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Malaysia Regulates Cryptocurrencies | New Rules that Must be Followed

Malaysia regulates cryptocurrencies as of today. The new rules affect both digital coins and ICOs (initial coin offerings). Though welcomed by many, the repercussions for those who don’t comply are deemed particularly harsh.

What will this mean for trading?

Malaysia Regulates Cryptocurrencies

The country’s Minister for Finance, Lim Guan Eng, announced that the order to regulate cryptocurrencies and initial coin offerings as securities has come into force—effective today, January 15th.

Launching an unauthorized ICO or exchanging in cryptocurrencies without approval could result in a 10-year jail term and a $2.4 million USD fine:

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [$2.44 million].”

Ouch.

Pro Crypto

Despite the harsh repercussions for illegal trading, Malaysia is predominantly pro cryptocurrency. The minister stated:

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternative asset class for investors.”

Trading

So what does this mean for traders as Malaysia regulates cryptocurrencies?

An official framework will be launched by the end of Q1 this year. This will detail the exact regulatory requirements for launching an ICO and trading on digital exchanges in the country. In general, crypto services and exchanges must obtain authorization from Malaysia’s Securities Commission. This body will work with the central bank to ensure compliance.

>> Russia to Avoid US Sanctions with $10 Billion Bitcoin Investment

As stated above, without official approval, traders face serious charges if caught.

The Capital Markets and Services Order 2019

Called ‘The Capital Markets and Services Order 2019,’ the next few months will prove crucial as traders and exchanges work to comply with the new relevant securities laws and seek approval by the commission.

India also recently regulated cryptocurrency. It spent most of 2018 implementing regulations for crypto services in its country.

Featured Image: Depositphotos © sinenkiy

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TRON (TRX) Up Almost 50% This Week

The world’s eighth-largest cryptocurrency, TRON (TRX), is making quite the bull-run this week. Throughout the entire crypto community, it is known that TRX, in the past, has been ‘pumped up’ on announcements of ‘potential partnerships.’ Justin Sun, TRON’s founder, is notorious for these types of marketing schemes via Twitter.

Is this the cause of TRX’s most recent bull run? Let’s find out!

 TRON (TRX) Up Almost 50%

The big bull run started on January 7th. On this day, Justin Sun released two tweets.

The first tweet was an outlined weekly report TRON’s developers have released ever since late-2017. Just after this report was released, Sun announced that TRX was available on BitKeepOS.

BitKeepOS is a decentralized multi-chain wallet that is in 16 different countries and is used by millions of users. It remains unknown at this time if this is the cause for the coin to rise, but this is the only piece of news that could have contributed.

A few months back, TRON acquired BitTorrent, and the company has been steadily working on that project. The company just released a whitepaper on the new BitTorent Token (BTT).

The new whitepaper reads:

“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet. Our initial entry point is to introduce token-based optimizations to the existing BitTorrent protocol providing a way for the value of sharing bandwidth and storage to be captured by network participants beyond the point at which the current protocol no longer values it.”

Today, Cointelegraph reported that TRON has also secured its first Chief Compliance Officer that has a background with the SEC. This news may also be the cause for TRX’s rise on the market in the last 24 hours.

>> TRON Hires Former SEC Attorney: TRX Soars Today!

There has been quite a change in the company’s marketing tactics, though. It seems Justin Sun has dropped the ‘announcement of a future announcement’ tactics and only releases news when it’s something substantial—a positive step for the crypto community as a whole.

TRX Price Movement

According to CoinMarketCap, TRON (TRX) is currently trading at $0.029 a coin, up 14.18% in 24 hours.

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TRON Hires Former SEC Attorney

The 8th largest coin by market cap, TRON is running away with the gains today. According to coinmarketcap.com, TRX is up over 12% on the day, selling for just under $0.03 USD.

The reason for its bull run is a somewhat tongue-in-cheek new hiring. The blockchain platform has hired a former US Securities and Exchange Commission (SEC) supervisory attorney as its first chief compliance officer.

Anyone else finding this news ironically wonderful?

TRON made the announcement earlier today.

TRON Hires Former SEC Attorney

David Labhart, who used to work for the SEC as an attorney, is also being given the task of co-general counsel at TRON.

The company is deemed somewhat controversial mostly thanks to the publicity stunts of CEO Justin Sun. 2018 has been a good year for the blockchain, however, and it has grown steeply; it currently boasts over 1 million registered users. TRON is often considered a rival to the Ethereum blockchain in particular, as both focus strongly on dApp support. It was built as an alternative token development platform to Ethereum. As such, Sun regularly hits out at the Ethereum network.

>> Ethereum Hard Fork Draws Near: ETH up 71% on Verge of Update

TRX

TRX has climbed steadily this week, but today’s gains make it the best daily performer in the top ten.

