Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend

American e-commerce giant Overstock hopes to liberalize its planned digital dividend shares trading. According to a Sept. 18 press release, Overstock is working with regulatory authorities on making its digital asset-based dividend freely tradable by non-affiliates following distribution. As such, the company will not have to put its dividend shares on the six-month holding period as required under Rule 144 enforced by the United States Securities and Exchange Commission. Commenting on the development, interim CEO of Overstock Jonathan Johnson said: “We have received a great deal of interest surrounding our…

Cryptocurrency Payments Processor BitPay Adds Support for Ether

Major cryptocurrency payment services provider BitPay has added support for the second-largest cryptocurrency by market capitalization, Ether (ETH). Per a press release published on Sept. 16, companies that use BitPay for payment processing are now able to accept Ether for purchases without having to set up any enhancements. BitPay has also made it possible for users to store and use Ether in a BitPay wallet, and for BitPay Prepaid Visa Card holders to top up their debit cards. Ether joins Bitcoin and Bitcoin Cash Launched in 2011, BitPay processes payments…

Philippine Police Raid Alleged Cryptocurrency Scam, Arrest 277

Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11.  Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China. Immigration Commissioner Jaime Morente said that…

The IRS Is Blindly Coming After Cryptocurrency Traders — Here’s Why

Over the past month, we have seen the IRS, the tax collecting agency of the United States, send out more than 10,000 warning and action letters to suspected cryptocurrency holders and traders who may have misreported digital assets on their tax returns. Letters like the 6174-A, 6173 and CP2000 have appeared in the mailboxes of cryptocurrency traders throughout the country, and the crypto tax software company that I run has seen an influx of frantic customers coming to us for tax help out of fear of penalties. The problem here…

ECB: Cryptocurrency Cannot Be Created By Member States, What This Means For Crypto

The European Central Bank (ECB) has attacked plans for an Estonian state-operated cryptocurrency.  ECB President, Mario Draghi shut down any talk of the proposal by saying about crypto assets: “No member state can introduce its own currency…The currency of the euro zone is the euro.” Many observers theorize that Draghi’s response is led by a fear of losing monopoly control of the money supply. And for that reason, the division between legacy and crypto ideologies has never been more apparent. European Bank President Says No To Member State Cryptocurrency Estonia…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced until…

Former US Congressman Calls for Nuanced Cryptocurrency Regulations

Former United States Representative Harold J. Ford has argued that Congress should have a nuanced approach to regulating cryptocurrencies. In an article published on CNBC on Sept. 5, Ford said that lawmakers and regulators should develop clear regulations toward digital currencies. He noted a comment from Chris Larsen, the executive chairman and co-founder of blockchain startup Ripple, who asked Congress, “Please do not paint us with a broad brush,” when referring to the crypto industry. Separate crypto from Libra Ford specifically addressed the issue of social media giant Facebook and…

Binance Charity Accepts Cryptocurrency Donations for Hurricane Relief

Binance Charity, the philanthropic wing of major cryptocurrency exchange Binance, has begun a campaign to help support victims of Hurricane Dorian. On Sept. 5, Binance Charity started accepting cryptocurrency donations for a campaign that will help provide food and aid for hurricane victims through local organizations in affected areas. On the campaign website, Binance states that donations in Bitcoin (BTC), Binance Coin (BNB) and XRP will be distributed to the Hurricane Relief Project. At press time, the campaign has received 14 donations for a total of 0.558 BTC ($5,852.90). None…

Maltese Financial Regulator Will Actively Monitor Cryptocurrency Firms

The Malta Financial Services Authority (MFSA) says in its recently published strategic plan that it will actively monitor and manage business-related risks related to cryptocurrency firms. Monitor crypto firms to prevent crypto-related crimes On Sept. 6, the MFSA published its three-year strategic plan for 2019–2021 which states the Malta financial regulator will strive to modernize their regulatory approach to be one step ahead of industry developments. The MFSA said it will work closely with the Financial Intelligence Analysis Unit and other national and international authorities, including the newly formed Malta Digital…

Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency

Bitcoin (BTC) is less popular among women because they are less interested in risky investments, according to one of the cryptocurrency’s best-known female proponents. Ryyti: Women “more risk-conscious” In a Twitter discussion on Sept. 5, Miss Universe Finland 2015 winner, Rosa-Maria Ryyti, argued Bitcoin’s risk factor made it more appealing to men. She was responding to a query by analyst and Cointelegraph contributor, Filb Filb, who asked followers why the Bitcoin community was overwhelmingly male.  “Women are more risk-conscious in general and often go for a ‘slow & steady’ investment…