Weekly Recap: Bitcoin Regulation Achieves Milestone

Last week was a busy one for the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term of digital currency.

A final version of the 'BitLicense' proposal, a set of regulations governing how digital currency businesses operate in the state of New York, was produced by the state's financial regulator. It was a minor iteration from its previous draft, accounting for some feedback recently voiced by industry players. Its inclusion of extra provisions for digital currency businesses, which do not apply in standard money services licensing, is a major sticking point in the industry. As would be expected, there was a healthy dose of criticism in mixed reaction from the industry.

Around the same time, California's legislature approved its own draft for regulation, which treats digital currency businesses more or less on par with regular money transmitters.

Bitcoin wallet provider Coinbase pulled the plug on its service in Wyoming, citing the local regulator's interpretation of a rule that would make it prohibitively difficult to operate within the state.

Bitcoin mining giant BitFury announced plans to build a massive technology park in Georgia, where it is venture backed, which will house a data center for its mining operations.

Development in Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology continued to progress, with smart contracts startup Mirror securing another $8.8 million in funding, bringing its total to $12.8 million. Interest in Bitcoin for investment purposes continued as well, with Bitcoin Capital achieving its $1 million crowdfunding target.

Bitcoin prices made their first sizeable move in 5 weeks, falling by as much as 7% into the $220s. They have since returned to a highly flat behavior in their new range.