“Options or futures contracts which are based on
[bitcoin] as a base instrument can be considered as derivative
instruments, and as such, they can be considered as financial
instruments, according to the bill on financial instruments.”
“An analysis of national regulations allows to conclude
that bitcoin … is not a legally defined and universally accepted
currency, because it cannot be classified as either a national currency …
or a foreign currency.”
“What is not forbidden is permitted. However, we certainly cannot consider bitcoin to be a legal currency.”
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“Central banks, [out] of necessity, have monopolized the exercise
of these functions. Virtual currencies pose new challenges to central
banks’ control over these important functions.”
“In effect, economic activity is the aggregate of domestic
transactions in the ‘euro-denominated economy’ and the ‘virtual currency
economy.’”
“This is likely to have a profound operational impact on these firms and their regulatory risk profile.”
“The existence of a ‘euro-denominated economy’ and a ‘virtual
currency economy’ raises the prospect of an internal balance of payments
between two sub-economies where suppliers may prefer one currency over
another as a means of payment (for different goods and services).”
“We should not presume that current regulations are
future-proof. It is possible that further innovations will mean that
these regulations may no longer apply. This suggests that new
regulations may ultimately be needed which are based on new legal
concepts with a clear scope which must stand the test of time.”
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As some have speculated, evident of the twins’ latest filing, the first of its kind bitcoin ETF will trade on the NASDAQ under the ‘COIN’ symbol.
“Identifying the ticker symbol and the exchange are two major events that further demonstrate that we are moving forward as expected.”
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Image: GetToKnowBitcoin |
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“Contracts
with virtual currencies are enforceable in principle and penalties can
be imposed for criminal offences associated with virtual currencies.
Certain business models based on virtual currencies are subject to
financial market laws and need to be subjected to financial market
supervision.
Professional trade in virtual currencies and the
operation of trading platforms in Switzerland generally come under the
scope of the Anti-Money Laundering Act. This includes compliance with
the obligation to verify the identity of the contracting party and
establish the identity of the beneficial owner.”
“The more I learn about bitcoin, the less I remain sceptical about it!”
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“We finally got clearance from ARIF, who were asking FINMA many questions about how they should deal with us. [The clarification from ARIF] is what we were expecting.”
“I don’t really know why [Bitcoin Suisse AG] made so much noise [about its ATM]. Maybe they wanted to get themselves known or they want things to move quicker.”
“I think SBEX fulfilled all the regulatory requirements before Bitcoin Suisse did, so they got the approval first.”
Bitcoin Suisse chief executive Niklas Nikolasjen said his firm was working on obtaining the necessary regulatory approvals for their ATM. He said the media had overstated his firm’s cancelled ATM launch and that it had been consistently working to obtain regulatory approval.
“It is now clear to everyone in the industry that the regulatory authorities require certain steps to be undertaken by companies who professionally deal with digital finance. BTCS is naturally following these requests as well,” he said.
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Bit-Wallet at Bitcoin Meetup in Rome Photo by G. Baroncini Turricchia |
“Risk and opportunity were clearly disclosed in a neutral way. In the second part, [a representative moderated a] discussion between politicians, institutions and business, and [many questions were asked by these participants].”
The events come in the wake of the Central Bank of Italy’s May warning that domestic investors should avoid buying, investing in or using bitcoin as a currency due to price volatility and the lack of consumer protection laws to protect consumers.
Proliferating bitcoin
A second, non-affiliated event, organized by digital payment advocacy group CashlessWay, is set to take place on 26th June. Speakers will include bitcoin banking provider Robocoin CEO Jordan Kelly and parliament member Sergio Boccadutri, who presented a proposal for regulating bitcoin under existing Italian law in January.
“Italy is full of cultural tastemakers and has a rich history in banking and finance. These all support Robocoin’s goal of helping proliferate bitcoin.”
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A man walks past a building where Mt. Gox, a digital marketplace operator, is housed in Tokyo February 25, 2014. |
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A man enters a bitcoin conference in New York. Photograph: Mark Lennihan/AP |
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“Households make daily payments using cards and cash totalling 8 million in volume and to a total value of over SEK 3 billion. Even if the use of bitcoin in Sweden were to be much larger than the average exchange value of just over SEK 266,000, this is a relatively low value in relation to other types of payment. At present, there only seem to be around 25 swedish companies accepting Bitcoin.”
“It can contribute to meeting new payment needs and to making payments cheaper and more secure. Those who choose to use a particular payment service can be expected to do so because it gives them an added value in relation to other payment services. This also applies to virtual currencies, which can for instance make some cross-border payments simpler, faster and cheaper. Another advantage is if the payer does not need to share sensitive information, such as card number or bank account number, with the payee.”
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