Table of Contents
Bitcoin News: 29th September 2021
- BitPay and Verifone have teamed together to offer cryptocurrency payments..
- Kraken is fined $1.25 million for making illegal offerings.
- The first Swiss digital asset custody licence was obtained by SEBA Bank
- Switzerland’s first bitcoin fund has been approved.
- Senators in the United States have introduced legislation to track foreign cryptocurrency mining.
- Miner Refunds The Massive Sum Of 7,626 Ethereum Sent By Bitfinex Erroneously
BitPay and Verifone Collaborated to provide crypto payments
BeingCrypto reported that, Verifone, a payment solution provider, has teamed up with BitPay to add digital money to the mix. Verifone will begin to use BitPay’s blockchain technology in order to provide crypto payments for in-store and e-commerce cloud services in the United States, according to a press statement.
The functionality will be available in Q4 2021, according to Verifone, and will allow payments in Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Wrapped Bitcoin, Litecoin, and five USD-pegged stablecoins.
“By collaborating with BitPay, the firm was able to tackle the problems its merchants may have when dealing with cryptocurrencies without losing convenience for users,” he continues.
The combined solution will be “easy to deploy for retailers and straightforward to use for consumers,” according to Verifone. Merchants that want to accept bitcoin payments directly through Verifone don’t need to have a BitPay account, according to Verifone.
According to the press release, new customers will find the procedure of using bitcoin payments with Verifone to be simple. During checkout, in addition to the conventional credit card or fiat choices, a bitcoin wallet option will be introduced. Consumers may use their crypto-wallet software to scan an on-screen QR code, which completes the transaction in digital currency. Merchants receive approval notifications similar to any credit card purchase once BitPay receives the money. The funds will subsequently be transferred via Verifone to the merchant’s bank account in USD.
Kraken is fined $1.25 million for making illegal offerings
Due to an incident of unlawful margin product transactions, Kraken has been fined over a million dollars. From June 2020 to July 2021, the transaction took place over the course of a year. During this period, the exchange enabled transactions that are typically unavailable to clients in the United States.
Kraken also failed to register as a futures commission merchant, according to the Commodity Futures Trading Commission (CFTC). The CFTC’s interim enforcement director, Vincent McGonagle, emphasised the need of registration and regulation.
“All digital asset trading provided to retail clients in the United States must take place on fully registered and regulated exchanges in compliance with all applicable laws and regulations.”
While Kraken’s newest punishment stems from acting outside of regulations, the firm has a history of following stringent internal procedures. Employees at Kraken highlighted the company’s strict security policies earlier this year.
The SEC has penalised a number of crypto-related businesses, including Kraken. According to statistics, the crypto sector has received roughly $2.5 billion in fines since Bitcoin’s creation. Poloniex was just fined $10 million by the SEC, while BitConnect was fined $3.5 million. BitConnect must also hand up 190 bitcoins.
Nonetheless, a Kraken lawyer recently stated that the best way to navigate these new laws is by compliance and collaboration as reported by BeingCrypto.
The first Swiss digital asset custody licence was obtained by SEBA Bank
According to CoinTelegraph, SEBA Bank AG, a fully regulated Swiss bank focused on the offering of digital cryptocurrency assets, announced today that the Swiss Financial Market Authority, or FINMA, has granted it a CISA licence, allowing it to provide an institutional-grade custodian service for nation-native collective investment schemes.
With this news, the bank becomes the first digital asset-centric bank in Switzerland, and one of the first in the world, to get a custody licence. With the approval, the institution will be able to provide more investment options to professional clients in the developing cryptocurrency markets.
Guido Buehler, CEO of SEBA Bank, expressed his opinions on the bank’s recent successes: “Two years ago SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerates globally.”
Regulatory guarantees in a sector that is generally regarded as unpredictable quickly drew the attention of Europe’s elite. SEBA was chosen by France’s central bank, Banque de France, to participate in their experimental digital Euro pilot project in mid-2020, with the goal of determining the practicality of CBDCs in cross-border payments.
Switzerland’s first bitcoin fund has been approved
As local financial authorities issue additional regulatory permits for crypto investment vehicles, cryptocurrency usage continues to gain traction in Switzerland.
The Crypto Market Index Fund has been authorised by the Swiss Financial Market Supervisory Regulator (FINMA) as the “first crypto fund according to Swiss law,” the authority said on Wednesday.
The fund is managed by investment management firm PvB Pernet von Ballmoos AG, with custody provided by regulated custodian SEBA Bank AG. It was founded by Swiss asset manager Crypto Finance and is administered by investment management firm PvB Pernet von Ballmoos AG.
The newly approved fund is limited to eligible investors and invests largely in cryptocurrencies or digital assets that are “based on blockchain or distributed ledger technology,” according to FINMA.
The Crypto Market Index Fund can only invest in major cryptocurrencies with a “sufficiently substantial trading volume,” according to the regulator. According to Crypto Finance, the fund will monitor the performance of the SIX Swiss Exchange’s Crypto Market Index 10, a product.
“The goal of the Crypto Market Index 10 is to create an investable benchmark for this asset class by reliably measuring the performance of the largest, liquid crypto assets and tokens,” according to Sources.
Senators in the United States have introduced legislation to track foreign cryptocurrency mining
According to BeingCrypto, A new measure sponsored by two US senators aims to track down overseas crypto miners. Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) teamed together on September 27 to propose the measure.
The measure would compel the Treasury Secretary to provide Congress with reports on digital currencies and global competitiveness. These reports would include information on other nations and how they use and mine bitcoin. Furthermore, the impact of these activities on supply chains such as superconductors and computer chips.
The law also requires that information be shared with numerous committees, including the Agriculture, Nutrition, and Forestry Committee, the Banking, Housing, and Urban Affairs Committee, and the Finance Committee, among others. Senator Hassan said the measure was introduced “in order to improve US competitiveness, our government must have a better grip on the role that cryptocurrency is playing in the global economy and how it is being leveraged by other countries,” according to a news statement.
Hassan continues by saying that “I’m glad to partner across the aisle with Senator Ernst to help ensure that the Treasury Department stays on top of the use of cryptocurrency, including how it can impact our supply chains.”