Weekly Wrap: Bitcoin Algo Trading Adds Coinsetter and Developments at Italian Regulator

The world of crypto currencies was pleasantly surprised this week with news of the Italian Central Bank recognizing Bitcoins. Tradewave

BTC/ Source: dcmagnates.comBitcoin’s prices were flirting around the $225 mark this week with positive news of developments both from a regulatory and business expansion perspective. The key announcement was the Italian Central Bank’s notification on Bitcoins, in addition, a number of firms benefited from capital injections. Continue reading for the weekly wrap of virtual currencies news courtesy of DCMagnates.com.

BitVC Joins Growing Number of Market Maker-Takers

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Leading margin and futures trading platform of Chinese Bitcoin exchange Huobi, BitVC, plans to implement a maker-taker trading fee model. The announcement comes one week after Huobi’s USD exchange, BitYes, employed a similar model. Both divisions are looking to increase volumes and liquidity as Huobi looks to expand internationally. Under the terms, market makers–who add liquidity with orders not immediately executable– will not pay trading fees for such orders.

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Tradewave Extends Algo Bitcoin Trading Support for Coinsetter

Tradewave, a platform which offers algorithmic trading strategies for bitcoin, has enhanced its coverage to support Coinsetter. TradeWave offers a range of strategies including pre-packaged automated trading algorithms which aim to remove much of the emotion from trading. The systems follows a social theme, whereby traders can share and follow other successful strategies in the community. The system allows traders not to have any prior coding experience.

In addition, the platform allows you to back-test a strategy against historical data, and if you’re comfortable, try it in the live environment.

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Industry Concerns Result in Licensing Revisions with Revised BitLicense Rules

A prominent figure in the proposed Bitcoin regulations, Benjamin Lawsky, the Superintendent for the New York Department of Financial Services (NYDFS), has issued a note on bitcoin licensing. Mr. Lawsky published a 46-page document of the revised “BitLicense” regulations. The latest rules come on the back of feedback from the public, with over 3,700 comments submitted by the public on the initial proposal. In the final version, several clauses and definitions were added that should settle most of these concerns. The main rule is that no person can engage in “Virtual Currency Business Activity” without a license.

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Italian Central Bank Believes the Use of Virtual Currency “Must Be Considered Lawful Activity”

The Central Bank of Italy becomes the latest regulatory authority to support the development of virtual currencies. The authority has published three directives on virtual currency, as reported by Bitcoin Magazine. The directives contain some key points indicating a relatively positive stance toward Bitcoin. The rulings state: “In Italy the purchase, use and acceptance of virtual currency must be considered lawful activity: the parties are free to transact in amounts not expressed in legal tender.”

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