Bitcoin euro wikipedia

An initial coin offering ICO or initial currency offering derived form bitcoin euro wikipedia public offering is a means of crowdfunding centered around cryptocurrency[1] [2] which can be a source of bitcoin euro wikipedia for startup companies. These tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches. ICOs provide a means by which startups avoid costs of regulatory compliance and intermediaries, such as venture capitalists, bank and stock exchanges, [4] while increasing risk for investors.

ICOs bitcoin euro wikipedia fall outside existing regulations [5] [6] depending on the nature of the project, or are banned altogether in some jurisdictions, such as China and South Korea.

Almost half bitcoin euro wikipedia ICOs sold in failed by February ICOs and token sales became popular in bitcoin euro wikipedia There were at least 18 websites tracking ICOs before mid-year.

In connection with this ICO, an unidentified third party executed a phishing scam by circulating a fake URL for the offering through social media. By the end ofICOs had raised almost 40 times as much capital as they had raised inalthough still bitcoin euro wikipedia to less than two percent of the capital raised by IPOs. ICOs are sometimes called " token sales ". Amy Wan, a crowdfunding and syndication lawyer, described the coin in an ICO as "a symbol of ownership interest in an enterprise—a digital stock certificate" stating that they are likely subject to regulation as securities in the U.

Tokens are generally based on the Ethereum ERC20 standard. On January 30,Facebook banned advertisements for ICOs as well as for cryptocurrencies and binary options. ICOs can be used for fraud, as well as legal activities such as corporate finance and charitable fundraising. Securities and Exchange Commission SEC has warned investors to beware of scammers using ICOs to execute " pump and dump " schemes, in which the scammer talks up the value of an ICO in order to generate interest and drive up the value of the coins, and then quickly "dumps" the coins for a profit.

The developers themselves can be guilty of such tactics. Bitcoin euro wikipedia has banned ICO and cryptocurrency advertisements on its platform stating that many of them were "not currently operating in good faith.

The Japanese platform Line and the Russian platform Yandex have similar prohibitions. Even in cases of legitimate ICOs, funded projects are typically in an early and therefore high-risk stage of development.

A Wired bitcoin euro wikipedia predicted in that the bubble was about to burst. Following a speculative boom in cryptocurrency prices that peaked in Bitcoin euro wikipediaregulation of cryptocurrencies has been rapidly changing.

The pace of change has been driven in part by incidents of cybertheft, trading halts, and possible market manipulation. Cryptocurrencies are based on bitcoin euro wikipedia ledger technologies which enable anyone to purchase or transfer their cryptocurrency holdings to any other person without the need bitcoin euro wikipedia an intermediary such as an exchange or to update a central record of ownership. Cryptocurrencies can be transferred easily across national and jurisdictional boundaries. Bitcoin euro wikipedia have different approaches to bitcoin euro wikipedia they regulate cryptocurrencies.

This bitcoin euro wikipedia depend on the nature of the cryptocurrency itself. There are two bitcoin euro wikipedia types of cryptocurrencies from a regulatory perspective: Utility tokens may have value because they enable the holder to exchange the token for a good or service in the future, such as Bitcoin. Asset-backed tokens may have value because there is an underlying asset which the holder of the token can attribute value to.

In many countries it is uncertain whether utility tokens require regulation, but it is more likely that asset-backed tokens do require regulation. This makes it complex for bitcoin euro wikipedia issuers of cryptocurrencies to analyse which countries their tokens or coins can be sold into, and for the prospective purchasers of cryptocurrencies to understand which regulations, if any, should apply.

The Gibraltar British Overseas Territory Financial Services Commission announced in early February that regulations are being developed to bitcoin euro wikipedia "authorized sponsors" of ICOs, who are supposed to be "responsible for assuring compliance with disclosure" and compliance with "financial crimes rules". The company had drawn endorsements from celebrities including Floyd Mayweather Jr. From Wikipedia, the free encyclopedia. Risks, Regulation, and Accountability". Regulation of Financial Institutions Journal.

Notes on the 21st Century. Retrieved 8 February The Concise Fintech Compendium. Retrieved May 4, Retrieved 27 July The Wall Street Journal. Retrieved February 7, Retrieved April 2, Retrieved April 3, ICO fraud warning for investors from watchdog". Retrieved December 15, Retrieved April 4, Australian Securities and Investments Commission. Ministry of Industry and Information Technology. Securities and Futures Commission. Retrieved 15 December New Zealand Financial Markets Authority.

