Bitcoin Picks: New Trading Platform in Asia & Regulation Steps in Australia
Participants in the world of Bitcoins saw a spree of positive news supporting the industry. Australian lawmakers were presented with
Virtual currencies welcomed the news of the possibility of a regulated trading exchange for Bitcoins in Australia. The notion was supported by another key figure in the US market for virtual currency authorization. The week also saw a new leveraged platform from a Vietnamese exchange.
Australian Watchdog Submits Regulated Bitcoin Proposal to Senate Committee
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Bitcoin well-wishers appreciated the Australian financial regulator’s, the Australian Securities and Investments Commission’s (ASIC), recent submission to the nation’s Senate Economics Committee for the development of a structured Bitcoin trading environment.
The report outlined how digital currencies should be handled by a regulatory framework, with a focus on the investments and securities perspective.
New York Specialist Law Professional Outlines New Digital Currency License Proposal
Benjamin Lawsky, Superintendent for the New York Department of Financial Services, has put forward new proposals that simplify the licensing procedure of Bitcoin licenses. Mr. Lawsky added to his initial document and discussed the key points impacting the sector, including, software developers, startups, client identification and record keeping.
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Asian Bitcoin Exchange VBTC Enhances Trading Platform
Vietnam’s first Bitcoin exchange, VBTC, has partnered with white label technology provider Archcoin to enhance its platform and offering. The exchange launched earlier this year, with the help of Bit2C, an Israel-based exchange which itself played the role of technology provider.
The new platform is designed to incorporate best practices in today’s industry and adds multiple security features, including cold storage. Most noteworthy is the offering of margin and short trading, with up to 8x leverage available.
Could Bitcoins Substitute the Russian Ruble Fiasco?
In a week of misery for the Russian ruble which saw restrictions placed on the currency, participants were exploring the increased usage of ruble Bitcoins. This week saw the biggest spike in Bitcoin/ruble volume of BTC-e in nearly a year.
Even as BTC floundered versus the dollar, it spiked higher against a plunging ruble. Over 800 BTC changed hands in a 24 hour period, a small figure for USD standards but unusually large in ruble-based trading. The high volume continued even after Tuesday’s events. The coming days and weeks will tell if this trend is to continue.
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