China’s Crypto Crackdown: Fundamentals Still Show Bull Market Continuation, Bobby Lee Says ‘Don’t Panic’

China's Crypto Crackdown: Fundamentals Still Show a Bull Market Continuation, Bobby Lee Says 'Don’t Panic'

The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments.

China’s Central Bank Shakes Crypto Markets

The cryptocurrency economy shuddered on September 24 after China’s central bank once again said decentralized virtual currencies are not welcome in the country. The PBOC has been saying things like this since 2013 and then four years later, they banned crypto exchanges operating domestically in 2017. In 2021, as the crypto economy reached new heights in value, the Chinese government cracked down on bitcoin miners operating in the country. This caused Bitcoin’s global hashrate to plummet a great deal and many Chinese miners migrated to other regions.

Today's China news is the PBoC publishing a detailed Q&A with what seems to be mostly old news. This was taken up by the likes of Bloomberg who incredibly broadcast it as "the toughest blow yet to the trillion-dollar industry". https://t.co/C3Cw0QAenN

— Alex Krüger (@krugermacro) September 24, 2021

Now China’s central bank is warning the citizenry of “illegal” behavior when it comes to cryptocurrency use. The PBOC posted a Q&A to the central bank’s website which declares virtual currency exchanges offering services to domestic residents are illegal and will be investigated. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” a rough translation of the comments noted. The translation also said that employees working for these international exchanges will be investigated. The PBOC further added:

Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies.

China’s Seventh Warning, ‘Onchain Fundamentals Still Indicate That Bull Market Continuation in Q4 Is Likely’

Meanwhile, prior to the news from China, the crypto economy was in the midst of rebounding from the last downward slide after the initial Evergrande scare. In a note sent to Bitcoin.com News, the executive director at crypto/digital assets hedge fund ARK36, Ulrik K. Lykke, noted that this is the seventh time the Chinese government has cracked down on bitcoin.

“Yet again, the Chinese government has cracked down on Bitcoin. Since 2013, it has done so at least seven times now – and twice this year already,” Lykke stressed. “While each time this happens, the markets react with a price drop, each time the effect is smaller and more short-lived. The ‘China bans Bitcoin’ story has gained almost a meme-like status in the Bitcoin community because of this. Investors should be careful not to make emotional decisions based on this trending news story as onchain fundamentals still indicate that bull market continuation in Q4 is likely.”

now all the poor people will panic sell

rich people will buy it up

then the value will skyrocket again leaving poor people holding the bag https://t.co/7oKtGpUgDd

— Tim Pool (@Timcast) September 24, 2021

Ballet Founder Bobby Lee: ‘Not the Last Nail in the Coffin’

Bobby Lee, the founder of one of China’s first bitcoin exchanges and the cold storage card firm Ballet, said that the PBOC warning from China is not the end. “Don’t panic: China has just banned bitcoin again. This time, the ban targets trading on offshore exchanges (using VPN), as well as using local agents or OTC services to exchange from CNY to & from USDT. As bad as this may sound, it’s actually NOT the last nail in the coffin,” Lee remarked on Twitter.

when my friends ask me about china ban all i can say is “ah that happens all the time”

— Neeraj K. Agrawal (@NeerajKA) September 24, 2021

George Zarya, CEO at digital asset prime brokerage and exchange Bequant discussed the subject with Bitcoin.com News on Friday as well. “China has been known to go to extremes with either very assertive statements and prosecutions to complete radio silence,” Zarya told the Bitcoin.com newsdesk.

“This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital flow and big tech. For the institutional crypto industry, it won’t change much as those who could leave already left and those who couldn’t have either closed or gone under the radar. The retail market most likely has gone under the radar and will continue to support market volumes,” the Bequant executive added.

What do you think about China’s latest statements about bitcoin and virtual currency exchange? Let us know what you think about this subject in the comments section below.

Original Article

Smart Marketing Token (SMT) Is on a Mission to Help Blockchain Projects Reach Their Goals

Blockchain developers can find it very daunting to attract an audience these days, when so many new ventures are hitting the market at an ever increasing pace. This is why Smart Marketing Token stepped up to help projects with promotion, so they can reach all their goals and spread the word about blockchain technology around the globe.

SMT Is Building on the Success of Student Coin

Smart Marketing Token is a tokenized marketing agency that will be responsible for promoting tokens created on the Student Coin Terminal. SMT will be providing promotional services for ICO, IDO, and IEO. All of the assistance will be billed based on the commission from the generated net profit. All ICOs Launchpads that will be listed on Student Coin Terminal will be promoted by SMT, and the service will cost just 3% of the total net profit raised in funding on STC Ecosystem.

