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What Are the Laws for Cryptocurrency?

Bitcoin and cryptocurrency have become more mainstream and widely accepted as an investment and means of payment. PayPal now offers cryptocurrency and Mastercard plans to bring crypto into its payment network. Despite the growing popularity, there are few consumer protections and regulations for cryptocurrency. Generally speaking, the Commodities Futures Exchange Commission (CFTC) regulates the trading of cryptocurrency futures and spot markets, while the Securities and Exchange Commission (SEC) monitors emerging cryptocurrency, including initial coin offerings (ICOs) , to make sure they are not designed as securities. We'll take a look at the issues involved in cryptocurrency laws, and what's in the wings for regulation. What Is Cryptocurrency? Cryptocurrency is virtual money that can be used for payments, and other financial transactions. Bitcoin , arguably the most recognized cryptocurrency, was introduced in 2009. Today there are more than 4,400 cryptocurrencies available on the market. Bitcoin, however, is still by far the most popular with a market share around five times the size of its nearest competitor. Cryptocurrency is bought, sold, and transferred online and held in digital wallets . Digital wallets can be hosted by an exchange or other financial service that handles cryptocurrency payments, purchases, and sales. Digital wallets can also be unhosted, enabling the owner to send cryptocurrency payments directly from one party's wallet to the other. There are no banks , or other financial intermediaries involved in unhosted transactions and the transactions are largely anonymous. Investors can hold cryptocurrency directly in a digital wallet, or indirectly by purchasing a security like the Grayscale Bitcoin Trust. Current and Proposed Cryptocurrency Regulations At present in the United States, regulations regarding cryptocurrency are mainly only proposals and are based on the Bank Secrecy Act (BSA) of 1970 and the Patriot Act. The BSA requires U.S. financi

Crypto Banking and Decentralized Finance, Explained

The development of Bitcoin and thousands of other cryptocurrencies in a little over a decade has cha

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2010 - 22, BankIFSCcode.comDisclaimer: - We have tried our best to keep the latest information updat