Retrieved 15 November The New York Times. Retrieved 3 November Proof-of-authority Proof-of-space Proof-of-stake proof-of-work. Dogecoin Gulden Litecoin PotCoin. Dash Decred Primecoin Auroracoin. IO Gridcoin Nxt Waves. Anonymous Internet banking Bitcoin euro wikipedia network Complementary currency Crypto-anarchism Cryptocurrency exchange Digital currency Double-spending Electronic money Initial coin offering Airdrop Virtual currency.

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This page was last edited bitcoin euro wikipedia 5 Mayat By using this site, you agree to the Terms of Use and Privacy Policy. Working on regulating ICOs. On September 4, seven Chinese financial regulators officially banned all ICOs within the People's Republic of China, demanding that the proceeds from all past ICOs be refunded to investors or face being "severely punished according to the law". The Securities and Futures Commission released a statement in September explaining that tokens may constitute securities for purposes of the Securities and Futures Ordinance, in which case dealing in such tokens would be a regulated activity under Hong Kong law.

In Octoberthe government of Gibraltar established a framework for regulating distributed ledger technology DLT companies, which came into law on January bitcoin euro wikipedia, It encompasses ICOs and subjects them to financial controls and standards. Although Switzerland was previously viewed as a friendly jurisdiction to coin offerings, the Swiss Financial Market Supervisory Authority announced an investigation of an unspecified number of coin offerings in Septemberand would examine whether these offerings were in compliance with Swiss regulations.

In July the U.

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

According to the European Central Banktraditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors. The European Central Bank classifies bitcoin as a convertible decentralized virtual currency. In the European Parliament's proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by votes to 51, with 11 abstentions, has been sent to the European Commission for consideration. As of [update] bitcoin was legal in Algeria, but per the Huffington Post"Algeria is going to ban bitcoin in the new Finance law of article of the law " [13].

Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card.

Any breach of this provision is punishable in accordance with the laws and regulations in force. The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority AMMCwarning against risks associated with bitcoin, which may be used "for illicit or criminal purposes, including money laundering and terrorist financing".

On 19 DecemberAbdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of that bitcoin is not a currency but a "financial asset", He also warned of its dangers and called for a framework to be put in place for consumer protection.

As of 17 JanuaryThe Central Bank of Nigeria CBN has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.

It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain.

Just the same way no one is going to control or regulate the Internet. In September the Bitcoin euro wikipedia of Namibia issued a position paper on Virtual Currencies entitled [23] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency bitcoin euro wikipedia be accepted as payment for goods and services.

The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an " intangible ". As of April the Bank of Montreal BMO announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards [31].

Treasury classified bitcoin as a convertible decentralized bitcoin euro wikipedia currency in Per IRS, bitcoin is taxed as a property. In Septembera federal judge ruled that "Bitcoins are funds within the plain meaning of that term". Bitcoin is legal in Mexico as of It is to be regulated as a virtual asset by the FinTech Law.

News reports indicate that bitcoins are being used in the country. The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. However, they are not illegal. There are a few merchants who do accept bitcoins in the country. The Bank of Jamaica BoJthe national Central Bank, has publicly declared bitcoin euro wikipedia it must create opportunities for the exploitation of technologies including cryptocurrencies.

Accordingly, in the BoJ will be embarking on a campaign to build awareness of cryptocurrencies as part of increasing general financial literacy and understanding of cryptocurrencies. Indications are that early BoJ signals point to their general framework on "electronic retail payment service systems" possibly being brought to bear on initial cryptocurrencies considerations.

Bitcoins may be considered money, but not legal currency. A bitcoin may be considered either a good or a thing under the Argentina's Civil Bitcoin euro wikipedia, and transactions with bitcoins may be governed by the rules for bitcoin euro wikipedia sale of goods under the Civil Code. The Central Bank of Bolivia bitcoin euro wikipedia a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.

There is no regulation on the use of bitcoins. A 26 March bitcoin euro wikipedia Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated. The Ecuadorian government has issued a ban on bitcoin and other digital currencies. Ecuador's new project would be controlled by the government and tied directly to the local currency—the dollar. Users will be able to pay for select services and send money between individuals. This was slated to begin in mid-February Bitcoin is considered a commodity, bitcoin euro wikipedia not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, bitcoin euro wikipedia and traded on a local commodity exchange.

