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EU to unveil draft crypto law before the end of 2020

The European Union has announced that it is making moves to compile and pass a new draft crypto law before the year ends. The ruling to release the draft crypto law was made after the EU said it was making massive plans to reduce its crypto regulatory framework.  The Union says even though the ravaging […]

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The European Union has announced that it is making moves to compile and pass a new draft crypto law before the year ends.

The ruling to release the draft crypto law was made after the EU said it was making massive plans to reduce its crypto regulatory framework. 

The Union says even though the ravaging coronavirus pandemic might be an obstacle, it was hoping to have the proposals ready before the end of Q3. Reports have claimed that the commission has been in protracted talks with crypto experts all over Europe to be able to come up with what they term a “favourable law”. 

Presently, the commission said it has already drummed up three vital aspects of the non-paper law.

New draft crypto law to address three vital areas

According to the Union, the first aspect of the draft crypto law deals with the creation of a legal defining term for all digital assets, which would include stablecoins. 

The second part of the law will see the Union make massive changes to its regulations concerning firms that would be able to provide banking services to crypto traders and firms. As a result of the service as mentioned earlier, the  Union would add digital assets to the same class group as bonds and other types of markets

Finally, the Union will look to create a safe space for blockchain-based industries and investments. With this in mind, the Union will create a legally binding term for every firm classed under this category.

BlockTech Foundation chairman lauds new draft crypto law

Reacting to the guidelines mentioned above, the chairman of the European BlockTech Foundation, Bruno Schneider Le Saout says the laws are unique and would be the moral compass that will guide the dealings of the digital assets market. 

Furthermore, he said he was happy with the fact that all the areas that the previous crypto law didn’t touch have been included in the new draft crypto law

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OCC Chief Hints at Coming ‘Good’ Actions on Crypto by End of Trump’s Term

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Acting Comptroller of the Currency Brian Brooks predicted a lineup of cryptocurrency banking and clarification actions will emerge from the Trump Administration during its final days.

The chief national banking regulator was speaking on CNBC Squawk Box:

“I don’t think we need 50 regulations, but what we do need is clarity about what’s allowed,” he said. Brooks cited banks plugging into “directly into blockchains as payment networks” as one place where “the answer has to be yes.”

Brooks seemed to imply that the crypto banking clarity coming “in the next 6 to 8 weeks” would have a positive impact on bitcoin‘s price.

“It may have been a bubble two years ago, but with more clarity institutions that see this is a real thing are going to adopt at scale, which they’ve already started to do so,” Brooks said. He said regulatory clarity “are the things that are driving prices at this point.”

Brooks refused to directly answer show hosts’ questions about the rumored self-hosted wallet regulation supposedly coming out of the Treasury Department. Last week, Brooks’ former boss, Coinbase CEO Brian Armstrong, publicly suggested on Twitter that his current one, Treasury Secretary Steve Mnuchin, would stifle crypto innovation with a slap-dash final regulatory push.

“We’re very focused on getting this right, we’re very focused on not killing this, and it’s equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing so believe me, there’s a balance here and it’s going to work for everybody,” he said.

Source: https://www.coindesk.com/brian-brooks-crypto-clarity

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Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November

Unchained Capital revealed the news via a data visualization on Dec 3. Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30. Some Long-Term Investors … Continued

The post Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November appeared first on BeInCrypto.

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Approximately $4 billion worth of bitcoin which had been inactive for between five and seven years was moved out of long-term storage following November’s massive price rally.

Unchained Capital revealed the news via a data visualization on Dec 3.

Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30.

Some Long-Term Investors Take Profit

Investors who locked their coins into storage in 2013 did so at a price level that averaged between $134 and $1,151. In 2014 and 2015, the price averaged between $500 and $750.

With bitcoin closing at $18,702 on Nov 30, long-term investors would have made anywhere between 1524% and 13,856%.

Bitcoin All-Time Price Chart: TradingView

According to the HODL Waves calculation, 1.19% of the bitcoin total supply left this storage category and became active on-chain.

Given the current total supply of 18,60,637.5 BTC at press time, this represents roughly 200,000 BTC, currently worth just over $3.8 billion.

Bitcoin HODLers Not Relenting

The data reveals a mix of long-term strategies. The vast majority of long-term investors are not only holding, but also increasing their holdings.

Whereas the previous five to seven year long-term storage category fell more than 1%, the over ten-year storage category actually rose 0.19% from 9.73% to 9.92%.

The long-term storage category between seven and ten years also rose 0.2% from 7.08% to 7.28%. Similarly, the three to five year storage category jumped 0.69% from 10.06% to 10.85%.

In fact, the data shows that it’s mostly the shorter-term storage categories that witnessed holding declines. Overall, more than 61% of bitcoin’s total supply has not moved at all in more than a year.

This data, some argue, would seem to validate the position that bitcoin could be viewed more as a store of value asset and an inflation hedge versus just a speculative instrument.

On Nov 19, BeInCrypto reported that Glassnode data had revealed a huge surge in creation of new bitcoin addresses, only bettered in January of 2018.

On-chain analyst Willy Woo predicted that bitcoin’s Network Value Transaction Ratio (NVT) all-time high in mid-November was driven by the presence of “underlying long term investors.” This he said, would drive bitcoin to a new all time high, which subsequently took place on Nov 30.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/over-200000-bitcoin-moved-out-of-long-term-storage-since-november/

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OMG Network acquisition raises its token price by 18%

TL:DR Breakdown: Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm. The announcement brought over an 18 percent price increase for the native token, OMG.  The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired […]

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TL:DR Breakdown:

  • Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm.
  • The announcement brought over an 18 percent price increase for the native token, OMG. 

The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired by Genesis Block Ventures (GBV), a blockchain-focused venture capital investment company. GBV’s plans for the blockchain network is geared at accelerating more adoption and expanding its reach across countries in Asia and beyond, according to the announcement on Friday.

OMG Network sets for adoption

In 2017, the OMG Network was established as a subsidiary of SYNQA, a holding computer in Asia that specializes in blockchain development for fintech, online payment, and digital transformation. The OMG Network serves an Ethereum-based network that allows users to process transactions on Ethereum off-chain at a faster and reduced fee. In August 2020, Tether had partnered with the OMG team to host the popular US dollar-backed stablecoin, USDT, on the OMG Network.

However, following the acquisition by GBV, the network’s team and business will be transitioned from the initial parent company, SYNQA, to Genesis Block, in a bid to spearhead more growth and adoption for the blockchain network. Meanwhile, the acquisition today could be viewed as an important development for OMG users, as the native token surged by 18 percent since the announcement today. 

OMG reacts to new acquisition

According to Denis Vinokourov at Brokerage Bequant in London, “OMG surged higher overnight in reaction to the news that Hong-Kong based OTC trading firm is to acquire OMG Network.” The cryptocurrency increased from $3.74 to $4.41, making over 18 percent price growth. In August, the token grew by more than 200 percent due to the craze in the decentralized finance (DeFi) market, which, in turn, increased the activities on the network.

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