries are taking more regulatory measures for cryptocurrency trading.

Bitcoin

Bitcoin

In Denmark, the Danish Tax Council decided to give the green light to the Danish tax authorities to collect information from three local exchanges on cryptocurrency trading, which includes names, addresses and personal tax numbers. The director of the Tax Agency, Karen Bergen, added that the cryptocurrency market has become so broad that it should be viewed with interest.

In Malaysia, the Securities Commission announced that it will regulate ICOs as offers of securities from last Tuesday, and this means that ICOs and cryptocurrency trading operations require approval from the Securities Commission in Malaysia before starting crypto operations, and securities laws must be adhered to. Finance in Malaysia.

Malaysian Finance Minister Lim Guan said that the rules for regulating cryptocurrency and initial coin offerings came into effect from January 15, so digital financial service providers must apply for an official license from the country's Securities Commission.

In South Africa, the Central Bank has outlined new rules for the digital currency trading and crypto industry, which require the registration of crypto-asset trading platforms and payment service providers with the authorities, in addition to adhering to the anti-money laundering and terrorist financing rules contained in the Financial Intelligence Center Act.

A report last week stated that Belarus announced the launch of a new platform through which traders can buy shares, gold and traditional financial assets in digital currencies, and the Belarus government will not impose taxes on such transactions until 2023 in support of the crypto industry, as the government previously approved a law New information about cryptocurrencies with the aim of supporting companies in Belarus to attract foreign capital.

In other positive news, HSBC said it is actively using blockchain technology to improve transaction efficiency, adding that more than three million forex trades and more than 150 payments have been made since February 2018 using blockchain technology.

Mohamed Abdel Khaleq

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