The 10th of March 2017 will go down in the Bitcoin History books. Everyone was watching with baited breath waiting for the SEC decision, Bitcoin prices were volatile in the week leading up to this moment that captured the interest of mainstream media and millions worldwide.
And then finally, the decision was made public – the SEC disapproved the bid to list the first Bitcoin ETF fund which was brought forward by the Winklevoss twins. The SEC stated that there is still a lack of regulation globally and they have a concern about fraud. In terms of regulation, some countries are further down the track than others, two examples being China and Japan. Bitcoin is still in it’s infancy and the SEC have left the door open – read more From First Filing to Final Decision: The Journey of the Winklevoss Bitcoin ETF
Bitcoin markets react to the SEC decision…
But wait… who is around the corner?
China firstly, as the Peoples Bank of China introduce strict regulations on the Bitcoin exchanges, it was reported this week that the top Bitcoin exchanges in China have extended their suspension to ensure compliance. This move by the PBoC is step in the right direction – they are not closing down exchanges, merely ensuring regulation is in place. Once regulation of Bitcoin businesses start, there will be a domino effect as the rest of the world follows suit.
Meanwhile in Japan, they are making Bitcoin legal tender – a much bigger deal than the ETF!
“The revision of the Payment Services Act, which sets out the basic framework of virtual currency regulation, was promulgated last June”, Kawai told Bitcoin.com. The drafts of detailed regulations and guidelines were published in December and the period for public consultation on the bill ended on January 27, he continued, adding that: The new regulations will enter into force in April 2017.”
All eyes on the Far East!
Do you still need to understand what an ETF is? Watch this short explainer video and learn more.
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