Cryptocurrency regulation is no joke in the US. The ambiguous restrictions surrounding cryptocurrency make it increasingly difficult to trade in the assets. The issue lies with the true ‘class’ of digital coins as the Government body does not consider them viable securities.

The SEC has shut down hundreds of ICOs purporting to launch new coins into the space as a result

So it’s a tad ironic that TRON’s latest employee is a former SEC official. It is a very fitting action made by a controversial brand and surely has been done to make a point.

It wouldn’t be worth it if it didn’t raise a few eyebrows after all!

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EOS and Ethereum (ETH) Update, is 2019 Their Year?

Today, we’re taking a closer look at EOS and Ethereum (ETH).

The cryptocurrency market has corrected again after having strong gains the first few days of the new year. The total cryptocurrency market cap is sitting just below $130 billion. One year ago, the market cap was just over $750 billion. The market took a nosedive in January of 2017 and continued to slide all year. In mid-April and early-May, the market began to correct and saw consistent strong gains, only to correct and downslide again. 

EOS

EOS remains the fifth-largest cryptocurrency by total market cap. The blockchain project is run by Block.one. Last year, Block.one held the EOS Global Hackathon, which gave prize money for building on the EOS blockchain.

It seems the marathon was deemed a success, due to the company’s latest tweet. Despite the downturn of the crypto market in 2017 and loss of jobs across the board, Block.one is hiring in 2019.

Many major blockchain projects and news outlets had to make job cuts throughout 2018 due to lack of interest and money being poured into the industry. It seems EOS is going strong, despite the dip.

According to CoinMarketCap, EOS is currently trading at $2.67 a share, up 0.11% in 24 hours.

Ethereum (ETH)

Ethereum had quite a bull run this past week and regained its second-largest cryptocurrency by total market cap spot once more. ETH is up over 11% for the week.

>> Ethereum will Hold Apple and Tesla Stock Next Week

Vitalik Buterin has been tweeting his opinions on government and the world lately, but not giving Ethereum updates. However, just before Christmas, the Ethereum co-founder reminded the crypto community of this:

Casper is an important progression in Ethereum, so positive movement none-the-less. The co-founder has never concerned himself with the price of ETH and has always focused on the tech. Proof-of-stake implementation on the Ethereum blockchain began back in June of 2018 and developers are steady at work advancing it.

According to CoinMarketCap, ETH is currently trading at $150 a coin, up +0.91%.

Will 2019 be a strong year for EOS and Ethereum (ETH) foundationally? We shall see!

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Stellar vs. TRON | Is There Really Any Competition?

Stellar vs. TRON—the debate all started with an interview. Jeb McCaleb, a co-founder of Stellar (XLM) and founder and former CTO of Ripple, interviewed with Yahoo Finance on New Year’s Eve. During the interview, the crypto pioneer mostly answered questions about Stellar but didn’t shy at taking jabs at other projects outside of Ethereum (ETH), Bitcoin (BTC) and XLM—specifically TRON (TRX).

Stellar (XLM) vs. TRON (TRX)

McCaleb wasn’t necessarily comparing the two projects, hand-for-hand. Considering Stellar is a more centralized project, and TRON is decentralized focusing specifically on dApps.

The Stellar (XLM) co-founder was asked about the general ‘temperature’ in the crypto industry now and what he took away from the past few years. McCaleb states that he was amazed by how “hype-driven” the industry has become.

“The allocation of capital and resources is wild to watch, when these projects that have zero technical merit get millions of dollars,” McCaleb explained.

McCaleb continued:

“It seems like a big shame. Hopefully, that will start to change. One of the nice things that comes with the market calming down—I still say it’s not a bear market—it means there’s less of that. Ninety percent of these projects are B.S. I’m looking forward to that changing. Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.”

Ouch.

>> Dark Overlord: Hacker Group Demands Bitcoin or 9/11 “Truth” Comes Out

There was no way TRON (TRX) enthusiasts were going to let that one slide. Some even went as far as compiling the transaction figures comparing TRON and Stellar.

Even TRON’s founder, Justin Sun, responded to reports of McCaleb’s interview.

No matter what project you prefer, the transaction numbers don’t lie. TRON (TRX) is completing far more transactions than Stellar (XLM).

On the flip side to combat Sun’s point, applications can be built on top of the Stellar Network. While they aren’t decentralized, the network can be utilized for much more than just monetary transactions.

To compare the two projects fundamentally would be silly, as they are built entirely different and built for different things. Whether they’re both functional or not is another story.

Stellar (XLM) and TRON (TRX) Movement

According to CoinMarketCap, XLM is currently trading at $0.11 a coin, up 2.03%. It remains the sixth-largest cryptocurrency by total market cap. TRX is currently trading at $0.019 a coin, up 4.98% in 24 hours. TRON remains the 10th largest cryptocurrency by total market cap.

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