If you are not yet familiar with this ecosystem, Student Coin is a platform that allows users to easily design, create, and manage personal, corporate, NFT, and DeFi tokens. STC raised more than $21 million in its ICO on April 22, 2021, and ranked within the top 500 crypto on the coin rankings. Wojciech Podobas, the CEO and Founder of Student Coin, now also serves on the Smart Marketing Token Advisory Board. This will ensure that SMT tokens are set to gain a lot from the experience and expertise developed by the success of Student Coin.

SMT has a growing list of partners in addition to Student Coin, which includes: Coinzilla – an initiative to promote the continuously expanding crypto niche; Lean Token – the currency for Lean and Continuous Improvement Practitioners; Coinranking – Provider of the freshest data about cryptocurrency; Dextools – Real-time data analysis service; and Coincodex – Provider of the freshest data about cryptocurrency and AI trading.

One of the long term goals of Smart Marketing Token is to build a platform on which projects will be able to automatically purchase marketing services that will be done by freelancers 24/7 in an exceptionally fast time. This will include everything needed for promotion such as buying traffic, creating high-performing banners, SM promotion and more. Another goal is to also build an educational platform, available only for SMT Token holders to share knowledge and find tips and tricks from marketing experts.

The Best Way to Buy SMT Tokens

Every quarter Smart Marketing Token will give the community of SMT holders an opportunity for their voices to be heard. They will be able to choose and vote with their coins on the project that they want SMT to promote. The more SMT they hold, the stronger their voice will be. This element will have an impact on the SMT token price, the better the project that the community chooses, the higher the price will rise.

At some point of the project, it is also planned to introduce the buyback and staking program. SMT Token buybacks will be performed using part of the funds raised from B2B clients and will be distributed via SMT Token stakers.

Smart Marketing Token launched SMT on August 2, 2021, for community members and the public to purchase tokens. The event will run until October 31, 2021, and will be divided into 100 phases. Each phase has a target cap of $20,000, with subsequent phases attracting a 1% rise in SMT value. For now, the team has already collected more than $700,000 via the event. The SMT team is fully transparent in its activities and operates under the regulations of the European Union.

To learn more about the project visit SmartMarketingToken.com right now. You can also purchase SMT Tokens through the website – the easiest way to buy SMT using your credit card, Coinbase or Metamask wallets.

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Original Article

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

Cryptocurrency exchanges in South Korea have until midnight on Friday to register with financial authorities in order to continue operating legally. Only 10 digital asset trading platforms have already submitted their documents to the Korean anti-money laundering body.

Compliance Deadline for New Korean Crypto Regulations Expires Friday

Registering with Korea’s Financial Intelligence Unit (FIU) is a key requirement for both local and foreign crypto exchanges providing services to Korean investors under the tougher new regulations coming into force after Sept. 24. A total of 10 out of dozens of coin trading platforms have so far filed applications with FIU, the anti-money laundering division of the Financial Services Commission (FSC). The group includes Upbit, Bithumb, Coinone, Korbit, and Flybit, Yonhap reported, quoting the body on Friday.

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

South Korea’s revised Special Funds Act, which introduces the stricter rules, took effect on March 25 and will be enforced now, after a six-month grace period. According to its provisions, digital asset exchanges also need to obtain an Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency. Financial officials have announced that 28 out of 66 exchanges have acquired the certificate up to this point.

Cryptocurrency exchanges are also required to partner with domestic banks on the issuance of real-name bank accounts. If they don’t do that, they will not be able to offer trading pairs with Korean fiat currency. Only the top four platforms – Bithumb, Upbit, Coinone, and Korbit – have secured real-name account deals with commercial banks as the financial institutions fear exposure to crypto-related risks like money laundering.

Mid-size exchanges such as Flybit, Coredax, and Foblgate are suspending Korean won pairs, the report notes. While the exact turnover on these and smaller platforms is hard to estimate, market observers quoted by the Korea Herald have said that they account for between 5% and 7% of the total amount of cryptocurrency traded in the Korean market. In light of the upcoming regulations, some exchanges have also delisted certain “high-risk” coins.

As Bitcoin.com News reported earlier this week, around 60 cryptocurrency exchanges are expected to discontinue all or some of their services targeting Korean investors. At the time, only Korea’s largest crypto trading platform, Upbit, had been licensed to conduct business in the country after the Financial Intelligence Unit accepted and reviewed the report filed by its operator, Dunamu Inc.

Cryptocurrency exchanges that don’t submit the necessary documents such as a written intent to do business by the end of the day will be forced to close down, the national public broadcaster KBS reported, quoting the FSC. Operators that fail to comply with the new rules but continue their activities without a license face up to five years in prison or fines of up to 50 million won (over $42,000).

Do you think more cryptocurrency exchanges will be able to meet the new Korean regulatory requirements in the future? Share your expectations in the comments section below.

Original Article