The use of bitcoins is not regulated in Cyprus. As a DMCC licensed company, Regal Assets DMCC operates in a secure regulated trading environment and offers a service to global investors to the highest standards of international compliance.

As ofthe Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of bitcoin euro wikipedia of a financial security, but of a taxable asset. Bitcoin euro wikipedia is not banned by any governmental party in Saudi Arabia. The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems.

The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies. The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Bitcoin is not regulated as it is not considered to be bitcoin euro wikipedia money according to the law. Bitcoin is neither recognized nor regulated in Iran. Government officials, however, discourage investing in cryptocurrencies until after the regulations are made.

In SeptemberBangladesh Bank said bitcoin euro wikipedia "anybody caught using the bitcoin euro wikipedia currency could be jailed under the country's strict anti-money laundering laws". Finance minister Arun Jaitley, in his budget speech on 1 Februarystated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses.

He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems. On 13 August Nepal Rastra Bank declared bitcoin as illegal. This news was followed right after India's restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan.

Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. For individuals, it is neither legal nor illegal and they can hold cryptocurrencies at their own risk. National Assembly of Pakistan can pass law to declare bitcoin bitcoin euro wikipedia or illegal in Pakistan, but there is no such news from National Assembly yet.

The bank has issued an official notice on its website and has also posted the news on its official Twitter account. While private parties can hold and trade bitcoins in Bitcoin euro wikipedia, regulation prohibits financial firms like banks from doing the same.

On 5 DecemberPeople's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. On 16 December it was speculated that the PBOC had issued a new ban on third-party payment processors from doing business with bitcoin exchanges, [67] however a statement from BTC China suggests this isn't accurate, and rather payment processors had voluntarily withdrawn their services.

On 1 April PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks. On 9 Februarymultiple bitcoin exchanges in China delayed or paused bitcoin withdraw service, with or without announcement. Bitcoin euro wikipedia of the announcements, [71] [72] [73] [74] if not all, claim that regulation bitcoin euro wikipedia have been or are to be taken.

News resources [75] also show that, although such activities were carried out by PBOC, they were not done via legal approaches, but by "appointment" instead. None of the exchanges presented or have claimed to receive bitcoin euro wikipedia lawful paperwork. The crackdown on bitcoin and other virtual currency traders was accompanied by Chinese media touting the dangers of virtual currency as a tool bitcoin euro wikipedia criminal activities.

On 8 Januarythe Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind.

However, our existing laws such as the Organised and Serious Crimes Ordinance provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering. He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas. Japan officially recognizes bitcoin and digital currencies as a "means of payment that is not a legal currency" see Article of Japans's Payment Services Act PSA 25 May On 7 Marchthe Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions.

The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoin euro wikipedia in exchange for goods or services. Bitcoin euro wikipedia may bitcoin euro wikipedia applicable to bitcoins. According to Nikkei Asian Reviewin February"Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies".

The city of Hirosaki is officially accepting bitcoin donations with the goal of attracting international tourists and financing local projects. While not illegal in bitcoin euro wikipedia country, Korean authorities will prosecute illegal activity involving bitcoin [88] and have indicted at least one individual for purchasing drugs with bitcoin. There are no laws in South Korea regulating the use of bitcoin at present. South Korea On 12 Decemberthe president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future.

Bitcoin ATMs are banned here [7]: Taiwan but bitcoins can be purchased at over convenience store kiosks. Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion". While bitcoin is not illegal in Taiwan, financial institutions have been warned by bitcoin euro wikipedia that necessary regulatory actions may be taken if they use it.

On 6 DecemberPerng Fai-nan said that bitcoin is only used in certain communities. Besides, he also opined that the value of bitcoin is a bubble and is highly volatile. Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process.

The central bank is closely watching the development of bitcoin and plan bitcoin euro wikipedia impose regulations in the future. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion. However, despite this, three of the four major convenience store chains in Taiwan make available purchases of bitcoin through their kiosk systems, [97] and the largest chain now allows bitcoin to be used for purchases of goods.

There are no bitcoin euro wikipedia related to the use of bitcoin and other cryptocurrencies in Cambodia. The National Bank has stated that cryptocurrencies are illegal in Cambodia and has instructed commercial banks in the country not to accept bitcoin and other cryptocurrencies in financial transactions.