The Financial Action Task Force (FATF), the international policy-making organization designed to “[combat] money laundering, terrorist financing and other related threats to the integrity of the international financial system,” announced in October an initial set of cryptocurrency-centric rules, with a more comprehensive set to follow by June 2019.
The preliminary regulations require countries worldwide “to license or regulate cryptocurrency exchanges and some firms providing encrypted wallets, to help stamp out the use of digital money for money laundering, terrorism financing or other crimes,” said a Reuters report. Initial coin offerings (ICOs) are also responsible for complying with the provisions. FATF president Marshall Billingslea declared countries “will be subject to periodic reviews,” and “be added to an FATF blacklist that restricts access to the global financial system” for noncompliance.
While FATF policies are non-binding, instead focused on “[generating] the necessary political will to bring about national legislative and regulatory reforms in these areas,” they would represent a significant step forward in codifying a fragmented regulatory landscape, exacerbated by the lightning-fast rise of cryptocurrencies.
Government bodies were suddenly confronted with a business model both new and unfamiliar to regulators after the 2017 crypto boom, but cryptocurrencies have been on the FATF’s radar well before then. The FATF noted in a 2014 report that two parallel narratives exist about digital currencies – that they are both “the wave of the future for payment systems”; and “provide a powerful new tool for criminals, terrorist financiers and other sanctions evaders to move and store illicit funds, out of the reach of law enforcement and other authorities.” This duality means some countries, focusing more on the first narrative, have moved to embrace digital currencies; others have shunned them, put off by both crypto’s inherent price volatility (cast in stark relief by the crypto boom’s increased media coverage) and a wild west-like environment of theft and fraud.
The FATF has long expressed concern that some of the properties that make crypto attractive to holders – its inherent anonymity; the lack of a central governing body overseeing its ecosystem; the rapid evolution of decentralized systems made accessible via the internet – means it may be outside of the regulatory scope of any country, citing the infamous Silk Road illegal goods and services exchange (which only accepted bitcoin for payment) as an example.
But the FATF also acknowledges that the positives presented by legitimate use – an ability to “improve payment efficiency and reduce transaction costs for payments and fund transfers” by virtue of its low processing fees and ability to circumvent exchange fees; strong use potential for micropayments that are currently unfeasible because transaction fees make suitably low prices impossible; and possible uses in financial inclusion efforts for people with limited access to the resources of traditional banking – mean they could not be written off wholesale.
While not yet comprehensive, the initial steps towards bringing order to the international regulatory landscape are good ones. Regulation is inevitable – clarifying those rules means a faster path to large-scale adoption of cryptocurrencies and bringing their benefits to the world.
Unsure of What Cryptocurrencies to Buy and Sell, and When to Buy and Sell Them? Ask A.I.
Tickeron has developed Artificial Intelligence capable of spotting patterns and trends in the cryptocurrency markets, and the A.I. can deliver trade ideas straight to you. When the AI confirms a bullish or bearish pattern, it will alert users to the pattern and provide a target price for where it thinks the cryptocurrency is headed. Users can use the AI to track just about any cryptocurrency of your choice.
You can learn more and even start a 45-day free trial today. Get started on tickeron.com.
BTC.X moved below its 50-day moving average on May 07, 2023 date and that indicates a change from an upward trend to a downward trend. In of 41 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are .
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 89 cases where BTC.X's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on June 07, 2023. You may want to consider selling the stock, shorting the stock, or exploring put options on BTC.X as a result. In of 128 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for BTC.X turned negative on June 07, 2023. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 60 similar instances when the indicator turned negative. In of the 60 cases the stock turned lower in the days that followed. This puts the odds of success at .
The 10-day moving average for BTC.X crossed bearishly below the 50-day moving average on May 10, 2023. This indicates that the trend has shifted lower and could be considered a sell signal. In of 21 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for BTC.X entered a downward trend on May 19, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 447 cases, the price rose further within the following month. The odds of a continued upward trend are .
BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
|CRYPTO / NAME||Price $||Chg $||Chg %|
|League of Kingdoms Arena cryptocurrency|
A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with BTCUP.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then BTCUP.X could also see price increases.
|BTCUP.X - BTC.X|
|ETH.X - BTC.X|
|ETHUP.X - BTC.X|
|RUNE.X - BTC.X|
|GNO.X - BTC.X|